MFS SERIES TRUST VI N-CSRS

N-CSRS 1 d384715dncsrs.htm MFS SERIES TRUST VI N-CSRS MFS SERIES TRUST VI N-CSRS

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 811-6102

MFS SERIES TRUST VI

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

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, 2017

ITEM 1.

REPORTS TO STOCKHOLDERS.

SEMIANNUAL REPORT

April 30, 2017

LOGO

MFS® GLOBAL EQUITY FUND

LOGO

LGE-SEM

MFS® GLOBAL EQUITY FUND

CONTENTS


Letter from the Executive Chairman			1
Portfolio composition			2
Expense table			4
Portfolio of investments			6
Statement of assets and liabilities			11
Statement of operations			13
Statements of changes in net assets			14
Financial highlights			15
Notes to financial statements			24
Results of shareholder meeting			35
Proxy voting policies and information			36
Quarterly portfolio disclosure			36
Further information			36
Information about fund contracts and legal claims			37
Provision of financial reports and summary prospectuses			37
Contact information back cover

The report is prepared for the general information of shareholders.

It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

LOGO

LETTER FROM THE EXECUTIVE CHAIRMAN

Dear Shareholders:

Despite the United Kingdom’s decision to leave the European Union and policy uncertainty accompanying a new presidential administration in the United States, most

markets have proved resilient. U.S. share prices have reached new highs, and U.S. bond yields rose on hopes surrounding President Trump’s proposed fiscal policies and indications that the U.S. Federal Reserve will continue to gradually hike interest rates. However, interest rates in most developed markets remain very low, with central banks maintaining accommodative monetary policies in hopes of reinvigorating slow-growing economies and lifting inflation.

Globally, economic growth has shown signs of recovery, led by China, the U.S. and the eurozone. Despite better growth, there are few immediate signs of worrisome inflation. Emerging market

economies are recovering at a somewhat slower pace amid fears that restrictive U.S. trade policies could further hamper the restrained pace of global trade growth. Looking ahead, markets will have to contend with a series of European elections during 2017, as well as geopolitical hot spots on the Korean peninsula and in the Middle East.

At MFS®, we believe time is an asset. A patient, long-term approach to investing can have a powerful impact on decision making and outcomes. Time arbitrage, as we call it, simply comes down to having the conviction and discipline to allow enough time for good investment ideas to play out. In our view, such an approach, along with the professional guidance of a financial advisor, will help you reach your investment objectives.

Respectfully,

LOGO

Robert J. Manning

Executive Chairman

MFS Investment Management

June 16, 2017

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

PORTFOLIO COMPOSITION

Portfolio structure

LOGO


Top ten holdings
Thermo Fisher Scientific, Inc.			2.9%
Bayer AG			2.8%
Honeywell International, Inc.			2.5%
Nestle S.A.			2.5%
Medtronic PLC			2.4%
Walt Disney Co.			2.3%
Time Warner, Inc.			2.2%
Visa, Inc., “A”			2.2%
Accenture PLC, “A”			2.1%
Reckitt Benckiser Group PLC			2.1%

Equity sectors
Health Care			19.2%
Consumer Staples			18.4%
Financial Services			12.9%
Leisure			9.7%
Industrial Goods & Services			8.0%
Basic Materials			6.6%
Technology			6.1%
Special Products & Services			5.6%
Retailing			5.1%
Transportation			4.8%
Energy			1.1%
Autos & Housing			1.1%


Issuer country weightings (x)
United States			55.1%
United Kingdom			8.9%
Switzerland			8.9%
France			8.3%
Germany			6.6%
Netherlands			2.2%
Sweden			2.1%
Canada			1.6%
Japan			1.1%
Other Countries			5.2%

Currency exposure weightings (y)
United States Dollar			57.8%
Euro			18.2%
British Pound Sterling			8.9%
Swiss Franc			8.9%
Swedish Krona			2.1%
Japanese Yen			1.1%
Danish Krone			0.8%
South Korean Won			0.8%
Brazilian Real			0.5%
Other Currencies			0.9%

Portfolio Composition – continued

(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.

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.

Percentages are based on net assets as of 4/30/17.

The portfolio is actively managed and current holdings may be different.

EXPENSE TABLE

Fund expenses borne by the shareholders during the period, November 1, 2016 through April 30, 2017

As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2016 through April 30, 2017.

Actual Expenses

The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense Table – continued


Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/16		Ending Account Value 4/30/17		Expenses Paid During Period (p) 11/01/16-4/30/17
A	Actual		1.17%		$1,000.00		$1,128.74		$6.18
A	Hypothetical (h)		1.17%		$1,000.00		$1,018.99		$5.86
B	Actual		1.92%		$1,000.00		$1,124.59		$10.11
B	Hypothetical (h)		1.92%		$1,000.00		$1,015.27		$9.59
C	Actual		1.92%		$1,000.00		$1,124.66		$10.11
C	Hypothetical (h)		1.92%		$1,000.00		$1,015.27		$9.59
I	Actual		0.92%		$1,000.00		$1,130.29		$4.86
I	Hypothetical (h)		0.92%		$1,000.00		$1,020.23		$4.61
R1	Actual		1.92%		$1,000.00		$1,124.51		$10.11
R1	Hypothetical (h)		1.92%		$1,000.00		$1,015.27		$9.59
R2	Actual		1.42%		$1,000.00		$1,127.42		$7.49
R2	Hypothetical (h)		1.42%		$1,000.00		$1,017.75		$7.10
R3	Actual		1.17%		$1,000.00		$1,128.75		$6.18
R3	Hypothetical (h)		1.17%		$1,000.00		$1,018.99		$5.86
R4	Actual		0.92%		$1,000.00		$1,130.22		$4.86
R4	Hypothetical (h)		0.92%		$1,000.00		$1,020.23		$4.61
R6	Actual		0.83%		$1,000.00		$1,130.81		$4.39
R6	Hypothetical (h)		0.83%		$1,000.00		$1,020.68		$4.16

(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.

PORTFOLIO OF INVESTMENTS

4/30/17 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Common Stocks - 98.6%
Issuer	Shares/Par		Value ($)
Aerospace - 4.4%
Honeywell International, Inc.		552,821	$	72,496,946
MTU Aero Engines AG		168,331		24,139,733
United Technologies Corp.		271,628		32,321,016

			$	128,957,695
Airlines - 0.7%
Aena S.A.		119,974	$	21,171,404

Alcoholic Beverages - 6.1%
AmBev S.A.		2,748,878	$	15,814,027
Carlsberg Group		242,239		24,176,894
Diageo PLC		1,988,463		57,857,646
Heineken N.V.		308,119		27,471,645
Pernod Ricard S.A.		429,756		53,765,099

			$	179,085,311
Apparel Manufacturers - 3.6%
Burberry Group PLC		837,532	$	17,508,211
Compagnie Financiere Richemont S.A.		363,666		30,390,782
LVMH Moet Hennessy Louis Vuitton SE		229,419		56,603,735

			$	104,502,728
Automotive - 1.1%
Delphi Automotive PLC		224,196	$	18,025,358
Harley-Davidson, Inc.		254,197		14,440,932

			$	32,466,290
Broadcasting - 4.8%
Omnicom Group, Inc.		234,056	$	19,220,679
Walt Disney Co.		577,229		66,727,672
WPP Group PLC		2,555,829		54,719,418

			$	140,667,769
Brokerage & Asset Managers - 1.4%
Deutsche Boerse AG		151,967	$	14,873,558
Franklin Resources, Inc.		630,460		27,179,131

			$	42,052,689
Business Services - 5.5%
Accenture PLC, “A”		512,480	$	62,163,824
Adecco S.A.		300,879		22,346,692

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Business Services - continued
Brenntag AG		168,184	$	9,973,562
Cognizant Technology Solutions Corp., “A” (a)		314,912		18,967,150
Compass Group PLC		1,655,177		33,400,173
PayPal Holdings, Inc. (a)		327,798		15,642,521

			$	162,493,922
Cable TV - 1.3%
Charter Communications, Inc., “A” (a)		60,456	$	20,866,993
Sky PLC		1,367,274		17,567,261

			$	38,434,254
Chemicals - 2.8%
3M Co.		253,435	$	49,630,176
Monsanto Co.		282,592		32,953,053

			$	82,583,229
Computer Software - 2.6%
Check Point Software Technologies Ltd. (a)		282,810	$	29,415,068
Oracle Corp.		1,012,164		45,506,893

			$	74,921,961
Consumer Products - 6.9%
Colgate-Palmolive Co.		511,695	$	36,862,508
Coty, Inc., “A”		2,303,200		41,112,120
International Flavors & Fragrances, Inc.		23,523		3,260,053
Reckitt Benckiser Group PLC		666,292		61,366,606
Svenska Cellulosa Aktiebolaget		1,825,792		60,479,759

			$	203,081,046
Electrical Equipment - 3.1%
Amphenol Corp.		255,546	$	18,478,531
Legrand S.A.		373,645		24,188,693
Schneider Electric S.A.		454,889		35,924,518
W.W. Grainger, Inc.		60,042		11,570,093

			$	90,161,835
Electronics - 2.1%
Hoya Corp.		371,400	$	17,737,911
Microchip Technology, Inc.		240,770		18,197,397
Samsung Electronics Co. Ltd.		12,144		23,809,881

			$	59,745,189
Entertainment - 2.2%
Time Warner, Inc.		649,252	$	64,451,246

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Food & Beverages - 5.3%
Danone S.A. (l)		714,368	$	49,942,377
Kellogg Co.		472,054		33,515,834
Nestle S.A.		935,812		72,090,442

			$	155,548,653
Food & Drug Stores - 0.4%
Sally Beauty Holdings, Inc.		610,877	$	11,618,881

Gaming & Lodging - 0.8%
Marriott International, Inc., “A”		115,408	$	10,896,823
Sands China Ltd.		1,272,000		5,772,638
Wynn Resorts Ltd.		51,351		6,316,687

			$	22,986,148
Insurance - 0.3%
Swiss Re Ltd.		107,397	$	9,347,317

Internet - 0.8%
eBay, Inc. (a)		734,644	$	24,544,456

Machinery & Tools - 0.6%
Kubota Corp.		1,006,800	$	15,832,432

Major Banks - 6.4%
Bank of New York Mellon Corp.		996,854	$	46,911,949
Erste Group Bank AG		368,923		13,189,302
Goldman Sachs Group, Inc.		134,296		30,055,445
State Street Corp.		672,851		56,452,199
UBS Group AG		2,434,487		41,594,250

			$	188,203,145
Medical Equipment - 13.4%
Abbott Laboratories		643,097	$	28,064,753
Cooper Cos., Inc.		154,814		31,013,889
Dentsply Sirona, Inc.		208,251		13,169,793
Medtronic PLC		840,045		69,799,339
Sonova Holding AG		108,856		16,093,184
Stryker Corp.		444,117		60,564,235
Thermo Fisher Scientific, Inc.		518,074		85,653,174
Waters Corp. (a)		159,784		27,145,704
Zimmer Biomet Holdings, Inc.		503,447		60,237,434

			$	391,741,505

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Network & Telecom - 0.7%
Cisco Systems, Inc.		608,157	$	20,719,909

Oil Services - 1.1%
National Oilwell Varco, Inc.		240,225	$	8,400,668
NOW, Inc. (a)		140,291		2,386,350
Schlumberger Ltd.		309,257		22,448,966

			$	33,235,984
Other Banks & Diversified Financials - 4.7%
American Express Co.		489,911	$	38,825,447
Grupo Financiero Banorte S.A. de C.V.		1,656,185		9,585,071
Julius Baer Group Ltd.		301,211		15,696,272
Kasikornbank PLC		1,136,580		6,078,846
Komercni Banka A.S.		104,899		4,064,302
Visa, Inc., “A”		694,955		63,393,795

			$	137,643,733
Pharmaceuticals - 5.8%
Bayer AG		660,733	$	81,762,061
Johnson & Johnson		96,976		11,973,627
Merck KGaA		216,203		25,387,970
Roche Holding AG		197,319		51,620,237

			$	170,743,895
Railroad & Shipping - 2.5%
Canadian National Railway Co.		672,011	$	48,579,675
Kansas City Southern Co.		272,799		24,571,006

			$	73,150,681
Restaurants - 0.6%
Whitbread PLC		345,824	$	18,073,218

Specialty Chemicals - 3.8%
Akzo Nobel N.V. (l)		419,956	$	36,724,734
L’Air Liquide S.A.		130,810		15,759,541
Linde AG		206,798		37,157,472
Praxair, Inc.		158,635		19,826,202

			$	109,467,949
Specialty Stores - 1.2%
AutoZone, Inc. (a)		25,686	$	17,779,592
Hermes International		12,644		6,049,150
Urban Outfitters, Inc. (a)		457,710		10,472,405

			$	34,301,147

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Trucking - 1.6%
United Parcel Service, Inc., “B”		430,238	$	46,233,375
Total Common Stocks (Identified Cost, $2,047,952,125)			$	2,888,168,996

Money Market Funds - 1.3%
MFS Institutional Money Market Portfolio, 0.78% (v) (Identified Cost, $38,152,880)		38,156,633	$	38,156,633

Collateral for Securities Loaned - 1.3%
JPMorgan U.S. Government Money Market Fund, 0.67% (j) (Identified Cost, $38,551,399)		38,551,399	$	38,551,399
Total Investments (Identified Cost, $2,124,656,404)			$	2,964,877,028

Other Assets, Less Liabilities - (1.2)%				(36,767,060	)
Net Assets - 100.0%			$	2,928,109,968

(a)	Non-income producing security.

(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)	Underlying affiliated fund 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:

PLC

Public Limited Company

See Notes to Financial Statements

Financial Statements

STATEMENT OF ASSETS AND LIABILITIES

At 4/30/17 (unaudited)

This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.


Assets
Investments
Non-affiliated issuers, at value (identified cost, $2,086,503,524)			$2,926,720,395
Underlying affiliated funds, at value (identified cost, $38,152,880)			38,156,633
Total investments, at value, including $37,203,333 of securities on loan (identified cost, $2,124,656,404)			$2,964,877,028
Foreign currency, at value (identified cost, $103,505)			103,505
Receivables for
Investments sold			4,622,372
Fund shares sold			7,905,481
Interest and dividends			6,438,926
Other assets			7,608
Total assets			$2,983,954,920
Liabilities
Payables for
Investments purchased			$10,106,553
Fund shares reacquired			6,118,730
Collateral for securities loaned, at value			38,551,399
Payable to affiliates
Investment adviser			249,994
Shareholder servicing costs			633,232
Distribution and service fees			45,192
Payable for independent Trustees’ compensation			14,537
Deferred country tax expense payable			79,235
Accrued expenses and other liabilities			46,080
Total liabilities			$55,844,952
Net assets			$2,928,109,968
Net assets consist of
Paid-in capital			$2,066,589,146
Unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies (net of $79,235 deferred country tax)			840,093,215
Accumulated net realized gain (loss) on investments and foreign currency			12,487,576
Undistributed net investment income			8,940,031
Net assets			$2,928,109,968
Shares of beneficial interest outstanding			72,576,104

Statement of Assets and Liabilities (unaudited) – continued


	Net assets		Shares outstanding		Net asset value per share (a)
Class A		$647,579,480		16,151,651		$40.09
Class B		27,434,545		739,607		37.09
Class C		167,519,369		4,713,726		35.54
Class I		1,125,903,341		27,395,958		41.10
Class R1		3,199,629		88,131		36.31
Class R2		51,144,203		1,312,401		38.97
Class R3		105,372,020		2,645,853		39.83
Class R4		131,850,068		3,278,703		40.21
Class R6		668,107,313		16,250,074		41.11

(a)

Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $42.54 [100 / 94.25 x $40.09]. 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.

See Notes to Financial Statements

Financial Statements

STATEMENT OF OPERATIONS

Six months ended 4/30/17 (unaudited)

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.


Net investment income
Income
Dividends	$24,910,293
Dividends from underlying affiliated funds	108,164
Interest	107,668
Other	11,357
Foreign taxes withheld	(1,472,473	)
Total investment income	$23,665,009
Expenses
Management fee	$10,401,887
Distribution and service fees	1,991,658
Shareholder servicing costs	1,097,365
Administrative services fee	214,074
Independent Trustees’ compensation	24,363
Custodian fee	168,770
Reimbursement of custodian expenses	(39,816	)
Shareholder communications	73,708
Audit and tax fees	36,302
Legal fees	11,355
Miscellaneous	129,918
Total expenses	$14,109,584
Fees paid indirectly	(6	)
Reduction of expenses by investment adviser and distributor	(114,090	)
Net expenses	$13,995,488
Net investment income	$9,669,521
Realized and unrealized gain (loss) on investments and foreign currency
Realized gain (loss) (identified cost basis)
Investments:
Non-affiliated issuers (net of $1,283 country tax)	$21,696,059
Underlying affiliated funds	(3,942	)
Foreign currency	37,852
Net realized gain (loss) on investments and foreign currency	$21,729,969
Change in unrealized appreciation (depreciation)
Investments (net of $54,233 increase in deferred country tax)	$302,360,852
Translation of assets and liabilities in foreign currencies	70,941
Net unrealized gain (loss) on investments and foreign currency translation	$302,431,793
Net realized and unrealized gain (loss) on investments and foreign currency	$324,161,762
Change in net assets from operations	$333,831,283

See Notes to Financial Statements

Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.


	Six months ended 4/30/17			Year ended 10/31/16
Change in net assets	(unaudited)
From operations
Net investment income		$9,669,521			$18,030,677
Net realized gain (loss) on investments and foreign currency		21,729,969			25,762,438
Net unrealized gain (loss) on investments and foreign currency translation		302,431,793			(13,911,097	)
Change in net assets from operations		$333,831,283			$29,882,018
Distributions declared to shareholders
From net investment income		$(18,050,023	)		$(17,750,133	)
From net realized gain on investments		(20,174,613	)		(23,040,223	)
Total distributions declared to shareholders		$(38,224,636	)		$(40,790,356	)
Change in net assets from fund share transactions		$239,231,291			$219,549,574
Total change in net assets		$534,837,938			$208,641,236
Net assets
At beginning of period		2,393,272,030			2,184,630,794
At end of period (including undistributed net investment income of $8,940,031 and $17,320,533, respectively)		$2,928,109,968			$2,393,272,030

See Notes to Financial Statements

Financial Statements

FINANCIAL HIGHLIGHTS

The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate by which an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class A				2016			2015			2014			2013			2012

Net asset value, beginning of period		$36.00			$36.22			$35.45			$33.74			$26.46			$23.79
Income (loss) from investment operations
Net investment income (d)		$0.10	(c)		$0.26			$0.30			$0.26			$0.22			$0.23
Net realized and unrealized gain (loss) on investments and foreign currency		4.49			0.16			1.07			1.90			7.40			2.78
Total from investment operations		$4.59			$0.42			$1.37			$2.16			$7.62			$3.01
Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.26	)		$(0.26	)		$(0.13	)		$(0.27	)		$(0.19	)
From net realized gain on investments		(0.29	)		(0.38	)		(0.34	)		(0.32	)		(0.07	)		(0.15	)
Total distributions declared to shareholders		$(0.50	)		$(0.64	)		$(0.60	)		$(0.45	)		$(0.34	)		$(0.34	)
Net asset value, end of period (x)		$40.09			$36.00			$36.22			$35.45			$33.74			$26.46
Total return (%) (r)(s)(t)(x)		12.87	(c)(n)		1.26			3.94			6.50			29.12			12.96
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.18	(a)(c)		1.22			1.23			1.23			1.29			1.34
Expenses after expense reductions (f)		1.17	(a)(c)		1.21			1.22			1.22			1.29			1.34
Net investment income		0.55	(a)(c)(l)		0.74			0.84			0.75			0.71			0.93
Portfolio turnover		6	(n)		8			8			11			11			13
Net assets at end of period (000 omitted)		$647,579			$655,756			$677,704			$592,610			$512,447			$344,016

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class B				2016			2015			2014			2013			2012

Net asset value, beginning of period		$33.26			$33.51			$32.84			$31.40			$24.64			$22.13
Income (loss) from investment operations
Net investment income (loss) (d)		$(0.03	)(c)		$(0.01	)		$0.03			$(0.00	)(w)		$(0.01	)		$0.04
Net realized and unrealized gain (loss) on investments and foreign currency		4.15			0.16			1.00			1.76			6.92			2.62
Total from investment operations		$4.12			$0.15			$1.03			$1.76			$6.91			$2.66
Less distributions declared to shareholders
From net investment income		$—			$(0.02	)		$(0.02	)		$—			$(0.08	)		$—
From net realized gain on investments		(0.29	)		(0.38	)		(0.34	)		(0.32	)		(0.07	)		(0.15	)
Total distributions declared to shareholders		$(0.29	)		$(0.40	)		$(0.36	)		$(0.32	)		$(0.15	)		$(0.15	)
Net asset value, end of period (x)		$37.09			$33.26			$33.51			$32.84			$31.40			$24.64
Total return (%) (r)(s)(t)(x)		12.46	(c)(n)		0.50			3.17			5.68			28.19			12.13
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.93	(a)(c)		1.97			1.98			1.98			2.04			2.09
Expenses after expense reductions (f)		1.92	(a)(c)		1.96			1.97			1.98			2.04			2.09
Net investment income (loss)		(0.16	)(a)(c)(l)		(0.03	)		0.09			(0.01	)		(0.02	)		0.16
Portfolio turnover		6	(n)		8			8			11			11			13
Net assets at end of period (000 omitted)		$27,435			$25,664			$27,384			$26,118			$24,395			$18,799

