0001752724-23-236752.txt : 20231025 0001752724-23-236752.hdr.sgml : 20231025 20231025133524 ACCESSION NUMBER: 0001752724-23-236752 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20230831 FILED AS OF DATE: 20231025 DATE AS OF CHANGE: 20231025 PERIOD START: 20231130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MASSACHUSETTS INVESTORS GROWTH STOCK FUND CENTRAL INDEX KEY: 0000063090 IRS NUMBER: 041885327 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-00859 FILM NUMBER: 231344949 BUSINESS ADDRESS: STREET 1: 111 HUNTINGTON AVENUE STREET 2: 21ST FLOOR CITY: BOSTON STATE: MA ZIP: 02199 BUSINESS PHONE: 18006372929 MAIL ADDRESS: STREET 1: 111 HUNTINGTON AVENUE STREET 2: 21ST FLOOR CITY: BOSTON STATE: MA ZIP: 02199 FORMER COMPANY: FORMER CONFORMED NAME: MASSACHUSETTS INVESTORS GROWTH STOCK FUND INC DATE OF NAME CHANGE: 19920414 0000063090 S000000695 Massachusetts Investors Growth Stock Fund C000002023 A MIGFX C000002024 R3 MIGHX C000002025 R4 MIGKX C000002029 B MIGBX C000002030 C MIGDX C000002031 I MGTIX C000002034 R1 MIGMX C000002036 R2 MIRGX C000112291 R6 MIGNX NPORT-P 1 primary_doc.xml NPORT-P false 0000063090 XXXXXXXX S000000695 C000002029 C000002024 C000112291 C000002031 C000002023 C000002036 C000002034 C000002030 C000002025 MFS Massachusetts Investors Growth Stock Fund 811-00859 0000063090 IYOONE8CYRIVGIKANH85 111 Huntington Avenue Boston 02199 617-954-5000 MFS Massachusetts Investors Growth Stock Fund S000000695 IYOONE8CYRIVGIKANH85 2023-11-30 2023-08-31 N 11517179151.40 41686767.03 11475492384.37 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N Eaton Corp. plc 549300VDIGTMXUNT7H71 Eaton Corp. plc N/A 817166.00000000 NS USD 188250531.42000000 1.640457116039 Long EC CORP IE N 1 N N N Alphabet, Inc. 5493006MHB84DD0ZWV18 Alphabet, Inc., Class A 02079K305 5129324.00000000 NS USD 698460049.08000000 6.086536644225 Long EC CORP US N 1 N N N Taiwan Semiconductor Manufacturing Co. Ltd. 549300KB6NK5SBD14S87 Taiwan Semiconductor Manufacturing Co. Ltd. 874039100 1733069.00000000 NS USD 162163266.33000000 1.413126869840 Long EC CORP TW N 1 N N N Amphenol Corp. 549300D3L3G0R4U4VT04 Amphenol Corp., Class A 032095101 3278554.00000000 NS USD 289758602.52000000 2.525021086804 Long EC CORP US N 1 N N N Equifax, Inc. 5493004MCF8JDC86VS77 Equifax, Inc. 294429105 385989.00000000 NS USD 79783926.30000000 0.695254927872 Long EC CORP US N 1 N N N MFS Institutional Money Market Portfolio 5L2W638H85N8T1136O07 MFS Institutional Money Market Portfolio, Class A 55291X109 64031212.74900000 NS USD 64037615.87000000 0.558038066908 Long STIV RF US N 1 N N N Danaher Corp. S4BKK9OTCEWQ3YHPFM11 Danaher Corp. 235851102 510822.00000000 NS USD 135367830.00000000 1.179625461512 Long EC CORP US N 1 N N N Stryker Corp. 5493002F0SC4JTBU5137 Stryker Corp. 863667101 161221.00000000 NS USD 45714214.55000000 0.398363861164 Long EC CORP US N 1 N N N Boston Scientific Corp. Y6ZDD9FP4P8JSSJMW954 Boston Scientific Corp. 101137107 3849049.00000000 NS USD 207617703.06000000 1.809226969143 Long EC CORP US N 1 N N N Apple, Inc. HWUPKR0MPOU8FGXBT394 Apple, Inc. 037833100 3613166.00000000 NS USD 678805496.42000000 5.915262488819 Long EC CORP US N 1 N N N Moody's Corp. 549300GCEDD8YCF5WU84 