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 811-05262
MFS SERIES TRUST VIII
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant’s telephone number, including area code: (617) 954-5000
Date of fiscal year end: October 31
Date of reporting period: April 30, 2022
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Item 1(a):
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36 |
back cover |
Alphabet, Inc., “A” | 5.3% |
Microsoft Corp. | 5.1% |
Accenture PLC, “A” | 2.5% |
Canadian Pacific Railway Ltd. | 2.5% |
Apple, Inc. | 2.4% |
Visa, Inc., “A” | 2.0% |
Church & Dwight Co., Inc. | 1.9% |
Tencent Holdings Ltd. | 1.9% |
ICON PLC | 1.9% |
American Tower Corp., REIT | 1.8% |
Information Technology | 25.8% |
Consumer Discretionary | 14.3% |
Health Care | 13.9% |
Communication Services | 11.8% |
Consumer Staples | 11.7% |
Industrials | 9.2% |
Financials | 7.4% |
Real Estate | 1.8% |
Materials | 1.4% |
Utilities | 1.2% |
United States | 66.6% |
Canada | 5.1% |
United Kingdom | 4.6% |
China | 4.5% |
Switzerland | 4.1% |
Ireland | 2.6% |
Japan | 2.2% |
South Korea | 2.0% |
Taiwan | 1.6% |
Other Countries | 6.7% |
United States Dollar | 71.8% |
British Pound Sterling | 5.3% |
Euro | 4.3% |
Swiss Franc | 4.1% |
Hong Kong Dollar | 3.8% |
Canadian Dollar | 2.6% |
Japanese Yen | 2.2% |
South Korean Won | 2.0% |
Taiwan Dollar | 1.6% |
Other Currencies | 2.3% |
(g) | The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. (“S&P Global Market Intelligence”). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. |
(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. |
November 1, 2021 through April 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/21 | Ending Account Value 4/30/22 | Expenses Paid During Period (p) 11/01/21-4/30/22 | |
A | Actual | 1.22% | $1,000.00 | $875.60 | $5.67 |
Hypothetical (h) | 1.22% | $1,000.00 | $1,018.74 | $6.11 | |
B | Actual | 1.97% | $1,000.00 | $872.43 | $9.15 |
Hypothetical (h) | 1.97% | $1,000.00 | $1,015.03 | $9.84 | |
C | Actual | 1.97% | $1,000.00 | $872.35 | $9.15 |
Hypothetical (h) | 1.97% | $1,000.00 | $1,015.03 | $9.84 | |
I | Actual | 0.97% | $1,000.00 | $876.64 | $4.51 |
Hypothetical (h) | 0.97% | $1,000.00 | $1,019.98 | $4.86 | |
R1 | Actual | 1.97% | $1,000.00 | $872.22 | $9.14 |
Hypothetical (h) | 1.97% | $1,000.00 | $1,015.03 | $9.84 | |
R2 | Actual | 1.47% | $1,000.00 | $874.58 | $6.83 |
Hypothetical (h) | 1.47% | $1,000.00 | $1,017.50 | $7.35 | |
R3 | Actual | 1.22% | $1,000.00 | $875.60 | $5.67 |
Hypothetical (h) | 1.22% | $1,000.00 | $1,018.74 | $6.11 | |
R4 | Actual | 0.97% | $1,000.00 | $876.72 | $4.51 |
Hypothetical (h) | 0.97% | $1,000.00 | $1,019.98 | $4.86 | |
R6 | Actual | 0.89% | $1,000.00 | $877.11 | $4.14 |
Hypothetical (h) | 0.89% | $1,000.00 | $1,020.38 | $4.46 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 98.5% | ||||
Alcoholic Beverages – 2.3% | ||||
Diageo PLC | 225,778 | $ 11,188,448 | ||
Kweichow Moutai Co. Ltd. | 20,867 | 5,744,334 | ||
$ 16,932,782 | ||||
Apparel Manufacturers – 5.0% | ||||
Adidas AG | 51,957 | $ 10,582,511 | ||
Burberry Group PLC | 329,710 | 6,483,690 | ||
LVMH Moet Hennessy Louis Vuitton SE | 14,795 | 9,467,255 | ||
NIKE, Inc., “B” | 81,639 | 10,180,383 | ||
$ 36,713,839 | ||||
Automotive – 0.6% | ||||
Aptiv PLC (a) | 42,832 | $ 4,557,325 | ||
Brokerage & Asset Managers – 1.4% | ||||
Blackstone, Inc. | 22,480 | $ 2,283,294 | ||
Charles Schwab Corp. | 120,676 | 8,004,439 | ||
$ 10,287,733 | ||||
Business Services – 9.6% | ||||
Accenture PLC, “A” | 61,493 | $ 18,470,038 | ||
CGI, Inc. (a) | 91,887 | 7,327,213 | ||
Cognizant Technology Solutions Corp., “A” | 80,399 | 6,504,279 | ||
Equifax, Inc. | 49,499 | 10,074,036 | ||
Fidelity National Information Services, Inc. | 89,940 | 8,917,551 | ||
Fiserv, Inc. (a) | 131,819 | 12,907,717 | ||
Verisk Analytics, Inc., “A” | 25,920 | 5,288,976 | ||
$ 69,489,810 | ||||
Cable TV – 0.8% | ||||
Charter Communications, Inc., “A” (a) | 13,515 | $ 5,791,042 | ||
Computer Software – 7.8% | ||||
Adobe Systems, Inc. (a) | 12,288 | $ 4,865,434 | ||
Black Knight, Inc. (a) | 75,830 | 4,988,856 | ||
Microsoft Corp. | 133,176 | 36,959,003 | ||
Naver Corp. | 43,788 | 9,904,954 | ||
$ 56,718,247 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Computer Software - Systems – 3.0% | ||||
Apple, Inc. | 109,333 | $ 17,236,347 | ||
Samsung Electronics Co. Ltd. | 85,717 | 4,554,497 | ||
$ 21,790,844 | ||||
Construction – 2.0% | ||||
Otis Worldwide Corp. | 99,004 | $ 7,211,451 | ||
Sherwin-Williams Co. | 26,499 | 7,286,165 | ||
$ 14,497,616 | ||||
Consumer Products – 6.1% | ||||
Church & Dwight Co., Inc. | 142,729 | $ 13,924,641 | ||
Colgate-Palmolive Co. | 92,607 | 7,135,369 | ||
Estee Lauder Cos., Inc., “A” | 15,134 | 3,996,284 | ||
Kose Corp. | 93,600 | 9,693,578 | ||
Reckitt Benckiser Group PLC | 120,336 | 9,387,612 | ||
$ 44,137,484 | ||||
Electrical Equipment – 4.1% | ||||
Amphenol Corp., “A” | 177,698 | $ 12,705,407 | ||
Fortive Corp. | 166,048 | 9,547,760 | ||
TE Connectivity Ltd. | 59,341 | 7,404,570 | ||
$ 29,657,737 | ||||
Electronics – 3.4% | ||||
Analog Devices, Inc. | 43,604 | $ 6,731,586 | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 125,648 | 11,676,469 | ||
Texas Instruments, Inc. | 38,845 | 6,613,361 | ||
$ 25,021,416 | ||||
Food & Beverages – 3.3% | ||||
McCormick & Co., Inc. | 101,059 | $ 10,163,503 | ||
Nestle S.A. | 72,376 | 9,344,138 | ||
PepsiCo, Inc. | 24,759 | 4,251,368 | ||
$ 23,759,009 | ||||
Gaming & Lodging – 0.7% | ||||
Flutter Entertainment PLC (a) | 50,955 | $ 5,119,312 | ||
General Merchandise – 2.4% | ||||
B&M European Value Retail S.A. | 1,040,472 | $ 6,379,288 | ||
Dollarama, Inc. | 202,601 | 11,263,584 | ||
$ 17,642,872 | ||||
Health Maintenance Organizations – 0.9% | ||||
Cigna Corp. | 26,205 | $ 6,466,870 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Insurance – 2.3% | ||||
Aon PLC | 36,020 | $ 10,373,400 | ||
Marsh & McLennan Cos., Inc. | 37,057 | 5,992,117 | ||
$ 16,365,517 | ||||
Internet – 7.1% | ||||
Alphabet, Inc., “A” (a) | 16,755 | $ 38,238,093 | ||
Tencent Holdings Ltd. | 292,500 | 13,719,824 | ||
$ 51,957,917 | ||||
Leisure & Toys – 1.7% | ||||
Electronic Arts, Inc. | 104,472 | $ 12,332,920 | ||
Machinery & Tools – 1.5% | ||||
Daikin Industries Ltd. | 43,300 | $ 6,657,826 | ||
Schindler Holding AG | 21,419 | 4,125,770 | ||
$ 10,783,596 | ||||
Medical & Health Technology & Services – 1.9% | ||||
ICON PLC (a) | 60,597 | $ 13,707,647 | ||
Medical Equipment – 9.8% | ||||
Abbott Laboratories | 36,452 | $ 4,137,302 | ||
Agilent Technologies, Inc. | 33,901 | 4,043,372 | ||
Becton, Dickinson and Co. | 40,318 | 9,966,206 | ||
Boston Scientific Corp. (a) | 305,147 | 12,849,740 | ||
Danaher Corp. | 39,507 | 9,921,393 | ||
Medtronic PLC | 40,713 | 4,248,809 | ||
STERIS PLC | 36,254 | 8,122,709 | ||
Stryker Corp. | 27,373 | 6,604,010 | ||
Thermo Fisher Scientific, Inc. | 20,557 | 11,366,377 | ||
$ 71,259,918 | ||||
Other Banks & Diversified Financials – 6.5% | ||||
Credicorp Ltd. | 41,484 | $ 5,761,713 | ||
HDFC Bank Ltd. | 624,336 | 11,210,471 | ||
Julius Baer Group Ltd. | 68,812 | 3,290,342 | ||
Mastercard, Inc., “A” | 14,801 | 5,378,387 | ||
Moody's Corp. | 20,611 | 6,522,969 | ||
Visa, Inc., “A” | 69,452 | 14,802,305 | ||
$ 46,966,187 | ||||
Pharmaceuticals – 1.4% | ||||
Roche Holding AG | 26,863 | $ 9,949,159 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Printing & Publishing – 0.8% | ||||
Wolters Kluwer N.V. | 56,843 | $ 5,749,682 | ||
Railroad & Shipping – 2.5% | ||||
Canadian Pacific Railway Ltd. | 251,854 | $ 18,440,750 | ||
Restaurants – 1.2% | ||||
Starbucks Corp. | 119,924 | $ 8,951,127 | ||
Specialty Chemicals – 0.4% | ||||
Sika AG | 10,146 | $ 3,085,181 | ||
Specialty Stores – 4.3% | ||||
Alibaba Group Holding Ltd. (a) | 1,087,772 | $ 13,294,533 | ||
JD.com, Inc., “A” (a) | 14,119 | 440,096 | ||
Ross Stores, Inc. | 113,809 | 11,354,724 | ||
TJX Cos., Inc. | 101,084 | 6,194,427 | ||
$ 31,283,780 | ||||
Telecommunications - Wireless – 2.6% | ||||
American Tower Corp., REIT | 55,195 | $ 13,303,099 | ||
Cellnex Telecom S.A. | 126,528 | 5,914,241 | ||
$ 19,217,340 | ||||
Utilities - Electric Power – 1.1% | ||||
Xcel Energy, Inc. | 112,831 | $ 8,265,999 | ||
Total Common Stocks (Identified Cost, $500,738,147) | $ 716,900,658 | |||
Investment Companies (h) – 1.3% | ||||
Money Market Funds – 1.3% | ||||
MFS Institutional Money Market Portfolio, 0.28% (v) (Identified Cost, $9,433,889) | 9,433,889 | $ 9,433,889 | ||
Other Assets, Less Liabilities – 0.2% | 1,499,081 | |||
Net Assets – 100.0% | $ 727,833,628 |
(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 $9,433,889 and $716,900,658, 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: | |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $500,738,147) | $716,900,658 |
Investments in affiliated issuers, at value (identified cost, $9,433,889) | 9,433,889 |
Receivables for | |
Fund shares sold | 1,586,264 |
Interest and dividends | 1,355,306 |
Receivable from investment adviser | 13,859 |
Other assets | 37,291 |
Total assets | $729,327,267 |
Liabilities | |
Payable to custodian | $75,009 |
Payables for | |
Fund shares reacquired | 865,721 |
Payable to affiliates | |
Administrative services fee | 1,088 |
Shareholder servicing costs | 141,460 |
Distribution and service fees | 8,511 |
Payable for independent Trustees' compensation | 2,680 |
Deferred country tax expense payable | 321,321 |
Accrued expenses and other liabilities | 77,849 |
Total liabilities | $1,493,639 |
Net assets | $727,833,628 |
Net assets consist of | |
Paid-in capital | $485,145,684 |
Total distributable earnings (loss) | 242,687,944 |
Net assets | $727,833,628 |
Shares of beneficial interest outstanding | 13,267,619 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $330,594,261 | 6,092,131 | $54.27 |
Class B | 3,350,719 | 74,833 | 44.78 |
Class C | 13,342,693 | 302,375 | 44.13 |
Class I | 110,658,888 | 1,973,796 | 56.06 |
Class R1 | 685,973 | 15,586 | 44.01 |
Class R2 | 3,183,534 | 61,449 | 51.81 |
Class R3 | 3,952,167 | 73,205 | 53.99 |