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class C				2016			2015			2014			2013			2012

Net asset value, beginning of period		$31.88			$32.19			$31.60			$30.22			$23.75			$21.37
Income (loss) from investment operations
Net investment income (loss) (d)		$(0.03	)(c)		$(0.01	)		$0.03			$(0.00	)(w)		$(0.02	)		$0.04
Net realized and unrealized gain (loss) on investments and foreign currency		3.98			0.15			0.95			1.70			6.66			2.53
Total from investment operations		$3.95			$0.14			$0.98			$1.70			$6.64			$2.57
Less distributions declared to shareholders
From net investment income		$—			$(0.07	)		$(0.05	)		$—			$(0.10	)		$(0.04	)
From net realized gain on investments		(0.29	)		(0.38	)		(0.34	)		(0.32	)		(0.07	)		(0.15	)
Total distributions declared to shareholders		$(0.29	)		$(0.45	)		$(0.39	)		$(0.32	)		$(0.17	)		$(0.19	)
Net asset value, end of period (x)		$35.54			$31.88			$32.19			$31.60			$30.22			$23.75
Total return (%) (r)(s)(t)(x)		12.47	(c)(n)		0.48			3.17			5.70			28.15			12.17
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.93	(a)(c)		1.97			1.98			1.98			2.04			2.09
Expenses after expense reductions (f)		1.92	(a)(c)		1.96			1.97			1.98			2.04			2.09
Net investment income (loss)		(0.16	)(a)(c)(l)		(0.03	)		0.08			(0.00	)		(0.06	)		0.17
Portfolio turnover		6	(n)		8			8			11			11			13
Net assets at end of period (000 omitted)		$167,519			$156,837			$140,018			$111,902			$74,448			$32,071

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class I				2016			2015			2014			2013			2012

Net asset value, beginning of period		$36.94			$37.14			$36.34			$34.56			$27.09			$24.35
Income (loss) from investment operations
Net investment income (d)		$0.17	(c)		$0.34			$0.41			$0.35			$0.30			$0.30
Net realized and unrealized gain (loss) on investments and foreign currency		4.59			0.19			1.07			1.95			7.58			2.85
Total from investment operations		$4.76			$0.53			$1.48			$2.30			$7.88			$3.15
Less distributions declared to shareholders
From net investment income		$(0.31	)		$(0.35	)		$(0.34	)		$(0.20	)		$(0.34	)		$(0.26	)
From net realized gain on investments		(0.29	)		(0.38	)		(0.34	)		(0.32	)		(0.07	)		(0.15	)
Total distributions declared to shareholders		$(0.60	)		$(0.73	)		$(0.68	)		$(0.52	)		$(0.41	)		$(0.41	)
Net asset value, end of period (x)		$41.10			$36.94			$37.14			$36.34			$34.56			$27.09
Total return (%) (r)(s)(x)		13.03	(c)(n)		1.52			4.17			6.77			29.44			13.26
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.93	(a)(c)		0.97			0.98			0.98			1.04			1.09
Expenses after expense reductions (f)		0.92	(a)(c)		0.96			0.97			0.98			1.04			1.09
Net investment income		0.90	(a)(c)(l)		0.93			1.11			0.99			0.98			1.18
Portfolio turnover		6	(n)		8			8			11			11			13
Net assets at end of period (000 omitted)		$1,125,903			$793,470			$671,087			$681,259			$638,111			$356,027

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class R1				2016			2015			2014			2013			2012

Net asset value, beginning of period		$32.56			$32.80			$32.17			$30.76			$24.13			$21.67
Income (loss) from investment operations
Net investment income (loss) (d)		$(0.03	)(c)		$(0.01	)		$0.03			$(0.00	)(w)		$(0.00	)(w)		$0.03
Net realized and unrealized gain (loss) on investments and foreign currency		4.07			0.16			0.97			1.73			6.76			2.59
Total from investment operations		$4.04			$0.15			$1.00			$1.73			$6.76			$2.62
Less distributions declared to shareholders
From net investment income		$—			$(0.01	)		$(0.03	)		$—			$(0.06	)		$(0.01	)
From net realized gain on investments		(0.29	)		(0.38	)		(0.34	)		(0.32	)		(0.07	)		(0.15	)
Total distributions declared to shareholders		$(0.29	)		$(0.39	)		$(0.37	)		$(0.32	)		$(0.13	)		$(0.16	)
Net asset value, end of period (x)		$36.31			$32.56			$32.80			$32.17			$30.76			$24.13
Total return (%) (r)(s)(x)		12.48	(c)(n)		0.51			3.14			5.70			28.17			12.23
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.93	(a)(c)		1.97			1.98			1.98			2.04			2.09
Expenses after expense reductions (f)		1.92	(a)(c)		1.96			1.97			1.98			2.04			2.09
Net investment income (loss)		(0.17	)(a)(c)(l)		(0.03	)		0.10			(0.01	)		(0.01	)		0.15
Portfolio turnover		6	(n)		8			8			11			11			13
Net assets at end of period (000 omitted)		$3,200			$3,442			$3,546			$3,776			$3,718			$2,968

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class R2				2016			2015			2014			2013			2012

Net asset value, beginning of period		$34.96			$35.19			$34.45			$32.81			$25.76			$23.16
Income (loss) from investment operations
Net investment income (d)		$0.06	(c)		$0.16			$0.21			$0.17			$0.14			$0.16
Net realized and unrealized gain (loss) on investments and foreign currency		4.36			0.16			1.03			1.85			7.21			2.73
Total from investment operations		$4.42			$0.32			$1.24			$2.02			$7.35			$2.89
Less distributions declared to shareholders
From net investment income		$(0.12	)		$(0.17	)		$(0.16	)		$(0.06	)		$(0.23	)		$(0.14	)
From net realized gain on investments		(0.29	)		(0.38	)		(0.34	)		(0.32	)		(0.07	)		(0.15	)
Total distributions declared to shareholders		$(0.41	)		$(0.55	)		$(0.50	)		$(0.38	)		$(0.30	)		$(0.29	)
Net asset value, end of period (x)		$38.97			$34.96			$35.19			$34.45			$32.81			$25.76
Total return (%) (r)(s)(x)		12.74	(c)(n)		0.99			3.67			6.24			28.82			12.71
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.43	(a)(c)		1.47			1.48			1.48			1.54			1.59
Expenses after expense reductions (f)		1.42	(a)(c)		1.46			1.47			1.48			1.54			1.59
Net investment income		0.33	(a)(c)(l)		0.47			0.59			0.49			0.48			0.65
Portfolio turnover		6	(n)		8			8			11			11			13
Net assets at end of period (000 omitted)		$51,144			$49,546			$56,978			$57,258			$54,726			$30,799

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class R3				2016			2015			2014			2013			2012

Net asset value, beginning of period		$35.76			$35.98			$35.23			$33.55			$26.32			$23.66
Income (loss) from investment operations
Net investment income (d)		$0.11	(c)		$0.26			$0.30			$0.26			$0.21			$0.22
Net realized and unrealized gain (loss) on investments and foreign currency		4.46			0.16			1.05			1.88			7.37			2.79
Total from investment operations		$4.57			$0.42			$1.35			$2.14			$7.58			$3.01
Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.26	)		$(0.26	)		$(0.14	)		$(0.28	)		$(0.20	)
From net realized gain on investments		(0.29	)		(0.38	)		(0.34	)		(0.32	)		(0.07	)		(0.15	)
Total distributions declared to shareholders		$(0.50	)		$(0.64	)		$(0.60	)		$(0.46	)		$(0.35	)		$(0.35	)
Net asset value, end of period (x)		$39.83			$35.76			$35.98			$35.23			$33.55			$26.32
Total return (%) (r)(s)(x)		12.90	(c)(n)		1.25			3.93			6.49			29.11			12.99
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.18	(a)(c)		1.22			1.23			1.23			1.29			1.34
Expenses after expense reductions (f)		1.17	(a)(c)		1.21			1.22			1.23			1.29			1.34
Net investment income		0.59	(a)(c)(l)		0.74			0.84			0.74			0.67			0.91
Portfolio turnover		6	(n)		8			8			11			11			13
Net assets at end of period (000 omitted)		$105,372			$98,106			$105,192			$90,864			$62,218			$21,664

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class R4				2016			2015			2014			2013			2012

Net asset value, beginning of period		$36.15			$36.37			$35.59			$33.87			$26.55			$23.88
Income (loss) from investment operations
Net investment income (d)		$0.16	(c)		$0.35			$0.40			$0.35			$0.31			$0.31
Net realized and unrealized gain (loss) on investments and foreign currency		4.49			0.16			1.06			1.89			7.42			2.77
Total from investment operations		$4.65			$0.51			$1.46			$2.24			$7.73			$3.08
Less distributions declared to shareholders
From net investment income		$(0.30	)		$(0.35	)		$(0.34	)		$(0.20	)		$(0.34	)		$(0.26	)
From net realized gain on investments		(0.29	)		(0.38	)		(0.34	)		(0.32	)		(0.07	)		(0.15	)
Total distributions declared to shareholders		$(0.59	)		$(0.73	)		$(0.68	)		$(0.52	)		$(0.41	)		$(0.41	)
Net asset value, end of period (x)		$40.21			$36.15			$36.37			$35.59			$33.87			$26.55
Total return (%) (r)(s)(x)		13.02	(c)(n)		1.50			4.20			6.74			29.47			13.23
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.93	(a)(c)		0.97			0.98			0.98			1.04			1.09
Expenses after expense reductions (f)		0.92	(a)(c)		0.96			0.97			0.98			1.04			1.09
Net investment income		0.85	(a)(c)(l)		0.99			1.11			0.99			1.02			1.23
Portfolio turnover		6	(n)		8			8			11			11			13
Net assets at end of period (000 omitted)		$131,850			$116,248			$118,810			$109,067			$90,239			$37,929

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class R6				2016			2015			2014			2013			2012 (i)

Net asset value, beginning of period		$36.96			$37.17			$36.36			$34.58			$27.10			$24.19
Income (loss) from investment operations
Net investment income (d)		$0.18	(c)		$0.39			$0.44			$0.42			$0.08			$0.05
Net realized and unrealized gain (loss) on investments and foreign currency		4.59			0.16			1.08			1.90			7.81			2.86
Total from investment operations		$4.77			$0.55			$1.52			$2.32			$7.89			$2.91
Less distributions declared to shareholders
From net investment income		$(0.33	)		$(0.38	)		$(0.37	)		$(0.22	)		$(0.34	)		$—
From net realized gain on investments		(0.29	)		(0.38	)		(0.34	)		(0.32	)		(0.07	)		—
Total distributions declared to shareholders		$(0.62	)		$(0.76	)		$(0.71	)		$(0.54	)		$(0.41	)		$—
Net asset value, end of period (x)		$41.11			$36.96			$37.17			$36.36			$34.58			$27.10
Total return (%) (r)(s)(x)		13.08	(c)(n)		1.60			4.29			6.84			29.50			12.03	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.84	(a)(c)		0.87			0.88			0.90			0.95			1.04	(a)
Expenses after expense reductions (f)		0.83	(a)(c)		0.87			0.88			0.90			0.95			1.04	(a)
Net investment income		0.94	(a)(c)(l)		1.08			1.19			1.16			0.24			0.50	(a)
Portfolio turnover		6	(n)		8			8			11			11			13
Net assets at end of period (000 omitted)		$668,107			$494,203			$383,913			$306,861			$187,343			$112

(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. See Note 2 in the Notes to Financial Statements for additional information.

(d)	Per share data is based on average shares outstanding.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(i)	For the period from the class inception, June 1, 2012, through the stated period end.

(l)	Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by companies in which the fund invests and the actual annual net investment income ratio may differ.

(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.

See Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS

(unaudited)

(1) Business and Organization

MFS Global Equity Fund (the fund) is a diversified series of MFS Series Trust VI (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

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.

(2) Significant Accounting Policies

General – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s legal, political, and economic environment.

In October 2016, the Securities and Exchange Commission (SEC) released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule, which introduces two new regulatory reporting forms for investment companies – Form N-PORT and Form N-CEN – also contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although still evaluating the impacts of the Rule, management believes that many of the Regulation S-X amendments are consistent with the fund’s current financial statement presentation and expects that the fund will be able to comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

Balance Sheet Offsetting – The fund’s accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund’s right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.

Notes to Financial Statements (unaudited) – continued

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an 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 halting 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 on a frequent basis 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.

Notes to Financial Statements (unaudited) – continued

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 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 April 30, 2017 in valuing the fund’s assets or liabilities:


Investments at Value	Level 1		Level 2		Level 3		Total
Equity Securities		$2,888,168,996		$—		$—		$2,888,168,996
Mutual Funds		76,708,032		—		—		76,708,032
Total Investments		$2,964,877,028		$—		$—		$2,964,877,028

For further information regarding security characteristics, see the Portfolio of Investments.

Foreign Currency Translation – Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

Notes to Financial Statements (unaudited) – continued

collateral. If the collateral value is less than the cost to purchase identical securities, Chase is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. At period end, the fund had investment securities on loan, all of which were classified as equity securities in the fund’s Portfolio of Investments, with a fair value of $37,203,333. The fair value of the fund’s investment securities on loan and a related liability of $38,551,399 for cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. The collateral received on securities loaned exceeded the value of securities on loan at period end. The liability for cash collateral for securities loaned is carried at fair value, which is categorized as level 2 within the fair value hierarchy. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. Treasury and/or federal agency obligations, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is included in “Interest” income in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income.

Indemnifications – Under the fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

Investment Transactions and Income – Investment transactions are recorded on the trade date. Interest income is recorded on the accrual basis. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Fees Paid Indirectly – The fund’s custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by the fund. The amount of the credit, for the six months ended April 30, 2017, is shown as a reduction of total expenses in the Statement of Operations.

Notes to Financial Statements (unaudited) – continued

error during the period 1998 through 2015. The amount of this one-time reimbursement attributable to the fund is reflected as “Reimbursement of custodian expenses” in the Statement of Operations.

Tax Matters and Distributions – The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future. Distributions in excess of net investment income or net realized gains are temporary overdistributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes.

Book/tax differences primarily relate to wash sale loss deferrals and treating a portion of the proceeds from redemptions as a distribution for tax purposes.

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:


	10/31/16
Ordinary income (including any short-term capital gains)		$17,750,133
Long-term capital gains		23,040,223
Total distributions		$40,790,356

Notes to Financial Statements (unaudited) – continued

The federal tax cost and the tax basis components of distributable earnings were as follows:


As of 4/30/17
Cost of investments	$2,133,896,372
Gross appreciation	860,344,892
Gross depreciation	(29,364,236	)
Net unrealized appreciation (depreciation)	$830,980,656

As of 10/31/16
Undistributed ordinary income	17,896,448
Undistributed long-term capital gains	19,603,632
Other temporary differences	(151,476	)
Net unrealized appreciation (depreciation)	528,565,571

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

Multiple Classes of Shares of Beneficial Interest – The fund offers multiple classes of shares, which differ in their respective distribution and service fees. The fund’s income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B shares will convert to Class A shares approximately eight years after purchase. The fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:


	From net investment income				From net realized gain on investments
	Six months ended 4/30/17		Year ended 10/31/16		Six months ended 4/30/17		Year ended 10/31/16
Class A		$3,760,511		$5,042,647		$5,151,506		$7,226,867
Class B		—		16,608		216,973		311,442
Class C		—		299,486		1,381,533		1,711,911
Class I		7,027,455		6,250,486		6,555,662		6,860,251
Class R1		—		1,015		29,616		40,904
Class R2		165,770		277,569		400,968		611,633
Class R3		564,314		737,499		775,062		1,080,658
Class R4		964,204		1,126,057		914,309		1,230,561
Class R6		5,567,769		3,998,766		4,748,984		3,965,996
Total		$18,050,023		$17,750,133		$20,174,613		$23,040,223

(3) Transactions with Affiliates

Investment Adviser – The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. For the period November 1, 2016 through February 27, 2017, the management fee was computed daily and paid monthly at the following annual rates:


First $1 billion of average daily net assets	0.90	%
Next $1 billion of average daily net assets	0.75	%
Average daily net assets in excess of $2 billion	0.65	%

Notes to Financial Statements (unaudited) – continued

The investment adviser had agreed in writing to reduce its management fee to 0.60% of average daily net assets in excess of $5 billion. This written agreement terminated on February 27, 2017. For the period November 1, 2016 through February 27, 2017, the fund’s average daily net assets did not exceed $5 billion and therefore, the management fee was not reduced in accordance with this agreement. Effective February 28, 2017, the management fee is computed daily and paid monthly at the following annual rates:


First $1 billion of average daily net assets	0.90	%
Next $1 billion of average daily net assets	0.75	%
Next $3 billion of average daily net assets	0.65	%
Average daily net assets in excess of $5 billion	0.60	%

MFS has also agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund’s Board of Trustees. For the six months ended April 30, 2017, this management fee reduction amounted to $100,233, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended April 30, 2017 was equivalent to an annual effective rate of 0.77% of the fund’s average daily net assets.

Distributor – MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $126,234 for the six months ended April 30, 2017, as its portion of the initial sales charge on sales of Class A shares of the fund.

The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.

The fund’s distribution plan provides that the fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries.

Distribution Plan Fee Table:


	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%		$802,594
Class B		0.75%		0.25%		1.00%		1.00%		130,210
Class C		0.75%		0.25%		1.00%		1.00%		793,635
Class R1		0.75%		0.25%		1.00%		1.00%		15,693
Class R2		0.25%		0.25%		0.50%		0.50%		123,104
Class R3		—		0.25%		0.25%		0.25%		126,422
Total Distribution and Service Fees										$1,991,658

(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, 2017 based on each class’s average daily net assets. MFD has

Notes to Financial Statements (unaudited) – continued

voluntarily agreed to rebate a portion of each class’s 0.25% service fee attributable to accounts for which MFD retains the 0.25% service fee except for accounts attributable to MFS or its affiliates’ seed money. For the six months ended April 30, 2017, this rebate amounted to $13,417, $159, and $281 for Class A, Class B, and Class C, respectively, and is included in the reduction of total expenses in the Statement of Operations.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended April 30, 2017, were as follows:


	Amount
Class A		$3,745
Class B		23,683
Class C		12,965

Shareholder Servicing Agent – MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund’s Board of Trustees. For the six months ended April 30, 2017, the fee was $127,303, which equated to 0.0095% annually of the fund’s average daily net assets. MFSC also receives payment from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended April 30, 2017, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $970,062.

Administrator – MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee incurred for the six months ended April 30, 2017 was equivalent to an annual effective rate of 0.0160% of the fund’s average daily net assets.

Trustees’ and Officers’ Compensation – The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration for their services to the fund from MFS. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

Notes to Financial Statements (unaudited) – continued

pension expense of $694 and is included in “Independent Trustees’ compensation” in the Statement of Operations for the six months ended April 30, 2017. The liability for deferred retirement benefits payable to certain independent Trustees under the DB plan amounted to $6,635 at April 30, 2017, and is included in “Payable for independent Trustees’ compensation” in the Statement of Assets and Liabilities.

Other – This fund and certain other funds managed by MFS (the funds) have entered into a service agreement (the ISO Agreement) which provides for payment of fees solely by the funds to Tarantino LLC in return for the provision of services of an Independent Senior Officer (ISO) for the funds. Frank L. Tarantino serves as the ISO and is an officer of the funds and the sole member of Tarantino LLC. The funds can terminate the ISO Agreement with Tarantino LLC at any time under the terms of the ISO Agreement. For the six months ended April 30, 2017, the fee paid by the fund under this agreement was $2,393 and is included in “Miscellaneous” expense in the Statement of Operations. MFS has agreed to bear all expenses associated with office space, other administrative support, and supplies provided to the ISO.

The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS.

On March 16, 2017, MFS redeemed 131,540 shares of Class I for an aggregate amount of $5,261,584.

The fund is permitted to engage in purchase and sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser (“cross-trades”) pursuant to a policy adopted by the Board of Trustees. This policy has been designed to ensure that cross-trades conducted by the fund comply with Rule 17a-7 under the Investment Company Act of 1940. Under this policy, cross-trades are effected at current market prices with no remuneration paid in connection with the transaction. During the six months ended April 30, 2017, the fund engaged in purchase and sale transactions pursuant to this policy, which amounted to $7,756,838 and $149,107, respectively. The sales transactions resulted in net realized gains (losses) of $25,605.

(4) Portfolio Securities

For the six months ended April 30, 2017, purchases and sales of investments, other than short-term obligations, aggregated $379,226,836 and $152,555,248, respectively.