Moody's Corp. 615369105 463922.00000000 NS USD 156248929.60000000 1.361588020508 Long EC CORP US N 1 N N N ICON plc 6354008SRQGEMC4XFI67 ICON plc N/A 987439.00000000 NS USD 256674893.66000000 2.236722269186 Long EC CORP IE N 1 N N N Fiserv, Inc. GI7UBEJLXYLGR2C7GV83 Fiserv, Inc. 337738108 1306069.00000000 NS USD 158543715.91000000 1.381585300217 Long EC CORP US N 1 N N N Gartner, Inc. PP55B5R38BFB8O8HH686 Gartner, Inc. 366651107 534134.00000000 NS USD 186775977.12000000 1.627607521001 Long EC CORP US N 1 N N N Ross Stores, Inc. 549300ENZFLPGRDFZQ60 Ross Stores, Inc. 778296103 1713991.00000000 NS USD 208781243.71000000 1.819366321870 Long EC CORP US N 1 N N N Mastercard, Inc. AR5L2ODV9HN37376R084 Mastercard, Inc., Class A 57636Q104 354886.00000000 NS USD 146440159.04000000 1.276112206213 Long EC CORP US N 1 N N N Becton Dickinson & Co. ICE2EP6D98PQUILVRZ91 Becton Dickinson & Co. 075887109 625991.00000000 NS USD 174933184.95000000 1.524406788751 Long EC CORP US N 1 N N N Aptiv plc N/A Aptiv plc N/A 1783603.00000000 NS USD 180946524.35000000 1.576808369429 Long EC CORP JE N 1 N N N LVMH Moet Hennessy Louis Vuitton SE IOG4E947OATN0KJYSD45 LVMH Moet Hennessy Louis Vuitton SE N/A 124567.00000000 NS 105655060.28000000 0.920701759376 Long EC CORP FR N 1 N N N McCormick & Co., Inc. 549300JQQA6MQ4OJP259 McCormick & Co., Inc. (Non-Voting) 579780206 2160014.00000000 NS USD 177293949.12000000 1.544979014246 Long EC CORP US N 1 N N N Schneider Electric SE 969500A1YF1XUYYXS284 Schneider Electric SE N/A 496165.00000000 NS 85318659.67000000 0.743485828862 Long EC CORP FR N 1 N N N Church & Dwight Co., Inc. POOXSI30AWAQGYJZC921 Church & Dwight Co., Inc. 171340102 2943858.00000000 NS USD 284877138.66000000 2.482482922022 Long EC CORP US N 1 N N N Adobe, Inc. FU4LY2G4933NH2E1CP29 Adobe, Inc. 00724F101 376576.00000000 NS USD 210634019.84000000 1.835511826288 Long EC CORP US N 1 N N N Brookfield Asset Management Ltd. 549300CZ84WPNJZKY093 Brookfield Asset Management Ltd., Class A 113004105 2684792.00000000 NS 92771564.89000000 0.808432107160 Long EC CORP CA N 1 N N Sherwin-Williams Co. (The) Z15BMIOX8DDH0X2OBP21 Sherwin-Williams Co. (The) 824348106 701311.00000000 NS USD 190560224.92000000 1.660584300326 Long EC CORP US N 1 N N N JPMORGAN US GOVERNMENT MONEY MKT FD 549300NQ5E5B7ZV4T516 JPMORGAN US GOVERNMENT MONEY MARKET FUND OPEN-END FUND USD 4812C2270 35946296.90000000 NS USD 35946296.90000000 0.313244048237 Long STIV RF US N 1 N N Otis Worldwide Corp. 549300ZLBKR8VSU25153 Otis Worldwide Corp. 68902V107 1625377.00000000 NS USD 139051002.35000000 1.211721446823 Long EC CORP US N 1 N N N Tencent Holdings Ltd. 254900N4SLUMW4XUYY11 Tencent Holdings Ltd. N/A 3294200.00000000 NS 136517115.41000000 1.189640590899 Long EC CORP KY N 1 N N N Fortive Corp. 549300MU9YQJYHDQEF63 Fortive Corp. 34959J108 1754447.00000000 NS USD 138338145.95000000 1.205509457166 Long EC CORP US N 1 N N N Abbott Laboratories HQD377W2YR662HK5JX27 Abbott Laboratories 002824100 920675.00000000 NS USD 94737457.50000000 0.825563333814 Long EC CORP US N 1 N N N Aon plc 635400FALWQYX5E6QC64 Aon plc, Class A N/A 833008.00000000 NS USD 277716537.12000000 2.420083843184 Long EC CORP IE N 1 N N N Xcel