Portfolio of Investments
2/28/26 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund.
It is categorized by broad-based asset classes.
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Common Stocks – 99.3%
|
||||
|
Aerospace & Defense – 2.5%
|
|
|||
|
AeroVironment, Inc. (a)
|
|
993
|
$250,484
|
|
|
CACI International, Inc., “A” (a)
|
|
4,061
|
2,477,900
|
|
|
Karman Holdings, Inc. (a)
|
|
36,242
|
3,193,283
|
|
|
Kratos Defense & Security Solutions, Inc. (a)
|
|
8,347
|
719,345
|
|
|
Standard Aero, Inc. (a)
|
|
24,854
|
765,503
|
|
|
York Space Systems, Inc. (a)
|
|
18,674
|
478,054
|
|
|
|
|
|
|
$7,884,569
|
|
Automotive – 2.9%
|
|
|||
|
Goodyear Tire & Rubber Co. (a)
|
|
149,206
|
$1,230,949
|
|
|
Methode Electronics, Inc.
|
|
114,181
|
965,971
|
|
|
Modine Manufacturing Co. (a)
|
|
18,139
|
4,122,088
|
|
|
Visteon Corp.
|
|
29,731
|
2,844,365
|
|
|
|
|
|
|
$9,163,373
|
|
Biotechnology – 1.9%
|
|
|||
|
Arcus Biosciences, Inc. (a)
|
|
15,159
|
$308,789
|
|
|
Arvinas, Inc. (a)
|
|
32,215
|
427,493
|
|
|
BridgeBio Pharma, Inc. (a)
|
|
2,167
|
144,062
|
|
|
Exelixis, Inc. (a)
|
|
28,572
|
1,258,882
|
|
|
GRAIL, Inc. (a)
|
|
1,634
|
86,978
|
|
|
Intellia Theraputics, Inc. (a)
|
|
23,122
|
318,621
|
|
|
Monte Rosa Therapeutics, Inc. (a)
|
|
37,881
|
672,388
|
|
|
Novavax, Inc. (a)
|
|
130,052
|
1,318,727
|
|
|
Prothena Corp. PLC (a)
|
|
88,548
|
767,711
|
|
|
Stoke Theraputics, Inc. (a)
|
|
15,185
|
552,886
|
|
|
Tango Therapeutics, Inc. (a)
|
|
18,305
|
203,918
|
|
|
|
|
|
|
$6,060,455
|
|
Brokerage & Asset Managers – 0.9%
|
|
|||
|
Bullish (a)(l)
|
|
10,926
|
$342,967
|
|
|
GCM Grosvenor, Inc., “A”
|
|
42,754
|
495,091
|
|
|
Gold.com, Inc.
|
|
17,067
|
980,841
|
|
|
Hamilton Lane, Inc., “A”
|
|
5,862
|
615,158
|
|
|
PJT Partners, Inc.
|
|
2,502
|
369,496
|
|
|
|
|
|
|
$2,803,553
|
|
Business Services – 1.7%
|
|
|||
|
BlueLinx Holdings, Inc. (a)
|
|
14,376
|
$947,666
|
|
|
Concentrix Corp.
|
|
3,960
|
129,888
|
|
|
GigaCloud Technology, Inc. (a)
|
|
10,412
|
461,668
|
|
|
Power Solutions International, Inc. (a)
|
|
6,807
|
568,384
|
|
|
TriNet Group, Inc.
|
|
66,483
|
2,531,673
|
|
|
World Fuel Services Corp.
|
|
34,829
|
868,984
|
|
|
|
|
|
|
$5,508,263
|
|
Chemicals – 3.5%
|
|
|||
|
Avient Corp.
|
|
123,769
|
$5,083,193
|
|
|
BioLife Solutions, Inc. (a)
|
|
29,735
|
719,587
|
|
|
Element Solutions, Inc.