Notes to Financial Statements (unaudited) – continued

(5) Shares of Beneficial Interest

The fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:


	Six months ended 4/30/17						Year ended 10/31/16
	Shares			Amount			Shares			Amount
Shares sold
Class A		2,181,362			$81,919,176			5,033,576			$176,359,278
Class B		60,578			2,100,366			107,909			3,492,498
Class C		495,198			16,539,793			1,572,731			49,094,334
Class I		9,370,464			360,163,937			9,998,276			363,575,827
Class R1		9,807			336,839			30,037			981,755
Class R2		154,784			5,651,577			395,940			13,566,613
Class R3		521,503			19,568,615			1,027,604			35,733,919
Class R4		356,421			13,457,451			993,421			34,957,939
Class R6		4,074,705			151,068,105			4,010,055			144,279,472
		17,224,822			$650,805,859			23,169,549			$822,041,635

Shares issued to shareholders in reinvestment of distributions
Class A		227,957			$8,274,844			329,831			$11,273,619
Class B		6,227			209,716			9,928			315,610
Class C		36,428			1,175,527			52,843			1,610,123
Class I		339,346			12,616,876			331,597			11,605,879
Class R1		898			29,616			1,309			40,738
Class R2		14,260			503,670			24,537			816,336
Class R3		37,143			1,339,376			53,439			1,814,793
Class R4		50,576			1,839,938			67,474			2,310,986
Class R6		269,617			10,024,360			217,130			7,597,374
		982,452			$36,013,923			1,088,088			$37,385,458

Shares reacquired
Class A		(4,475,209	)		$(168,125,115	)		(5,855,874	)		$(205,694,182	)
Class B		(98,842	)		(3,433,910	)		(163,324	)		(5,278,684	)
Class C		(738,049	)		(24,589,269	)		(1,055,755	)		(33,001,005	)
Class I		(3,796,092	)		(147,480,324	)		(6,914,717	)		(247,749,128	)
Class R1		(28,281	)		(940,393	)		(33,738	)		(1,092,517	)
Class R2		(274,019	)		(9,971,828	)		(622,433	)		(21,266,657	)
Class R3		(656,360	)		(24,780,984	)		(1,261,160	)		(44,049,280	)
Class R4		(344,024	)		(13,069,486	)		(1,111,759	)		(38,680,418	)
Class R6		(1,464,795	)		(55,197,182	)		(1,184,001	)		(43,065,648	)
		(11,875,671	)		$(447,588,491	)		(18,202,761	)		$(639,877,519	)

Notes to Financial Statements (unaudited) – continued


	Six months ended 4/30/17						Year ended 10/31/16
	Shares			Amount			Shares			Amount
Net change
Class A		(2,065,890	)		$(77,931,095	)		(492,467	)		$(18,061,285	)
Class B		(32,037	)		(1,123,828	)		(45,487	)		(1,470,576	)
Class C		(206,423	)		(6,873,949	)		569,819			17,703,452
Class I		5,913,718			225,300,489			3,415,156			127,432,578
Class R1		(17,576	)		(573,938	)		(2,392	)		(70,024	)
Class R2		(104,975	)		(3,816,581	)		(201,956	)		(6,883,708	)
Class R3		(97,714	)		(3,872,993	)		(180,117	)		(6,500,568	)
Class R4		62,973			2,227,903			(50,864	)		(1,411,493	)
Class R6		2,879,527			105,895,283			3,043,184			108,811,198
		6,331,603			$239,231,291			6,054,876			$219,549,574

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.25 billion unsecured committed line of credit, subject to a $1 billion sublimit, provided by a syndication of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the higher of the Overnight Federal Reserve funds rate or daily one month LIBOR plus an agreed upon spread. A commitment fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds at the end of each calendar quarter. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at a rate equal to the Overnight Federal Reserve funds rate plus an agreed upon spread. For the six months ended April 30, 2017, the fund’s commitment fee and interest expense were $8,051 and $0, respectively, and are included in “Miscellaneous” expense in the Statement of Operations.

(7) Transactions in Underlying Affiliated Funds-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 fund assumes the following to be an affiliated issuer:


Underlying Affiliated Fund	Beginning Shares/Par Amount			Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		38,360,312			353,250,550		(353,454,229	)		38,156,633

Underlying Affiliated Fund	Realized Gain (Loss)			Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio		$(3,942	)		$—		$108,164			$38,156,633

RESULTS OF SHAREHOLDER MEETING

(unaudited)

At a special meeting of shareholders of MFS Series Trust VI, which was held on March 23, 2017, the following action was taken:

Item 1: To elect the following individuals as Trustees:


	Number of Dollars
Nominee	For		Withheld Authority
Steven E. Buller		6,329,612,868.770		132,704,839.172
John A. Caroselli		6,330,619,354.451		131,698,353.490
Maureen R. Goldfarb		6,315,675,281.759		146,642,407.912
David H. Gunning		6,305,186,698.635		157,131,009.306
Michael Hegarty		6,309,871,628.026		152,446,061.646
John P. Kavanaugh		6,332,679,359.255		129,638,330.417
Robert J. Manning		6,317,953,989.829		144,363,699.843
Clarence Otis, Jr.		6,323,592,829.433		138,724,860.239
Maryanne L. Roepke		6,332,173,801.267		130,143,906.674
Robin A. Stelmach		6,323,553,438.750		138,764,269.191
Laurie J. Thomsen		6,322,535,395.180		139,782,294.492

PROXY VOTING POLICIES AND INFORMATION

MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com (once you have selected “Individual Investor” as your role, click on “Individual Investor Home” in the top navigation and then select “Learn More About Proxy Voting” under the “I want to…” header on the left hand column of the page), or by visiting the SEC’s Web site at http://www.sec.gov.

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com (once you have selected “Individual Investor” as your role, click on “Individual Investor Home” in the top navigation and then select “Learn More About Proxy Voting” under the “I want to…” header on the left hand column of the page), or by visiting the SEC’s Web site at http://www.sec.gov.

QUARTERLY PORTFOLIO DISCLOSURE

The fund will file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the Commission) for the first and third quarters of each fiscal year on Form N-Q. A shareholder can obtain the quarterly portfolio holdings report at mfs.com. The fund’s Form N-Q is also available on the EDGAR database on the Commission’s Internet Web site at http://www.sec.gov, and may be reviewed and copied at the:

Public Reference Room

Securities and Exchange Commission

100 F Street, NE, Room 1580

Washington, D.C. 20549

Information on the operation of the Public Reference Room may be obtained by calling the Commission at 1-800-SEC-0330. Copies of the fund’s Form N-Q also may be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov or by writing the Public Reference Section at the above address.

FURTHER INFORMATION

From time to time, MFS may post important information about the fund or the MFS funds on the MFS web site (mfs.com). This information is available on mfs.com by following these steps once you have selected “Individual Investor” as your role: (1) Click on the “Individual Investor Home” in the top navigation and then select the “Announcements” option within the “Market Outlooks” drop down, or (2) Click on “Products & Services” and “Mutual Funds” and then choose the fund’s name in the “Select a fund” menu.

INFORMATION ABOUT FUND CONTRACTS AND LEGAL CLAIMS

The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, 529 program manager (if applicable), and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

PROVISION OF FINANCIAL REPORTS AND SUMMARY PROSPECTUSES

The fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund’s annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund’s records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

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CONTACT

WEB SITE

mfs.com

MFS TALK

1-800-637-8255

24 hours a day

ACCOUNT SERVICE AND LITERATURE

Shareholders

1-800-225-2606

Financial advisors

1-800-343-2829

Retirement plan services

1-800-637-1255

MAILING ADDRESS

MFS Service Center, Inc.

P.O. Box 55824

Boston, MA 02205-5824

OVERNIGHT MAIL

MFS Service Center, Inc.

c/o Boston Financial Data Services

30 Dan Road

Canton, MA 02021-2809

SEMIANNUAL REPORT

April 30, 2017

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MFS® GLOBAL

TOTAL RETURN FUND

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MWT-SEM

MFS® GLOBAL TOTAL RETURN FUND

CONTENTS


Letter from the Executive Chairman			1
Portfolio composition			2
Expense table			5
Portfolio of investments			7
Statement of assets and liabilities			32
Statement of operations			34
Statements of changes in net assets			35
Financial highlights			36
Notes to financial statements			45
Results of shareholder meeting			61
Proxy voting policies and information			62
Quarterly portfolio disclosure			62
Further information			62
Information about fund contracts and legal claims			63
Provision of financial reports and summary prospectuses			63
Contact information back cover

The report is prepared for the general information of shareholders.

It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

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LETTER FROM THE EXECUTIVE CHAIRMAN

Dear Shareholders:

Despite the United Kingdom’s decision to leave the European Union and policy uncertainty accompanying a new presidential administration in the United States, most

Globally, economic growth has shown signs of recovery, led by China, the U.S. and the eurozone. Despite better growth, there are few immediate signs of worrisome inflation. Emerging market

Respectfully,

LOGO

Robert J. Manning

Executive Chairman

MFS Investment Management

June 16, 2017

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

PORTFOLIO COMPOSITION

Portfolio structure (i)

LOGO


Top ten holdings (i)
Philip Morris International, Inc.			1.4%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR			1.2%
Nestle S.A.			1.2%
Republic of Italy, 5.5%, 9/01/2022			1.1%
Government of Japan, 2.2%, 9/20/2027			1.0%
Johnson & Johnson			1.0%
3M Co.			1.0%
JPMorgan Chase & Co.			1.0%
Government of Japan, 1.5%, 3/20/2034			0.9%
Japan Tobacco, Inc.			0.9%

Composition including fixed income credit quality (a)(i)
AAA			5.7%
AA			3.8%
A			8.1%
BBB			9.8%
U.S. Government			2.1%
Federal Agencies			2.7%
Not Rated			(0.2)%
Non-Fixed Income			59.7%
Cash & Cash Equivalents			7.8%
Other			0.5%


Equity sectors
Financial Services			11.8%
Consumer Staples			10.8%
Health Care			7.1%
Technology			5.3%
Industrial Goods & Services			4.3%
Utilities & Communications			3.9%
Basic Materials			3.5%
Special Products & Services			3.3%
Energy			2.7%
Leisure			2.6%
Retailing			1.7%
Autos & Housing			1.5%
Transportation			1.2%

Fixed income sectors (i)
Non-U.S. Government Bonds			13.2%
Investment Grade Corporates			11.7%
Mortgage-Backed Securities			2.6%
U.S. Treasury Securities			1.7%
Collateralized Debt Obligations			0.8%
Emerging Markets Bonds			0.7%
Commercial Mortgage-Backed Securities			0.5%
Asset-Backed Securities			0.5%
High Yield Corporates			0.2%
U.S. Government Agencies			0.1%

Portfolio Composition – continued


Issuer country weightings (i)(x)
United States			55.3%
Japan			8.8%
United Kingdom			6.4%
Switzerland			5.0%
France			3.9%
Germany			3.9%
Canada			3.0%
Italy			1.8%
Netherlands			1.6%
Other Countries			10.3%


Currency exposure weightings (i)(y)
United States Dollar			51.8%
Euro			16.0%
Japanese Yen			11.5%
British Pound Sterling			5.9%
Swiss Franc			5.0%
Canadian Dollar			1.6%
Taiwan Dollar			1.4%
Swedish Krona			1.3%
South Korean Won			1.0%
Other Currencies			4.5%

(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. 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. Not Rated includes fixed income securities, including fixed income futures contracts, which have not been rated by any rating agency. Non-Fixed Income includes equity securities (including convertible bonds and equity derivatives) and/or commodity-linked derivatives. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.

(i)

For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.

(x)	Represents the portfolio’s exposure to issuer countries as a percentage of a portfolio’s net assets. For purposes of this presentation, United States includes Cash & Cash Equivalents and Other.

(y)	Represents the portfolio’s exposure to a particular currency as a percentage of a portfolio’s net assets. For purposes of this presentation, United States Dollar includes Cash & Cash Equivalents and Other.

Where the fund holds convertible bonds, these are treated as part of the equity portion of the portfolio.

Portfolio Composition – continued

Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions.

Percentages are based on net assets as of 4/30/17.

The portfolio is actively managed and current holdings may be different.

EXPENSE TABLE

Fund expenses borne by the shareholders during the period, November 1, 2016 through April 30, 2017

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2016 through April 30, 2017.

Actual Expenses

Hypothetical Example for Comparison Purposes

Expense Table – continued


Share Class		Annualized Expense Ratio	Beginning Account Value 11/01/16	Ending Account Value 4/30/17		Expenses Paid During Period (p) 11/01/16-4/30/17
A	Actual	1.08%	$1,000.00		$1,049.55		$5.49
A	Hypothetical (h)	1.08%	$1,000.00		$1,019.44		$5.41
B	Actual	1.83%	$1,000.00		$1,045.74		$9.28
B	Hypothetical (h)	1.83%	$1,000.00		$1,015.72		$9.15
C	Actual	1.83%	$1,000.00		$1,045.21		$9.28
C	Hypothetical (h)	1.83%	$1,000.00		$1,015.72		$9.15
I	Actual	0.83%	$1,000.00		$1,050.80		$4.22
I	Hypothetical (h)	0.83%	$1,000.00		$1,020.68		$4.16
R1	Actual	1.83%	$1,000.00		$1,045.93		$9.28
R1	Hypothetical (h)	1.83%	$1,000.00		$1,015.72		$9.15
R2	Actual	1.33%	$1,000.00		$1,048.16		$6.75
R2	Hypothetical (h)	1.33%	$1,000.00		$1,018.20		$6.66
R3	Actual	1.08%	$1,000.00		$1,049.84		$5.49
R3	Hypothetical (h)	1.08%	$1,000.00		$1,019.44		$5.41
R4	Actual	0.83%	$1,000.00		$1,050.75		$4.22
R4	Hypothetical (h)	0.83%	$1,000.00		$1,020.68		$4.16
R6	Actual	0.74%	$1,000.00		$1,051.94		$3.76
R6	Hypothetical (h)	0.74%	$1,000.00		$1,021.12		$3.71

(h)	5% class return per year before expenses.

(p)

Notes to Expense Table

Expense ratios reflect a one-time Reimbursement of Expenses by Custodian of 0.01% that are outside of the expense limitation arrangement (See Note 3 of the Notes to Financial Statements).

PORTFOLIO OF INVESTMENTS

4/30/17 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Common Stocks - 58.5%
Issuer	Shares/Par		Value ($)
Aerospace - 1.5%
Honeywell International, Inc.		110,392	$	14,476,807
Lockheed Martin Corp.		41,629		11,216,934
United Technologies Corp.		44,037		5,239,963

			$	30,933,704
Airlines - 0.2%
Air Canada (a)		186,352	$	1,773,351
Copa Holdings S.A., “A”		10,985		1,278,874

			$	3,052,225
Alcoholic Beverages - 1.0%
Heineken N.V.		118,000	$	10,520,786
Pernod Ricard S.A.		82,339		10,301,112

			$	20,821,898
Apparel Manufacturers - 0.2%
Compagnie Financiere Richemont S.A.		52,120	$	4,355,556

Automotive - 0.7%
Delphi Automotive PLC		50,367	$	4,049,507
General Motors Co.		143,029		4,954,525
Hyundai Motor Co.		10,746		1,359,895
Magna International, Inc.		33,799		1,411,830
USS Co. Ltd.		122,400		2,163,068

			$	13,938,825
Biotechnology - 0.2%
Celgene Corp. (a)		35,318	$	4,381,198

Broadcasting - 0.4%
Omnicom Group, Inc.		100,481	$	8,251,500

Brokerage & Asset Managers - 0.4%
BlackRock, Inc.		16,730	$	6,433,856
Daiwa Securities Group, Inc.		321,000		1,950,332

			$	8,384,188
Business Services - 3.3%
Accenture PLC, “A”		132,638	$	16,088,989
Amadeus IT Group S.A.		147,095		7,931,414

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Business Services - continued
Bunzl PLC		185,279	$	5,778,558
Compass Group PLC		588,226		11,869,939
Equifax, Inc.		20,859		2,822,431
Fidelity National Information Services, Inc.		51,273		4,316,674
Nomura Research Institute Ltd.		210,700		7,333,626
Secom Co. Ltd.		71,400		5,179,102
SGS S.A.		2,030		4,568,010

			$	65,888,743
Cable TV - 1.1%
Charter Communications, Inc., “A” (a)		25,215	$	8,703,209
Comcast Corp., “A”		324,588		12,720,604

			$	21,423,813
Chemicals - 2.3%
3M Co.		100,212	$	19,624,516
Givaudan S.A.		4,194		8,080,300
LyondellBasell Industries N.V., “A”		17,555		1,487,962
Monsanto Co.		21,658		2,525,539
Orica Ltd.		196,342		2,724,297
PPG Industries, Inc.		112,812		12,391,270

			$	46,833,884
Computer Software - 1.0%
Cadence Design Systems, Inc. (a)		278,165	$	9,059,834
Check Point Software Technologies Ltd. (a)		62,946		6,547,014
Oracle Corp.		93,582		4,207,447

			$	19,814,295
Computer Software - Systems - 0.5%
Hon Hai Precision Industry Co. Ltd.		1,265,500	$	4,144,092
International Business Machines Corp.		39,223		6,287,055

			$	10,431,147
Construction - 0.7%
Bellway PLC		25,086	$	924,705
Geberit AG		6,531		2,974,723
Owens Corning		39,612		2,410,390
Sherwin-Williams Co.		18,092		6,055,031
Stanley Black & Decker, Inc.		16,181		2,203,043

			$	14,567,892
Consumer Products - 2.7%
Coty, Inc., “A”		122,405	$	2,184,929
Kao Corp.		220,900		12,182,940

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Consumer Products - continued
Kobayashi Pharmaceutical Co. Ltd.		87,800	$	4,599,704
Kose Corp.		22,400		2,123,956
Procter & Gamble Co.		169,141		14,771,084
Reckitt Benckiser Group PLC		148,780		13,702,886
Svenska Cellulosa Aktiebolaget		111,056		3,678,754

			$	53,244,253
Containers - 0.4%
Brambles Ltd.		851,995	$	6,596,649
Crown Holdings, Inc. (a)		29,674		1,664,415

			$	8,261,064
Electrical Equipment - 2.1%
IMI PLC		109,932	$	1,821,090
Johnson Controls International PLC		210,572		8,753,478
Legrand S.A.		82,881		5,365,475
OMRON Corp.		97,700		4,088,545
Schneider Electric S.A.		103,574		8,179,679
Siemens AG		74,630		10,698,351
Spectris PLC		72,384		2,587,548

			$	41,494,166
Electronics - 3.4%
Analog Devices, Inc.		45,655	$	3,478,911
Halma PLC		233,720		3,187,580
Hirose Electric Co. Ltd.		29,445		3,954,175
Intel Corp.		130,623		4,722,021
NVIDIA Corp.		24,116		2,515,299
Samsung Electronics Co. Ltd.		4,141		8,118,966
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		749,798		24,795,820
Texas Instruments, Inc.		211,424		16,740,552

			$	67,513,324
Energy - Independent - 0.6%
Occidental Petroleum Corp.		57,409	$	3,532,950
Rice Energy, Inc. (a)		194,971		4,150,933
Valero Energy Corp.		63,172		4,081,543

			$	11,765,426
Energy - Integrated - 1.8%
BP PLC		947,445	$	5,430,054
Chevron Corp.		40,737		4,346,638
China Petroleum & Chemical Corp.		2,548,000		2,063,728
Exxon Mobil Corp.		153,021		12,494,165

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Energy - Integrated - continued
Galp Energia SGPS S.A.		246,281	$	3,828,268
LUKOIL PJSC, ADR		76,317		3,790,284
Suncor Energy, Inc.		106,220		3,328,883

			$	35,282,020
Engineering - Construction - 0.3%
Bouygues (l)		42,144	$	1,771,798
VINCI S.A.		59,978		5,102,588

			$	6,874,386
Entertainment - 0.3%
Time Warner, Inc.		55,025	$	5,462,332

Food & Beverages - 2.9%
Danone S.A. (l)		95,656	$	6,687,433
General Mills, Inc.		226,682		13,036,482
J.M. Smucker Co.		25,492		3,230,346
Marine Harvest A.S.A.		361,413		6,010,922
Mead Johnson Nutrition Co., “A”		38,155		3,385,112
Nestle S.A.		310,586		23,926,047
P/f Bakkafrost		13,268		449,684
Tyson Foods, Inc., “A”		30,142		1,936,925

			$	58,662,951
Food & Drug Stores - 0.9%
CVS Health Corp.		129,325	$	10,661,553
Lawson, Inc.		14,000		929,356
Wesfarmers Ltd.		118,842		3,826,522
WM Morrison Supermarkets PLC		719,488		2,235,582

			$	17,653,013
Gaming & Lodging - 0.2%
Sands China Ltd.		724,000	$	3,285,684

General Merchandise - 0.1%
Target Corp.		52,759	$	2,946,590

Health Maintenance Organizations - 0.2%
Cigna Corp.		25,671	$	4,014,174

Insurance - 3.5%
Aon PLC		100,911	$	12,093,174
Chubb Ltd.		43,136		5,920,416
Fairfax Financial Holdings Ltd.		17,550		8,022,563

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Insurance - continued
Hiscox Ltd.		138,581	$	2,031,828
MetLife, Inc.		224,892		11,651,655
Prudential Financial, Inc.		45,574		4,877,785
Swiss Re Ltd.		22,151		1,927,916
Travelers Cos., Inc.		97,534		11,865,986
Zurich Insurance Group AG		41,561		11,503,416