Class R4 | 1,975,536 | 36,178 | 54.61 |
Class R6 | 260,089,857 | 4,638,066 | 56.08 |
(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 $57.58 [100 / 94.25 x $54.27]. 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 | $4,649,107 |
Other | 14,660 |
Dividends from affiliated issuers | 3,424 |
Income on securities loaned | 1,729 |
Foreign taxes withheld | (194,376) |
Total investment income | $4,474,544 |
Expenses | |
Management fee | $3,614,910 |
Distribution and service fees | 575,234 |
Shareholder servicing costs | 281,903 |
Administrative services fee | 60,943 |
Independent Trustees' compensation | 6,726 |
Custodian fee | 51,685 |
Shareholder communications | 27,484 |
Audit and tax fees | 42,536 |
Legal fees | 1,971 |
Miscellaneous | 98,876 |
Total expenses | $4,762,268 |
Fees paid indirectly | (5) |
Reduction of expenses by investment adviser and distributor | (406,192) |
Net expenses | $4,356,071 |
Net investment income (loss) | $118,473 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (net of $18,239 country tax) | $28,860,953 |
Foreign currency | (42,418) |
Net realized gain (loss) | $28,818,535 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (net of $255,216 decrease in deferred country tax) | $(132,122,094) |
Translation of assets and liabilities in foreign currencies | (66,815) |
Net unrealized gain (loss) | $(132,188,909) |
Net realized and unrealized gain (loss) | $(103,370,374) |
Change in net assets from operations | $(103,251,901) |
Six months ended | Year ended | |
4/30/22 (unaudited) | 10/31/21 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $118,473 | $562,292 |
Net realized gain (loss) | 28,818,535 | 55,990,598 |
Net unrealized gain (loss) | (132,188,909) | 154,888,566 |
Change in net assets from operations | $(103,251,901) | $211,441,456 |
Total distributions to shareholders | $(51,218,125) | $(22,314,557) |
Change in net assets from fund share transactions | $23,839,015 | $40,081,037 |
Total change in net assets | $(130,631,011) | $229,207,936 |
Net assets | ||
At beginning of period | 858,464,639 | 629,256,703 |
At end of period | $727,833,628 | $858,464,639 |
Class A | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $65.93 | $51.22 | $46.53 | $40.55 | $40.66 | $32.89 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.03) | $(0.04) | $(0.01) | $0.10 | $0.09 | $0.10(c) |
Net realized and unrealized gain (loss) | (7.66) | 16.54 | 5.62 | 7.73 | 1.27 | 8.21 |
Total from investment operations | $(7.69) | $16.50 | $5.61 | $7.83 | $1.36 | $8.31 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.04) | $(0.04) | $(0.07) | $(0.02) |
From net realized gain | (3.97) | (1.79) | (0.88) | (1.81) | (1.40) | (0.52) |
Total distributions declared to shareholders | $(3.97) | $(1.79) | $(0.92) | $(1.85) | $(1.47) | $(0.54) |
Net asset value, end of period (x) | $54.27 | $65.93 | $51.22 | $46.53 | $40.55 | $40.66 |
Total return (%) (r)(s)(t)(x) | (12.43)(n) | 32.86 | 12.17 | 20.28 | 3.38 | 25.70(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.32(a) | 1.32 | 1.36 | 1.38 | 1.39 | 1.38(c) |
Expenses after expense reductions (f) | 1.22(a) | 1.22 | 1.21 | 1.31 | 1.37 | 1.33(c) |
Net investment income (loss) | (0.11)(a) | (0.06) | (0.03) | 0.23 | 0.21 | 0.29(c) |
Portfolio turnover | 9(n) | 22 | 39 | 21 | 22 | 27 |
Net assets at end of period (000 omitted) | $330,594 | $391,787 | $290,411 | $283,181 | $214,801 | $203,117 |
Class B | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $55.29 | $43.53 | $39.93 | $35.28 | $35.76 | $29.18 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.22) | $(0.42) | $(0.32) | $(0.20) | $(0.20) | $(0.15)(c) |
Net realized and unrealized gain (loss) | (6.32) | 13.97 | 4.80 | 6.66 | 1.12 | 7.25 |
Total from investment operations | $(6.54) | $13.55 | $4.48 | $6.46 | $0.92 | $7.10 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $— | $— |
From net realized gain | (3.97) | (1.79) | (0.88) | (1.81) | (1.40) | (0.52) |
Total distributions declared to shareholders | $(3.97) | $(1.79) | $(0.88) | $(1.81) | $(1.40) | $(0.52) |
Net asset value, end of period (x) | $44.78 | $55.29 | $43.53 | $39.93 | $35.28 | $35.76 |
Total return (%) (r)(s)(t)(x) | (12.76)(n) | 31.86 | 11.34 | 19.36 | 2.58 | 24.78(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 2.07(a) | 2.07 | 2.11 | 2.13 | 2.14 | 2.13(c) |
Expenses after expense reductions (f) | 1.97(a) | 1.97 | 1.97 | 2.08 | 2.13 | 2.08(c) |
Net investment income (loss) | (0.87)(a) | (0.82) | (0.78) | (0.54) | (0.55) | (0.46)(c) |
Portfolio turnover | 9(n) | 22 | 39 | 21 | 22 | 27 |
Net assets at end of period (000 omitted) | $3,351 | $4,537 | $4,277 | $4,928 | $5,020 | $5,097 |
Class C | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $54.55 | $42.96 | $39.42 | $34.85 | $35.34 | $28.85 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.21) | $(0.41) | $(0.32) | $(0.20) | $(0.20) | $(0.14)(c) |
Net realized and unrealized gain (loss) | (6.24) | 13.79 | 4.74 | 6.58 | 1.11 | 7.15 |
Total from investment operations | $(6.45) | $13.38 | $4.42 | $6.38 | $0.91 | $7.01 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $— | $— |
From net realized gain | (3.97) | (1.79) | (0.88) | (1.81) | (1.40) | (0.52) |
Total distributions declared to shareholders | $(3.97) | $(1.79) | $(0.88) | $(1.81) | $(1.40) | $(0.52) |
Net asset value, end of period (x) | $44.13 | $54.55 | $42.96 | $39.42 | $34.85 | $35.34 |
Total return (%) (r)(s)(t)(x) | (12.76)(n) | 31.89 | 11.33 | 19.37 | 2.58 | 24.75(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 2.07(a) | 2.07 | 2.11 | 2.13 | 2.14 | 2.13(c) |
Expenses after expense reductions (f) | 1.97(a) | 1.97 | 1.97 | 2.07 | 2.13 | 2.08(c) |
Net investment income (loss) | (0.86)(a) | (0.81) | (0.78) | (0.55) | (0.55) | (0.45)(c) |
Portfolio turnover | 9(n) | 22 | 39 | 21 | 22 | 27 |
Net assets at end of period (000 omitted) | $13,343 | $17,013 | $14,222 | $13,332 | $8,857 | $13,743 |
Class I | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $67.95 | $52.63 | $47.77 | $41.58 | $41.64 | $33.68 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.04 | $0.12 | $0.09 | $0.25 | $0.19 | $0.26(c) |
Net realized and unrealized gain (loss) | (7.92) | 17.01 | 5.79 | 7.89 | 1.29 | 8.34 |
Total from investment operations | $(7.88) | $17.13 | $5.88 | $8.14 | $1.48 | $8.60 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.04) | $(0.02) | $(0.14) | $(0.14) | $(0.14) | $(0.12) |
From net realized gain | (3.97) | (1.79) | (0.88) | (1.81) | (1.40) | (0.52) |
Total distributions declared to shareholders | $(4.01) | $(1.81) | $(1.02) | $(1.95) | $(1.54) | $(0.64) |
Net asset value, end of period (x) | $56.06 | $67.95 | $52.63 | $47.77 | $41.58 | $41.64 |
Total return (%) (r)(s)(t)(x) | (12.34)(n) | 33.19 | 12.45 | 20.58 | 3.60 | 26.03(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.07(a) | 1.07 | 1.10 | 1.13 | 1.14 | 1.14(c) |
Expenses after expense reductions (f) | 0.97(a) | 0.97 | 0.97 | 1.06 | 1.13 | 1.10(c) |
Net investment income (loss) | 0.15(a) | 0.19 | 0.17 | 0.56 | 0.44 | 0.70(c) |
Portfolio turnover | 9(n) | 22 | 39 | 21 | 22 | 27 |
Net assets at end of period (000 omitted) | $110,659 | $126,593 | $98,214 | $83,727 | $22,537 | $17,272 |
Class R1 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $54.42 | $42.86 | $39.33 | $34.78 | $35.27 | $28.79 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.21) | $(0.40) | $(0.32) | $(0.18) | $(0.20) | $(0.15)(c) |
Net realized and unrealized gain (loss) | (6.23) | 13.75 | 4.73 | 6.54 | 1.11 | 7.15 |
Total from investment operations | $(6.44) | $13.35 | $4.41 | $6.36 | $0.91 | $7.00 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $— | $— |
From net realized gain | (3.97) | (1.79) | (0.88) | (1.81) | (1.40) | (0.52) |
Total distributions declared to shareholders | $(3.97) | $(1.79) | $(0.88) | $(1.81) | $(1.40) | $(0.52) |
Net asset value, end of period (x) | $44.01 | $54.42 | $42.86 | $39.33 | $34.78 | $35.27 |
Total return (%) (r)(s)(t)(x) | (12.78)(n) | 31.89 | 11.33 | 19.35 | 2.59 | 24.77(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 2.07(a) | 2.07 | 2.11 | 2.13 | 2.14 | 2.13(c) |
Expenses after expense reductions (f) | 1.97(a) | 1.97 | 1.97 | 2.10 | 2.13 | 2.09(c) |
Net investment income (loss) | (0.85)(a) | (0.79) | (0.80) | (0.52) | (0.56) | (0.47)(c) |
Portfolio turnover | 9(n) | 22 | 39 | 21 | 22 | 27 |
Net assets at end of period (000 omitted) | $686 | $766 | $442 | $317 | $862 | $961 |
Class R2 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $63.20 | $49.29 | $44.88 | $39.24 | $39.42 | $31.97 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.11) | $(0.18) | $(0.13) | $(0.03) | $(0.02) | $0.02(c) |
Net realized and unrealized gain (loss) | (7.31) | 15.88 | 5.42 | 7.48 | 1.24 | 7.95 |
Total from investment operations | $(7.42) | $15.70 | $5.29 | $7.45 | $1.22 | $7.97 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $— | $— |
From net realized gain | (3.97) | (1.79) | (0.88) | (1.81) | (1.40) | (0.52) |
Total distributions declared to shareholders | $(3.97) | $(1.79) | $(0.88) | $(1.81) | $(1.40) | $(0.52) |
Net asset value, end of period (x) | $51.81 | $63.20 | $49.29 | $44.88 | $39.24 | $39.42 |
Total return (%) (r)(s)(t)(x) | (12.54)(n) | 32.52 | 11.90 | 19.95 | 3.12 | 25.35(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.57(a) | 1.57 | 1.61 | 1.63 | 1.64 | 1.63(c) |
Expenses after expense reductions (f) | 1.47(a) | 1.47 | 1.47 | 1.58 | 1.63 | 1.58(c) |
Net investment income (loss) | (0.37)(a) | (0.31) | (0.27) | (0.07) | (0.05) | 0.05(c) |
Portfolio turnover | 9(n) | 22 | 39 | 21 | 22 | 27 |
Net assets at end of period (000 omitted) | $3,184 | $4,491 | $3,207 | $2,202 | $2,581 | $2,887 |
Class R3 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $65.62 | $50.99 | $46.29 | $40.33 | $40.46 | $32.73 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.03) | $(0.05) | $(0.01) | $0.08 | $0.08 | $0.10(c) |
Net realized and unrealized gain (loss) | (7.63) | 16.47 | 5.59 | 7.71 | 1.26 | 8.17 |