|
|
150,250
|
5,272,272
|
|
|
|
|
|
|
$11,075,052
|
|
Computer Software – 5.1%
|
|
|||
|
ACI Worldwide, Inc. (a)
|
|
43,600
|
$1,730,048
|
|
|
Alkami Technology, Inc. (a)
|
|
53,772
|
889,658
|
|
|
BILL Holdings, Inc. (a)
|
|
53,006
|
2,359,297
|
|
1
Portfolio of Investments (unaudited) – continued
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Common Stocks – continued
|
||||
|
Computer Software – continued
|
|
|||
|
Cerence, Inc. (a)
|
|
135,760
|
$1,073,862
|
|
|
Clear Secure, Inc., “A”
|
|
67,692
|
3,292,539
|
|
|
Consensus Cloud Solutions, Inc. (a)
|
|
14,606
|
439,349
|
|
|
D-Wave Quantum, Inc. (a)
|
|
27,813
|
522,328
|
|
|
Elastic N.V. (a)
|
|
34,142
|
1,777,774
|
|
|
Five9, Inc. (a)
|
|
166,220
|
2,898,877
|
|
|
Netskope, Inc., “A” (a)
|
|
25,523
|
275,648
|
|
|
PagerDuty, Inc. (a)
|
|
6,756
|
47,697
|
|
|
SentinelOne, Inc., “A” (a)
|
|
61,536
|
807,352
|
|
|
Thryv, Inc. (a)
|
|
60,257
|
139,796
|
|
|
|
|
|
|
$16,254,225
|
|
Computer Software - Systems – 1.6%
|
|
|||
|
Adtran Holdings, Inc. (a)
|
|
45,335
|
$462,417
|
|
|
Credo Technology Group Holdings Ltd. (a)
|
|
8,280
|
929,596
|
|
|
IonQ, Inc. (a)
|
|
12,339
|
473,447
|
|
|
Pitney Bowes, Inc.
|
|
33,041
|
354,530
|
|
|
Q2 Holdings, Inc. (a)
|
|
51,009
|
2,454,553
|
|
|
ScanSource, Inc. (a)
|
|
13,640
|
501,679
|
|
|
|
|
|
|
$5,176,222
|
|
Construction – 0.6%
|
|
|||
|
Simpson Manufacturing Co., Inc.
|
|
9,159
|
$1,772,908
|
|
|
SiteOne Landscape Supply, Inc. (a)
|
|
1,974
|
282,065
|
|
|
|
|
|
|
$2,054,973
|
|
Consumer Products – 2.4%
|
|
|||
|
e.l.f. Beauty, Inc. (a)
|
|
9,867
|
$908,257
|
|
|
Herbalife Ltd. (a)
|
|
46,030
|
898,506
|
|
|
Newell Brands, Inc.
|
|
692,980
|
3,153,059
|
|
|
Prestige Consumer Healthcare, Inc. (a)
|
|
40,548
|
2,809,976
|
|
|
|
|
|
|
$7,769,798
|
|
Consumer Services – 3.1%
|
|
|||
|
Adtalem Global Education, Inc. (a)
|
|
32,367
|
$3,171,966
|
|
|
Grand Canyon Education, Inc. (a)
|
|
20,964
|
3,334,744
|
|
|
Lyft, Inc. (a)
|
|
125,057
|
1,730,789
|
|
|
Phoenix Education Partners, Inc.
|
|
51,702
|
1,530,379
|
|
|
|
|
|
|
$9,767,878
|
|
Electronics – 7.1%
|
|
|||
|
Advanced Energy Industries, Inc.
|
|
19,296
|
$6,475,159
|
|
|
Allegro MicroSystems, Inc. (a)
|
|
52,356
|
1,909,423
|
|
|
Alpha and Omega Semiconductor Ltd. (a)
|
|
18,595
|
390,681
|
|
|
Cirrus Logic, Inc. (a)
|
|
11,596
|
1,636,428
|
|
|
Fabrinet (a)
|
|
1,497
|
816,808
|
|
|
Formfactor, Inc. (a)
|
|
58,056
|
5,740,577
|
|
|
Kimball Electronics, Inc. (a)
|
|
41,022
|
1,025,140
|
|
|
Photronics, Inc. (a)
|
|
55,368
|
2,072,424
|
|
|
Sanmina Corp. (a)
|
|
6,028
|
935,907
|
|
|
TTM Technologies, Inc. (a)
|
|
17,458
|
1,819,822
|
|
|
|
|
|
|
$22,822,369
|
|
Energy - Independent – 1.8%
|
|
|||
|
Par Pacific Holdings, Inc. (a)
|
|
42,610
|
$1,818,169
|
|
|
Permian Resources Corp.