Energy, Inc. LGJNMI9GH8XIDG5RCM61 Xcel Energy, Inc. 98389B100 2217997.00000000 NS USD 126714168.61000000 1.104215526146 Long EC CORP US N 1 N N N Starbucks Corp. OQSJ1DU9TAOC51A47K68 Starbucks Corp. 855244109 1091895.00000000 NS USD 106394248.80000000 0.927143212999 Long EC CORP US N 1 N N N PepsiCo, Inc. FJSUNZKFNQ5YPJ5OT455 PepsiCo, Inc. 713448108 770477.00000000 NS USD 137083267.84000000 1.194574169442 Long EC CORP US N 1 N N N Analog Devices, Inc. GYVOE5EZ4GDAVTU4CQ61 Analog Devices, Inc. 032654105 1211145.00000000 NS USD 220161938.10000000 1.918540231004 Long EC CORP US N 1 N N N Colgate-Palmolive Co. YMEGZFW4SBUSS5BQXF88 Colgate-Palmolive Co. 194162103 478304.00000000 NS USD 35140994.88000000 0.306226466829 Long EC CORP US N 1 N N N Cigna Group (The) 549300VIWYMSIGT1U456 Cigna Group (The) 125523100 236004.00000000 NS USD 65198465.04000000 0.568153965478 Long EC CORP US N 1 N N N Charles Schwab Corp. (The) 549300VSGCJ7E698NM85 Charles Schwab Corp. (The) 808513105 1951594.00000000 NS USD 115436785.10000000 1.005941891061 Long EC CORP US N 1 N N N Verisk Analytics, Inc. 549300I1YSWNIRKBWP67 Verisk Analytics, Inc. 92345Y106 328581.00000000 NS USD 79588889.82000000 0.693555336487 Long EC CORP US N 1 N N N Marsh & McLennan Cos., Inc. 549300XMP3KDCKJXIU47 Marsh & McLennan Cos., Inc. 571748102 752858.00000000 NS USD 146799781.42000000 1.279246035838 Long EC CORP US N 1 N N N TJX Cos., Inc. (The) V167QI9I69W364E2DY52 TJX Cos., Inc. (The) 872540109 1676643.00000000 NS USD 155055944.64000000 1.351192083497 Long EC CORP US N 1 N N N Agilent Technologies, Inc. QUIX8Y7A2WP0XRMW7G29 Agilent Technologies, Inc. 00846U101 1766199.00000000 NS USD 213833712.93000000 1.863394665498 Long EC CORP US N 1 N N N Hubbell, Inc. 54930088VDQ6840Y6597 Hubbell, Inc. 443510607 365580.00000000 NS USD 119197359.00000000 1.038712370741 Long EC CORP US N 1 N N N Estee Lauder Cos., Inc. (The) 549300VFZ8XJ9NUPU221 Estee Lauder Cos., Inc. (The), Class A 518439104 977922.00000000 NS USD 156985818.66000000 1.368009436125 Long EC CORP US N 1 N N N Black Knight, Inc. 549300TUSNXS3BFFML48 Black Knight, Inc. 09215C105 951346.00000000 NS USD 72073972.96000000 0.628068674928 Long EC CORP US N 1 N N N Walt Disney Co. (The) 549300GZKULIZ0WOW665 Walt Disney Co. (The) 254687106 1267786.00000000 NS USD 106088332.48000000 0.924477389959 Long EC CORP US N 1 N N N Microsoft Corp. INR2EJN1ERAN0W5ZP974 Microsoft Corp. 594918104 4369705.00000000 NS USD 1432214510.80000000 12.48063667185 Long EC CORP US N 1 N N N NIKE, Inc. 787RXPR0UX0O0XUXPZ81 NIKE, Inc., Class B 654106103 2075817.00000000 NS USD 211131347.07000000 1.839845646689 Long EC CORP US N 1 N N N TE Connectivity Ltd. 894500ZRIX9K13RHXR17 TE Connectivity Ltd. N/A 1179814.00000000 NS USD 156195575.46000000 1.361123080633 Long EC CORP CH N 1 N N N STERIS plc N/A STERIS plc N/A 948233.00000000 NS USD 217704814.47000000 1.897128307683 Long EC CORP IE N 1 N N N Thermo Fisher Scientific, Inc. HCHV7422L5HDJZCRFL38 Thermo Fisher Scientific, Inc. 883556102 268119.00000000 NS USD 149369094.90000000 1.301635606533 Long EC CORP US N 1 N N N Visa, Inc. 549300JZ4OKEHW3DPJ59 Visa, Inc., Class A 92826C839 2105744.00000000 NS USD 517339185.92000000 4.508209047523 Long