Total from investment operations | $(7.66) | $16.42 | $5.58 | $7.79 | $1.34 | $8.27 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.00)(w) | $(0.02) | $(0.07) | $(0.02) |
From net realized gain | (3.97) | (1.79) | (0.88) | (1.81) | (1.40) | (0.52) |
Total distributions declared to shareholders | $(3.97) | $(1.79) | $(0.88) | $(1.83) | $(1.47) | $(0.54) |
Net asset value, end of period (x) | $53.99 | $65.62 | $50.99 | $46.29 | $40.33 | $40.46 |
Total return (%) (r)(s)(t)(x) | (12.44)(n) | 32.86 | 12.18 | 20.28 | 3.35 | 25.70(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.32(a) | 1.32 | 1.36 | 1.38 | 1.39 | 1.38(c) |
Expenses after expense reductions (f) | 1.22(a) | 1.22 | 1.22 | 1.33 | 1.38 | 1.34(c) |
Net investment income (loss) | (0.11)(a) | (0.07) | (0.02) | 0.19 | 0.19 | 0.28(c) |
Portfolio turnover | 9(n) | 22 | 39 | 21 | 22 | 27 |
Net assets at end of period (000 omitted) | $3,952 | $4,915 | $4,237 | $4,106 | $4,324 | $4,791 |
Class R4 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $66.29 | $51.38 | $46.65 | $40.66 | $40.75 | $32.96 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.05 | $0.11 | $0.11 | $0.21 | $0.19 | $0.20(c) |
Net realized and unrealized gain (loss) | (7.72) | 16.60 | 5.64 | 7.73 | 1.27 | 8.21 |
Total from investment operations | $(7.67) | $16.71 | $5.75 | $7.94 | $1.46 | $8.41 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.04) | $(0.01) | $(0.14) | $(0.14) | $(0.15) | $(0.10) |
From net realized gain | (3.97) | (1.79) | (0.88) | (1.81) | (1.40) | (0.52) |
Total distributions declared to shareholders | $(4.01) | $(1.80) | $(1.02) | $(1.95) | $(1.55) | $(0.62) |
Net asset value, end of period (x) | $54.61 | $66.29 | $51.38 | $46.65 | $40.66 | $40.75 |
Total return (%) (r)(s)(t)(x) | (12.33)(n) | 33.19 | 12.47 | 20.55 | 3.62 | 26.00(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.07(a) | 1.07 | 1.11 | 1.13 | 1.14 | 1.13(c) |
Expenses after expense reductions (f) | 0.97(a) | 0.97 | 0.97 | 1.06 | 1.13 | 1.09(c) |
Net investment income (loss) | 0.16(a) | 0.18 | 0.22 | 0.49 | 0.46 | 0.55(c) |
Portfolio turnover | 9(n) | 22 | 39 | 21 | 22 | 27 |
Net assets at end of period (000 omitted) | $1,976 | $2,153 | $1,613 | $1,662 | $484 | $559 |
Class R6 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $67.99 | $52.65 | $47.77 | $41.59 | $41.65 | $33.68 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.17 | $0.14 | $0.23 | $0.23 | $0.11(c) |
Net realized and unrealized gain (loss) | (7.92) | 17.01 | 5.78 | 7.93 | 1.30 | 8.51 |
Total from investment operations | $(7.85) | $17.18 | $5.92 | $8.16 | $1.53 | $8.62 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.09) | $(0.05) | $(0.16) | $(0.17) | $(0.19) | $(0.13) |
From net realized gain | (3.97) | (1.79) | (0.88) | (1.81) | (1.40) | (0.52) |
Total distributions declared to shareholders | $(4.06) | $(1.84) | $(1.04) | $(1.98) | $(1.59) | $(0.65) |
Net asset value, end of period (x) | $56.08 | $67.99 | $52.65 | $47.77 | $41.59 | $41.65 |
Total return (%) (r)(s)(t)(x) | (12.29)(n) | 33.30 | 12.54 | 20.64 | 3.71 | 26.09(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.99(a) | 0.99 | 1.03 | 1.05 | 1.07 | 1.09(c) |
Expenses after expense reductions (f) | 0.89(a) | 0.89 | 0.89 | 0.99 | 1.06 | 1.05(c) |
Net investment income (loss) | 0.22(a) | 0.27 | 0.28 | 0.53 | 0.53 | 0.28(c) |
Portfolio turnover | 9(n) | 22 | 39 | 21 | 22 | 27 |
Net assets at end of period (000 omitted) | $260,090 | $306,209 | $212,634 | $126,958 | $68,931 | $48,429 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(w) | Per share amount was less than $0.01. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
United States | $473,436,540 | $— | $— | $473,436,540 |
Canada | 37,031,547 | — | — | 37,031,547 |
United Kingdom | — | 33,439,038 | — | 33,439,038 |
China | — | 33,198,787 | — | 33,198,787 |
Switzerland | — | 29,794,590 | — | 29,794,590 |
Ireland | 13,707,647 | 5,119,312 | — | 18,826,959 |
Japan | 9,693,578 | 6,657,826 | — | 16,351,404 |
South Korea | — | 14,459,451 | — | 14,459,451 |
Taiwan | 11,676,469 | — | — | 11,676,469 |
Other Countries | 5,761,713 | 42,924,160 | — | 48,685,873 |
Mutual Funds | 9,433,889 | — | — | 9,433,889 |
Total | $560,741,383 | $165,593,164 | $— | $726,334,547 |
Year ended 10/31/21 | |
Ordinary income (including any short-term capital gains) | $256,496 |
Long-term capital gains | 22,058,061 |
Total distributions | $22,314,557 |
As of 4/30/22 | |
Cost of investments | $512,242,117 |
Gross appreciation | 240,619,266 |
Gross depreciation | (26,526,836) |
Net unrealized appreciation (depreciation) | $214,092,430 |
As of 10/31/21 | |
Undistributed ordinary income | 5,593,687 |
Undistributed long-term capital gain | 45,622,682 |
Other temporary differences | 36,186 |
Net unrealized appreciation (depreciation) | 345,905,415 |
Six months ended 4/30/22 | Year ended 10/31/21 | ||
Class A | $23,491,411 | $10,203,215 | |
Class B | 309,629 | 173,880 | |
Class C | 1,215,564 | 593,561 | |
Class I | 7,468,790 | 3,425,408 | |
Class R1 | 56,495 | 18,956 | |
Class R2 | 273,119 | 118,556 | |
Class R3 | 298,883 | 150,265 | |
Class R4 | 123,454 | 56,587 | |
Class R6 | 17,980,780 | 7,574,129 | |
Total | $51,218,125 | $22,314,557 |
Up to $1 billion | 0.90% |
In excess of $1 billion and up to $2 billion | 0.75% |
In excess of $2 billion | 0.65% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
1.22% | 1.97% | 1.97% | 0.97% | 1.97% | 1.47% | 1.22% | 0.97% | 0.90% |
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% | $ 459,043 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 19,691 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 77,444 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 3,699 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 9,655 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 5,702 |
Total Distribution and Service Fees | $575,234 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended April 30, 2022 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended April 30, 2022, this rebate amounted to $212 and $15 for Class A and Class C, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $1,770 |
Class B | 408 |
Class C | 742 |
Six months ended 4/30/22 | Year ended 10/31/21 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 269,131 | $16,296,874 | 821,264 | $49,225,929 | |
Class B | 199 | 10,816 | 2,848 | 141,892 | |
Class C | 8,822 | 428,916 | 49,729 | 2,451,154 | |
Class I | 220,483 | 13,466,885 | 480,043 | 29,475,683 | |
Class R1 | 1,121 | 54,767 | 5,406 | 267,847 | |
Class R2 | 2,189 | 125,384 | 20,441 | 1,229,491 | |
Class R3 | 2,403 | 145,376 | 10,231 | 604,811 | |
Class R4 | 4,706 | 275,143 | 6,867 | 409,139 | |
Class R6 | 484,544 | 29,797,962 | 1,496,168 | 93,197,676 | |
993,598 | $60,602,123 | 2,892,997 | $177,003,622 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 361,063 | $22,433,129 | 174,579 | $9,697,846 | |
Class B | 5,950 | 305,932 | 3,644 | 170,911 | |
Class C | 23,930 | 1,212,544 | 12,673 | 586,230 | |
Class I | 115,424 | 7,402,140 | 59,604 | 3,404,605 | |
Class R1 | 1,118 | 56,495 | 411 | 18,956 | |
Class R2 | 4,599 | 273,076 | 2,187 | 116,712 | |
Class R3 | 4,836 | 298,883 | 2,718 | 150,265 | |
Class R4 | 1,976 | 123,454 | 972 | 54,139 | |
Class R6 | 272,289 | 17,459,199 | 125,531 | 7,170,353 | |
791,185 | $49,564,852 | 382,319 | $21,370,017 |
Six months ended 4/30/22 | Year ended 10/31/21 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (480,112) | $(29,044,404) | (723,165) | $(43,994,460) | |
Class B | (13,370) | (681,268) | (22,700) | (1,168,526) | |
Class C | (42,286) | (2,063,868) | (81,516) | (4,090,913) | |
Class I | (225,097) | (13,793,272) | (542,746) | (33,815,783) | |
Class R1 | (730) | (35,518) | (2,062) | (101,675) | |
Class R2 | (16,404) | (940,732) | (16,625) | (949,459) | |
Class R3 | (8,937) | (531,563) | (21,154) | (1,271,586) | |
Class R4 | (2,983) | (191,425) | (6,755) | (408,953) | |
Class R6 | (622,335) | (39,045,910) | (1,156,517) | (72,491,247) | |
(1,412,254) | $(86,327,960) | (2,573,240) | $(158,292,602) | ||
Net change | |||||
Class A | 150,082 | $9,685,599 | 272,678 | $14,929,315 | |
Class B | (7,221) | (364,520) | (16,208) | (855,723) | |
Class C | (9,534) | (422,408) | (19,114) | (1,053,529) | |
Class I | 110,810 | 7,075,753 | (3,099) | (935,495) | |
Class R1 | 1,509 | 75,744 | 3,755 | 185,128 | |
Class R2 | (9,616) | (542,272) | 6,003 | 396,744 | |
Class R3 | (1,698) | (87,304) | (8,205) | (516,510) | |
Class R4 | 3,699 | 207,172 | 1,084 | 54,325 | |
Class R6 | 134,498 | 8,211,251 | 465,182 | 27,876,782 | |
372,529 | $23,839,015 | 702,076 | $40,081,037 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $4,748,732 | $69,538,197 | $64,853,040 | $— | $— | $9,433,889 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $3,424 | $— |
1 | |
2 | |
4 | |
6 | |
21 | |
23 | |
24 | |
25 | |
30 | |
44 | |
45 | |
45 | |
45 | |
45 | |
45 |
back cover |
U.S. Treasury Securities | 44.1% |
Investment Grade Corporates | 27.6% |
Collateralized Loan Obligations | 11.9% |
High Yield Corporates | 9.3% |
Emerging Markets Bonds | 6.6% |
Commercial Mortgage-Backed Securities | 4.7% |
Municipal Bonds | 1.6% |
Asset-Backed Securities | 0.5% |
Residential Mortgage-Backed Securities | 0.1% |
Mortgage-Backed Securities (o) | 0.0% |
AAA | 2.0% |
AA | 2.5% |
A | 12.9% |
BBB | 29.7% |
BB | 9.6% |
B | 4.3% |
CCC | 0.8% |
D (o) | 0.0% |
U.S. Government | 33.7% |
Federal Agencies (o) | 0.0% |
Not Rated | 10.9% |
Non-Fixed Income (o) | 0.0% |
Cash & Cash Equivalents | 4.0% |
Other | (10.4)% |
Average Duration (d) | 5.9 |
Average Effective Maturity (m) | 8.4 yrs. |
(a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency mortgage-backed securities, and collateralized mortgage obligations of U.S. Agency mortgage-backed securities. |
(d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
(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. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
(v) | For purposes of this presentation, market value of fixed income and/or equity derivatives, if any, is included in Cash & Cash Equivalents. |