			$	69,894,739
Internet - 0.2%
LogMeIn, Inc.		31,832	$	3,597,016

Machinery & Tools - 0.3%
Illinois Tool Works, Inc.		42,604	$	5,883,186

Major Banks - 5.2%
Bank of New York Mellon Corp.		161,731	$	7,611,061
BNP Paribas		57,302		4,043,507
BOC Hong Kong Holdings Ltd.		706,500		2,906,529
Canadian Imperial Bank of Commerce		45,024		3,636,421
China Construction Bank		7,037,000		5,717,644
Goldman Sachs Group, Inc.		31,053		6,949,661
JPMorgan Chase & Co.		224,566		19,537,242
National Australia Bank Ltd.		30,416		774,367
PNC Financial Services Group, Inc.		21,845		2,615,939
Royal Bank of Canada		22,481		1,539,499
State Street Corp.		67,594		5,671,137
Sumitomo Mitsui Financial Group, Inc.		51,700		1,912,633
Svenska Handelsbanken AB		718,237		10,192,992
Toronto-Dominion Bank		53,639		2,523,888
UBS Group AG		811,698		13,868,207
Wells Fargo & Co.		278,699		15,005,154

			$	104,505,881
Medical & Health Technology & Services - 0.3%
HCA Holdings, Inc. (a)		61,280	$	5,160,389

Medical Equipment - 1.3%
Abbott Laboratories		181,741	$	7,931,177
Danaher Corp.		54,818		4,567,984
Medtronic PLC		131,865		10,956,663
Thermo Fisher Scientific, Inc.		20,198		3,339,335

			$	26,795,159

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Metals & Mining - 0.5%
Rio Tinto PLC		234,246	$	9,289,968

Natural Gas - Distribution - 0.3%
Engie		410,177	$	5,786,135

Natural Gas - Pipeline - 0.2%
Williams Partners LP		98,964	$	4,050,597

Network & Telecom - 0.2%
Cisco Systems, Inc.		135,224	$	4,607,082

Oil Services - 0.3%
Schlumberger Ltd.		84,829	$	6,157,737

Other Banks & Diversified Financials - 1.6%
Agricultural Bank of China		2,946,000	$	1,359,689
American Express Co.		51,631		4,091,757
DBS Group Holdings Ltd.		485,800		6,728,147
DNB A.S.A.		117,796		1,839,791
ING Groep N.V.		434,627		7,075,549
U.S. Bancorp		211,970		10,869,822

			$	31,964,755
Pharmaceuticals - 5.1%
Bayer AG		125,064	$	15,475,980
Eli Lilly & Co.		119,736		9,825,536
Johnson & Johnson		161,477		19,937,565
Merck & Co., Inc.		210,070		13,093,663
Novartis AG		157,122		12,088,130
Pfizer, Inc.		495,022		16,791,146
Roche Holding AG		42,721		11,176,157
Santen Pharmaceutical Co. Ltd.		306,600		4,309,865

			$	102,698,042
Printing & Publishing - 0.5%
Moody’s Corp.		54,695	$	6,471,512
RELX N.V. (l)		237,137		4,586,353

			$	11,057,865
Railroad & Shipping - 0.2%
Canadian National Railway Co.		33,235	$	2,402,558
Union Pacific Corp.		23,527		2,634,083

			$	5,036,641

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Real Estate - 1.1%
Deutsche Wohnen AG		399,803	$	13,670,515
Medical Properties Trust, Inc., REIT		340,428		4,449,394
Starwood Property Trust, Inc., REIT		110,083		2,497,783
Washington Prime Group, Inc., REIT		72,904		641,555

			$	21,259,247
Restaurants - 0.2%
Brinker International, Inc.		55,843	$	2,467,702
Greggs PLC		60,588		843,591

			$	3,311,293
Specialty Chemicals - 0.3%
PTT Global Chemical PLC		2,543,900	$	5,515,828
Tosoh Corp.		104,000		976,793

			$	6,492,621
Specialty Stores - 0.5%
Esprit Holdings Ltd. (a)		202,450	$	157,205
Gap, Inc.		207,594		5,438,963
Just Eat PLC (a)		398,888		2,981,011
Urban Outfitters, Inc. (a)		34,611		791,900

			$	9,369,079
Telecommunications - Wireless - 1.0%
KDDI Corp.		528,500	$	14,011,947
SK Telecom Co. Ltd.		4,603		968,818
SoftBank Group Corp.		27,800		2,105,294
Vodafone Group PLC		973,868		2,510,725

			$	19,596,784
Telephone Services - 0.9%
AT&T, Inc.		40,571	$	1,607,829
British Telecom Group, PLC		651,661		2,572,185
Nippon Telegraph & Telephone Corp.		71,500		3,058,834
TDC A.S.		516,977		2,774,826
Verizon Communications, Inc.		194,048		8,908,744

			$	18,922,418
Tobacco - 3.6%
Altria Group, Inc.		215,939	$	15,500,101
British American Tobacco PLC		146,986		9,928,122
Imperial Brands PLC		37,524		1,838,093
Japan Tobacco, Inc.		519,900		17,284,139
Philip Morris International, Inc.		253,712		28,121,438

			$	72,671,893

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Trucking - 0.8%
United Parcel Service, Inc., “B”		74,045	$	7,956,876
Yamato Holdings Co. Ltd.		383,300		8,281,481

			$	16,238,357
Utilities - Electric Power - 1.0%
American Electric Power Co., Inc.		125,320	$	8,500,456
Energias de Portugal S.A.		679,675		2,243,321
SSE PLC		316,275		5,698,084
Xcel Energy, Inc.		71,269		3,210,668

			$	19,652,529
Total Common Stocks (Identified Cost, $853,953,555)			$	1,173,537,664

Bonds - 32.2%
Aerospace - 0.0%
Lockheed Martin Corp., 3.55%, 1/15/2026	$	795,000	$	820,079

Airlines - 0.1%
Ryanair Ltd., 1.125%, 3/10/2023	EUR	850,000	$	932,234

Apparel Manufacturers - 0.0%
Christian Dior SE, 0.75%, 6/24/2021	EUR	700,000	$	776,949

Asset-Backed & Securitized - 1.8%
A Voce CLO Ltd., 2014-1A, “A1R”, FRN, 2.183%, 7/15/2026 (n)	$	3,177,000	$	3,173,310
Cent CLO LP, 2013-17A, “A1”, FRN, 2.339%, 1/30/2025 (n)		1,216,000		1,216,855
Cent CLO LP, 2014-21A, “A1”, FRN, 2.38%, 7/27/2026 (n)		2,164,336		2,162,592
Chesapeake Funding II LLC, 2016-1A, “A2”, FRN, 2.062%, 3/15/2028 (n)		1,852,427		1,861,299
Chesapeake Funding II LLC, 2016-2A, “A2”, FRN, 1.994%, 6/15/2028 (z)		1,511,000		1,518,846
Commercial Mortgage Trust, 2015-LC21, “A4”, 3.708%, 7/10/2048		1,995,691		2,079,593
Dryden Senior Loan Fund, 2013-26A, “A”, CLO, FRN, 2.258%, 7/15/2025 (n)		1,563,000		1,565,395
Dryden Senior Loan Fund, 2014-34A, “AR”, FRN, 2.182%, 10/15/2026 (n)		2,966,973		2,966,571
Flatiron CLO Ltd., 2013-1A, “A2R”, FRN, 2.808%, 1/17/2026 (n)		3,092,916		3,088,704
Ford Credit Floorplan Master Owner Trust, 2015-1, “A2”, FRN, 1.394%, 1/15/2020		5,562,000		5,569,633
GS Mortgage Securities Trust, 2015-GC30, “A4”, 3.382%, 5/10/2050		2,298,421		2,345,538

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Asset-Backed & Securitized - continued
ING Investment Management Ltd., 2013-2A, “A1”, CLO, FRN, 2.306%, 4/25/2025 (n)	$	1,419,000	$	1,419,890
John Deere Owner Trust , “A2”, 1.15%, 10/15/2018		1,034,280		1,034,044
JPMBB Commercial Mortgage Securities Trust, 2014-C26, 3.494%, 1/15/2048		2,620,000		2,701,259
JPMorgan Chase Commercial Mortgage Securities Corp., “A4”, FRN, 6.003%, 6/15/2049		158,836		158,751
Merrill Lynch Mortgage Trust, FRN, 6.027%, 6/12/2050		400,193		400,207
Wachovia Bank Commercial Mortgage Trust, “A4”, FRN, 6.179%, 2/15/2051		25,827		25,797
Wells Fargo Commercial Mortgage Trust, 2015-C28, “A4”, 3.54%, 5/15/2048		2,322,687		2,399,934
Wells Fargo Commercial Mortgage Trust, 2015-NXS1, “A5”, 3.148%, 5/15/2048		1,013,505		1,020,625

			$	36,708,843
Automotive - 0.3%
Delphi Automotive PLC, 1.5%, 3/10/2025	EUR	800,000	$	879,510
FCA Capital Ireland PLC, 2%, 10/23/2019	EUR	1,375,000		1,553,505
Ferrari N.V., 1.5%, 3/16/2023	EUR	1,350,000		1,492,684
General Motors Co., 6.6%, 4/01/2036	$	916,000		1,055,919
General Motors Financial Co., Inc., 4.35%, 1/17/2027		525,000		532,587
RCI Banque S.A., 1.25%, 6/08/2022	EUR	450,000		501,234
Valeo S.A., 1.625%, 3/18/2026	EUR	400,000		448,691

			$	6,464,130
Biotechnology - 0.0%
Life Technologies Corp., 6%, 3/01/2020	$	432,000	$	473,458

Broadcasting - 0.2%
Omnicom Group, Inc., 3.65%, 11/01/2024	$	210,000	$	214,828
Omnicom Group, Inc., 3.6%, 4/15/2026		890,000		896,831
ProSiebenSat.1 Media SE, 2.625%, 4/15/2021	EUR	860,000		997,521
SES S.A., 3.6%, 4/04/2023 (n)	$	635,000		635,699
Time Warner, Inc., 3.8%, 2/15/2027		1,327,000		1,321,169

			$	4,066,048
Brokerage & Asset Managers - 0.2%
CME Group, Inc., 3%, 3/15/2025	$	991,000	$	998,621
Intercontinental Exchange, Inc., 2.75%, 12/01/2020		538,000		547,085
Intercontinental Exchange, Inc., 3.75%, 12/01/2025		883,000		919,025
TD Ameritrade Holding Corp., 2.95%, 4/01/2022		715,000		727,957
TD Ameritrade Holding Corp., 3.3%, 4/01/2027		1,150,000		1,151,472

			$	4,344,160

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Building - 0.2%
HeidelbergCement AG, 2.25%, 3/30/2023	EUR	700,000	$	818,623
Imerys S.A., 1.5%, 1/15/2027	EUR	700,000		766,220
Martin Marietta Materials, Inc., 4.25%, 7/02/2024	$	400,000		417,818
Mohawk Industries, Inc., 2%, 1/14/2022	EUR	800,000		922,846
Owens Corning, 4.2%, 12/15/2022	$	1,053,000		1,103,563
Owens Corning, 3.4%, 8/15/2026		906,000		882,263

			$	4,911,333
Business Services - 0.2%
Cisco Systems, Inc., 2.2%, 2/28/2021	$	1,211,000	$	1,217,404
Fidelity National Information Services, Inc., 3.875%, 6/05/2024		1,180,000		1,222,438
Fidelity National Information Services, Inc., 5%, 10/15/2025		410,000		452,334
Fidelity National Information Services, Inc., 3%, 8/15/2026		1,032,000		988,812
Fidelity National Information Services, Inc., 4.5%, 8/15/2046		516,000		503,099

			$	4,384,087
Cable TV - 0.5%
Charter Communications Operating LLC, 6.384%, 10/23/2035	$	2,231,000	$	2,556,882
Comcast Corp., 2.75%, 3/01/2023		2,311,000		2,320,168
Comcast Corp., 4.65%, 7/15/2042		1,300,000		1,356,728
Cox Communications, Inc., 3.25%, 12/15/2022 (n)		595,000		587,666
NBCUniversal Enterprise, Inc., 1.974%, 4/15/2019 (n)		895,000		897,989
NBCUniversal Media LLC, 5.15%, 4/30/2020		728,000		795,241
Shaw Communications, 5.65%, 10/01/2019	CAD	718,000		573,879
Sky PLC, 2.5%, 9/15/2026	EUR	900,000		1,060,719

			$	10,149,272
Chemicals - 0.1%
Air Liquide Finance Co., 2.25%, 9/27/2023 (n)	$	1,031,000	$	992,746
LYB International Finance B.V., 4%, 7/15/2023		336,000		353,488
LyondellBasell Industries N.V., 5%, 4/15/2019		299,000		314,073
LyondellBasell Industries N.V., 4.625%, 2/26/2055		420,000		393,221
PPG Industries, Inc., 0.875%, 11/03/2025	EUR	710,000		748,639

			$	2,802,167
Computer Software - 0.3%
Microsoft Corp., 1.55%, 8/08/2021	$	3,936,000	$	3,857,882
Microsoft Corp., 4.1%, 2/06/2037		1,301,000		1,353,455
Oracle Corp., 3.4%, 7/08/2024		837,000		869,091

			$	6,080,428

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Computer Software - Systems - 0.2%
Apple, Inc., 2.7%, 5/13/2022	$	1,598,000	$	1,629,682
Apple, Inc., 3.6%, 7/31/2042	GBP	400,000		604,915
Apple, Inc., 3.85%, 8/04/2046	$	1,394,000		1,350,909
Apple, Inc., 4.25%, 2/09/2047		348,000		358,954

			$	3,944,460
Conglomerates - 0.1%
Johnson Controls International PLC, 1.375%, 2/25/2025	EUR	470,000	$	514,040
Johnson Controls International PLC, 4.5%, 2/15/2047	$	284,000		290,486
Parker-Hannifin Corp., 1.125%, 3/01/2025 (z)	EUR	250,000		274,157
Parker-Hannifin Corp., 4.1%, 3/01/2047 (n)	$	727,000		740,407

			$	1,819,090
Consumer Products - 0.1%
Newell Brands, Inc., 3.75%, 10/01/2021 (z)	EUR	600,000	$	733,975
Reckitt Benckiser Treasury Services PLC, 3.625%, 9/21/2023 (n)	$	731,000		755,396

			$	1,489,371
Consumer Services - 0.3%
G4S International Finance PLC, 1.5%, 1/09/2023	EUR	1,100,000	$	1,214,212
Priceline Group, Inc., 2.15%, 11/25/2022	EUR	340,000		395,481
Priceline Group, Inc., 1.8%, 3/03/2027	EUR	1,400,000		1,525,990
Visa, Inc., 2.8%, 12/14/2022	$	2,345,000		2,387,806

			$	5,523,489
Defense Electronics - 0.0%
BAE Systems, 4.125%, 6/08/2022	GBP	525,000	$	768,602

Electronics - 0.2%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.875%, 1/15/2027 (n)	$	2,885,000	$	2,927,545
Tyco Electronics Group S.A., 2.375%, 12/17/2018		522,000		526,314
Tyco Electronics Group S.A., 1.1%, 3/01/2023	EUR	1,025,000		1,130,717

			$	4,584,576
Emerging Market Quasi-Sovereign - 0.4%
Office Cherifien des Phosphates S.A., 6.875%, 4/25/2044 (n)	$	1,590,000	$	1,721,175
Pertamina PT, 6%, 5/03/2042 (n)		3,240,000		3,442,714
Petroleos Mexicanos, 6.5%, 3/13/2027 (n)		372,000		402,690
State Grid Overseas Investment (2016) Ltd., 2.75%, 5/04/2022 (z)		1,636,000		1,628,376

			$	7,194,955

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Emerging Market Sovereign - 0.0%
Republic of Indonesia, 2.875%, 7/08/2021 (z)	EUR	400,000	$	464,695
Republic of Indonesia, 2.875%, 7/08/2021	EUR	200,000		232,348

			$	697,043
Entertainment - 0.1%
Carnival Corp., 1.875%, 11/07/2022	EUR	1,180,000	$	1,361,268

Financial Institutions - 0.0%
International Lease Finance Corp., 7.125%, 9/01/2018 (n)	$	569,000	$	607,376

Food & Beverages - 0.8%
Anheuser-Busch InBev N.V., 1.5%, 4/18/2030	EUR	660,000	$	704,162
Anheuser-Busch InBev S.A., 5.375%, 1/15/2020	$	1,008,000		1,095,192
Anheuser-Busch InBev Worldwide, Inc., 3.75%, 1/15/2022		376,000		395,838
Anheuser-Busch InBev Worldwide, Inc., 3.3%, 2/01/2023		1,251,000		1,285,212
Anheuser-Busch InBev Worldwide, Inc., 4.7%, 2/01/2036		1,636,000		1,755,027
Coca-Cola Enterprises, Inc., 1.875%, 3/18/2030	EUR	850,000		947,408
Danone S.A., 2.077%, 11/02/2021 (n)	$	1,298,000		1,268,856
Danone S.A., 2.589%, 11/02/2023 (n)		3,035,000		2,956,008
Fomento Economico Mexicano S.A.B. de C.V., 1.75%, 3/20/2023	EUR	1,000,000		1,111,315
Molson Coors Brewing Co., 2.1%, 7/15/2021	$	840,000		824,464
PepsiCo, Inc., 2.15%, 10/14/2020		2,276,000		2,295,715
PepsiCo, Inc., 3.1%, 7/17/2022		1,651,000		1,709,536
Wm. Wrigley Jr. Co., 2.9%, 10/21/2019 (n)		277,000		282,233
Wm. Wrigley Jr. Co., 3.375%, 10/21/2020 (n)		300,000		309,627

			$	16,940,593
Food & Drug Stores - 0.2%
CVS Health Corp., 2.125%, 6/01/2021	$	1,527,000	$	1,506,783
Walgreens Boots Alliance, Inc., 2.7%, 11/18/2019		1,042,000		1,057,109
Walgreens Boots Alliance, Inc., 2.875%, 11/20/2020	GBP	700,000		952,128

			$	3,516,020
Forest & Paper Products - 0.1%
Georgia-Pacific LLC, 5.4%, 11/01/2020 (n)	$	1,293,000	$	1,419,296

Gaming & Lodging - 0.1%
InterContinental Hotels Group PLC, 3.75%, 8/14/2025	GBP	1,060,000	$	1,526,036

Insurance - 0.1%
Aviva PLC, 3.375% to 12/04/2025, FRN to 12/04/2045	EUR	600,000	$	668,945
Delta Lloyd Levensverzek, FRN, 9%, 8/29/2042	EUR	650,000		933,225
Hiscox Ltd., 6.125% to 11/24/2025, FRN to 11/24/2045	GBP	500,000		707,201

			$	2,309,371

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Insurance - Health - 0.1%
Aetna, Inc., 2.8%, 6/15/2023	$	1,094,000	$	1,094,632
UnitedHealth Group, Inc., 2.7%, 7/15/2020		1,536,000		1,570,611

			$	2,665,243
Insurance - Property & Casualty - 0.3%
Berkshire Hathaway, Inc., 2.75%, 3/15/2023	$	694,000	$	701,742
Berkshire Hathaway, Inc., 1.625%, 3/16/2035	EUR	700,000		726,244
Berkshire Hathaway, Inc., 4.5%, 2/11/2043	$	475,000		513,459
Chubb Corp., 6.375% to 4/15/2017, FRN to 3/29/2067		730,000		722,700
Chubb INA Holdings, Inc., 2.3%, 11/03/2020		284,000		285,365
Liberty Mutual Group, Inc., 4.25%, 6/15/2023		958,000		1,019,717
Liberty Mutual Group, Inc., 2.75%, 5/04/2026	EUR	500,000		586,612
Liberty Mutual Group, Inc., 2.75%, 5/04/2026 (z)	EUR	280,000		328,503
Marsh & McLennan Cos., Inc., 2.55%, 10/15/2018	$	293,000		296,460
Marsh & McLennan Cos., Inc., 3.5%, 6/03/2024		500,000		515,055
Marsh & McLennan Cos., Inc., 4.35%, 1/30/2047		532,000		549,513
QBE Capital Funding IV LP, 7.5% to 5/24/2021, FRN to 5/24/2041	GBP	300,000		436,939

			$	6,682,309
International Market Quasi-Sovereign - 0.3%
Electricite de France S.A., 5.375% to 1/29/2025, FRN to 12/31/2049	EUR	600,000	$	695,965
Electricite de France S.A., 6% to 1/29/2026, FRN to 12/31/2049	GBP	500,000		661,165
ESB Finance Ltd., 2.125%, 6/08/2027	EUR	800,000		942,842
Israel Electric Corp. Ltd., 5.625%, 6/21/2018 (n)	$	735,000		762,871
KFW Government Development Banks, 4%, 2/27/2025	AUD	300,000		239,186
Statoil A.S.A., 4.25%, 11/23/2041	$	660,000		673,559
Statoil A.S.A., FRN, 1.329%, 5/15/2018		477,000		478,110
Temasek Financial I Ltd., 2.375%, 1/23/2023 (n)		1,450,000		1,425,728

			$	5,879,426
International Market Sovereign - 12.6%
Commonwealth of Australia, 5.75%, 5/15/2021	AUD	13,737,000	$	11,789,644
Commonwealth of Australia, 3.75%, 4/21/2037	AUD	1,200,000		968,095
Federal Republic of Germany, 2.5%, 7/04/2044	EUR	2,617,000		3,811,868
Federal Republic of Germany, 0.5%, 2/15/2026	EUR	9,214,000		10,345,844
Federal Republic of Germany, 6.25%, 1/04/2030	EUR	2,500,000		4,661,218
Federal Republic of Germany, 4%, 1/04/2037	EUR	1,750,000		3,007,101
Government of Canada, 4.25%, 6/01/2018	CAD	7,496,000		5,703,725
Government of Canada, 2.5%, 6/01/2024	CAD	18,995,000		15,095,393
Government of Canada, 5.75%, 6/01/2033	CAD	4,267,000		4,755,171
Government of Canada, 4%, 6/01/2041	CAD	2,260,000		2,219,934