|
|
150,945
|
2,760,784
|
|
|
SM Energy Co.
|
|
49,869
|
1,153,470
|
|
|
|
|
|
|
$5,732,423
|
2
Portfolio of Investments (unaudited) – continued
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Common Stocks – continued
|
||||
|
Energy - Integrated – 0.0%
|
|
|||
|
National Gas Fuel Co.
|
|
1,369
|
$124,620
|
|
|
Energy - Renewables – 1.7%
|
|
|||
|
Bloom Energy Corp. (a)
|
|
27,321
|
$4,253,060
|
|
|
Green Plains, Inc. (a)
|
|
42,504
|
583,580
|
|
|
Nextpower, Inc. “A” (a)
|
|
3,735
|
392,549
|
|
|
Shoals Technologies Group, Inc. (a)
|
|
32,609
|
193,371
|
|
|
|
|
|
|
$5,422,560
|
|
Engineering - Construction – 4.9%
|
|
|||
|
APi Group, Inc. (a)
|
|
80,214
|
$3,566,314
|
|
|
Centuri Holdings, Inc. (a)
|
|
46,589
|
1,444,259
|
|
|
Legence Corp., “A” (a)
|
|
50,789
|
2,948,302
|
|
|
MYR Group, Inc. (a)
|
|
17,244
|
4,655,190
|
|
|
Sterling Infrastructure, Inc. (a)
|
|
2,723
|
1,165,798
|
|
|
Tutor Perini Corp.
|
|
27,291
|
2,056,923
|
|
|
|
|
|
|
$15,836,786
|
|
Entertainment – 0.2%
|
|
|||
|
Quad/Graphics, Inc.
|
|
108,634
|
$750,661
|
|
|
Food & Beverages – 0.6%
|
|
|||
|
Once Upon a Farm PBC (a)
|
|
83,528
|
$1,938,685
|
|
|
Gaming & Lodging – 0.6%
|
|
|||
|
Brightstar Lottery PLC
|
|
85,618
|
$1,160,980
|
|
|
Super Group SGHC Ltd.
|
|
82,464
|
882,365
|
|
|
|
|
|
|
$2,043,345
|
|
Insurance – 4.0%
|
|
|||
|
AXIS Capital Holdings Ltd.
|
|
27,086
|
$2,863,532
|
|
|
Hanover Insurance Group, Inc.
|
|
17,858
|
3,225,690
|
|
|
Lincoln National Corp.
|
|
96,177
|
3,298,871
|
|
|
Voya Financial, Inc.
|
|
52,769
|
3,529,191
|
|
|
|
|
|
|
$12,917,284
|
|
Internet – 0.3%
|
|
|||
|
CarGurus, Inc. (a)
|
|
34,802
|
$1,068,421
|
|
|
Leisure & Toys – 2.2%
|
|
|||
|
Brunswick Corp.
|
|
52,035
|
$4,143,027
|
|
|
Corsair Gaming, Inc. (a)
|
|
553,871
|
3,040,752
|
|
|
|
|
|
|
$7,183,779
|
|
Machinery & Tools – 4.0%
|
|
|||
|
AGCO Corp.
|
|
32,941
|
$4,496,447
|
|
|
Flowserve Corp.
|
|
59,089
|
5,230,558
|
|
|
Kadant, Inc.
|
|
4,381
|
1,485,904
|
|
|
Regal Rexnord Corp.