November 1, 2021 through April 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/21 | Ending Account Value 4/30/22 | Expenses Paid During Period (p) 11/01/21-4/30/22 | |
A | Actual | 0.72% | $1,000.00 | $907.69 | $3.41 |
Hypothetical (h) | 0.72% | $1,000.00 | $1,021.22 | $3.61 | |
B | Actual | 1.47% | $1,000.00 | $903.50 | $6.94 |
Hypothetical (h) | 1.47% | $1,000.00 | $1,017.50 | $7.35 | |
C | Actual | 1.47% | $1,000.00 | $904.65 | $6.94 |
Hypothetical (h) | 1.47% | $1,000.00 | $1,017.50 | $7.35 | |
I | Actual | 0.47% | $1,000.00 | $909.99 | $2.23 |
Hypothetical (h) | 0.47% | $1,000.00 | $1,022.46 | $2.36 | |
R6 | Actual | 0.40% | $1,000.00 | $909.02 | $1.89 |
Hypothetical (h) | 0.40% | $1,000.00 | $1,022.81 | $2.01 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Bonds – 95.4% | ||||
Aerospace & Defense – 0.9% | ||||
Boeing Co., 2.196%, 2/04/2026 | $ | 2,018,000 | $ 1,840,595 | |
Boeing Co., 2.95%, 2/01/2030 | 453,000 | 389,974 | ||
Boeing Co., 5.705%, 5/01/2040 | 1,359,000 | 1,357,783 | ||
Boeing Co., 5.805%, 5/01/2050 | 349,000 | 349,020 | ||
Moog, Inc., 4.25%, 12/15/2027 (n) | 2,965,000 | 2,761,156 | ||
TransDigm, Inc., 6.375%, 6/15/2026 | 900,000 | 888,705 | ||
TransDigm, Inc., 4.625%, 1/15/2029 | 1,000,000 | 870,180 | ||
$ 8,457,413 | ||||
Asset-Backed & Securitized – 17.2% | ||||
ACREC 2021-FL1 Ltd., “D”, FLR, 3.204% (LIBOR - 1mo. + 2.65%), 10/16/2036 (n) | $ | 2,591,000 | $ 2,530,285 | |
ACRES 2021-FL2 Issuer Ltd.,“C”, FLR, 3.204% (LIBOR - 1mo. + 2.65%), 1/15/2037 (z) | 2,862,000 | 2,815,073 | ||
Allegro CLO Ltd., 2014-1RA, “C”, FLR, 4.098% (LIBOR - 3mo. + 3%), 10/21/2028 (n) | 1,250,000 | 1,235,890 | ||
Arbor Realty Trust, Inc., CLO, 2019-FL2, “D”, FLR, 3.073% (SOFR - 30 day + 2.565%), 9/15/2034 (n) | 4,000,000 | 3,940,720 | ||
Arbor Realty Trust, Inc., CLO, 2020-FL1, “D”, FLR, 3.073% (LIBOR - 1mo. + 2.45%), 2/15/2035 (n) | 1,768,000 | 1,735,220 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL1, “C”, FLR, 2.554% (LIBOR - 1mo. + 2%), 12/15/2035 (n) | 4,000,000 | 3,949,124 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL1, “D”, FLR, 3.504% (LIBOR - 1mo. + 2.95%), 12/15/2035 (n) | 701,000 | 691,130 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL2, “B”, FLR, 2.154% (LIBOR - 1mo. + 1.6%), 5/15/2036 (n) | 2,596,000 | 2,538,169 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL2, “C”, FLR, 2.504% (LIBOR - 1mo. + 1.95%), 5/15/2036 (n) | 375,000 | 364,458 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL3, “C”, FLR, 2.404% (LIBOR - 1mo. + 1.85%), 8/15/2034 (n) | 3,500,000 | 3,454,199 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL3, “D”, FLR, 2.754% (LIBOR - 1mo. + 2.2%), 8/15/2034 (n) | 539,000 | 524,553 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL4, “D”, FLR, 3.454% (LIBOR - 1mo. + 2.9%), 11/15/2036 (n) | 3,743,500 | 3,688,900 | ||
Arbor Realty Trust, Inc., CLO, 2022-FL1, “E”, FLR, 4.017% (SOFR - 30 day + 3.75%), 1/15/2037 (n) | 4,500,000 | 4,465,805 | ||
AREIT 2019-CRE3 Trust, “D”, FLR, 3.273% (LIBOR - 1mo. + 2.65%), 9/14/2036 (n) | 1,729,000 | 1,686,164 | ||
AREIT 2022-CRE6 Trust, “E”, FLR, 3.675% (SOFR - 30 day + 3.4%), 1/17/2025 (n) | 4,500,000 | 4,470,984 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
Babson CLO Ltd., 2013-IIA, “BR”, FLR, 2.313% (LIBOR - 3mo. + 1.25%), 1/20/2028 (n) | $ | 1,750,000 | $ 1,740,292 | |
Balboa Bay Loan Funding Ltd., 2020-1A, “CR”, FLR, 3.162% (LIBOR - 3mo. + 2.1%), 1/20/2032 (n) | 2,083,333 | 2,035,093 | ||
Bancorp Commercial Mortgage 2019-CRE6 Trust, “D”, FLR, 2.682% (LIBOR - 1mo. + 2.54%), 9/15/2036 (n) | 2,044,000 | 1,989,105 | ||
Bayview Financial Revolving Mortgage Loan Trust, FLR, 2.349% (LIBOR - 1mo. + 1.6%), 12/28/2040 (n) | 90,880 | 102,426 | ||
BBCMS Mortgage Trust, 2019-C5, “A4”, 3.063%, 11/15/2052 | 500,000 | 469,976 | ||
BDS 2021-FL9 Ltd., “C”, FLR, 2.454% (LIBOR - 1mo. + 1.9%), 11/16/2038 (n) | 4,254,000 | 4,196,520 | ||
BSPDF 2021-FL1 Issuer Ltd., “B”, FLR, 2.354% (LIBOR - 1mo. + 1.8%), 10/15/2036 (n) | 1,231,000 | 1,224,620 | ||
BSPRT 2019-FL5 Issuer Ltd., “C”, FLR, 2.554% (LIBOR - 1mo. + 2%), 5/15/2029 (n) | 1,505,000 | 1,490,778 | ||
BSPRT 2021-FL6 Issuer Ltd., “C”, FLR, 2.604% (LIBOR - 1mo. + 2.05%), 3/15/2036 (n) | 1,300,000 | 1,281,223 | ||
BSPRT 2021-FL7 Issuer Ltd., “D”, FLR, 3.304% (LIBOR - 1mo. + 2.75%), 12/15/2038 (n) | 818,500 | 803,806 | ||
BSPRT 2022-FL8 Issuer Ltd., “D”, FLR, 3.067% (SOFR - 30 day + 2.8%), 2/15/2037 (n) | 4,000,000 | 3,982,224 | ||
Business Jet Securities LLC, 2020-1A, “A”, 2.981%, 11/15/2035 (n) | 397,526 | 379,253 | ||
Business Jet Securities LLC, 2021-1A, “C”, 5.067%, 4/15/2036 (n) | 358,551 | 335,893 | ||
BXMT 2021-FL4 Ltd., “B”, FLR, 2.104% (LIBOR - 1mo. + 1.55%), 5/15/2038 (n) | 2,123,000 | 2,086,105 | ||
Capital Automotive, 2020-1A, “B1”, REIT, 4.17%, 2/15/2050 (n) | 764,773 | 744,702 | ||
CHCP 2021-FL1 Ltd., “B”, FLR, 2.273% (LIBOR - 1mo. + 1.65%), 2/15/2038 (n) | 3,500,000 | 3,455,619 | ||
CHCP 2021-FL1 Ltd., “C”, FLR, 2.723% (LIBOR - 1mo. + 2.1%), 2/15/2038 (n) | 549,500 | 542,732 | ||
CLNC 2019-FL1 Ltd., “C”, FLR, 3.023% (LIBOR - 1mo. + 2.4%), 8/20/2035 (n) | 1,735,000 | 1,692,034 | ||
Columbia Cent CLO 28 Ltd., “B-R”, 3.521%, 11/07/2030 (n) | 2,083,333 | 2,011,843 | ||
Commercial Equipment Finance 2021-A, LLC, “A”, 2.05%, 2/16/2027 (n) | 2,061,031 | 2,002,337 | ||
Commercial Mortgage Trust, 2015-PC1, “A5”, 3.902%, 7/10/2050 | 1,805,893 | 1,805,992 | ||
Crest Ltd., CDO, 7%, (0.001% cash or 7% PIK) 1/28/2040 (a)(p) | 674,459 | 7 | ||
Cutwater 2015-1A Ltd., “BR”, FLR, 2.844% (LIBOR - 3mo. + 1.8%), 1/15/2029 (n) | 1,500,000 | 1,481,110 | ||
Dryden Senior Loan Fund, 2017-49A, “CR”, CLO, FLR, 3.094% (LIBOR - 3mo. + 2.05%), 7/18/2030 (n) | 2,000,000 | 2,000,074 | ||
DT Auto Owner Trust, 2020-1A, “C”, 2.29%, 11/17/2025 (n) | 877,000 | 874,601 | ||
Exeter Automobile Receivables Trust, 2020-1A, 2.49%, 1/15/2025 (n) | 190,958 | 191,201 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
HGI CRE CLO Ltd., 2021-FL3, “D”, FLR, 4.025% (SOFR - 30 day + 3.75%), 4/19/2037 (n) | $ | 4,500,000 | $ 4,498,002 | |
Invitation Homes 2018-SFR1 Trust, “C”, FLR, 1.804% (LIBOR - 1mo. + 1.25%), 3/17/2037 (n) | 869,875 | 864,443 | ||
KREF 2021-FL2 Ltd., “D”, FLR, 2.754% (LIBOR - 1mo. + 2.2%), 2/15/2039 (n) | 1,837,000 | 1,806,943 | ||
LCCM 2021-FL2 Trust, “C”, FLR, 2.704% (LIBOR - 1mo. + 2.15%), 12/13/2038 (n) | 3,212,500 | 3,173,693 | ||
LoanCore 2018-CRE1 Ltd., “C”, FLR, 3.104% (LIBOR - 1mo. + 2.55%), 5/15/2028 (n) | 1,740,000 | 1,738,250 | ||
LoanCore 2018-CRE1 Ltd., “C”, FLR, 2.504% (LIBOR - 1mo. + 1.95%), 4/15/2034 (n) | 1,355,850 | 1,345,131 | ||
LoanCore 2019-CRE2 Ltd., “D”, FLR, 3.004% (LIBOR - 1mo. + 2.45%), 5/15/2036 (n) | 1,291,000 | 1,277,060 | ||
LoanCore 2021-CRE5 Ltd., “C”, FLR, 2.904% (LIBOR - 1mo. + 2.35%), 7/15/2036 (n) | 3,000,000 | 2,966,160 | ||
Madison Park Funding Ltd., 2017- 23A, “CR”, FLR, 3.225% (LIBOR - 3mo. + 2%), 7/27/2031 (n) | 3,000,000 | 2,973,234 | ||
Magnetite CLO Ltd., 2015-16A, “DR”, FLR, 3.194% (LIBOR - 3mo. + 2.15%), 1/18/2028 (n) | 500,000 | 490,562 | ||
MF1 2020-FL4 Ltd., “B”, FLR, 3.373% (LIBOR - 1mo. + 2.75%), 11/15/2035 (n) | 2,250,000 | 2,225,556 | ||
MF1 2021-FL5 Ltd., “C”, FLR, 2.323% (LIBOR - 1mo. + 1.7%), 7/15/2036 (n) | 2,250,000 | 2,217,735 | ||
MF1 2021-FL5 Ltd., “D”, FLR, 3.123% (LIBOR - 1mo. + 2.5%), 7/15/2036 (n) | 3,000,000 | 2,951,697 | ||
MF1 2021-FL6 Ltd., “C”, FLR, 2.404%, 7/16/2036 (n) | 3,357,603 | 3,293,751 | ||
MF1 2022-FL8 Ltd., “E”, FLR, 3.417% (SOFR - 30 day + 3.15%), 2/19/2037 (n) | 4,500,000 | 4,392,766 | ||
Morgan Stanley Capital I Trust, 2017-H1, “A5”, 3.53%, 6/15/2050 | 1,050,279 | 1,031,062 | ||
Neuberger Berman CLO Ltd., 2013-15A, “CR2”, FLR, 2.894% (LIBOR - 3mo. + 1.85%), 10/15/2029 (n) | 2,286,610 | 2,232,255 | ||
Neuberger Berman CLO Ltd., 2016-21A, “CR2”, 3.113%, 4/20/2034 (n) | 1,750,000 | 1,725,318 | ||
Oaktree CLO 2019-1A Ltd., “CR”, FLR, 3.486% (LIBOR - 3mo. + 2.35%), 4/22/2030 (n) | 3,236,356 | 3,140,104 | ||
Palmer Square Loan Funding 2020-1A Ltd., “B”, FLR, 2.38% (LIBOR - 3mo. + 1.9%), 2/20/2028 (n) | 879,778 | 862,043 | ||
Parallel 2015-1A Ltd., “DR”, FLR, 3.613% (LIBOR - 3mo. + 2.55%), 7/20/2027 (n) | 1,750,000 | 1,742,921 | ||
PFP III 2021-7 Ltd., “C”, FLR, 2.204% (LIBOR - 1mo. + 1.65%), 4/14/2038 (n) | 431,478 | 423,659 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
PFP III 2021-8 Ltd., “D”, FLR, 2.704% (LIBOR - 1mo. + 2.15%), 8/09/2037 (n) | $ | 4,274,000 | $ 4,133,856 | |
Race Point CLO Ltd., 2013-8A, “CR2”, FLR, 2.53% (LIBOR - 3mo. + 2.05%), 2/20/2030 (n) | 1,500,000 | 1,480,641 | ||
ReadyCap Commercial Mortgage Trust, 2021-FL7, “D”, FLR, 3.618% (LIBOR - 1mo. + 2.95%), 11/25/2036 (z) | 1,770,000 | 1,730,494 | ||
Securitized Term Auto Receivable Trust, 2019-CRTA, “C”, 2.849%, 3/25/2026 (n) | 211,455 | 211,710 | ||
Shackleton 2015-8A CLO Ltd., “CR”, FLR, 2.713% (LIBOR - 3mo. + 1.65%), 10/20/2027 (n) | 1,000,000 | 992,206 | ||
Starwood Commercial Mortgage, 2021-FL2, “D”, 3.354%, 4/18/2038 (n) | 3,000,000 | 2,964,368 | ||
Starwood Commercial Mortgage, 2022-FL3, “D”, FLR, 3.017% (SOFR - 30 day + 2.75%), 11/15/2038 (n) | 2,750,000 | 2,737,970 | ||
TPG Real Estate Finance, 2021-FL4, “B”, FLR, 2.404% (LIBOR - 1mo. + 1.85%), 3/15/2038 (n) | 2,700,000 | 2,676,321 | ||
UBS Commercial Mortgage Trust, 2017-C1, “A4”, 3.544%, 11/15/2050 | 2,996,753 | 2,921,321 | ||
UBS Commercial Mortgage Trust, 2017-C7, “A4”, 3.679%, 12/15/2050 | 1,052,000 | 1,030,664 | ||
UBS Commercial Mortgage Trust, 2019-C17, “A4”, 2.921%, 10/15/2052 | 1,291,913 | 1,185,057 | ||
Voya CLO 2012-4A Ltd., “C1R3”, FLR, 4.344% (LIBOR - 3mo. + 3.3%), 10/15/2030 (n) | 1,737,638 | 1,709,087 | ||
Wells Fargo Commercial Mortgage Trust, 2016-C34, “A4”, 3.096%, 6/15/2049 | 1,740,000 | 1,674,760 | ||
Wells Fargo Commercial Mortgage Trust, 2017-C42, “A5”, 3.589%, 12/15/2050 | 3,490,000 | 3,415,752 | ||
Wells Fargo Commercial Mortgage Trust, 2017-RB1, “A5”, 3.635%, 3/15/2050 | 1,500,000 | 1,478,048 | ||
Wells Fargo Commercial Mortgage Trust, 2018-C44, 4.212%, 5/15/2051 | 1,500,000 | 1,512,874 | ||
$ 156,237,714 | ||||