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
International Market Sovereign - continued
Government of Japan, 1.8%, 3/20/2043	JPY	854,800,000	$	9,642,543
Government of Japan, 2.1%, 9/20/2024	JPY	19,700,000		205,355
Government of Japan, 0.4%, 9/20/2025	JPY	1,180,000,000		10,981,225
Government of Japan, 0.3%, 12/20/2025	JPY	43,100,000		397,796
Government of Japan, 2.2%, 9/20/2027	JPY	1,823,700,000		20,015,465
Government of Japan, 1.7%, 9/20/2032	JPY	794,000,000		8,610,244
Government of Japan, 1.5%, 3/20/2034	JPY	1,709,000,000		18,068,105
Government of Japan, 2.4%, 3/20/2037	JPY	849,500,000		10,238,275
Government of Japan, 2%, 3/20/2052	JPY	197,000,000		2,370,592
Kingdom of Belgium, 4%, 3/28/2032	EUR	4,256,000		6,478,246
Kingdom of Belgium, 4.5%, 3/28/2026	EUR	3,500,000		5,150,374
Kingdom of Denmark, 1.75%, 11/15/2025	DKK	19,750,000		3,249,028
Kingdom of Spain, 5.4%, 1/31/2023	EUR	4,819,000		6,660,537
Kingdom of Spain, 5.15%, 10/31/2028	EUR	2,202,000		3,221,487
Kingdom of the Netherlands, 5.5%, 1/15/2028	EUR	3,725,000		6,169,240
Republic of Austria, 1.75%, 10/20/2023	EUR	2,820,000		3,421,194
Republic of France, 1.75%, 5/25/2023	EUR	3,452,000		4,139,313
Republic of France, 6%, 10/25/2025	EUR	6,619,000		10,507,187
Republic of France, 4.75%, 4/25/2035	EUR	1,858,000		3,111,970
Republic of France, 4.5%, 4/25/2041	EUR	936,000		1,597,587
Republic of Ireland, 5.4%, 3/13/2025	EUR	504,000		748,917
Republic of Italy, 5.5%, 9/01/2022	EUR	16,002,000		21,372,785
Republic of Italy, 3.75%, 3/01/2021	EUR	6,905,000		8,439,148
United Kingdom Treasury, 5%, 3/07/2018	GBP	3,229,000		4,357,811
United Kingdom Treasury, 8%, 6/07/2021	GBP	2,329,000		3,974,055
United Kingdom Treasury, 4.25%, 12/07/2027	GBP	3,069,000		5,232,251
United Kingdom Treasury, 4.25%, 6/07/2032	GBP	696,000		1,240,624
United Kingdom Treasury, 4.25%, 3/07/2036	GBP	1,886,000		3,474,344
United Kingdom Treasury, 3.25%, 1/22/2044	GBP	2,855,000		4,862,343
United Kingdom Treasury, 3.75%, 7/22/2052	GBP	711,000		1,437,229
United Kingdom Treasury, 4%, 1/22/2060	GBP	700,000		1,590,736

			$	253,323,999
Local Authorities - 0.1%
Province of Alberta, 1.25%, 6/01/2020	CAD	1,380,000	$	1,011,821
Province of Alberta, 4.5%, 12/01/2040	CAD	710,000		636,969
Province of Manitoba, 4.15%, 6/03/2020	CAD	458,000		365,112

			$	2,013,902
Major Banks - 2.0%
ABN AMRO Bank N.V., 1.8%, 6/04/2018 (n)	$	532,000	$	530,524
ABN AMRO Bank N.V., 2.875%, 1/18/2028	EUR	500,000		583,847
Banco Bilbao Vizcaya Argentaria, S.A., 3.5%, 2/10/2027	EUR	800,000		927,671

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Major Banks - continued
Bank of America Corp., 1.75%, 6/05/2018	$	2,250,000	$	2,252,810
Bank of America Corp., 2.625%, 4/19/2021		3,368,000		3,371,442
Bank of America Corp., 3.5%, 4/19/2026		1,418,000		1,414,931
Bank of America Corp., 3.248%, 10/21/2027		1,844,000		1,767,894
Barclays Bank PLC, 6%, 1/14/2021	EUR	742,000		948,750
Barclays Bank PLC, 6.75% to 1/16/18, FRN to 1/16/2023	GBP	400,000		534,978
Credit Agricole S.A., 7.375%, 12/18/2023	GBP	200,000		335,831
Credit Suisse Group AG, 6.5%, 8/08/2023 (n)	$	1,261,000		1,404,171
Goldman Sachs Group, Inc., 2.625%, 4/25/2021		642,000		642,580
Goldman Sachs Group, Inc., 5.75%, 1/24/2022		1,181,000		1,332,424
Goldman Sachs Group, Inc., 3.85%, 1/26/2027		2,018,000		2,050,677
Goldman Sachs Group, Inc., 4.8%, 7/08/2044		500,000		536,749
HSBC Bank PLC, FRN, 1.679%, 5/15/2018 (n)		1,116,000		1,120,360
HSBC Holdings PLC, 4.375%, 11/23/2026		1,075,000		1,101,439
JPMorgan Chase & Co., 4.25%, 10/15/2020		2,134,000		2,271,069
JPMorgan Chase & Co., 4.5%, 1/24/2022		1,532,000		1,656,994
JPMorgan Chase & Co., 2.95%, 10/01/2026		1,811,000		1,739,817
JPMorgan Chase & Co., 3.54% to 5/01/2027, FRN to 5/01/2028		1,187,000		1,182,203
JPMorgan Chase & Co., 4.26% to 2/22/2047, FRN to 2/22/2048		1,249,000		1,254,765
Morgan Stanley, 2.2%, 12/07/2018		720,000		723,405
Morgan Stanley, 2.5%, 4/21/2021		860,000		857,089
Morgan Stanley, 5.5%, 7/28/2021		490,000		545,511
Morgan Stanley, 3.125%, 7/27/2026		1,211,000		1,168,481
Morgan Stanley, 2.625%, 3/09/2027	GBP	640,000		835,998
Morgan Stanley, 3.95%, 4/23/2027	$	1,588,000		1,592,748
Nationwide Building Society, 1.25%, 3/03/2025	EUR	710,000		792,883
Nordea Bank AB, 1% to 9/07/2021, FRN to 9/07/2026	EUR	600,000		654,866
PNC Bank N.A., 2.6%, 7/21/2020	$	857,000		869,772
PNC Financial Services Group, Inc., FRN, 6.75%, 12/31/2049		640,000		722,400
UBS Group Funding (Jersey) Ltd., 1.5%, 11/30/2024	EUR	1,200,000		1,330,152
Wells Fargo & Co., 3.3%, 9/09/2024	$	500,000		504,931
Wells Fargo & Co., 4.1%, 6/03/2026		649,000		672,672

			$	40,232,834
Medical & Health Technology & Services - 0.3%
Becton, Dickinson and Co., 3.734%, 12/15/2024	$	932,000	$	937,339
Laboratory Corp. of America Holdings, 3.2%, 2/01/2022		1,034,000		1,049,448
Laboratory Corp. of America Holdings, 4.7%, 2/01/2045		642,000		636,273
Thermo Fisher Scientific, Inc., 3%, 4/15/2023		1,872,000		1,880,179
Thermo Fisher Scientific, Inc., 2.95%, 9/19/2026		617,000		591,805

			$	5,095,044

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Medical Equipment - 0.2%
Medtronic, Inc., 3.5%, 3/15/2025	$	3,390,000	$	3,500,273

Metals & Mining - 0.2%
Barrick Gold Corp., 4.1%, 5/01/2023	$	775,000	$	842,702
Cameco Corp., 5.67%, 9/02/2019	CAD	724,000		568,497
Glencore Finance (Europe) S.A., 6.5%, 2/27/2019	GBP	200,000		282,495
Glencore Finance (Europe) S.A., 1.25%, 3/17/2021	EUR	1,010,000		1,119,512
Glencore Finance (Europe) S.A., 1.75%, 3/17/2025	EUR	700,000		756,244

			$	3,569,450
Midstream - 0.5%
APT Pipelines Ltd., 5%, 3/23/2035 (n)	$	685,000	$	701,713
Dominion Gas Holdings LLC, 2.8%, 11/15/2020		1,716,000		1,739,123
Enbridge, Inc., 5.5%, 12/01/2046		1,200,000		1,318,404
Enterprise Products Operating LLC, 1.65%, 5/07/2018		1,350,000		1,348,596
Enterprise Products Operating LLC, 3.9%, 2/15/2024		346,000		357,844
Kinder Morgan Energy Partners LP, 5.4%, 9/01/2044		925,000		940,213
Sabine Pass Liquefaction LLC, 4.2%, 3/15/2028 (n)		2,752,000		2,755,655

			$	9,161,548
Mortgage-Backed - 2.6%
Fannie Mae, 3.829%, 7/01/2018	$	249,013	$	253,972
Fannie Mae, 2.578%, 9/25/2018		737,233		742,139
Fannie Mae, 5.1%, 3/01/2019		306,093		319,038
Fannie Mae, 5.18%, 3/01/2019		306,651		319,419
Fannie Mae, 4.57%, 5/01/2019		218,439		227,785
Fannie Mae, 5%, 12/01/2020 - 8/01/2040		3,196,032		3,521,320
Fannie Mae, 4.5%, 3/01/2025 - 2/01/2046		13,705,887		14,799,318
Fannie Mae, 5.5%, 1/01/2037		46,219		51,772
Fannie Mae, 6%, 9/01/2037 - 6/01/2038		411,694		469,827
Fannie Mae, 4%, 11/01/2040 - 2/01/2041		6,166,641		6,517,729
Fannie Mae, 3.5%, 5/01/2043 - 1/01/2047		4,811,655		4,973,082
Freddie Mac, 1.426%, 8/25/2017		265,321		265,247
Freddie Mac, 3.882%, 11/25/2017		733,000		737,889
Freddie Mac, 2.412%, 8/25/2018		784,964		791,294
Freddie Mac, 5.085%, 3/25/2019		589,000		618,111
Freddie Mac, 1.883%, 5/25/2019		1,250,000		1,254,180
Freddie Mac, 3.32%, 7/25/2020		211,145		212,879
Freddie Mac, 2.673%, 3/25/2026		3,500,000		3,478,136
Freddie Mac, 5.5%, 7/01/2037		98,859		109,629
Freddie Mac, 4.5%, 12/01/2039 - 5/01/2042		4,033,374		4,353,436
Freddie Mac, 5%, 7/01/2041		2,130,930		2,362,829
Freddie Mac, 3.5%, 1/01/2047		3,151,188		3,243,066

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Mortgage-Backed - continued
Ginnie Mae, 5%, 5/15/2040	$	652,970	$	720,742
Ginnie Mae, 3.5%, 6/20/2043		1,898,730		1,981,922

			$	52,324,761
Natural Gas - Distribution - 0.1%
GNL Quintero S.A., 4.634%, 7/31/2029 (n)	$	1,440,000	$	1,499,400

Network & Telecom - 0.6%
AT&T, Inc., 2.45%, 6/30/2020	$	4,694,000	$	4,700,947
AT&T, Inc., 4.25%, 6/01/2043	GBP	500,000		694,930
AT&T, Inc., 4.75%, 5/15/2046	$	1,928,000		1,805,983
British Telecommunications PLC, 5.75%, 12/07/2028	GBP	315,000		542,975
Deutsche Telekom International Finance B.V., 1.5%, 4/03/2028	EUR	900,000		988,084
Empresa Nacional de Telecomunicaciones S.A., 4.75%, 8/01/2026 (n)	$	1,730,000		1,779,285
Verizon Communications, Inc., 1.375%, 11/02/2028	EUR	810,000		846,877
Verizon Communications, Inc., 5.05%, 3/15/2034	$	395,000		404,226
Verizon Communications, Inc., 4.812%, 3/15/2039 (z)		782,000		767,036

			$	12,530,343
Oils - 0.1%
Marathon Petroleum Corp., 3.4%, 12/15/2020	$	524,000	$	540,752
Marathon Petroleum Corp., 3.625%, 9/15/2024		1,138,000		1,133,854
Valero Energy Corp., 4.9%, 3/15/2045		1,101,000		1,102,222

			$	2,776,828
Other Banks & Diversified Financials - 0.5%
Arion Banki, 2.5%, 4/26/2019	EUR	274,000	$	309,709
Belfius Bank S.A., 3.125%, 5/11/2026	EUR	600,000		683,283
BPCE S.A., 4.5%, 3/15/2025 (n)	$	300,000		301,301
BPCE S.A., 5.25%, 4/16/2029	GBP	600,000		884,123
Citizens Bank N.A., 2.55%, 5/13/2021	$	848,000		848,207
Citizens Financial Group, Inc., 2.375%, 7/28/2021		1,005,000		997,206
Discover Bank, 7%, 4/15/2020		1,065,000		1,188,594
Discover Bank, 3.1%, 6/04/2020		480,000		490,391
ING Groep N.V., 3.95%, 3/29/2027		1,026,000		1,050,746
Intesa Sanpaolo S.p.A., 5.25%, 1/28/2022	GBP	550,000		792,238
Islandsbanki, 1.75%, 9/07/2020	EUR	1,250,000		1,396,341
KBC Group N.V., FRN, 2.375%, 11/25/2024	EUR	600,000		683,796

			$	9,625,935

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Personal Computers & Peripherals - 0.1%
Equifax, Inc., 2.3%, 6/01/2021	$	534,000	$	529,771
Equifax, Inc., 3.3%, 12/15/2022		483,000		494,458

			$	1,024,229
Pharmaceuticals - 0.2%
Celgene Corp., 2.875%, 8/15/2020	$	2,203,000	$	2,246,633
Forest Laboratories, Inc., 4.375%, 2/01/2019 (n)		911,000		941,603
Gilead Sciences, Inc., 2.35%, 2/01/2020		661,000		667,132

			$	3,855,368
Real Estate - Apartment - 0.0%
Vonovia Finance B.V., 2.125%, 7/09/2022	EUR	500,000	$	585,528

Real Estate - Office - 0.1%
Boston Properties, Inc., REIT, 3.125%, 9/01/2023	$	669,000	$	670,297
Merlin Properties SOCIMI S.A., REIT, 2.225%, 4/25/2023	EUR	1,650,000		1,861,861

			$	2,532,158
Real Estate - Retail - 0.1%
Simon International Finance S.C.A., 1.375%, 11/18/2022	EUR	600,000	$	677,994
Simon Property Group, Inc., REIT, 5.65%, 2/01/2020	$	640,000		696,838

			$	1,374,832
Retailers - 0.3%
Best Buy Co., Inc., 5.5%, 3/15/2021	$	1,974,000	$	2,146,997
Home Depot, Inc., 2.625%, 6/01/2022		1,400,000		1,423,524
Home Depot, Inc., 3%, 4/01/2026		916,000		922,857
Home Depot, Inc., 4.875%, 2/15/2044		500,000		573,011
Kering, 1.25%, 5/10/2026	EUR	600,000		656,707

			$	5,723,096
Specialty Chemicals - 0.0%
Ecolab, Inc., 2.625%, 7/08/2025	EUR	525,000	$	636,657

Supermarkets - 0.1%
Loblaw Cos. Ltd., 4.86%, 9/12/2023	CAD	725,000	$	606,179
Morrison (WM) Supermarkets, 3.5%, 7/27/2026	GBP	500,000		691,370

			$	1,297,549
Supranational - 0.1%
International Bank for Reconstruction and Development, 2.8%, 1/13/2021	AUD	600,000	$	455,910
International Bank for Reconstruction and Development, 4.25%, 6/24/2025	AUD	440,000		359,137

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Supranational - continued
International Finance Corp., 3.25%, 7/22/2019	AUD	635,000	$	487,640

			$	1,302,687
Telecommunications - Wireless - 0.3%
America Movil S.A.B. de C.V., 1.5%, 3/10/2024	EUR	670,000	$	744,130
American Tower Corp., REIT, 1.375%, 4/04/2025	EUR	440,000		480,519
American Tower Corp., REIT, 3.5%, 1/31/2023	$	502,000		510,649
American Tower Corp., REIT, 4%, 6/01/2025		1,250,000		1,284,598
Crown Castle International Corp., 2.25%, 9/01/2021		1,466,000		1,436,186
Crown Castle International Corp., 3.7%, 6/15/2026		515,000		516,770
SBA Tower Trust, 2.898%, 10/15/2044 (n)		588,000		591,409

			$	5,564,261
Telephone Services - 0.1%
Chorus Ltd., 1.125%, 10/18/2023	EUR	600,000	$	655,240
TELUS Corp., 5.05%, 7/23/2020	CAD	734,000		593,308

			$	1,248,548
Tobacco - 0.3%
B.A.T. International Finance PLC, 0.875%, 10/13/2023	EUR	750,000	$	811,515
B.A.T. International Finance PLC, 1.25%, 3/13/2027	EUR	600,000		637,337
Imperial Brands Finance PLC, 1.375%, 1/27/2025	EUR	550,000		602,021
Imperial Tobacco Finance PLC, 4.25%, 7/21/2025 (n)	$	556,000		583,057
Reynolds American, Inc., 8.125%, 6/23/2019		434,000		487,124
Reynolds American, Inc., 3.25%, 6/12/2020		1,321,000		1,361,284
Reynolds American, Inc., 4.45%, 6/12/2025		255,000		271,954
Reynolds American, Inc., 5.7%, 8/15/2035		798,000		913,310

			$	5,667,602
Transportation - Services - 0.2%
Autostrade per L’Italia S.p.A., 1.125%, 11/04/2021	EUR	800,000	$	893,912
Autostrade per L’Italia S.p.A., 1.75%, 6/26/2026	EUR	410,000		455,832
Compagnie Financiere et Industrielle des Autoroutes S.A., 0.75%, 9/09/2028	EUR	700,000		715,725
ERAC USA Finance LLC, 7%, 10/15/2037 (n)	$	627,000		788,081
Heathrow Funding Ltd., 4.625%, 10/31/2046	GBP	375,000		640,378

			$	3,493,928
U.S. Government Agencies and Equivalents - 0.1%
Small Business Administration, 5.09%, 10/01/2025	$	26,976	$	28,609
Small Business Administration, 5.21%, 1/01/2026		344,832		367,129
Small Business Administration, 5.31%, 5/01/2027		238,159		256,370
Small Business Administration, 2.22%, 3/01/2033		891,988		876,098

			$	1,528,206

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
U.S. Treasury Obligations - 2.1%
U.S. Treasury Bonds, 4.5%, 2/15/2036	$	2,634,000	$	3,378,413
U.S. Treasury Bonds, 4.5%, 8/15/2039 (f)		8,234,600		10,526,454
U.S. Treasury Bonds, 3.625%, 2/15/2044		7,720,000		8,713,649
U.S. Treasury Notes, 1.125%, 6/15/2018		2,986,000		2,984,832
U.S. Treasury Notes, 2%, 2/15/2025		16,717,000		16,502,153

			$	42,105,501
Utilities - Electric Power - 1.0%
American Electric Power Co., Inc., 1.65%, 12/15/2017	$	528,000	$	528,237
CMS Energy Corp., 5.05%, 3/15/2022		631,000		694,942
DTE Electric Co., 3.7%, 3/15/2045		700,000		682,196
Duke Energy Corp., 2.65%, 9/01/2026		1,361,000		1,285,956
Duke Energy Florida LLC, 3.2%, 1/15/2027		2,500,000		2,530,265
E.On International Finance, 6.375%, 6/07/2032	GBP	250,000		457,947
EDP Finance B.V., 4.9%, 10/01/2019 (n)	$	462,000		485,167
EDP Finance B.V., 4.125%, 1/20/2021	EUR	700,000		858,534
EDP Finance B.V., 2%, 4/22/2025	EUR	500,000		550,097
Emera U.S. Finance LP, 2.7%, 6/15/2021	$	339,000		339,232
Emera U.S. Finance LP, 3.55%, 6/15/2026		387,000		384,024
Enel Finance International N.V., 5.625%, 8/14/2024	GBP	250,000		395,958
Exelon Corp., 3.497%, 6/01/2022	$	1,098,000		1,119,734
Innogy Finance B.V., 4.75%, 1/31/2034	GBP	400,000		634,171
NextEra Energy Capital Holdings, Inc., 3.55%, 5/01/2027	$	1,540,000		1,549,885
PPL Capital Funding, Inc., 3.1%, 5/15/2026		1,269,000		1,232,092
PPL Capital Funding, Inc., 5%, 3/15/2044		331,000		356,890
PPL WEM Holdings PLC, 5.375%, 5/01/2021 (n)		189,000		205,024
Progress Energy, Inc., 7.05%, 3/15/2019		460,000		501,394
Public Service Enterprise Group, 2%, 11/15/2021		1,750,000		1,701,586
Southern Co., 4.4%, 7/01/2046		1,137,000		1,131,138
Virginia Electric & Power Co., 3.5%, 3/15/2027		2,000,000		2,063,492

			$	19,687,961
Total Bonds (Identified Cost, $647,741,132)			$	645,124,140

Convertible Preferred Stocks - 0.5%
Utilities - Electric Power - 0.5%
Exelon Corp., 6.5% (Identified Cost, $8,156,963)		181,058	$	8,942,455

Preferred Stocks - 0.7%
Automotive - 0.0%
Hyundai Motor Co.		6,860	$	598,645

Consumer Products - 0.6%
Henkel AG & Co. KGaA		85,644	$	11,661,501

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Preferred Stocks - continued
Other Banks & Diversified Financials - 0.1%
Itau Unibanco Holding S.A.		90,400	$	1,118,163
Total Preferred Stocks (Identified Cost, $5,803,556)			$	13,378,309

Money Market Funds - 7.5%
MFS Institutional Money Market Portfolio, 0.78% (v) (Identified Cost, $150,639,784)		150,642,772	$	150,642,772

Collateral for Securities Loaned - 0.3%
JPMorgan U.S. Government Money Market Fund, 0.67% (j) (Identified Cost, $6,301,755)		6,301,755	$	6,301,755
Total Investments (Identified Cost, $1,672,596,745)			$	1,997,927,095

Other Assets, Less Liabilities - 0.3%				6,706,272
Net Assets - 100.0%			$	2,004,633,367

(a)	Non-income producing security.