|
|
7,291
|
1,611,165
|
|
|
|
|
|
|
$12,824,074
|
|
Major Banks – 0.1%
|
|
|||
|
Dave, Inc. (a)
|
|
1,109
|
$214,337
|
|
|
Medical & Health Technology & Services – 1.6%
|
|
|||
|
Accendra Health, Inc. (a)
|
|
65,568
|
$158,675
|
|
|
Enhabit, Inc. (a)
|
|
56,480
|
768,693
|
|
|
GeneDX Holdings Corp. (a)
|
|
24,780
|
1,975,214
|
|
3
Portfolio of Investments (unaudited) – continued
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Common Stocks – continued
|
||||
|
Medical & Health Technology & Services – continued
|
|
|||
|
Ginkgo Bioworks Holdings, Inc. (a)
|
|
32,838
|
$221,656
|
|
|
Guardant Health, Inc. (a)
|
|
2,407
|
226,017
|
|
|
Nutex Health, Inc. (a)
|
|
3,082
|
340,438
|
|
|
Phreesia, Inc. (a)
|
|
8,930
|
110,107
|
|
|
Schrodinger, Inc. (a)
|
|
23,868
|
287,848
|
|
|
Teladoc Health, Inc. (a)
|
|
188,728
|
992,709
|
|
|
|
|
|
|
$5,081,357
|
|
Medical Equipment – 4.4%
|
|
|||
|
Anika Therapeutics, Inc. (a)
|
|
50,038
|
$718,546
|
|
|
AtriCure, Inc. (a)
|
|
79,906
|
2,497,861
|
|
|
Avantor, Inc. (a)
|
|
55,488
|
502,166
|
|
|
Billiontoone, Inc., “A” (a)(l)
|
|
4,032
|
307,763
|
|
|
Bio-Rad Laboratories, Inc., “A” (a)
|
|
2,710
|
754,572
|
|
|
Caris Life Sciences, Inc. (a)
|
|
17,909
|
360,687
|
|
|
Embecta Corp.
|
|
132,430
|
1,358,732
|
|
|
Envista Holdings Corp. (a)
|
|
182,741
|
5,337,865
|
|
|
iRhythm Technologies, Inc. (a)
|
|
10,234
|
1,368,797
|
|
|
MiMedx Group, Inc. (a)
|
|
41,937
|
205,072
|
|
|
Myriad Genetics, Inc. (a)
|
|
92,636
|
427,052
|
|
|
TransMedics Group, Inc. (a)
|
|
2,168
|
314,924
|
|
|
|
|
|
|
$14,154,037
|
|
Metals & Mining – 0.7%
|
|
|||
|
Caledonia Mining Corp. PLC
|
|
65,265
|
$2,071,511
|
|
|
Natural Gas - Distribution – 1.4%
|
|
|||
|
Southwest Gas Holdings, Inc.
|
|
34,122
|
$3,008,537
|
|
|
Spire, Inc.
|
|
10,451
|
957,416
|
|
|
UGI Corp.
|
|
15,957
|
596,951
|
|
|
|
|
|
|
$4,562,904
|
|
Oil Services – 3.9%
|
|
|||
|
Expro Group Holdings N.V. (a)
|
|
241,555
|
$4,314,172
|
|
|
Oil States International, Inc. (a)
|
|
249,798
|
3,269,856
|
|
|
Weatherford International PLC
|
|
46,918
|
4,947,972
|
|
|
|
|
|
|
$12,532,000
|
|
Other Banks & Diversified Financials – 12.1%
|
|
|||
|
Banc of California, Inc.
|
|
221,713
|
$4,095,039
|
|
|
Berkshire Hills Bancorp, Inc.
|
|
123,637
|
3,676,964
|
|
|
Bread Financial Holdings, Inc.
|
|
30,387
|
2,153,223
|
|
|
Cathay General Bancorp, Inc.
|
|
64,212
|
3,191,979
|
|
|
Columbia Banking System, Inc.
|
|
108,787
|
3,094,990
|
|
|
East West Bancorp, Inc.
|
|
33,604
|
3,677,958
|
|
|
Popular, Inc.
|
|
38,744
|
5,244,388
|
|
|
PROG Holdings, Inc.
|
|
43,621
|
1,535,895
|
|
|
Sezzle, Inc. (a)
|
|
2,039
|
148,745
|
|
|
SLM Corp.
|
|
100,301
|
1,879,641
|
|
|
Texas Capital Bancshares, Inc. (a)
|
|
46,226
|
4,405,338
|
|
|
UMB Financial Corp.
|
|
37,864
|
4,387,680
|
|
|
United Community Bank, Inc.