Automotive – 0.9% | ||||
Hyundai Capital America, 2.1%, 9/15/2028 (n) | $ | 2,000,000 | $ 1,716,032 | |
Hyundai Capital America, 6.375%, 4/08/2030 (n) | 2,250,000 | 2,465,456 | ||
Stellantis N.V., 2.691%, 9/15/2031 (n) | 5,147,000 | 4,255,876 | ||
$ 8,437,364 | ||||
Broadcasting – 1.3% | ||||
Discovery, Inc., 4.65%, 5/15/2050 | $ | 857,000 | $ 737,148 | |
Magallanes, Inc., 5.141%, 3/15/2052 (n) | 7,295,000 | 6,503,721 | ||
Prosus N.V., 3.257%, 1/19/2027 (n) | 1,975,000 | 1,766,178 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Broadcasting – continued | ||||
WMG Acquisition Corp., 3.875%, 7/15/2030 (n) | $ | 2,700,000 | $ 2,416,500 | |
$ 11,423,547 | ||||
Brokerage & Asset Managers – 1.7% | ||||
Charles Schwab Corp., 2.9%, 3/03/2032 | $ | 5,000,000 | $ 4,473,618 | |
Charles Schwab Corp., 5% to 6/01/2027, FLR (CMT - 5yr. + 3.256%) to 6/01/2170 | 3,272,000 | 3,152,474 | ||
E*TRADE Financial Corp., 4.5%, 6/20/2028 | 1,958,000 | 1,969,235 | ||
Intercontinental Exchange, Inc., 2.1%, 6/15/2030 | 1,609,000 | 1,394,070 | ||
LPL Holdings, Inc., 4.625%, 11/15/2027 (n) | 2,000,000 | 1,897,500 | ||
LPL Holdings, Inc., 4%, 3/15/2029 (n) | 1,300,000 | 1,183,000 | ||
Raymond James Financial, 4.65%, 4/01/2030 | 1,069,000 | 1,080,521 | ||
$ 15,150,418 | ||||
Building – 0.5% | ||||
ABC Supply Co., Inc., 4%, 1/15/2028 (n) | $ | 2,700,000 | $ 2,517,750 | |
Standard Industries, Inc., 3.375%, 1/15/2031 (n) | 2,600,000 | 2,076,516 | ||
$ 4,594,266 | ||||
Business Services – 0.8% | ||||
Global Payments, Inc., 2.9%, 5/15/2030 | $ | 1,080,000 | $ 950,774 | |
Iron Mountain, Inc., 4.5%, 2/15/2031 (n) | 2,700,000 | 2,313,549 | ||
RELX Capital, Inc., 3%, 5/22/2030 | 674,000 | 607,615 | ||
Switch Ltd., 4.125%, 6/15/2029 (n) | 3,725,000 | 3,557,375 | ||
$ 7,429,313 | ||||
Cable TV – 1.8% | ||||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | $ | 3,300,000 | $ 2,879,250 | |
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.9%, 6/01/2052 | 1,824,000 | 1,316,014 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.25%, 4/01/2053 | 5,342,000 | 4,658,587 | ||
CSC Holdings LLC, 4.125%, 12/01/2030 (n) | 3,600,000 | 2,970,000 | ||
Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n) | 3,300,000 | 3,173,478 | ||
Time Warner Cable, Inc., 4.5%, 9/15/2042 | 2,031,000 | 1,679,049 | ||
$ 16,676,378 | ||||
Chemicals – 0.7% | ||||
Axalta Coating Systems Ltd., 3.375%, 2/15/2029 (n) | $ | 3,600,000 | $ 3,114,828 | |
GC Treasury Center Co. Ltd., 4.4%, 3/30/2032 (n) | 2,100,000 | 1,998,489 | ||
Sasol Financing (USA) LLC, 4.375%, 9/18/2026 | 1,179,000 | 1,103,898 | ||
$ 6,217,215 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Computer Software – 0.4% | ||||
Clarivate Science Holdings Corp., 4.875%, 7/01/2029 (n) | $ | 3,000,000 | $ 2,643,840 | |
Dell International LLC/EMC Corp., 5.3%, 10/01/2029 | 1,388,000 | 1,430,382 | ||
$ 4,074,222 | ||||
Computer Software - Systems – 0.2% | ||||
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n) | $ | 1,965,000 | $ 1,925,779 | |
Conglomerates – 0.7% | ||||
BWX Technologies, Inc., 4.125%, 6/30/2028 (n) | $ | 2,500,000 | $ 2,318,750 | |
Gates Global LLC, 6.25%, 1/15/2026 (n) | 1,500,000 | 1,462,500 | ||
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/2028 | 2,534,000 | 2,542,133 | ||
$ 6,323,383 | ||||
Construction – 0.2% | ||||
Mattamy Group Corp., 5.25%, 12/15/2027 (n) | $ | 1,900,000 | $ 1,776,500 | |
Taylor Morrison Communities, Inc., 5.75%, 1/15/2028 (n) | 333,000 | 325,508 | ||
$ 2,102,008 | ||||
Consumer Products – 0.2% | ||||
GSK Consumer Healthcare Capital US LLC, 3.625%, 3/24/2032 (n) | $ | 2,275,000 | $ 2,137,036 | |
Consumer Services – 0.9% | ||||
Expedia Group, Inc., 3.25%, 2/15/2030 | $ | 3,950,000 | $ 3,523,527 | |
Match Group Holdings II LLC, 3.625%, 10/01/2031 (n) | 1,700,000 | 1,414,230 | ||
Match Group, Inc., 5%, 12/15/2027 (n) | 1,800,000 | 1,755,000 | ||
Meituan, 3.05%, 10/28/2030 (n) | 1,024,000 | 780,903 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026 (n) | 307,000 | 251,801 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2029 (n) | 889,000 | 608,113 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2031 (n) | 307,000 | 186,953 | ||
$ 8,520,527 | ||||
Containers – 0.2% | ||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026 | $ | 1,500,000 | $ 1,494,375 | |
Electronics – 0.6% | ||||
Broadcom, Inc., 4.3%, 11/15/2032 | $ | 2,745,000 | $ 2,573,887 | |
Broadcom, Inc., 3.187%, 11/15/2036 (n) | 2,240,000 | 1,768,546 | ||
NXP B.V./NXP Funding LLC/NXP USA, Inc., 3.4%, 5/01/2030 (n) | 1,305,000 | 1,188,953 | ||
$ 5,531,386 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Emerging Market Quasi-Sovereign – 1.1% | ||||
Greenko Wind Projects (Mauritius) Ltd., 5.5%, 4/06/2025 (n) | $ | 1,977,000 | $ 1,928,564 | |
Huarong Finance Co. Ltd. (People’s Republic of China), 3.375%, 2/24/2030 | 2,640,000 | 2,082,300 | ||
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025 | 2,618,000 | 2,362,745 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 3.75%, 6/23/2031 (n) | 2,020,000 | 1,708,019 | ||
Petroleos Mexicanos, 5.95%, 1/28/2031 | 1,810,000 | 1,522,753 | ||
PT Freeport Indonesia, 5.315%, 4/14/2032 (n) | 772,000 | 746,910 | ||
$ 10,351,291 | ||||
Emerging Market Sovereign – 1.1% | ||||
Arab Republic of Egypt, 5.8%, 9/30/2027 (n) | $ | 2,394,000 | $ 1,956,185 | |
Dominican Republic, 4.875%, 9/23/2032 (n) | 2,295,000 | 1,927,406 | ||
Republic of Angola, 8%, 11/26/2029 | 1,436,000 | 1,341,540 | ||
Republic of Cote d'Ivoire, 4.875%, 1/30/2032 (n) | EUR | 1,864,000 | 1,648,849 | |
Republic of South Africa, 8.25%, 3/31/2032 | ZAR | 30,943,000 | 1,705,612 | |
Republic of South Africa, 5.875%, 4/20/2032 | $ | 1,270,000 | 1,207,516 | |
$ 9,787,108 | ||||
Energy - Independent – 0.6% | ||||
Diamondback Energy, Inc., 4.4%, 3/24/2051 | $ | 616,000 | $ 553,076 | |
Energean PLC, 6.5%, 4/30/2027 (n) | 1,781,000 | 1,673,249 | ||
Leviathan Bond Ltd., 6.75%, 6/30/2030 (n) | 1,834,000 | 1,799,880 | ||
Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/2028 (n) | 1,237,000 | 1,157,214 | ||
$ 5,183,419 | ||||
Energy - Integrated – 0.7% | ||||
Cenovus Energy, Inc., 4.4%, 4/15/2029 | $ | 1,608,000 | $ 1,593,105 | |
Cenovus Energy, Inc., 3.75%, 2/15/2052 | 2,700,000 | 2,153,048 | ||
Eni S.p.A., 4%, 9/12/2023 (n) | 1,342,000 | 1,350,522 | ||
Eni S.p.A., 4.25%, 5/09/2029 (n) | 1,685,000 | 1,669,799 | ||
$ 6,766,474 | ||||
Financial Institutions – 2.0% | ||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.5%, 7/15/2025 | $ | 1,568,000 | $ 1,625,264 | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.65%, 7/21/2027 | 2,698,000 | 2,528,453 | ||
Air Lease Corp., 2.875%, 1/15/2032 | 5,633,000 | 4,644,701 | ||
Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n) | 2,342,000 | 2,123,506 | ||
Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 3,617,000 | 3,111,088 | ||
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% cash or 7.25% PIK), 9/15/2024 (n)(p) | 2,532,865 | 2,184,545 | ||
Shriram Transport Finance Co. Ltd., 4.4%, 3/13/2024 (n) | 1,692,000 | 1,612,476 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Financial Institutions – continued | ||||
Sunac China Holdings Ltd., 7.5%, 2/01/2024 | $ | 1,057,000 | $ 248,395 | |
$ 18,078,428 | ||||
Food & Beverages – 0.9% | ||||
Anheuser-Busch InBev Worldwide, Inc., 4.439%, 10/06/2048 | $ | 874,509 | $ 802,907 | |
Bacardi Ltd., 5.15%, 5/15/2038 (n) | 955,000 | 953,827 | ||
Central America Bottling Co., 5.25%, 4/27/2029 (n) | 2,293,000 | 2,178,510 | ||
Indofood CBP, 3.541%, 4/27/2032 | 2,536,000 | 2,125,466 | ||
JBS USA Lux S.A./JBS USA Finance, Inc., 5.5%, 1/15/2030 (n) | 1,800,000 | 1,777,500 | ||
$ 7,838,210 | ||||
Gaming & Lodging – 1.1% | ||||
GLP Capital LP/GLP Financing II, Inc., 4%, 1/15/2030 | $ | 2,062,000 | $ 1,917,825 | |
GLP Capital LP/GLP Financing II, Inc., 4%, 1/15/2031 | 400,000 | 362,154 | ||
Marriott International, Inc., 4.625%, 6/15/2030 | 561,000 | 553,164 | ||
Marriott International, Inc., 2.85%, 4/15/2031 | 654,000 | 562,458 | ||
Marriott International, Inc., 2.75%, 10/15/2033 | 4,537,000 | 3,727,669 | ||
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n) | 2,700,000 | 2,516,508 | ||
$ 9,639,778 | ||||
Industrial – 0.3% | ||||
Arabian Centres Sukuk II Ltd., 5.625%, 10/07/2026 | $ | 936,000 | $ 882,180 | |
GEMS MENASA (Cayman) Ltd. / GEMS Education (Delaware) LLC, 7.125%, 7/31/2026 | 1,690,000 | 1,685,437 | ||
$ 2,567,617 | ||||
Insurance – 0.2% | ||||
Corebridge Financial, Inc., 4.35%, 4/05/2042 (n) | $ | 473,000 | $ 427,743 | |
Corebridge Financial, Inc., 4.4%, 4/05/2052 (n) | 1,412,000 | 1,259,175 | ||
$ 1,686,918 | ||||
Insurance - Property & Casualty – 2.0% | ||||
Alliant Holdings Intermediate LLC, 6.75%, 10/15/2027 (n) | $ | 2,250,000 | $ 2,127,668 | |
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/2025 | 2,170,000 | 2,156,681 | ||
Aon Corp., 4.5%, 12/15/2028 | 2,909,000 | 2,960,264 | ||
Aon Corp./Aon Global Holdings PLC, 2.6%, 12/02/2031 | 2,471,000 | 2,137,155 | ||
Brown & Brown, Inc., 4.95%, 3/17/2052 | 4,125,000 | 3,958,468 | ||
Fairfax Financial Holdings Ltd., 4.85%, 4/17/2028 | 2,201,000 | 2,211,261 | ||
Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031 | 452,000 | 401,524 | ||
Hub International Ltd., 5.625%, 12/01/2029 (n) | 2,350,000 | 2,156,125 | ||
$ 18,109,146 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Machinery & Tools – 0.4% | ||||
CNH Industrial Capital LLC, 4.2%, 1/15/2024 | $ | 1,076,000 | $ 1,089,083 | |
CNH Industrial Capital LLC, 3.85%, 11/15/2027 | 1,025,000 | 996,372 | ||
Ritchie Bros. Holdings Ltd., 4.75%, 12/15/2031 (n) | 2,000,000 | 2,000,000 | ||
$ 4,085,455 | ||||
Major Banks – 6.7% | ||||
Bank of America Corp., 4.271% to 7/23/2028, FLR (LIBOR - 3mo. + 1.31%) to 7/23/2029 | $ | 579,000 | $ 567,555 | |
Bank of America Corp., 2.572%, 10/20/2032 | 8,268,000 | 6,984,761 | ||
Bank of America Corp., 3.846% to 3/08/2032, FLR (CMT - 1yr. + 2%) to 3/08/2037 | 4,785,000 | 4,257,687 | ||
Bank of New York Mellon Corp., 4.7% to 9/20/2025, FLR (CMT - 5yr. + 4.358%) to 9/20/2070 | 1,800,000 | 1,795,500 | ||