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

(j)	The rate quoted is the annualized seven-day yield of the fund at period end.

(l)	A portion of the security is on loan.

(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 $53,277,388 representing 2.7% of net assets.

(v)	Underlying affiliated fund 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
Chesapeake Funding II LLC, 2016-2A, “A2”, FRN, 1.994%, 6/15/2028	6/14/16		$1,511,000		$1,518,846
Liberty Mutual Group, Inc., 2.75%, 5/04/2026	4/26/16		313,958		328,503
Newell Brands, Inc., 3.75%, 10/01/2021	9/13/16		747,897		733,975
Parker-Hannifin Corp., 1.125%, 3/01/2025	2/21/17		262,339		274,157
Republic of Indonesia, 2.875%, 7/08/2021	7/02/14		543,816		464,695
State Grid Overseas Investment (2016) Ltd., 2.75%, 5/04/2022	4/26/17		1,633,726		1,628,376
Verizon Communications, Inc., 4.812%, 3/15/2039	2/07/17		784,968		767,036
Total Restricted Securities					$5,715,588
% of Net assets					0.3%

Portfolio of Investments (unaudited) – continued

The following abbreviations are used in this report and are defined:

ADR

American Depositary Receipt

CLO

Collateralized Loan Obligation

FRN

Floating Rate Note. Interest rate resets periodically and the current rate may not be the rate reported at period end.

PJSC

Public Joint Stock Company

PLC

Public Limited Company

REIT

Real Estate Investment Trust

Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:

AUD

Australian Dollar

CAD

Canadian Dollar

CHF

Swiss Franc

CZK

Czech Koruna

DKK

Danish Krone

EUR

Euro

GBP

British Pound

ILS

Israeli Sheqel

INR

Indian Rupee

JPY

Japanese Yen

KRW

Korean Won

MXN

Mexican Peso

MYR

Malaysian Ringgit

NOK

Norwegian Krone

NZD

New Zealand Dollar

PLN

Polish Zloty

SEK

Swedish Krona

SGD

Singapore Dollar

THB

Thailand Baht

TRY

Turkish Lira

ZAR

South African Rand

Derivative Contracts at 4/30/17

Forward Foreign Currency Exchange Contracts at 4/30/17


Type	Currency	Counter- party	Contracts to Deliver/ Receive		Settlement Date Range	In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
Asset Derivatives
SELL	AUD	Barclays Capital, Inc.		631,000	6/09/17		$475,027		$472,162		$2,865
SELL	AUD	Westpac Banking Corp.		16,553,490	6/09/17		12,521,473		12,386,578		134,895
SELL	CAD	Citibank N.A.		27,980,415	6/09/17		20,882,231		20,509,281		372,950
BUY	CHF	Citibank N.A.		4,766,000	6/09/17		4,729,864		4,801,991		72,127
BUY	CHF	Citigroup Global Markets, Inc.		229,000	6/09/17		230,716		230,729		13
BUY	CZK	Deutsche Bank AG		12,895,000	6/09/17		508,483		524,497		16,014
BUY	EUR	Barclays Bank PLC		583,000	6/09/17		625,313		636,325		11,012

Portfolio of Investments (unaudited) – continued

Forward Foreign Currency Exchange Contracts at 4/30/17 - continued


Type	Currency	Counter- party	Contracts to Deliver/ Receive		Settlement Date Range	In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
Asset Derivatives - continued
BUY	EUR	Brown Brothers Harriman Co.		305,784	6/09/17		$327,869		$333,753		$5,884
BUY	EUR	Citibank N.A.		293,881	6/09/17		316,944		320,762		3,818
BUY	EUR	Citibank N.A.		705,542	6/09/17		761,148		770,076		8,928
BUY	EUR	Deutsche Bank AG		1,643,000	6/09/17		1,758,978		1,793,280		34,302
BUY	EUR	Goldman Sachs International		4,957,000	6/09/17		5,306,216		5,410,402		104,186
BUY	EUR	JPMorgan Chase Bank		12,512,352	6/09/17		13,289,619		13,656,819		367,200
BUY	EUR	Morgan Stanley Capital Services, Inc.		8,500,114	5/19/17		9,038,596		9,267,266		228,670
BUY	ILS	Deutsche Bank AG		2,402,000	6/09/17		654,824		664,041		9,217
BUY	INR	Barclays Bank PLC		162,112,000	5/11/17		2,418,968		2,516,314		97,346
BUY	INR	JPMorgan Chase Bank		875,244,000	5/11/17-6/15/17		13,080,447		13,545,766		465,319
BUY	JPY	Goldman Sachs International		6,138,122,015	6/09/17		54,065,603		55,145,459		1,079,856
BUY	KRW	Barclays Bank PLC		10,363,620,000	5/15/17		9,042,825		9,108,979		66,154
BUY	KRW	JPMorgan Chase Bank		99,026,000	5/15/17		86,359		87,038		679
BUY	MXN	JPMorgan Chase Bank		69,180,000	6/09/17		3,640,095		3,650,099		10,004
BUY	MXN	JPMorgan Chase Bank		121,138,289	6/09/17		6,090,591		6,391,541		300,950
BUY	MYR	Citibank N.A.		4,175,863	5/02/17		960,852		961,959		1,107
BUY	MYR	Citibank N.A.		4,175,863	5/02/17		938,502		961,959		23,457
BUY	MYR	JPMorgan Chase Bank		4,175,863	5/02/17		960,852		961,959		1,107
BUY	PLN	JPMorgan Chase Bank		5,974,803	6/09/17		1,467,244		1,539,568		72,324
BUY	SEK	Goldman Sachs International		98,546,843	6/09/17		10,992,545		11,149,076		156,531

Portfolio of Investments (unaudited) – continued

Forward Foreign Currency Exchange Contracts at 4/30/17 - continued


Type	Currency	Counter- party	Contracts to Deliver/ Receive		Settlement Date Range		In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
Asset Derivatives - continued
BUY	SGD	Barclays Bank PLC		2,287,000		6/09/17		$1,621,296		$1,637,587		$16,291
BUY	THB	JPMorgan Chase Bank		56,073,750		5/22/17		1,616,424		1,620,568		4,144

												$3,667,350


Liability Derivatives
SELL	DKK	Goldman Sachs International		10,113,984		6/09/17		$1,444,470		$1,484,150		$(39,680	)
BUY	EUR	Deutsche Bank AG		733,853		6/09/17		801,093		800,976		(117	)
SELL	EUR	Barclays Bank PLC		129,740		6/09/17		137,877		141,607		(3,730	)
SELL	EUR	Citibank N.A.		464,830		6/09/17		501,578		507,347		(5,769	)
SELL	EUR	Goldman Sachs International		434,025		6/09/17		465,510		473,724		(8,214	)
SELL	EUR	JPMorgan Chase Bank		1,468,000		6/09/17		1,577,569		1,602,274		(24,705	)
SELL	GBP	Barclays Bank PLC		4,123,348		6/09/17		5,044,945		5,346,561		(301,616	)
SELL	GBP	Morgan Stanley Capital Services, Inc.		634,950		6/09/17		779,044		823,312		(44,268	)
SELL	JPY	Goldman Sachs International		86,514,000		6/09/17		775,980		777,250		(1,270	)
SELL	MXN	Goldman Sachs International		149,323,000		6/09/17		7,678,694		7,878,632		(199,938	)
BUY	MYR	JPMorgan Chase Bank		4,175,863		5/30/17		960,853		960,573		(280	)
SELL	MYR	Citibank N.A.		8,351,726		5/02/17		1,921,705		1,923,918		(2,213	)
SELL	MYR	JPMorgan Chase Bank		4,175,863		5/02/17		960,189		961,959		(1,770	)
BUY	NOK	Deutsche Bank AG		7,411,801		6/09/17		875,614		863,661		(11,953	)
BUY	NZD	JPMorgan Chase Bank		257,000		6/09/17		179,992		176,281		(3,711	)
BUY	NZD	JPMorgan Chase Bank		1,165,980		6/09/17		809,802		799,766		(10,036	)
SELL	TRY	JPMorgan Chase Bank		20,000		6/09/17		5,224		5,568		(344	)
BUY	ZAR	JPMorgan Chase Bank		13,302,933		6/09/17		1,010,515		988,559		(21,956	)

												$(681,570	)

Portfolio of Investments (unaudited) – continued

Futures Contracts at 4/30/17

Description

Currency

Contracts

Value

Expiration
Date

Unrealized
Appreciation
(Depreciation)

Liability Derivatives

Interest Rate Futures

U.S. Treasury Note 10 yr (Short)

USD

$7,920,281

June - 2017

$(73,962

)

At April 30, 2017, the fund had liquid securities with an aggregate value of $100,987 to cover any commitments for certain derivative contracts.

See Notes to Financial Statements

Financial Statements

STATEMENT OF ASSETS AND LIABILITIES

At 4/30/17 (unaudited)

This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.


Assets
Investments
Non-affiliated issuers, at value (identified cost, $1,521,956,961)	$1,847,284,323
Underlying affiliated funds, at value (identified cost, $150,639,784)	150,642,772
Total investments, at value, including $5,979,498 of securities on loan (identified cost, $1,672,596,745)	$1,997,927,095
Cash	129,863
Foreign currency, at value (identified cost, $55,486)	55,486
Receivables for
Forward foreign currency exchange contracts	3,667,350
Investments sold	2,755,693
Fund shares sold	5,532,105
Interest and dividends	8,358,247
Other assets	6,269
Total assets	$2,018,432,108
Liabilities
Payables for
Forward foreign currency exchange contracts	$681,570
Daily variation margin on open futures contracts	4,921
Investments purchased	1,633,733
Fund shares reacquired	4,273,533
Collateral for securities loaned, at value	6,301,755
Payable to affiliates
Investment adviser	19,422
Shareholder servicing costs	568,639
Distribution and service fees	65,563
Payable for independent Trustees’ compensation	8,035
Deferred country tax expense payable	178,781
Accrued expenses and other liabilities	62,789
Total liabilities	$13,798,741
Net assets	$2,004,633,367
Net assets consist of
Paid-in capital	$1,701,834,118
Unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies (net of $178,781 deferred country tax)	328,072,448
Accumulated net realized gain (loss) on investments and foreign currency	(34,845,558	)
Undistributed net investment income	9,572,359
Net assets	$2,004,633,367
Shares of beneficial interest outstanding	117,522,793

Statement of Assets and Liabilities (unaudited) – continued


	Net assets		Shares outstanding		Net asset value per share (a)
Class A		$751,011,862		43,895,843		$17.11
Class B		51,402,373		2,952,414		17.41
Class C		339,744,028		19,781,216		17.18
Class I		611,478,414		36,091,981		16.94
Class R1		2,434,474		142,290		17.11
Class R2		22,549,676		1,331,953		16.93
Class R3		18,591,153		1,089,663		17.06
Class R4		4,891,176		285,492		17.13
Class R6		202,530,211		11,951,941		16.95

(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 $18.15 [100 / 94.25 x $17.11]. 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.

See Notes to Financial Statements

Financial Statements

STATEMENT OF OPERATIONS

Six months ended 4/30/17 (unaudited)

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.


Net investment income
Income
Dividends	$16,406,969
Interest	7,382,766
Dividends from underlying affiliated funds	465,799
Other	21,241
Foreign taxes withheld	(845,609	)
Total investment income	$23,431,166
Expenses
Management fee	$7,746,815
Distribution and service fees	3,034,069
Shareholder servicing costs	1,014,658
Administrative services fee	155,253
Independent Trustees’ compensation	16,009
Custodian fee	169,747
Reimbursement of custodian expenses	(71,079	)
Shareholder communications	76,989
Audit and tax fees	35,951
Legal fees	8,464
Miscellaneous	139,672
Total expenses	$12,326,548
Fees paid indirectly	(1,960	)
Reduction of expenses by investment adviser and distributor	(1,382,890	)
Net expenses	$10,941,698
Net investment income	$12,489,468
Realized and unrealized gain (loss) on investments and foreign currency
Realized gain (loss) (identified cost basis)
Investments:
Non-affiliated issuers (net of $9,474 country tax)	$4,136,651
Underlying affiliated funds	(3,936	)
Futures contracts	28,262
Foreign currency	(9,822,832	)
Net realized gain (loss) on investments and foreign currency	$(5,661,855	)
Change in unrealized appreciation (depreciation)
Investments (net of $146,925 increase in deferred country tax)	$82,865,524
Futures contracts	(83,691	)
Translation of assets and liabilities in foreign currencies	5,975,208
Net unrealized gain (loss) on investments and foreign currency translation	$88,757,041
Net realized and unrealized gain (loss) on investments and foreign currency	$83,095,186
Change in net assets from operations	$95,584,654

See Notes to Financial Statements

Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.


Change in net assets	Six months ended 4/30/17 (unaudited)			Year ended 10/31/16
From operations
Net investment income		$12,489,468			$25,001,076
Net realized gain (loss) on investments and foreign currency		(5,661,855	)		(14,900,619	)
Net unrealized gain (loss) on investments and foreign currency translation		88,757,041			54,518,324
Change in net assets from operations		$95,584,654			$64,618,781
Distributions declared to shareholders
From net investment income		$(13,600,279	)		$(10,030,672	)
From net realized gain on investments		—			(56,436,387	)
Total distributions declared to shareholders		$(13,600,279	)		$(66,467,059	)
Change in net assets from fund share transactions		$32,816,754			$370,776,475
Total change in net assets		$114,801,129			$368,928,197
Net assets
At beginning of period		1,889,832,238			1,520,904,041
At end of period (including undistributed net investment income of $9,572,359 and $10,683,170, respectively)		$2,004,633,367			$1,889,832,238

See Notes to Financial Statements

Financial Statements

FINANCIAL HIGHLIGHTS


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class A				2016			2015			2014			2013			2012

Net asset value, beginning of period		$16.42			$16.49			$16.80			$16.32			$14.39			$13.52
Income (loss) from investment operations
Net investment income (d)		$0.11	(c)		$0.26			$0.25			$0.32			$0.24			$0.25
Net realized and unrealized gain (loss) on investments and foreign currency		0.70			0.40			(0.22	)		0.55			1.91			0.92
Total from investment operations		$0.81			$0.66			$0.03			$0.87			$2.15			$1.17
Less distributions declared to shareholders
From net investment income		$(0.12	)		$(0.11	)		$(0.16	)		$(0.32	)		$(0.22	)		$(0.30	)
From net realized gain on investments		—			(0.62	)		(0.18	)		(0.07	)		—			—
Total distributions declared to shareholders		$(0.12	)		$(0.73	)		$(0.34	)		$(0.39	)		$(0.22	)		$(0.30	)
Net asset value, end of period (x)		$17.11			$16.42			$16.49			$16.80			$16.32			$14.39
Total return (%) (r)(s)(t)(x)		4.96	(c)(n)		4.21			0.20			5.41			15.13			8.81
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.23	(a)(c)		1.27			1.28			1.27			1.28			1.30
Expenses after expense reductions (f)		1.08	(a)(c)		1.12			1.13			1.17			1.22			1.25
Net investment income		1.34	(a)(c)		1.59			1.51			1.93			1.60			1.80
Portfolio turnover		19	(n)		36			54			23			40			30
Net assets at end of period (000 omitted)		$751,012			$823,267			$802,412			$772,769			$657,312			$509,475

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class B				2016			2015			2014			2013			2012

Net asset value, beginning of period		$16.73			$16.82			$17.21			$16.70			$14.73			$13.83
Income (loss) from investment operations
Net investment income (d)		$0.05	(c)		$0.14			$0.13			$0.20			$0.13			$0.15
Net realized and unrealized gain (loss) on investments and foreign currency		0.71			0.40			(0.22	)		0.57			1.95			0.94
Total from investment operations		$0.76			$0.54			$(0.09	)		$0.77			$2.08			$1.09
Less distributions declared to shareholders
From net investment income		$(0.08	)		$(0.01	)		$(0.12	)		$(0.19	)		$(0.11	)		$(0.19	)
From net realized gain on investments		—			(0.62	)		(0.18	)		(0.07	)		—			—
Total distributions declared to shareholders		$(0.08	)		$(0.63	)		$(0.30	)		$(0.26	)		$(0.11	)		$(0.19	)
Net asset value, end of period (x)		$17.41			$16.73			$16.82			$17.21			$16.70			$14.73
Total return (%) (r)(s)(t)(x)		4.57	(c)(n)		3.37			(0.53	)		4.66			14.20			8.01
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.98	(a)(c)		2.02			2.03			2.01			2.03			2.05
Expenses after expense reductions (f)		1.83	(a)(c)		1.87			1.88			1.92			1.97			2.00
Net investment income		0.59	(a)(c)		0.83			0.75			1.19			0.86			1.05
Portfolio turnover		19	(n)		36			54			23			40			30
Net assets at end of period (000 omitted)		$51,402			$55,070			$60,197			$66,528			$64,457			$59,468

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class C				2016			2015			2014			2013			2012

Net asset value, beginning of period		$16.51			$16.60			$17.00			$16.50			$14.56			$13.67
Income (loss) from investment operations
Net investment income (d)		$0.05	(c)		$0.14			$0.13			$0.20			$0.13			$0.15
Net realized and unrealized gain (loss) on investments and foreign currency		0.70			0.40			(0.23	)		0.57			1.92			0.93
Total from investment operations		$0.75			$0.54			$(0.10	)		$0.77			$2.05			$1.08
Less distributions declared to shareholders
From net investment income		$(0.08	)		$(0.01	)		$(0.12	)		$(0.20	)		$(0.11	)		$(0.19	)
From net realized gain on investments		—			(0.62	)		(0.18	)		(0.07	)		—			—
Total distributions declared to shareholders		$(0.08	)		$(0.63	)		$(0.30	)		$(0.27	)		$(0.11	)		$(0.19	)
Net asset value, end of period (x)		$17.18			$16.51			$16.60			$17.00			$16.50			$14.56
Total return (%) (r)(s)(t)(x)		4.58	(c)(n)		3.44			(0.59	)		4.70			14.19			8.05
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.98	(a)(c)		2.02			2.03			2.02			2.03			2.05
Expenses after expense reductions (f)		1.83	(a)(c)		1.87			1.88			1.92			1.97			2.00
Net investment income		0.60	(a)(c)		0.84			0.75			1.17			0.85			1.05
Portfolio turnover		19	(n)		36			54			23			40			30
Net assets at end of period (000 omitted)		$339,744			$359,421			$323,241			$308,269			$245,944			$186,974

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class I				2016			2015			2014			2013			2012

Net asset value, beginning of period		$16.26			$16.34			$16.65			$16.17			$14.27			$13.41
Income (loss) from investment operations
Net investment income (d)		$0.13	(c)		$0.31			$0.29			$0.35			$0.28			$0.27
Net realized and unrealized gain (loss) on investments and foreign currency		0.69			0.38			(0.22	)		0.56			1.88			0.92
Total from investment operations		$0.82			$0.69			$0.07			$0.91			$2.16			$1.19
Less distributions declared to shareholders
From net investment income		$(0.14	)		$(0.15	)		$(0.20	)		$(0.36	)		$(0.26	)		$(0.33	)
From net realized gain on investments		—			(0.62	)		(0.18	)		(0.07	)		—			—
Total distributions declared to shareholders		$(0.14	)		$(0.77	)		$(0.38	)		$(0.43	)		$(0.26	)		$(0.33	)
Net asset value, end of period (x)		$16.94			$16.26			$16.34			$16.65			$16.17			$14.27
Total return (%) (r)(s)(x)		5.08	(c)(n)		4.45			0.45			5.72			15.33			9.08
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.97	(a)(c)		1.01			1.03			1.02			1.03			1.06
Expenses after expense reductions (f)		0.83	(a)(c)		0.87			0.88			0.92			0.97			1.00
Net investment income		1.63	(a)(c)		1.92			1.75			2.14			1.84			2.00
Portfolio turnover		19	(n)		36			54			23			40			30
Net assets at end of period (000 omitted)		$611,478			$494,880			$212,571			$193,307			$108,175			$67,970

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class R1				2016			2015			2014			2013			2012