EC CORP US N 1 N N N Accenture plc 5493000EWHDSR3MZWH98 Accenture plc, Class A N/A 1432504.00000000 NS USD 463801820.08000000 4.041672501231 Long EC CORP IE N 1 N N N Electronic Arts, Inc. 549300O7A67PUEYKDL45 Electronic Arts, Inc. 285512109 676112.00000000 NS USD 81119917.76000000 0.706897055419 Long EC CORP US N 1 N N N American Tower Corp. 5493006ORUSIL88JOE18 American Tower Corp. 03027X100 1091185.00000000 NS USD 197853664.20000000 1.724140956857 Long EC CORP US N 1 N N N Texas Instruments, Inc. WDJNR2L6D8RWOEB8T652 Texas Instruments, Inc. 882508104 483203.00000000 NS USD 81207096.18000000 0.707656747614 Long EC CORP US N 1 N N N Canadian Pacific Kansas City Ltd. N/A Canadian Pacific Kansas City Ltd. 13646K108 1872959.00000000 NS USD 148675485.42000000 1.295591338830 Long EC CORP CA N 1 N N N 2023-10-02 MFS Massachusetts Investors Growth Stock Fund Kasey Phillips Kasey Phillips Assistant Treasurer XXXX GRAPHIC 2 img292475fa1.gif begin 644 img292475fa1.gif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Quarterly Report
August 31, 2023
Massachusetts Investors
Growth Stock Fund
MIG-Q3

Portfolio of Investments
8/31/23 (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%
Apparel Manufacturers – 2.8%  
LVMH Moet Hennessy Louis Vuitton SE   124,567 $105,655,060
NIKE, Inc., “B”   2,075,817 211,131,347
        $316,786,407
Automotive – 1.6%  
Aptiv PLC (a)   1,783,603 $180,946,524
Broadcasting – 0.9%  
Walt Disney Co. (a)   1,267,786 $106,088,332
Brokerage & Asset Managers – 1.8%  
Brookfield Asset Management Ltd. (l)   2,684,792 $92,771,565
Charles Schwab Corp.   1,951,594 115,436,785
        $208,208,350
Business Services – 6.8%  
Accenture PLC, “A”   1,432,504 $463,801,820
Equifax, Inc.   385,989 79,783,926
Fiserv, Inc. (a)   1,306,069 158,543,716
Verisk Analytics, Inc., “A”   328,581 79,588,890
        $781,718,352
Computer Software – 14.9%  
Adobe Systems, Inc. (a)   376,576 $210,634,020
Black Knight, Inc. (a)   951,346 72,073,973
Microsoft Corp.   4,369,705 1,432,214,511
        $1,714,922,504
Computer Software - Systems – 5.9%  
Apple, Inc.   3,613,166 $678,805,496
Construction – 2.9%  
Otis Worldwide Corp.   1,625,377 $139,051,002
Sherwin-Williams Co.   701,311 190,560,225
        $329,611,227
Consumer Products – 4.2%  
Church & Dwight Co., Inc.   2,943,858 $284,877,138
Colgate-Palmolive Co.   478,304 35,140,995
Estee Lauder Cos., Inc., “A”   977,922 156,985,819
        $477,003,952
Electrical Equipment – 6.9%  
Amphenol Corp., “A”   3,278,554 $289,758,603
Fortive Corp.   1,754,447 138,338,146
Hubbell, Inc.   365,580 119,197,359
Schneider Electric SE   496,165 85,318,660
TE Connectivity Ltd.   1,179,814 156,195,575
        $788,808,343
Electronics – 4.0%  
Analog Devices, Inc.   1,211,145 $220,161,938
Taiwan Semiconductor Manufacturing Co. Ltd., ADR   1,733,069 162,163,267
Texas Instruments, Inc.   483,203 81,207,096
        $463,532,301
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Common Stocks – continued
Food & Beverages – 2.7%  
McCormick & Co., Inc.   2,160,014 $177,293,949
PepsiCo, Inc.   770,477 137,083,268
        $314,377,217
Health Maintenance Organizations – 0.6%  
Cigna Group   236,004 $65,198,465
Insurance – 3.7%  