Barclays PLC, 4.375%, 1/12/2026 | 1,325,000 | 1,320,385 | ||
Capital One Financial Corp., 3.273% to 3/01/2029, FLR (SOFR - 1 day + 1.79%) to 3/01/2030 | 5,000,000 | 4,545,492 | ||
Credit Suisse Group AG, 6.5%, 8/08/2023 (n) | 299,000 | 306,475 | ||
Credit Suisse Group AG, 3.091% to 5/14/2031, FLR (SOFR - 1 day + 1.73%) to 5/14/2032 (n) | 562,000 | 470,004 | ||
Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027 | 2,217,000 | 1,960,403 | ||
Goldman Sachs Group, Inc., 2.65% to 10/21/2031, FLR (SOFR - 1 day + 1.264%) to 10/21/2032 | 6,695,000 | 5,647,446 | ||
Goldman Sachs Group, Inc., 3.102% to 2/24/2032, FLR (SOFR - 1 day + 1.41%) to 2/24/2033 | 4,410,000 | 3,853,934 | ||
HSBC Holdings PLC, 4.7% to 9/09/2031, FLR (CMT - 1yr. + 3.25%) to 9/09/2169 | 1,150,000 | 977,500 | ||
HSBC Holdings PLC, 4% to 9/09/2026, FLR (CMT - 1yr. + 3.222%) to 9/09/2170 | 536,000 | 481,060 | ||
JPMorgan Chase & Co., 2.956% to 5/13/2030, FLR (SOFR - 1 day + 2.515%) to 5/13/2031 | 726,000 | 638,141 | ||
JPMorgan Chase & Co., 2.963% to 1/25/2032, FLR (SOFR - 1 day + 1.26%) to 1/25/2033 | 4,000,000 | 3,519,089 | ||
Morgan Stanley, 2.511% to 10/20/2031, FLR (SOFR - 1 day + 1.2%) to 10/20/2032 | 7,539,000 | 6,337,784 | ||
UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2069 (n) | 2,746,000 | 2,292,086 | ||
UBS Group Funding (Switzerland) AG, 4.253%, 3/23/2028 (n) | 1,618,000 | 1,596,790 | ||
Wells Fargo & Co., 2.572% to 2/11/2030, FLR (LIBOR - 3mo. +1%) to 2/11/2031 | 5,515,000 | 4,811,802 | ||
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033 | 4,571,000 | 4,153,221 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Major Banks – continued | ||||
Wells Fargo & Co., 3.9% to 3/15/2026, FLR (CMT - 1yr. + 3.453%) to 3/15/2071 | $ | 4,785,000 | $ 4,366,073 | |
$ 60,883,188 | ||||
Medical & Health Technology & Services – 1.7% | ||||
DaVita, Inc., 4.625%, 6/01/2030 (n) | $ | 2,600,000 | $ 2,262,000 | |
HCA Healthcare, Inc., 4.625%, 3/15/2052 (n) | 7,619,000 | 6,650,269 | ||
ProMedica Toledo Hospital, “B”, 5.325%, 11/15/2028 | 1,437,000 | 1,484,039 | ||
ProMedica Toledo Hospital, “B”, AGM, 5.75%, 11/15/2038 | 568,000 | 601,182 | ||
Syneos Health, Inc., 3.625%, 1/15/2029 (n) | 3,300,000 | 2,919,345 | ||
Tower Health, 4.451%, 2/01/2050 | 1,730,000 | 1,297,500 | ||
$ 15,214,335 | ||||
Metals & Mining – 1.3% | ||||
Anglo American Capital PLC, 2.25%, 3/17/2028 (n) | $ | 992,000 | $ 880,282 | |
Anglo American Capital PLC, 2.875%, 3/17/2031 (n) | 1,161,000 | 998,732 | ||
Anglo American Capital PLC, 4.75%, 3/16/2052 (n) | 5,361,000 | 4,897,210 | ||
Glencore Funding LLC, 2.85%, 4/27/2031 (n) | 2,907,000 | 2,483,334 | ||
Novelis Corp., 3.25%, 11/15/2026 (n) | 250,000 | 228,112 | ||
Novelis Corp., 3.875%, 8/15/2031 (n) | 2,600,000 | 2,229,500 | ||
$ 11,717,170 | ||||
Midstream – 2.2% | ||||
Cheniere Corpus Christi Holdings LLC, 3.7%, 11/15/2029 | $ | 2,125,000 | $ 1,991,397 | |
Corpus Christi Holdings LLC, 2.742%, 12/31/2039 | 963,000 | 783,765 | ||
Enbridge, Inc., 3.125%, 11/15/2029 | 1,344,000 | 1,240,133 | ||
Enbridge, Inc., 2.5%, 8/01/2033 | 1,923,000 | 1,589,935 | ||
MPLX LP, 4.5%, 4/15/2038 | 2,200,000 | 2,020,750 | ||
MPLX LP, 4.95%, 3/14/2052 | 3,699,000 | 3,390,539 | ||
Plains All American Pipeline LP, 3.8%, 9/15/2030 | 4,057,000 | 3,755,204 | ||
Sabine Pass Liquefaction LLC, 4.5%, 5/15/2030 | 3,285,000 | 3,259,477 | ||
Targa Resources Corp., 4.95%, 4/15/2052 | 1,864,000 | 1,702,437 | ||
$ 19,733,637 | ||||
Mortgage-Backed – 0.0% | ||||
Fannie Mae, 6.5%, 5/01/2031 | $ | 9,428 | $ 10,022 | |
Fannie Mae, 3%, 2/25/2033 (i) | 260,790 | 25,531 | ||
Fannie Mae, 5.5%, 9/01/2034 - 11/01/2036 | 30,874 | 32,787 | ||
Fannie Mae, 6%, 11/01/2034 | 93,307 | 102,455 | ||
Fannie Mae, UMBS, 2.5%, 3/01/2050 | 52,224 | 47,830 | ||
Freddie Mac, 1.031%, 4/25/2024 (i) | 77,908 | 1,144 | ||
Ginnie Mae, 3%, 9/20/2047 | 104,543 | 100,515 | ||
$ 320,284 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Municipals – 1.6% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 1,205,000 | $ 1,129,949 | |
Escambia County, FL, Health Facilities Authority Rev., Taxable (Baptist Health Care Corp.), “B”, AGM, 3.607%, 8/15/2040 | 1,730,000 | 1,533,681 | ||
New Jersey Economic Development Authority State Pension Funding Rev., Capital Appreciation, Taxable, “B”, AGM, 0%, 2/15/2023 | 2,500,000 | 2,455,177 | ||
New Jersey Economic Development Authority State Pension Funding Rev., Taxable, “A”, NPFG, 7.425%, 2/15/2029 | 1,155,000 | 1,316,947 | ||
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, 5.45%, 8/15/2028 | 3,750,000 | 3,827,050 | ||
Port Beaumont, TX, Industrial Development Authority Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), “B”, 4.1%, 1/01/2028 (n) | 2,755,000 | 2,444,647 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 30,000 | 28,650 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2022 (a)(d) | 455,000 | 434,525 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, Taxable, “2019A-1”, 4.55%, 7/01/2040 | 1,326,000 | 1,239,099 | ||
$ 14,409,725 | ||||
Natural Gas - Distribution – 0.5% | ||||
Boston Gas Co., 3.757%, 3/16/2032 (n) | $ | 5,000,000 | $ 4,687,151 | |
Oils – 0.1% | ||||
FS Luxembourg S.à r.l., 10%, 12/15/2025 (n) | $ | 1,013,000 | $ 1,035,793 | |
Other Banks & Diversified Financials – 1.6% | ||||
Bank Hapoalim B.M., 3.255% to 1/21/2027, FLR (CMT - 5yr. + 2.155%) to 1/21/2032 (n) | $ | 1,431,000 | $ 1,287,900 | |
Bank Leumi le-Israel B.M., 3.275% to 1/29/2026, FLR (CMT - 5yr. + 1.631%) to 1/29/2031 (n) | 2,237,000 | 2,046,855 | ||
Macquarie Group Ltd., 4.442%, 6/21/2033 (n) | 8,358,000 | 7,904,138 | ||
NBK Tier 1 Financing Ltd., 3.625% to 2/24/2027, FLR (Swap Rate - 6yr. + 2.875%) to 8/24/2169 | 1,798,000 | 1,646,069 | ||
Uzbek Industrial and Construction Bank, 5.75%, 12/02/2024 | 1,424,000 | 1,292,280 | ||
$ 14,177,242 | ||||
Pharmaceuticals – 0.6% | ||||
Jazz Securities DAC, 4.375%, 1/15/2029 (n) | $ | 3,000,000 | $ 2,763,750 | |
Organon Finance 1 LLC, 4.125%, 4/30/2028 (n) | 3,000,000 | 2,790,900 | ||
$ 5,554,650 | ||||
Printing & Publishing – 0.1% | ||||
Cimpress N.V., 7%, 6/15/2026 (n) | $ | 1,000,000 | $ 932,500 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Real Estate - Office – 0.1% | ||||
Boston Properties Ltd. LP, REIT, 2.55%, 4/01/2032 | $ | 1,504,000 | $ 1,259,588 | |
Retailers – 0.2% | ||||
Alimentation Couche-Tard, Inc., 2.95%, 1/25/2030 (n) | $ | 2,180,000 | $ 1,949,538 | |
Specialty Stores – 0.5% | ||||
Genuine Parts Co., 2.75%, 2/01/2032 | $ | 5,031,000 | $ 4,310,422 | |
Supranational – 0.1% | ||||
Corporacion Andina de Fomento, 4.375%, 6/15/2022 | $ | 1,290,000 | $ 1,292,350 | |
Telecommunications - Wireless – 1.7% | ||||
American Tower Corp., REIT, 3.55%, 7/15/2027 | $ | 1,237,000 | $ 1,180,242 | |
Cellnex Finance Co. S.A., 3.875%, 7/07/2041 (n) | 1,582,000 | 1,184,143 | ||
Crown Castle International Corp., 4.15%, 7/01/2050 | 2,318,000 | 2,018,950 | ||
CT Trust, 5.125%, 2/03/2032 (n) | 765,000 | 712,674 | ||
Rogers Communications, Inc., 4.35%, 5/01/2049 | 7,277,000 | 6,425,996 | ||
SBA Communications Corp., 3.875%, 2/15/2027 | 1,480,000 | 1,404,816 | ||
SBA Communications Corp., 3.125%, 2/01/2029 | 1,400,000 | 1,200,850 | ||
T-Mobile USA, Inc., 4.375%, 4/15/2040 | 1,899,000 | 1,748,993 | ||
$ 15,876,664 | ||||
Tobacco – 0.9% | ||||
B.A.T. Capital Corp., 3.215%, 9/06/2026 | $ | 1,869,000 | $ 1,766,670 | |
B.A.T. Capital Corp., 4.742%, 3/16/2032 | 6,749,000 | 6,329,334 | ||
$ 8,096,004 | ||||
Transportation – 0.2% | ||||
Hidrovias International Finance S.à r.l., 4.95%, 2/08/2031 | $ | 2,106,000 | $ 1,697,457 | |
Transportation - Services – 0.4% | ||||
Delhi International Airport Private Ltd., 6.125%, 10/31/2026 | $ | 1,046,000 | $ 1,018,542 | |
Element Fleet Management Corp., 1.6%, 4/06/2024 (n) | 823,000 | 790,350 | ||
India Airport Infrastructure, 6.25%, 10/25/2025 | 639,000 | 603,855 | ||
JSW Infrastructure Ltd., 4.95%, 1/21/2029 (n) | 1,249,000 | 1,122,067 | ||
$ 3,534,814 | ||||
U.S. Treasury Obligations – 33.6% | ||||
U.S. Treasury Bonds, 1.375%, 11/15/2040 | $ | 35,900,000 | $ 26,866,102 | |
U.S. Treasury Bonds, 1.75%, 8/15/2041 | 11,300,000 | 8,951,719 | ||
U.S. Treasury Bonds, 2.375%, 2/15/2042 | 5,000,000 | 4,417,969 | ||
U.S. Treasury Bonds, 2.5%, 2/15/2045 (f) | 7,646,000 | 6,768,203 | ||
U.S. Treasury Bonds, 2.375%, 11/15/2049 | 20,626,900 | 18,138,780 | ||
U.S. Treasury Bonds, 1.625%, 11/15/2050 | 3,400,000 | 2,499,266 | ||
U.S. Treasury Bonds, 2.25%, 2/15/2052 | 8,600,000 | 7,383,906 | ||
U.S. Treasury Notes, 0.375%, 10/31/2023 | 117,000,000 | 113,298,047 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
U.S. Treasury Obligations – continued | ||||
U.S. Treasury Notes, 2.25%, 3/31/2024 | $ | 13,200,000 | $ 13,088,625 | |
U.S. Treasury Notes, 0.25%, 9/30/2025 | 15,700,000 | 14,335,449 | ||
U.S. Treasury Notes, 0.875%, 6/30/2026 | 88,000,000 | 80,850,000 | ||
U.S. Treasury Notes, 2.5%, 3/31/2027 | 9,000,000 | 8,819,297 | ||
$ 305,417,363 | ||||
Utilities - Electric Power – 1.4% | ||||
Adani Transmission Ltd., 4.25%, 5/21/2036 (n) | $ | 967,445 | $ 855,544 | |
AES Gener S.A., 6.35% to 4/07/2025, FLR (CMT - 5yr. + 4.917%) to 4/07/2030, FLR (CMT - 5yr. + 5.167%) to 4/07/2045, FLR (CMT - 5yr. + 5.917%) to 10/07/2079 (n) | 760,000 | 729,608 | ||
AES Panama Generation Holdings SRL, 4.375%, 5/31/2030 (n) | 1,200,000 | 1,068,000 | ||
Calpine Corp., 3.75%, 3/01/2031 (n) | 2,900,000 | 2,443,250 | ||
FirstEnergy Corp., 5.35%, 7/15/2047 | 2,460,000 | 2,299,362 | ||
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 359,000 | 315,282 | ||
Mercury Chile Holdco LLC, 6.5%, 1/24/2027 (n) | 1,793,000 | 1,693,757 | ||
Pacific Gas & Electric Co., 3%, 6/15/2028 | 614,000 | 548,827 | ||
Pacific Gas & Electric Co., 3.5%, 8/01/2050 | 2,250,000 | 1,568,524 | ||
ReNew Wind Energy AP2/ReNew Power Private Ltd., 4.5%, 7/14/2028 (n) | 1,157,000 | 1,008,402 | ||
$ 12,530,556 | ||||
Utilities - Other – 0.3% | ||||
Aegea Finance S.à r.l., 6.75%, 5/20/2029 (n) | $ | 2,626,000 | $ 2,581,358 | |
Total Bonds (Identified Cost, $934,326,301) | $ 868,037,977 | |||
Common Stocks – 0.0% | ||||