Net asset value, beginning of period		$16.44			$16.54			$16.93			$16.44			$14.50			$13.62
Income (loss) from investment operations
Net investment income (d)		$0.05	(c)		$0.13			$0.13			$0.20			$0.13			$0.15
Net realized and unrealized gain (loss) on investments and foreign currency		0.70			0.40			(0.23	)		0.56			1.92			0.92
Total from investment operations		$0.75			$0.53			$(0.10	)		$0.76			$2.05			$1.07
Less distributions declared to shareholders
From net investment income		$(0.08	)		$(0.01	)		$(0.11	)		$(0.20	)		$(0.11	)		$(0.19	)
From net realized gain on investments		—			(0.62	)		(0.18	)		(0.07	)		—			—
Total distributions declared to shareholders		$(0.08	)		$(0.63	)		$(0.29	)		$(0.27	)		$(0.11	)		$(0.19	)
Net asset value, end of period (x)		$17.11			$16.44			$16.54			$16.93			$16.44			$14.50
Total return (%) (r)(s)(x)		4.59	(c)(n)		3.39			(0.55	)		4.63			14.26			8.01
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.98	(a)(c)		2.02			2.03			2.01			2.03			2.05
Expenses after expense reductions (f)		1.83	(a)(c)		1.87			1.88			1.92			1.97			2.00
Net investment income		0.57	(a)(c)		0.81			0.75			1.18			0.87			1.05
Portfolio turnover		19	(n)		36			54			23			40			30
Net assets at end of period (000 omitted)		$2,434			$2,875			$3,195			$3,518			$3,613			$3,124

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class R2				2016			2015			2014			2013			2012

Net asset value, beginning of period		$16.26			$16.35			$16.68			$16.20			$14.29			$13.43
Income (loss) from investment operations
Net investment income (d)		$0.09	(c)		$0.23			$0.21			$0.28			$0.21			$0.21
Net realized and unrealized gain (loss) on investments and foreign currency		0.69			0.38			(0.22	)		0.55			1.88			0.92
Total from investment operations		$0.78			$0.61			$(0.01	)		$0.83			$2.09			$1.13
Less distributions declared to shareholders
From net investment income		$(0.11	)		$(0.08	)		$(0.14	)		$(0.28	)		$(0.18	)		$(0.27	)
From net realized gain on investments		—			(0.62	)		(0.18	)		(0.07	)		—			—
Total distributions declared to shareholders		$(0.11	)		$(0.70	)		$(0.32	)		$(0.35	)		$(0.18	)		$(0.27	)
Net asset value, end of period (x)		$16.93			$16.26			$16.35			$16.68			$16.20			$14.29
Total return (%) (r)(s)(x)		4.82	(c)(n)		3.93			(0.03	)		5.16			14.79			8.55
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.48	(a)(c)		1.52			1.53			1.51			1.53			1.56
Expenses after expense reductions (f)		1.33	(a)(c)		1.37			1.38			1.42			1.47			1.50
Net investment income		1.11	(a)(c)		1.40			1.25			1.69			1.38			1.54
Portfolio turnover		19	(n)		36			54			23			40			30
Net assets at end of period (000 omitted)		$22,550			$20,926			$11,577			$9,812			$10,528			$8,438

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class R3				2016			2015			2014			2013			2012

Net asset value, beginning of period		$16.37			$16.44			$16.75			$16.27			$14.35			$13.48
Income (loss) from investment operations
Net investment income (d)		$0.11	(c)		$0.26			$0.25			$0.32			$0.24			$0.24
Net realized and unrealized gain (loss) on investments and foreign currency		0.70			0.40			(0.22	)		0.55			1.90			0.93
Total from investment operations		$0.81			$0.66			$0.03			$0.87			$2.14			$1.17
Less distributions declared to shareholders
From net investment income		$(0.12	)		$(0.11	)		$(0.16	)		$(0.32	)		$(0.22	)		$(0.30	)
From net realized gain on investments		—			(0.62	)		(0.18	)		(0.07	)		—			—
Total distributions declared to shareholders		$(0.12	)		$(0.73	)		$(0.34	)		$(0.39	)		$(0.22	)		$(0.30	)
Net asset value, end of period (x)		$17.06			$16.37			$16.44			$16.75			$16.27			$14.35
Total return (%) (r)(s)(x)		4.98	(c)(n)		4.23			0.19			5.42			15.10			8.84
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.23	(a)(c)		1.27			1.27			1.27			1.28			1.31
Expenses after expense reductions (f)		1.08	(a)(c)		1.12			1.13			1.17			1.22			1.25
Net investment income		1.36	(a)(c)		1.62			1.50			1.93			1.59			1.77
Portfolio turnover		19	(n)		36			54			23			40			30
Net assets at end of period (000 omitted)		$18,591			$15,157			$11,368			$13,576			$12,423			$9,575

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class R4				2016			2015			2014			2013			2012

Net asset value, beginning of period		$16.44			$16.51			$16.82			$16.33			$14.41			$13.52
Income (loss) from investment operations
Net investment income (d)		$0.13	(c)		$0.29			$0.29			$0.36			$0.27			$0.30
Net realized and unrealized gain (loss) on investments and foreign currency		0.70			0.41			(0.22	)		0.56			1.91			0.90
Total from investment operations		$0.83			$0.70			$0.07			$0.92			$2.18			$1.20
Less distributions declared to shareholders
From net investment income		$(0.14	)		$(0.15	)		$(0.20	)		$(0.36	)		$(0.26	)		$(0.31	)
From net realized gain on investments		—			(0.62	)		(0.18	)		(0.07	)		—			—
Total distributions declared to shareholders		$(0.14	)		$(0.77	)		$(0.38	)		$(0.43	)		$(0.26	)		$(0.31	)
Net asset value, end of period (x)		$17.13			$16.44			$16.51			$16.82			$16.33			$14.41
Total return (%) (r)(s)(x)		5.07	(c)(n)		4.45			0.45			5.72			15.32			9.06
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.98	(a)(c)		1.02			1.03			1.02			1.04			1.05
Expenses after expense reductions (f)		0.83	(a)(c)		0.87			0.88			0.92			0.97			1.00
Net investment income		1.61	(a)(c)		1.79			1.73			2.14			1.77			2.19
Portfolio turnover		19	(n)		36			54			23			40			30
Net assets at end of period (000 omitted)		$4,891			$7,629			$10,758			$10,042			$7,938			$2,642

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class R6				2016			2015			2014			2013			2012 (i)

Net asset value, beginning of period		$16.26			$16.34			$16.65			$16.18			$14.27			$13.29
Income (loss) from investment operations
Net investment income (d)		$0.14	(c)		$0.31			$0.30			$0.37			$0.29			$0.07
Net realized and unrealized gain (loss) on investments and foreign currency		0.70			0.40			(0.21	)		0.55			1.89			1.01
Total from investment operations		$0.84			$0.71			$0.09			$0.92			$2.18			$1.08
Less distributions declared to shareholders
From net investment income		$(0.15	)		$(0.17	)		$(0.22	)		$(0.38	)		$(0.27	)		$(0.10	)
From net realized gain on investments		—			(0.62	)		(0.18	)		(0.07	)		—			—
Total distributions declared to shareholders		$(0.15	)		$(0.79	)		$(0.40	)		$(0.45	)		$(0.27	)		$(0.10	)
Net asset value, end of period (x)		$16.95			$16.26			$16.34			$16.65			$16.18			$14.27
Total return (%) (r)(s)(x)		5.19	(c)(n)		4.54			0.56			5.73			15.49			8.16	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.88	(a)(c)		0.92			0.93			0.93			0.94			1.00	(a)
Expenses after expense reductions (f)		0.74	(a)(c)		0.77			0.78			0.83			0.88			0.94	(a)
Net investment income		1.75	(a)(c)		1.96			1.85			2.25			1.95			1.24	(a)
Portfolio turnover		19	(n)		36			54			23			40			30
Net assets at end of period (000 omitted)		$202,530			$110,608			$85,585			$74,972			$61,383			$44,263

(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. See Note 2 in the Notes to Financial Statements for additional information.

(d)	Per share data is based on average shares outstanding.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(i)	For the period from the class inception, June 1, 2012, 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

See Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS

(unaudited)

(1) Business and Organization

MFS Global Total Return Fund (the fund) is a diversified series of MFS Series Trust VI (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

(2) Significant Accounting Policies

In March 2017, FASB issued Accounting Standards Update 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20) – Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). For entities that hold callable debt securities at a premium, ASU 2017-08 requires that the premium be amortized to the earliest call date. ASU 2017-08 will be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is still evaluating the potential impacts of ASU 2017-08 but believes that adoption of ASU 2017-08 will not have a material effect on the fund’s financial position or its overall results of operations.

Notes to Financial Statements (unaudited) – continued

Agreement does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund’s right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.

Investment Valuations – 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. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid 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. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investment companies are generally valued at net asset value per share. 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. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. 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.

Notes to Financial Statements (unaudited) – continued

trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a frequent basis 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 unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as futures contracts and forward foreign currency

Notes to Financial Statements (unaudited) – continued

exchange contracts. The following is a summary of the levels used as of April 30, 2017 in valuing the fund’s assets or liabilities:


Investments at Value	Level 1			Level 2			Level 3		Total
Equity Securities:
United States		$640,820,037			$—			$—		$640,820,037
Japan		96,445,789			—			—		96,445,789
Switzerland		94,468,462			—			—		94,468,462
United Kingdom		85,231,550			—			—		85,231,550
Germany		51,506,346			—			—		51,506,346
France		47,237,728			—			—		47,237,728
Taiwan		28,939,912			—			—		28,939,912
Canada		24,638,993			—			—		24,638,993
Netherlands		22,182,688			—			—		22,182,688
Other Countries		98,871,092			5,515,828			—		104,386,920
U.S. Treasury Bonds & U.S. Government Agency & Equivalents		—			43,633,707			—		43,633,707
Non-U.S. Sovereign Debt		—			268,398,108			—		268,398,108
U.S. Corporate Bonds		—			174,837,669			—		174,837,669
Residential Mortgage-Backed Securities		—			52,324,762			—		52,324,762
Commercial Mortgage-Backed Securities		—			11,131,705			—		11,131,705
Asset-Backed Securities (including CDOs)		—			25,577,138			—		25,577,138
Foreign Bonds		—			69,221,054			—		69,221,054
Mutual Funds		156,944,527			—			—		156,944,527
Total Investments		$1,347,287,124			$650,639,971			$—		$1,997,927,095

Other Financial Instruments
Futures Contracts – Liabilities		$(73,962	)		$—			$—		$(73,962	)
Forward Foreign Currency Exchange Contracts – Assets		—			3,667,350			—		3,667,350
Forward Foreign Currency Exchange Contracts – Liabilities		—			(681,570	)		—		(681,570	)

For further information regarding security characteristics, see the Portfolio of Investments.

Notes to Financial Statements (unaudited) – continued

Derivatives – The fund uses derivatives for different purposes, primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.

The derivative instruments used by the fund were futures contracts and forward foreign currency exchange contracts. The fund’s period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at April 30, 2017 as reported in the Statement of Assets and Liabilities:


		Fair Value (a)
Risk	Derivative Contracts	Asset Derivatives		Liability Derivatives
Interest Rate	Interest Rate Futures		$—		$(73,962)
Foreign Exchange	Forward Foreign Currency Exchange		3,667,350		(681,570)
Total			$3,667,350		$(755,532)

(a)	The value of futures contracts includes cumulative appreciation (depreciation) as reported .in the fund’s Portfolio of Investments. Only the current day net variation margin for futures contracts is separately reported within the fund’s Statement of Assets and Liabilities.

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended April 30, 2017 as reported in the Statement of Operations:


Risk	Futures Contracts		Foreign Currency
Interest Rate		$28,262		$—
Foreign Exchange		—		(9,630,218	)
Total		$28,262		$(9,630,218	)

The following table presents, by major type of derivative contract, the change in unrealized appreciation (depreciation) on derivatives held by the fund for the six months ended April 30, 2017 as reported in the Statement of Operations:


Risk	Futures Contracts			Translation of Assets and Liabilities in Foreign Currencies
Interest Rate		$(83,691	)		$—
Foreign Exchange		—			5,828,321
Total		$(83,691	)		$5,828,321

Notes to Financial Statements (unaudited) – continued

Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund’s credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.

Collateral and margin requirements differ by type of derivative. Margin requirements are set by the clearing broker and the clearing house for cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options) while collateral terms are contract specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options). For derivatives traded under an ISDA Master Agreement, which contains a collateral support annex, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated to cover the fund’s collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as “Restricted cash” or “Deposits with brokers.” Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in “Miscellaneous” expense in the Statement of Operations.

Futures Contracts – The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, currency exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a certain percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures contracts is realized.

The fund bears the risk of interest rates, exchange rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures contracts may present less counterparty risk to the fund since the contracts are exchange traded and the exchange’s clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund’s maximum risk of loss due to

Notes to Financial Statements (unaudited) – continued

counterparty credit risk is equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.

Forward Foreign Currency Exchange Contracts – The fund entered into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. These contracts may be used to hedge the fund’s currency risk or for non-hedging purposes. For hedging purposes, the fund may enter into contracts to deliver or receive foreign currency that the fund will receive from or use in its normal investment activities. The fund may also use contracts to hedge against declines in the value of foreign currency denominated securities due to unfavorable exchange rate movements. For non-hedging purposes, the fund may enter into contracts with the intent of changing the relative exposure of the fund’s portfolio of securities to different currencies to take advantage of anticipated exchange rate changes.

Forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any unrealized gains or losses are recorded as a receivable or payable for forward foreign currency exchange contracts until the contract settlement date. On contract settlement date, any gain or loss on the contract is recorded as realized gains or losses on foreign currency.

Risks may arise upon entering into these contracts from unanticipated movements in the value of the contract and from the potential inability of counterparties to meet the terms of their contracts. Generally, the fund’s maximum risk due to counterparty credit risk is the unrealized gain on the contract due to the use of Continuous Linked Settlement, a multicurrency cash settlement system for the centralized settlement of foreign transactions. This risk is mitigated in cases where there is an ISDA Master Agreement between the fund and the counterparty providing for netting as described above and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund’s exposure to the counterparty under such ISDA Master Agreement.

Notes to Financial Statements (unaudited) – continued

due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. At period end, the fund had investment securities on loan, all of which were classified as equity securities in the fund’s Portfolio of Investments, with a fair value of $5,979,498. The fair value of the fund’s investment securities on loan and a related liability of $6,301,755 for cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. The collateral received on securities loaned exceeded the value of securities on loan at period end. The liability for cash collateral for securities loaned is carried at fair value, which is categorized as level 2 within the fair value hierarchy. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. Treasury and/or federal agency obligations, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is included in “Interest” income in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income.

Investment Transactions and Income – Investment transactions are recorded on the trade date. Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date.

Notes to Financial Statements (unaudited) – continued

error during the period 1998 through 2015. The amount of this one-time reimbursement attributable to the fund is reflected as “Reimbursement of custodian expenses” in the Statement of Operations.

Book/tax differences primarily relate to amortization and accretion of debt securities, passive foreign investment companies, wash sale loss deferrals, straddle loss deferrals, and derivative transactions.


	10/31/16
Ordinary income (including any short-term capital gains)		$10,031,811
Long-term capital gains		56,435,248
Total distributions		$66,467,059

Notes to Financial Statements (unaudited) – continued

The federal tax cost and the tax basis components of distributable earnings were as follows:


As of 4/30/17
Cost of investments	$1,683,601,819
Gross appreciation	339,423,375
Gross depreciation	(25,098,099	)
Net unrealized appreciation (depreciation)	$314,325,276

As of 10/31/16
Undistributed ordinary income	9,037,796
Capital loss carryforwards	(8,766,472	)
Other temporary differences	(3,429,936	)
Net unrealized appreciation (depreciation)	223,973,486

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

As of October 31, 2016, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:


Long-Term			$(8,766,472	)


	From net investment income				From net realized gain on investments
	Six months ended 4/30/17		Year ended 10/31/16		Six months ended 4/30/17		Year ended 10/31/16
Class A		$5,762,671		$5,534,277		$—		$29,963,611
Class B		261,857		33,230		—		2,167,765
Class C		1,771,630		252,900		—		11,886,137
Class I		4,390,299		2,984,240		—		7,835,313
Class R1		14,199		2,563		—		119,237
Class R2		143,082		76,649		—		473,698
Class R3		128,650		85,900		—		426,425
Class R4		44,401		74,022		—		356,376
Class R6		1,083,490		986,891		—		3,207,825
Total		$13,600,279		$10,030,672		$—		$56,436,387

Notes to Financial Statements (unaudited) – continued

(3) Transactions with Affiliates

Investment Adviser – The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. For the period from November 1, 2016 through February 27, 2017, the management fee was computed daily and paid monthly at an annual rate of 0.84% of the fund’s average daily net assets.

The investment adviser had agreed in writing to reduce its management fee to 0.75% of average daily net assets in excess of $500 million up to $1.0 billion, 0.70% of average daily net assets in excess of $1.0 billion up to $2.5 billion, and 0.65% of average daily net assets in excess of $2.5 billion. This written agreement terminated on February 27, 2017. For the period from November 1, 2016 through February 27, 2017, this management fee reduction amounted to $561,421, which is included in the reduction of total expenses in the Statement of Operations. MFS has also agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund’s Board of Trustees. For the six months ended April 30, 2017, this management fee reduction amounted to $72,091, which is included in the reduction of total expenses in the Statement of Operations. Effective February 28, 2017, the management fee is computed daily and paid monthly at an annual rate of 0.84% of average daily net assets up to $500 million, 0.75% of average daily net assets in excess of $500 million up to $1.0 billion, 0.70% of average daily net assets in excess of $1.0 billion up to $2.5 billion, and 0.65% of average daily net assets in excess of $2.5 billion. The management fee incurred for the six months ended April 30, 2017 was equivalent to an annual effective rate of 0.74% of the fund’s average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund’s total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses, such that total fund operating expenses do not exceed the following rates annually of each class’s average daily net assets:


Classes
A		B			C			I			R1			R2			R3			R4			R6
	1.09%		1.84	%		1.84	%		0.84	%		1.84	%		1.34	%		1.09	%		0.84	%		0.78	%

This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until February 28, 2018. For the six months ended April 30, 2017, this reduction amounted to $739,363, which is included in the reduction of total expenses in the Statement of Operations.

Distributor – MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $149,241 for the six months ended April 30, 2017, as its portion of the initial sales charge on sales of Class A shares of the fund.

The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.

Notes to Financial Statements (unaudited) – continued

another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries.

Distribution Plan Fee Table:


	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%		$960,430
Class B		0.75%		0.25%		1.00%		1.00%		261,429
Class C		0.75%		0.25%		1.00%		1.00%		1,723,460
Class R1		0.75%		0.25%		1.00%		1.00%		12,926
Class R2		0.25%		0.25%		0.50%		0.50%		54,287
Class R3		—		0.25%		0.25%		0.25%		21,537
Total Distribution and Service Fees										$3,034,069

(d)

(e)

The annual effective rates represent actual fees incurred under the distribution plan for the six months ended April 30, 2017 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 MFD retains the 0.25% service fee except for accounts attributable to MFS or its affiliates’ seed money. For the six months ended April 30, 2017, this rebate amounted to $9,840, $7, and $168 for Class A, Class B, and Class C, respectively, and is included in the reduction of total expenses in the Statement of Operations.


	Amount
Class A		$4,114
Class B		49,376
Class C		38,703

Shareholder Servicing Agent – MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund’s Board of Trustees. For the six months ended April 30, 2017, the fee was $92,229, which equated to 0.0096% annually of the fund’s average daily net assets. MFSC also receives payment from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended April 30, 2017, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $922,429.

Notes to Financial Statements (unaudited) – continued

Prior to December 31, 2001, the fund had an unfunded defined benefit plan (“DB plan”) for independent Trustees. As of December 31, 2001, the Board took action to terminate the DB plan with respect to then-current and any future independent Trustees, such that the DB plan covers only certain of those former independent Trustees who retired on or before December 31, 2001. The DB plan resulted in a pension expense of $400 and is included in “Independent Trustees’ compensation” in the Statement of Operations for the six months ended April 30, 2017. The liability for deferred retirement benefits payable to certain independent Trustees under the DB plan amounted to $3,867 at April 30, 2017, and is included in “Payable for independent Trustees’ compensation” in the Statement of Assets and Liabilities.

Other – This fund and certain other funds managed by MFS (the funds) have entered into a service agreement (the ISO Agreement) which provides for payment of fees solely by the funds to Tarantino LLC in return for the provision of services of an Independent Senior Officer (ISO) for the funds. Frank L. Tarantino serves as the ISO and is an officer of the funds and the sole member of Tarantino LLC. The funds can terminate the ISO Agreement with Tarantino LLC at any time under the terms of the ISO Agreement. For the six months ended April 30, 2017, the fee paid by the fund under this agreement was $1,777 and is included in “Miscellaneous” expense in the Statement of Operations. MFS has agreed to bear all expenses associated with office space, other administrative support, and supplies provided to the ISO.

On March 16, 2016, MFS redeemed 2,903 shares of Class I for an aggregate amount of $45,756.

On March 16, 2017, MFS redeemed 8,930 shares of Class I for an aggregate amount of $149,577.