|
|
40,227
|
1,294,103
|
|
|
|
|
|
|
$38,785,943
|
|
Pharmaceuticals – 8.4%
|
|
|||
|
ACADIA Pharmaceuticals, Inc. (a)
|
|
39,706
|
$975,179
|
|
|
Amneal Pharmaceuticals, Inc. (a)
|
|
114,517
|
1,581,480
|
|
|
Arcturus Therapeutics Holdings, Inc. (a)
|
|
40,063
|
329,719
|
|
|
Catalyst Pharmaceuticals, Inc. (a)
|
|
24,705
|
570,192
|
|
4
Portfolio of Investments (unaudited) – continued
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Common Stocks – continued
|
||||
|
Pharmaceuticals – continued
|
|
|||
|
Collegium Pharmaceutical, Inc. (a)
|
|
7,680
|
$320,026
|
|
|
Cytokinetics, Inc. (a)
|
|
23,969
|
1,491,351
|
|
|
Day One Biopharmaceuticals, Inc. (a)
|
|
98,580
|
1,044,948
|
|
|
Harmony Biosciences Holdings (a)
|
|
15,419
|
440,058
|
|
|
Indivior Pharmaceuticals, Inc. (a)
|
|
36,388
|
1,190,615
|
|
|
Ionis Pharmaceuticals, Inc. (a)
|
|
16,161
|
1,311,465
|
|
|
Jazz Pharmaceuticals PLC (a)
|
|
4,138
|
786,303
|
|
|
Keros Therapuetics, Inc. (a)
|
|
32,857
|
466,241
|
|
|
Kiniksa Pharmaceuticals International PLC (a)
|
|
43,452
|
1,933,180
|
|
|
Kymera Therapeutics, Inc. (a)
|
|
24,981
|
2,282,014
|
|
|
Neurocrine Biosciences, Inc. (a)
|
|
5,637
|
745,493
|
|
|
Nurix Therapeutics, Inc. (a)
|
|
28,604
|
456,806
|
|
|
Olema Pharmaceuticals, Inc. (a)
|
|
12,111
|
293,086
|
|
|
Organon & Co.
|
|
199,739
|
1,456,097
|
|
|
Phibro Animal Health Corp., “A”
|
|
40,192
|
2,194,081
|
|
|
Praxis Precision Medicines, Inc. (a)
|
|
4,955
|
1,668,596
|
|
|
PTC Therapeutics, Inc. (a)
|
|
29,115
|
1,985,352
|
|
|
REGENXBIO, Inc. (a)
|
|
75,084
|
678,759
|
|
|
Rigel Pharmaceuticals, Inc. (a)
|
|
34,593
|
1,201,761
|
|
|
Ultragenyx Pharmaceutical, Inc. (a)
|
|
14,272
|
333,822
|
|
|
Vanda Pharmaceuticals, Inc. (a)
|
|
67,646
|
602,726
|
|
|
Zymeworks, Inc. (a)
|
|
18,338
|
427,092
|
|
|
|
|
|
|
$26,766,442
|
|
Precious Metals & Minerals – 1.1%
|
|
|||
|
Coeur Mining, Inc. (a)
|
|
15,625
|
$424,219
|
|
|
Hecla Mining Co.
|
|
129,842
|
3,234,364
|
|
|
|
|
|
|
$3,658,583
|
|
Real Estate – 3.0%
|
|
|||
|
Cushman & Wakefield Ltd. (a)
|
|
66,841
|
$896,338
|
|
|
Essential Properties Realty Trust, REIT
|
|
127,996
|
4,344,184
|
|
|
NNN REIT, Inc.
|
|
93,223
|
4,224,866
|
|
|
|
|
|
|
$9,465,388
|
|
Real Estate - Office – 2.1%
|
|
|||
|
Cousins Properties, Inc., REIT
|
|
19,837
|
$459,425
|
|
|
Highwoods Properties, Inc., REIT
|
|
116,362
|
2,616,981
|
|
|
Piedmont Office Realty Trust, Inc., REIT
|
|
460,220
|
3,493,070
|
|
|
|
|
|
|
$6,569,476
|
|
Restaurants – 1.0%
|
|
|||
|
Chefs' Warehouse, Inc. (a)
|
|
46,479
|
$3,318,136
|
|
|
Specialty Stores – 0.5%
|
|
|||
|
Bath & Body Works, Inc.
|
|
54,061
|
$1,230,428
|
|
|
Genesco, Inc. (a)
|
|
15,104
|
411,433
|
|
|
|
|
|
|
$1,641,861
|
|
Telecom Services – 1.6%
|
|
|||
|
EchoStar Corp., “A” (a)
|
|
33,521
|
$3,872,681
|
|
|
Globalstar, Inc. (a)
|
|
19,784
|
1,231,950
|
|
|
Lumen Technologies, Inc. (a)
|
|
22,960
|
163,245
|
|
|
|
|
|
|
$5,267,876
|
|
Tobacco – 0.8%
|
|
|||
|
Mativ Holdings, Inc.