Construction – 0.0% | ||||
ICA Tenedora S.A. de C.V. (u) (Identified Cost, $0) | 36,995 | $ 30,819 | ||
Investment Companies (h) – 3.7% | ||||
Money Market Funds – 3.7% | ||||
MFS Institutional Money Market Portfolio, 0.28% (v) (Identified Cost, $34,030,179) | 34,030,179 | $ 34,030,179 | ||
Other Assets, Less Liabilities – 0.9% | 7,904,409 | |||
Net Assets – 100.0% | $ 910,003,384 |
(a) | Non-income producing security. |
(d) | In default. |
(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 $34,030,179 and $868,068,796, respectively. |
(i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. |
(n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $317,834,714, representing 34.9% of net assets. |
(p) | Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash. |
(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. |
(z) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities: |
Restricted Securities | Acquisition Date | Cost | Value |
ACRES 2021-FL2 Issuer Ltd.,“C”, FLR, 3.204% (LIBOR - 1mo. + 2.65%), 1/15/2037 | 12/07/21 - 3/09/22 | $2,848,974 | $2,815,073 |
ReadyCap Commercial Mortgage Trust, 2021-FL7, “D”, FLR, 3.618% (LIBOR - 1mo. + 2.95%), 11/25/2036 | 11/12/21 | 1,770,000 | 1,730,494 |
Total Restricted Securities | $4,545,567 | ||
% of Net assets | 0.5% |
The following abbreviations are used in this report and are defined: | |
AAC | Ambac Assurance Corp. |
AGM | Assured Guaranty Municipal |
CDO | Collateralized Debt Obligation |
CLO | Collateralized Loan Obligation |
CMT | Constant Maturity Treasury |
FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
LIBOR | London Interbank Offered Rate |
NPFG | National Public Finance Guarantee Corp. |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
UMBS | Uniform Mortgage-Backed Security |
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below: | |
EUR | Euro |
ZAR | South African Rand |
Forward Foreign Currency Exchange Contracts | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Asset Derivatives | ||||||
EUR | 1,414,543 | USD | 1,494,003 | HSBC Bank | 7/15/2022 | $4,009 |
USD | 3,749,786 | EUR | 3,403,087 | BNP Paribas S.A. | 7/15/2022 | 145,890 |
USD | 1,926,331 | ZAR | 28,491,401 | JPMorgan Chase Bank N.A. | 7/15/2022 | 136,718 |
$286,617 |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Ultra Note 10 yr | Short | USD | 419 | $54,051,000 | June – 2022 | $3,147,221 |
Liability Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Note 2 yr | Long | USD | 242 | $51,016,625 | June – 2022 | $(897,016) |
U.S. Treasury Note 5 yr | Long | USD | 646 | 72,786,031 | June – 2022 | (1,631,382) |
U.S. Treasury Ultra Bond | Long | USD | 157 | 25,188,688 | June – 2022 | (3,673,975) |
$(6,202,373) |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $934,326,301) | $868,068,796 |
Investments in affiliated issuers, at value (identified cost, $34,030,179) | 34,030,179 |
Foreign currency, at value (identified cost, $133) | 133 |
Receivables for | |
Forward foreign currency exchange contracts | 286,617 |
Investments sold | 6,773,510 |
Fund shares sold | 14,786,073 |
Interest | 5,611,084 |
Receivable from investment adviser | 31,508 |
Other assets | 47,417 |
Total assets | $929,635,317 |
Liabilities | |
Payable to custodian | $7,050 |
Payables for | |
Distributions | 23,948 |
Net daily variation margin on open futures contracts | 181,108 |
Investments purchased | 15,087,063 |
Fund shares reacquired | 4,129,232 |
Payable to affiliates | |
Administrative services fee | 1,319 |
Shareholder servicing costs | 142,432 |
Distribution and service fees | 8,450 |
Payable for independent Trustees' compensation | 1,371 |
Accrued expenses and other liabilities | 49,960 |
Total liabilities | $19,631,933 |
Net assets | $910,003,384 |
Net assets consist of | |
Paid-in capital | $989,920,783 |
Total distributable earnings (loss) | (79,917,399) |
Net assets | $910,003,384 |
Shares of beneficial interest outstanding | 145,363,998 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $349,578,878 | 55,794,059 | $6.27 |
Class B | 2,834,431 | 455,489 | 6.22 |
Class C | 12,411,848 | 1,999,336 | 6.21 |
Class I | 333,229,601 | 53,274,431 | 6.25 |
Class R6 | 211,948,626 | 33,840,683 | 6.26 |
(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 $6.55 [100 / 95.75 x $6.27]. On sales of $100,000 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 and R6. |
Net investment income (loss) | |
Income | |
Interest | $10,253,630 |
Other | 11,785 |
Dividends from affiliated issuers | 10,151 |
Total investment income | $10,275,566 |
Expenses | |
Management fee | $1,849,742 |
Distribution and service fees | 518,443 |
Shareholder servicing costs | 308,493 |
Administrative services fee | 57,085 |
Independent Trustees' compensation | 5,272 |
Custodian fee | 29,692 |
Shareholder communications | 17,384 |
Audit and tax fees | 36,367 |
Legal fees | 1,213 |
Miscellaneous | 98,925 |
Total expenses | $2,922,616 |
Fees paid indirectly | (67) |
Reduction of expenses by investment adviser and distributor | (710,511) |
Net expenses | $2,212,038 |
Net investment income (loss) | $8,063,528 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(5,413,187) |
Futures contracts | (3,816,653) |
Forward foreign currency exchange contracts | 919,458 |
Foreign currency | (844,980) |
Net realized gain (loss) | $(9,155,362) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(73,607,960) |
Futures contracts | (3,210,146) |
Forward foreign currency exchange contracts | 299,104 |
Translation of assets and liabilities in foreign currencies | 1,920 |
Net unrealized gain (loss) | $(76,517,082) |
Net realized and unrealized gain (loss) | $(85,672,444) |
Change in net assets from operations | $(77,608,916) |
Six months ended | Year ended | |
4/30/22 (unaudited) | 10/31/21 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $8,063,528 | $9,874,446 |
Net realized gain (loss) | (9,155,362) | 8,429,367 |
Net unrealized gain (loss) | (76,517,082) | (7,197,318) |
Change in net assets from operations | $(77,608,916) | $11,106,495 |
Total distributions to shareholders | $(14,905,958) | $(11,984,817) |
Change in net assets from fund share transactions | $408,190,286 | $178,788,635 |
Total change in net assets | $315,675,412 | $177,910,313 |
Net assets | ||
At beginning of period | 594,327,972 | 416,417,659 |
At end of period | $910,003,384 | $594,327,972 |
Class A | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $7.05 | $7.04 | $6.80 | $6.27 | $6.64 | $6.58 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.14 | $0.18 | $0.20 | $0.20 | $0.21(c) |
Net realized and unrealized gain (loss) | (0.71) | 0.04 | 0.25 | 0.53 | (0.38) | 0.08 |
Total from investment operations | $(0.64) | $0.18 | $0.43 | $0.73 | $(0.18) | $0.29 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.16) | $(0.19) | $(0.20) | $(0.19) | $(0.23) |
From net realized gain | (0.07) | (0.01) | — | — | — | — |
Total distributions declared to shareholders | $(0.14) | $(0.17) | $(0.19) | $(0.20) | $(0.19) | $(0.23) |
Net asset value, end of period (x) | $6.27 | $7.05 | $7.04 | $6.80 | $6.27 | $6.64 |
Total return (%) (r)(s)(t)(x) | (9.23)(n) | 2.67 | 6.46 | 11.86 | (2.77) | 4.44(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f)(h) | 0.92(a) | 0.95 | 0.99 | 1.09 | 1.09 | 1.12(c) |
Expenses after expense reductions (f)(h) | 0.72(a) | 0.73 | 0.76 | 1.02 | 1.04 | 1.04(c) |
Net investment income (loss) | 2.05(a) | 2.02 | 2.64 | 3.05 | 3.04 | 3.18(c) |
Portfolio turnover | 31(n) | 64 | 95 | 103 | 66 | 69 |
Net assets at end of period (000 omitted) | $349,579 | $329,668 | $250,293 | $210,404 | $191,061 | $207,268 |
Class B | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $7.00 | $6.99 | $6.76 | $6.22 | $6.60 | $6.54 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.04 | $0.09 | $0.13 | $0.15 | $0.15 | $0.16(c) |
Net realized and unrealized gain (loss) | (0.71) | 0.04 | 0.24 | 0.54 | (0.39) | 0.08 |
Total from investment operations | $(0.67) | $0.13 | $0.37 | $0.69 | $(0.24) | $0.24 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.04) | $(0.11) | $(0.14) | $(0.15) | $(0.14) | $(0.18) |
From net realized gain | (0.07) | (0.01) | — | — | — | — |
Total distributions declared to shareholders | $(0.11) | $(0.12) | $(0.14) | $(0.15) | $(0.14) | $(0.18) |
Net asset value, end of period (x) | $6.22 | $7.00 | $6.99 | $6.76 | $6.22 | $6.60 |
Total return (%) (r)(s)(t)(x) | (9.65)(n) | 1.91 | 5.54 | 11.27 | (3.63) | 3.67(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f)(h) | 1.67(a) | 1.70 | 1.74 | 1.84 | 1.84 | 1.87(c) |
Expenses after expense reductions (f)(h) | 1.47(a) | 1.48 | 1.51 | 1.78 | 1.80 | 1.80(c) |
Net investment income (loss) | 1.29(a) | 1.30 | 1.92 | 2.31 | 2.28 | 2.48(c) |
Portfolio turnover | 31(n) | 64 | 95 | 103 | 66 | 69 |
Net assets at end of period (000 omitted) | $2,834 | $4,365 | $6,402 | $11,016 | $13,331 | $18,387 |
Class C | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $6.98 | $6.97 | $6.74 | $6.21 | $6.58 | $6.52 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.04 | $0.09 | $0.13 | $0.15 | $0.15 | $0.16(c) |
Net realized and unrealized gain (loss) | (0.70) | 0.04 | 0.24 | 0.53 | (0.38) | 0.08 |
Total from investment operations | $(0.66) | $0.13 | $0.37 | $0.68 | $(0.23) | $0.24 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.04) | $(0.11) | $(0.14) | $(0.15) | $(0.14) | $(0.18) |
From net realized gain | (0.07) | (0.01) | — | — | — | — |
Total distributions declared to shareholders | $(0.11) | $(0.12) | $(0.14) | $(0.15) | $(0.14) | $(0.18) |
Net asset value, end of period (x) | $6.21 | $6.98 | $6.97 | $6.74 | $6.21 | $6.58 |
Total return (%) (r)(s)(t)(x) | (9.54)(n) | 1.91 | 5.55 | 11.12 | (3.55) | 3.67(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f)(h) | 1.67(a) | 1.70 | 1.74 | 1.84 | 1.84 | 1.87(c) |
Expenses after expense reductions (f)(h) | 1.47(a) | 1.48 | 1.51 | 1.78 | 1.80 | 1.80(c) |
Net investment income (loss) | 1.30(a) | 1.30 | 1.90 | 2.31 | 2.26 | 2.48(c) |
Portfolio turnover | 31(n) | 64 | 95 | 103 | 66 | 69 |