Aon PLC   833,008 $277,716,537
Marsh & McLennan Cos., Inc.   752,858 146,799,782
        $424,516,319
Internet – 8.9%  
Alphabet, Inc., “A” (a)   5,129,324 $698,460,049
Gartner, Inc. (a)   534,134 186,775,977
Tencent Holdings Ltd.   3,294,200 136,517,116
        $1,021,753,142
Leisure & Toys – 0.7%  
Electronic Arts, Inc.   676,112 $81,119,918
Machinery & Tools – 1.6%  
Eaton Corp. PLC   817,166 $188,250,531
Medical & Health Technology & Services – 2.2%  
ICON PLC (a)   987,439 $256,674,894
Medical Equipment – 10.8%  
Abbott Laboratories   920,675 $94,737,457
Agilent Technologies, Inc.   1,766,199 213,833,713
Becton, Dickinson and Co.   625,991 174,933,185
Boston Scientific Corp. (a)   3,849,049 207,617,703
Danaher Corp.   510,822 135,367,830
STERIS PLC   948,233 217,704,814
Stryker Corp.   161,221 45,714,215
Thermo Fisher Scientific, Inc.   268,119 149,369,095
        $1,239,278,012
Other Banks & Diversified Financials – 7.2%  
Mastercard, Inc., “A”   354,886 $146,440,159
Moody's Corp.   463,922 156,248,930
Visa, Inc., “A”   2,105,744 517,339,186
        $820,028,275
Railroad & Shipping – 1.3%  
Canadian Pacific Kansas City Ltd.   1,872,959 $148,675,485
Restaurants – 0.9%  
Starbucks Corp.   1,091,895 $106,394,249
Specialty Stores – 3.2%  
Ross Stores, Inc.   1,713,991 $208,781,244
TJX Cos., Inc.   1,676,643 155,055,944
        $363,837,188
Telecommunications - Wireless – 1.7%  
American Tower Corp., REIT   1,091,185 $197,853,664
2

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Common Stocks – continued
Utilities - Electric Power – 1.1%  
Xcel Energy, Inc.   2,217,997 $126,714,169
Total Common Stocks   $11,401,103,316
Investment Companies (h) – 0.6%
Money Market Funds – 0.6%  
MFS Institutional Money Market Portfolio, 5.3% (v)     64,577,234 $64,583,692
Collateral for Securities Loaned – 0.3%
JPMorgan U.S. Government Money Market Fund - Class IM Shares, 5.27% (j)     35,946,297 $35,946,297
 
Other Assets, Less Liabilities – (0.2)%   (26,141,322)
Net Assets – 100.0% $11,475,491,983
(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 $64,583,692 and $11,437,049,613, 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:
ADR American Depositary Receipt
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.
3

Supplemental Information
8/31/23 (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 August 31, 2023 in valuing the fund's assets and liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
Equity Securities $11,401,103,316 $— $— $11,401,103,316
Mutual Funds 100,529,989 100,529,989
Total $11,501,633,305 $— $— $11,501,633,305
For further information regarding security characteristics, see the Portfolio of Investments.
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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. For the purposes of this report, the following were affiliated issuers:
Affiliated Issuers Beginning
Value
Purchases Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
MFS Institutional Money Market Portfolio $114,818,204 $1,083,226,840 $1,133,488,314 $26,430 $532 $64,583,692
Affiliated Issuers Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio $3,801,428 $—
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