|
|
220,446
|
$2,389,635
|
|
5
Portfolio of Investments (unaudited) – continued
|
Issuer
|
|
|
Shares/Par
|
Value ($)
|
|
Common Stocks – continued
|
||||
|
Trucking – 1.4%
|
|
|||
|
RXO, Inc. (a)
|
|
145,480
|
$2,321,861
|
|
|
Saia, Inc. (a)
|
|
5,504
|
2,231,266
|
|
|
|
|
|
|
$4,553,127
|
|
Utilities - Electric Power – 1.6%
|
|
|||
|
Portland General Electric Co.
|
|
96,825
|
$5,224,677
|
|
|
Total Common Stocks
|
|
$318,440,658
|
||
|
Mutual Funds (h) – 0.7%
|
||||
|
Money Market Funds – 0.7%
|
|
|||
|
MFS Institutional Money Market Portfolio, 3.7% (v)
|
|
|
2,303,787
|
$2,304,018
|
|
Collateral for Securities Loaned – 0.2%
|
||||
|
JPMorgan U.S. Government Money Market Fund - Class IM Shares, 3.61% (j)
|
|
|
590,430
|
$590,430
|
|
|
||||
|
Other Assets, Less Liabilities – (0.2)%
|
|
(601,691
)
|
||
|
Net Assets – 100.0%
|
$320,733,415
|
|||
|
(a)
|
Non-income producing security.
|
|
(h)
|
An affiliated issuer, which may be considered one in which the fund owns 5% or more
of the outstanding voting securities, or a company which is under
common control. At period end, the aggregate values of the fund's investments in affiliated
issuers and in unaffiliated issuers were $2,304,018 and
$319,031,088, respectively.
|
|
(j)
|
The rate quoted is the annualized seven-day yield of the fund at period end.
|
|
(l)
|
A portion of this security is on loan.
|
|
(v)
|
Affiliated issuer that is available only to investment companies managed by MFS. The
rate quoted for the MFS Institutional Money Market Portfolio is the
annualized seven-day yield of the fund at period end.
|
|
The following abbreviations are used in this report and are defined:
|
|
|
REIT
|
Real Estate Investment Trust
|
See attached supplemental information. For more information see notes to financial
statements as disclosed in the most recent semiannual or annual report.
6
Supplemental Information
2/28/26 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting
and reporting guidance of the Financial
Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial
Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility
for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under
the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at
fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, equity securities, including restricted
equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party
pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid
quotation on their primary market or exchange as provided
by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued
at amortized cost, which
approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted
to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued
at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service
may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data
and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An
investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior
to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such
as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the
correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security;
the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and
at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain
the fair value assigned to an investment if it were to
sell the investment at the same time at which the fund determines its net asset value
per share.
Various inputs are used in determining the value of the fund's assets or liabilities.
These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels
of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is
significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement
in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets
for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities,
interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's
own assumptions in determining the fair value of investments. The following is a summary of the levels used as of February 28, 2026
in valuing the fund's assets and liabilities:
|
Financial Instruments
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Equity Securities
|
$318,440,658
|
$—
|
$—
|
$318,440,658
|
|
Investment Companies
|
2,894,448
|
—
|
—
|
2,894,448
|
|
Total
|
$321,335,106
|
$—
|
$—
|
$321,335,106
|
For further information regarding security characteristics, see the Portfolio of Investments.
7
Supplemental Information (unaudited) – continued
(2) Investments in Affiliated Issuers
An affiliated issuer 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. The following were affiliated issuers for the period ended February
28, 2026:
|
Affiliated Issuers
|
Beginning
Value
|
Purchases
|
Sales
Proceeds
|
Realized
Gain
(Loss)
|
Change in
Unrealized
Appreciation or
Depreciation
|
Ending
Value
|
|
MFS Institutional Money Market Portfolio
|
$1,698,528
|
$37,584,377
|
$36,979,279
|
$328
|
$64
|
$2,304,018
|
|
Affiliated Issuers
|
Dividend
Income
|
Capital Gain
Distributions
|
|
MFS Institutional Money Market Portfolio
|
$55,809
|
$—
|
8