Net assets at end of period (000 omitted) | $12,412 | $14,461 | $19,035 | $17,783 | $19,834 | $32,196 |
Class I | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $7.03 | $7.03 | $6.79 | $6.26 | $6.63 | $6.58 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.08 | $0.16 | $0.20 | $0.21 | $0.21 | $0.22(c) |
Net realized and unrealized gain (loss) | (0.71) | 0.03 | 0.25 | 0.54 | (0.38) | 0.07 |
Total from investment operations | $(0.63) | $0.19 | $0.45 | $0.75 | $(0.17) | $0.29 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.08) | $(0.18) | $(0.21) | $(0.22) | $(0.20) | $(0.24) |
From net realized gain | (0.07) | (0.01) | — | — | — | — |
Total distributions declared to shareholders | $(0.15) | $(0.19) | $(0.21) | $(0.22) | $(0.20) | $(0.24) |
Net asset value, end of period (x) | $6.25 | $7.03 | $7.03 | $6.79 | $6.26 | $6.63 |
Total return (%) (r)(s)(t)(x) | (9.15)(n) | 2.78 | 6.73 | 12.15 | (2.54) | 4.54(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f)(h) | 0.66(a) | 0.70 | 0.74 | 0.84 | 0.84 | 0.87(c) |
Expenses after expense reductions (f)(h) | 0.47(a) | 0.48 | 0.51 | 0.77 | 0.80 | 0.80(c) |
Net investment income (loss) | 2.31(a) | 2.26 | 2.86 | 3.28 | 3.25 | 3.30(c) |
Portfolio turnover | 31(n) | 64 | 95 | 103 | 66 | 69 |
Net assets at end of period (000 omitted) | $333,230 | $159,393 | $114,592 | $50,067 | $46,277 | $90,086 |
Class R6 | Six months ended | Year ended | |||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18(i) | |
Net asset value, beginning of period | $7.04 | $7.04 | $6.80 | $6.27 | $6.48 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.08 | $0.16 | $0.20 | $0.22 | $0.15 |
Net realized and unrealized gain (loss) | (0.71) | 0.04 | 0.25 | 0.53 | (0.22) |
Total from investment operations | $(0.63) | $0.20 | $0.45 | $0.75 | $(0.07) |
Less distributions declared to shareholders | |||||
From net investment income | $(0.08) | $(0.19) | $(0.21) | $(0.22) | $(0.14) |
From net realized gain | (0.07) | (0.01) | — | — | — |
Total distributions declared to shareholders | $(0.15) | $(0.20) | $(0.21) | $(0.22) | $(0.14) |
Net asset value, end of period (x) | $6.26 | $7.04 | $7.04 | $6.80 | $6.27 |
Total return (%) (r)(s)(t)(x) | (9.10)(n) | 2.87 | 6.81 | 12.22 | (1.03)(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f)(h) | 0.59(a) | 0.61 | 0.66 | 0.76 | 0.72(a) |
Expenses after expense reductions (f)(h) | 0.40(a) | 0.40 | 0.43 | 0.70 | 0.71(a) |
Net investment income (loss) | 2.38(a) | 2.28 | 2.95 | 3.37 | 3.53(a) |
Portfolio turnover | 31(n) | 64 | 95 | 103 | 66 |
Net assets at end of period (000 omitted) | $211,949 | $86,441 | $26,095 | $14,141 | $12,798 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(h) | For financial highlights through October 31, 2018, 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, March 2, 2018, through the stated period end. |
(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: | ||||
Mexico | $— | $— | $30,819 | $30,819 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 305,417,363 | — | 305,417,363 |
Non - U.S. Sovereign Debt | — | 21,430,749 | — | 21,430,749 |
Municipal Bonds | — | 14,409,725 | — | 14,409,725 |
U.S. Corporate Bonds | — | 252,754,419 | — | 252,754,419 |
Residential Mortgage-Backed Securities | — | 1,184,727 | — | 1,184,727 |
Commercial Mortgage-Backed Securities | — | 42,654,957 | — | 42,654,957 |
Asset-Backed Securities (including CDOs) | — | 112,718,314 | — | 112,718,314 |
Foreign Bonds | — | 117,467,723 | — | 117,467,723 |
Mutual Funds | 34,030,179 | — | — | 34,030,179 |
Total | $34,030,179 | $868,037,977 | $30,819 | $902,098,975 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $3,147,221 | $— | $— | $3,147,221 |
Futures Contracts – Liabilities | (6,202,373) | — | — | (6,202,373) |
Forward Foreign Currency Exchange Contracts – Assets | — | 286,617 | — | 286,617 |
Equity Securities | |
Balance as of 10/31/21 | $30,548 |
Change in unrealized appreciation or depreciation | 271 |
Balance as of 4/30/22 | $30,819 |
Fair Value (a) | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Interest Rate | Futures Contracts | $3,147,221 | $(6,202,373) |
Foreign Exchange | Forward Foreign Currency Exchange Contracts | 286,617 | — |
Total | $3,433,838 | $(6,202,373) |
(a) | Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is separately reported within the Statement of Assets and Liabilities. |
Risk | Futures Contracts | Forward Foreign Currency Exchange Contracts |
Interest Rate | $(3,816,653) | $ — |
Foreign Exchange | — | 919,458 |
Total | $(3,816,653) | $919,458 |
Risk | Futures Contracts | Forward Foreign Currency Exchange Contracts |
Interest Rate | $(3,210,146) | $ — |
Foreign Exchange | — | 299,104 |
Total | $(3,210,146) | $299,104 |
Year ended 10/31/21 | |
Ordinary income (including any short-term capital gains) | $11,984,817 |
As of 4/30/22 | |
Cost of investments | $970,004,647 |
Gross appreciation | 299,970 |
Gross depreciation | (68,205,642) |
Net unrealized appreciation (depreciation) | $ (67,905,672) |
As of 10/31/21 | |
Undistributed ordinary income | 2,389,105 |
Undistributed long-term capital gain | 5,253,435 |
Other temporary differences | (1,031,440) |
Net unrealized appreciation (depreciation) | 5,986,375 |
Six months ended 4/30/22 | Year ended 10/31/21 | ||
Class A | $7,033,655 | $7,019,416 | |
Class B | 64,321 | 94,813 | |
Class C | 231,776 | 287,765 | |
Class I | 4,612,462 | 3,437,213 | |
Class R6 | 2,963,744 | 1,145,610 | |
Total | $14,905,958 | $11,984,817 |
Up to $1 billion | 0.50% |
In excess of $1 billion and up to $2.5 billion | 0.45% |
In excess of $2.5 billion | 0.40% |
Classes | ||||
A | B | C | I | R6 |
0.73% | 1.48% | 1.48% | 0.48% | 0.40% |
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% | $ 433,059 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 18,091 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 67,293 |
Total Distribution and Service Fees | $518,443 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended April 30, 2022 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended April 30, 2022, this rebate amounted to $634 for Class A and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $11,789 |
Class B | 2,695 |
Class C | 2,949 |
Purchases | Sales | |
U.S. Government securities | $304,032,354 | $136,101,820 |
Non-U.S. Government securities | 303,056,739 | 89,988,506 |
Six months ended 4/30/22 | Year ended 10/31/21 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 13,964,586 | $94,434,086 | 16,931,075 | $120,018,762 | |
Class B | 13,421 | 90,131 | 97,969 | 691,741 | |
Class C | 285,714 | 1,895,745 | 507,042 | 3,565,791 | |
Class I | 44,688,689 | 298,404,431 | 15,858,131 | 112,395,035 | |
Class R6 | 24,486,776 | 164,231,969 | 9,639,930 | 68,241,651 | |
83,439,186 | $559,056,362 | 43,034,147 | $304,912,980 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 1,005,389 | $6,849,940 | 952,064 | $6,758,338 | |
Class B | 9,072 | 61,828 | 12,815 | 90,461 | |
Class C | 34,086 | 231,506 | 40,594 | 285,791 | |
Class I | 674,649 | 4,554,153 | 466,802 | 3,306,346 | |
Class R6 | 437,634 | 2,953,013 | 161,017 | 1,141,595 | |
2,160,830 | $14,650,440 | 1,633,292 | $11,582,531 |
Six months ended 4/30/22 | Year ended 10/31/21 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (5,965,968) | $(40,017,354) | (6,654,552) | $(47,185,184) | |
Class B | (190,827) | (1,275,742) | (403,026) | (2,841,010) | |
Class C | (391,883) | (2,615,288) | (1,205,705) | (8,494,252) | |
Class I | (14,749,253) | (99,432,577) | (9,971,490) | (70,431,599) | |
Class R6 | (3,355,787) | (22,175,555) | (1,236,935) | (8,754,831) | |
(24,653,718) | $(165,516,516) | (19,471,708) | $(137,706,876) | ||
Net change | |||||
Class A | 9,004,007 | $61,266,672 | 11,228,587 | $79,591,916 | |
Class B | (168,334) | (1,123,783) | (292,242) | (2,058,808) | |
Class C | (72,083) | (488,037) | (658,069) | (4,642,670) | |
Class I | 30,614,085 | 203,526,007 | 6,353,443 | 45,269,782 | |
Class R6 | 21,568,623 | 145,009,427 | 8,564,012 | 60,628,415 | |
60,946,298 | $408,190,286 | 25,195,731 | $178,788,635 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $20,877,994 | $469,101,932 | $455,949,747 | $— | $— | $34,030,179 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $10,151 | $— |
Item 1(b):
Not applicable
ITEM 2. | CODE OF ETHICS. |
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the “Code”) that relates to an element of the Code’s definitions enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable for semi-annual reports.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable for semi-annual reports.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to the Registrant.
ITEM 6. | INVESTMENTS |
A schedule of investments for each series of the Registrant is included as part of the report to shareholders of such series under Item 1(a) of this Form N-CSR.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to the Registrant.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report on Form N-CSR, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. |
(b) | There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
ITEM 13. | EXHIBITS. |
(a) | File the exhibits listed below as part of this form. Letter or number the exhibits in the sequence indicated. |
(1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. Not applicable. |
(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT. |
(3) | Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
(4) | Change in the registrant’s independent public accountant. Not applicable. |
(b) | If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: Attached hereto as EX-99.906CERT. |
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS SERIES TRUST VIII
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President |
Date: June 15, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President (Principal Executive Officer) |
Date: June 15, 2022
By (Signature and Title)* | /S/ JAMES O. YOST | |
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: June 15, 2022
* | Print name and title of each signing officer under his or her signature. |