The fund is permitted to engage in purchase and sale transactions (“cross-trades”) with funds and accounts for which MFS serves as investment adviser or sub-adviser pursuant to a policy adopted by the Board of Trustees. This policy has been designed to ensure

Notes to Financial Statements (unaudited) – continued

that cross-trades conducted by the fund comply with Rule 17a-7 under the Investment Company Act of 1940. Under this policy, cross-trades are effected at current market prices with no remuneration paid in connection with the transaction. During the six months ended April 30, 2017, the fund engaged in purchase and sale transactions pursuant to this policy, which amounted to$ 4,271,678 and $807,082, respectively. The sales transactions resulted in net realized gains (losses) of $(206,209).

(4) Portfolio Securities

For the six months ended April 30, 2017, purchases and sales of investments, other than short-term obligations, were as follows:


	Purchases		Sales
U.S. Government securities		$40,403,524		$24,688,098
Investments (non-U.S. Government securities)		$316,275,763		$304,709,490

(5) Shares of Beneficial Interest

The fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:


	Six months ended 4/30/17				Year ended 10/31/16
	Shares		Amount		Shares		Amount
Shares sold
Class A		3,887,459		$64,199,633		12,441,839		$201,091,421
Class B		132,246		2,223,446		353,650		5,806,658
Class C		1,436,383		23,798,816		6,189,716		100,560,840
Class I		13,223,019		215,941,875		23,296,382		376,006,679
Class R1		10,638		175,926		29,493		475,109
Class R2		337,722		5,516,697		831,923		13,472,046
Class R3		336,745		5,532,492		401,819		6,527,476
Class R4		120,963		1,984,675		199,922		3,235,134
Class R6		7,042,939		113,378,626		2,288,714		36,707,972
		26,528,114		$432,752,186		46,033,458		$743,883,335

Shares issued to shareholders in reinvestment of distributions
Class A		334,335		$5,453,012		2,168,882		$33,962,579
Class B		13,493		224,665		118,225		1,882,154
Class C		83,773		1,375,561		595,702		9,360,000
Class I		231,277		3,746,175		545,741		8,527,092
Class R1		868		14,199		7,727		120,938
Class R2		3,212		51,905		17,927		278,047
Class R3		7,907		128,650		32,799		512,316
Class R4		1,921		31,475		22,955		359,803
Class R6		58,650		952,717		244,765		3,807,986
		735,436		$11,978,359		3,754,723		$58,810,915

Notes to Financial Statements (unaudited) – continued


	Six months ended 4/30/17						Year ended 10/31/16
	Shares			Amount			Shares			Amount
Shares reacquired
Class A		(10,470,534	)		$(172,768,313	)		(13,113,692	)		$(213,125,586	)
Class B		(484,872	)		(8,178,452	)		(759,595	)		(12,517,912	)
Class C		(3,512,936	)		(58,461,418	)		(4,478,039	)		(72,834,112	)
Class I		(7,797,326	)		(127,013,020	)		(6,413,353	)		(103,135,812	)
Class R1		(44,072	)		(726,259	)		(55,519	)		(889,507	)
Class R2		(296,131	)		(4,870,550	)		(270,651	)		(4,257,152	)
Class R3		(180,636	)		(2,996,000	)		(200,270	)		(3,180,871	)
Class R4		(301,481	)		(4,901,985	)		(410,273	)		(6,463,232	)
Class R6		(1,951,196	)		(31,997,794	)		(968,238	)		(15,513,591	)
		(25,039,184	)		$(411,913,791	)		(26,669,630	)		$(431,917,775	)

Net change
Class A		(6,248,740	)		$(103,115,668	)		1,497,029			$21,928,414
Class B		(339,133	)		(5,730,341	)		(287,720	)		(4,829,100	)
Class C		(1,992,780	)		(33,287,041	)		2,307,379			37,086,728
Class I		5,656,970			92,675,030			17,428,770			281,397,959
Class R1		(32,566	)		(536,134	)		(18,299	)		(293,460	)
Class R2		44,803			698,052			579,199			9,492,941
Class R3		164,016			2,665,142			234,348			3,858,921
Class R4		(178,597	)		(2,885,835	)		(187,396	)		(2,868,295	)
Class R6		5,150,393			82,333,549			1,565,241			25,002,367
		2,224,366			$32,816,754			23,118,551			$370,776,475

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.25 billion unsecured committed line of credit, subject to a $1 billion sublimit, provided by a syndication of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the higher of the Overnight Federal Reserve funds rate or daily one month LIBOR plus an agreed upon spread. A commitment fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds at the end of each calendar quarter. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at a rate equal to the Overnight Federal Reserve funds rate plus an agreed upon spread. For the six months ended April 30, 2017, the fund’s commitment fee and interest expense were $6,322 and $0, respectively, and are included in “Miscellaneous” expense in the Statement of Operations.

Notes to Financial Statements (unaudited) – continued

(7) Transactions in Underlying Affiliated Funds-Affiliated Issuers


Underlying Affiliated Fund	Beginning Shares/Par Amount			Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		159,501,647			245,216,465		(254,075,340	)		150,642,772

Underlying Affiliated Fund	Realized Gain (Loss)			Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio		$(3,936	)		$—		$465,799			$150,642,772

RESULTS OF SHAREHOLDER MEETING

(unaudited)

At a special meeting of shareholders of MFS Series Trust VI, which was held on March 23, 2017, the following action was taken:

Item 1: To elect the following individuals as Trustees:


	Number of Dollars
Nominee	For		Withheld Authority
Steven E. Buller		6,329,612,868.770		132,704,839.172
John A. Caroselli		6,330,619,354.451		131,698,353.490
Maureen R. Goldfarb		6,315,675,281.759		146,642,407.912
David H. Gunning		6,305,186,698.635		157,131,009.306
Michael Hegarty		6,309,871,628.026		152,446,061.646
John P. Kavanaugh		6,332,679,359.255		129,638,330.417
Robert J. Manning		6,317,953,989.829		144,363,699.843
Clarence Otis, Jr.		6,323,592,829.433		138,724,860.239
Maryanne L. Roepke		6,332,173,801.267		130,143,906.674
Robin A. Stelmach		6,323,553,438.750		138,764,269.191
Laurie J. Thomsen		6,322,535,395.180		139,782,294.492

PROXY VOTING POLICIES AND INFORMATION

QUARTERLY PORTFOLIO DISCLOSURE

Public Reference Room

Securities and Exchange Commission

100 F Street, NE, Room 1580

Washington, D.C. 20549

FURTHER INFORMATION

INFORMATION ABOUT FUND CONTRACTS AND LEGAL CLAIMS

PROVISION OF FINANCIAL REPORTS AND SUMMARY PROSPECTUSES

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CONTACT

WEB SITE

mfs.com

MFS TALK

1-800-637-8255

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ACCOUNT SERVICE AND LITERATURE

Shareholders

1-800-225-2606

Financial advisors

1-800-343-2829

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MAILING ADDRESS

MFS Service Center, Inc.

P.O. Box 55824

Boston, MA 02205-5824

OVERNIGHT MAIL

MFS Service Center, Inc.

c/o Boston Financial Data Services

30 Dan Road

Canton, MA 02021-2809

SEMIANNUAL REPORT

April 30, 2017

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MFS® UTILITIES FUND

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MMU-SEM

MFS® UTILITIES FUND

CONTENTS


Letter from the Executive Chairman			1
Portfolio composition			2
Expense table			3
Portfolio of investments			5
Statement of assets and liabilities			10
Statement of operations			12
Statements of changes in net assets			13
Financial highlights			14
Notes to financial statements			24
Results of shareholder meeting			38
Proxy voting policies and information			39
Quarterly portfolio disclosure			39
Further information			39
Information about fund contracts and legal claims			40
Provision of financial reports and summary prospectuses			40
Contact information back cover

The report is prepared for the general information of shareholders.

It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

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LETTER FROM THE EXECUTIVE CHAIRMAN

Dear Shareholders:

Despite the United Kingdom’s decision to leave the European Union and policy uncertainty accompanying a new presidential administration in the United States, most

Globally, economic growth has shown signs of recovery, led by China, the U.S. and the eurozone. Despite better growth, there are few immediate signs of worrisome inflation. Emerging market

Respectfully,

LOGO

Robert J. Manning

Executive Chairman

MFS Investment Management

June 16, 2017

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

PORTFOLIO COMPOSITION

Portfolio structure

LOGO


Top ten holdings
NextEra Energy, Inc.			4.5%
Exelon Corp.			4.0%
Sempra Energy			4.0%
PPL Corp.			4.0%
EDP Renovaveis S.A.			3.7%
PG&E Corp.			3.0%
Enel S.p.A			2.9%
Sunoco Logistics Partners LP			2.6%
Exelon Corp., 6.5%			2.5%
American Electric Power Co., Inc.			2.3%


Top five industries
Utilities - Electric Power			54.4%
Natural Gas - Pipeline			16.3%
Telephone Services			7.7%
Telecommunications - Wireless			6.9%
Natural Gas - Distribution			5.4%

Issuer country weightings (x)
United States			68.5%
Portugal			6.4%
Canada			3.2%
Italy			2.9%
Sweden			2.3%
Spain			2.3%
United Kingdom			2.3%
Brazil			1.6%
France			1.6%
Other Countries			8.9%

(x)	Represents the portfolio’s exposure to issuer countries as a percentage of a portfolio’s net assets. For purposes of this presentation, United States includes Cash & Cash Equivalents and Other.

Where the fund holds convertible bonds, these are treated as part of the equity portion of the portfolio.

Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and may be negative.

Percentages are based on net assets as of 4/30/17.

The portfolio is actively managed and current holdings may be different.

EXPENSE TABLE

Fund expenses borne by the shareholders during the period,

November 1, 2016 through April 30, 2017

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2016 through April 30, 2017.

Actual Expenses

Hypothetical Example for Comparison Purposes

Expense Table – continued


Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/16		Ending Account Value 4/30/17		Expenses Paid During Period (p) 11/01/16-4/30/17
A	Actual		1.02%		$1,000.00		$1,066.47		$5.23
A	Hypothetical (h)		1.02%		$1,000.00		$1,019.74		$5.11
B	Actual		1.77%		$1,000.00		$1,062.19		$9.05
B	Hypothetical (h)		1.77%		$1,000.00		$1,016.02		$8.85
C	Actual		1.77%		$1,000.00		$1,062.25		$9.05
C	Hypothetical (h)		1.77%		$1,000.00		$1,016.02		$8.85
I	Actual		0.77%		$1,000.00		$1,067.56		$3.95
I	Hypothetical (h)		0.77%		$1,000.00		$1,020.98		$3.86
R1	Actual		1.77%		$1,000.00		$1,062.36		$9.05
R1	Hypothetical (h)		1.77%		$1,000.00		$1,016.02		$8.85
R2	Actual		1.27%		$1,000.00		$1,065.32		$6.50
R2	Hypothetical (h)		1.27%		$1,000.00		$1,018.50		$6.36
R3	Actual		1.02%		$1,000.00		$1,066.49		$5.23
R3	Hypothetical (h)		1.02%		$1,000.00		$1,019.74		$5.11
R4	Actual		0.77%		$1,000.00		$1,067.74		$3.95
R4	Hypothetical (h)		0.77%		$1,000.00		$1,020.98		$3.86
R6	Actual		0.66%		$1,000.00		$1,068.68		$3.39
R6	Hypothetical (h)		0.66%		$1,000.00		$1,021.52		$3.31

(h)	5% class return per year before expenses.

(p)

PORTFOLIO OF INVESTMENTS

4/30/17 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Common Stocks - 89.8%
Issuer	Shares/Par		Value ($)
Cable TV - 4.2%
Charter Communications, Inc., “A” (a)		176,521	$	60,927,988
Comcast Corp., “A”		2,023,157		79,287,523
NOS, SGPS, S.A.		4,780,104		27,378,234

			$	167,593,745
Energy - Independent - 1.3%
Enable Midstream Partners LP		788,456	$	12,859,717
Targa Resources Corp.		173,919		9,588,154
Western Gas Equity Partners LP		674,934		30,905,228

			$	53,353,099
Natural Gas - Distribution - 5.4%
China Resources Gas Group Ltd.		11,458,000	$	38,667,905
Infraestructura Energetica Nova S.A.B. de C.V.		3,842,874		17,951,546
Sempra Energy		1,427,457		161,331,190

			$	217,950,641
Natural Gas - Pipeline - 16.3%
American Midstream Partners LP		218,325	$	3,242,126
Cheniere Energy, Inc. (a)		923,285		41,870,975
Enbridge, Inc.		1,626,819		67,430,071
Enterprise Products Partners LP		3,393,441		92,708,808
EQT GP Holdings LP		538,171		14,622,106
EQT Midstream Partners LP		714,864		55,787,987
Kinder Morgan, Inc.		1,042,613		21,509,106
ONEOK, Inc.		36,617		1,926,420
Plains All American Pipeline LP		402,629		11,776,896
Plains GP Holdings LP		1,358,075		40,429,893
SemGroup Corp., “A”		466,145		15,522,629
Shell Midstream Partners, LP		722,982		23,157,113
Sunoco Logistics Partners LP (a)		4,453,473		106,616,132
Tallgrass Energy GP LP		944,506		25,454,437
TransCanada Corp.		1,097,252		50,945,996
Williams Cos., Inc.		1,483,420		45,437,155
Williams Partners LP		876,443		35,872,812

			$	654,310,662
Telecommunications - Wireless - 6.3%
Advanced Info Service PLC		5,053,600	$	25,567,505
American Tower Corp., REIT		727,913		91,673,363

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Telecommunications - Wireless - continued
Cellnex Telecom S.A.U.		1,960,236	$	34,645,000
KDDI Corp.		1,151,600		30,531,992
Millicom International Cellular S.A.		22,061		1,210,487
Mobile TeleSystems PJSC, ADR		2,823,889		29,142,534
SBA Communications Corp., REIT (a)		148,781		18,819,309
Vodafone Group PLC		8,606,039		22,187,191

			$	253,777,381
Telephone Services - 7.2%
Bezeq - The Israel Telecommunication Corp. Ltd.		13,087,943	$	22,025,240
British Telecom Group, PLC		4,538,797		17,915,185
Com Hem Holding AB		7,354,969		91,591,465
France Telecom		2,107,165		32,593,755
Hellenic Telecommunications Organization S.A.		3,216,858		31,291,822
PT XL Axiata Tbk (a)		88,883,125		21,405,569
Royal KPN N.V.		12,684,859		36,685,773
TDC A.S.		5,021,701		26,953,515
Telefonica Brasil S.A., ADR		590,826		8,738,317

			$	289,200,641
Utilities - Electric Power - 48.0%
AES Corp.		5,286,984	$	59,795,789
Alupar Investimento S.A., IEU		865,200		5,138,237
Ameren Corp.		650,202		35,559,547
American Electric Power Co., Inc.		1,382,785		93,794,307
Avangrid, Inc.		830,248		36,115,788
Calpine Corp. (a)		7,552,429		77,034,776
China Longyuan Electric Power Group Corp.		30,448,000		23,447,585
CLP Holdings Ltd.		202,000		2,130,799
CMS Energy Corp.		47,813		2,170,710
Covanta Holding Corp.		1,547,566		22,517,085
DTE Energy Co.		437,933		45,803,412
Duke Energy Corp.		439,311		36,243,158
Dynegy, Inc. (a)(h)		5,348,436		34,336,959
Edison International		614,000		49,101,580
EDP Renovaveis S.A.		19,644,016		149,680,595
Emera, Inc. (l)		284,930		9,862,600
Enel S.p.A		24,723,312		117,527,337
Energias de Portugal S.A.		24,759,189		81,719,659
Engie Brasil Energia S.A.		1,785,700		19,128,180
Exelon Corp.		4,667,427		161,632,997
Great Plains Energy, Inc.		703,289		20,810,322
Iberdrola S.A.		7,999,289		57,527,355
Innogy SE		621,973		22,866,138

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Utilities - Electric Power - continued
NextEra Energy Partners LP		1,559,785	$	54,046,550
NextEra Energy, Inc.		1,357,531		181,311,840
NRG Energy, Inc.		3,975,125		67,179,613
NRG Yield, Inc., “A” (h)		1,824,899		31,643,749
NRG Yield, Inc., “C”		1,643,381		29,087,844
NTPC Ltd.		3,134,700		8,015,827
PG&E Corp.		1,775,320		119,035,206
PPL Corp.		4,219,047		160,787,881
Public Service Enterprise Group, Inc.		837,131		36,875,621
RWE AG (a)		1,362,385		22,564,919
SSE PLC		2,779,067		50,068,315
Transmissora Alianca de Energia Eletrica S.A., IEU		1,230,368		8,919,446

			$	1,933,481,726
Utilities - Water - 1.1%
Companhia de Saneamento Basico do Estado de Sao Paulo		1,595,300	$	14,711,309
Suez Environnement (l)		1,816,044		29,841,399

			$	44,552,708
Total Common Stocks (Identified Cost, $3,222,309,588)			$	3,614,220,603

Convertible Preferred Stocks - 8.2%
Energy - Independent - 0.9%
Anadarko Petroleum Corp., 7.5%		780,718	$	35,842,763

Telecommunications - Wireless - 0.6%
American Tower Corp., 5.5%		208,311	$	24,111,998

Telephone Services - 0.5%
Frontier Communications Corp., 11.125%		421,807	$	18,702,922

Utilities - Electric Power - 6.2%
Dominion Resources, Inc. , 6.75%		832,785	$	42,155,577
Dynegy, Inc., 5.02% (h)		176,960		9,014,342
Dynegy, Inc., 5.375% (h)		575,738		13,311,063
Exelon Corp., 6.5%		2,056,966		101,593,551
Great Plains Energy, Inc., 7%		396,653		21,458,927
NextEra Energy, Inc., 6.123%		824,500		43,203,800
NextEra Energy, Inc., 6.371%		332,281		20,505,061

			$	251,242,321
Total Convertible Preferred Stocks (Identified Cost, $388,016,463)			$	329,900,004

Portfolio of Investments (unaudited) – continued


Preferred Stocks - 0.2%
Issuer	Shares/Par		Value ($)
Utilities - Electric Power - 0.2%
Companhia Paranaense de Energia (a) (Identified Cost, $12,090,433)		1,017,500	$	9,350,979

Money Market Funds - 1.5%
MFS Institutional Money Market Portfolio, 0.78% (v) (Identified Cost, $60,760,375)		60,766,446	$	60,766,446

Collateral for Securities Loaned - 0.8%
JPMorgan U.S. Government Money Market Fund, 0.67% (j) (Identified Cost, $33,840,309)		33,840,309	$	33,840,309
Total Investments (Identified Cost, $3,717,017,168)			$	4,048,078,341

Other Assets, Less Liabilities - (0.5)%				(21,604,197	)
Net Assets - 100.0%			$	4,026,474,144

(a)	Non-income producing security.

(h)	Affiliated issuers are those in which the fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer.

(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)	Underlying affiliated fund 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

IEU

International Equity Unit

PLC

Public Limited Company

REIT

Real Estate Investment Trust

Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:

CAD

Canadian Dollar

EUR

Euro

GBP

British Pound

Derivative Contracts at 4/30/17

Forward Foreign Currency Exchange Contracts at 4/30/17

Type

Currency

Counter-

party

Contracts
to
Deliver/
Receive

Settlement
Date Range

In
Exchange
For

Contracts
at Value

Unrealized
Appreciation
(Depreciation)

Asset Derivatives

SELL

CAD

Barclays Bank PLC

2,350,000

6/09/17

$1,722,724

$1,722,520

$204

SELL

CAD

BNP Paribas S.A.

5,194,008

6/09/17

3,876,831

3,807,141

69,690

Portfolio of Investments (unaudited) – continued

Forward Foreign Currency Exchange Contracts at 4/30/17 - continued


Type	Currency	Counter- party	Contracts to Deliver/ Receive		Settlement Date Range		In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
Asset Derivatives – continued
SELL	CAD	Citibank N.A.		95,387,874		6/09/17		$71,189,497		$69,918,076		$1,271,421
SELL	CAD	Morgan Stanley Capital Services		5,893,531		6/09/17		4,386,541		4,319,882		66,659
BUY	EUR	Barclays Bank PLC		701,308		6/09/17		751,019		765,455		14,436
BUY	EUR	BNP Paribas S.A.		3,285,219		6/09/17		3,533,913		3,585,708		51,795
BUY	EUR	JPMorgan Chase Bank		1,319,301		6/09/17		1,409,805		1,439,974		30,169
BUY	EUR	JPMorgan Chase Bank		1,430,446		6/09/17		1,520,346		1,561,285		40,939
BUY	EUR	Merrill Lynch International		1,523,225		6/09/17		1,629,515		1,662,550		33,035
BUY	EUR	Morgan Stanley Capital Services		3,004,817		6/09/17		3,235,898		3,279,659		43,761
SELL	EUR	Barclays Bank PLC		1,602,958		6/09/17		1,758,385		1,749,576		8,809
BUY	GBP	BNP Paribas S.A.		1,439,471		6/09/17		1,848,893		1,866,498		17,605

												$1,648,523


Liability Derivatives
BUY	CAD	Barclays Bank PLC		3,510,000		6/09/17		$2,614,718		$2,572,786		$(41,932	)
SELL	EUR	Barclays Bank PLC		231,922		6/09/17		248,995		253,135		(4,140	)
SELL	EUR	BNP Paribas S.A.		8,764,651		6/09/17		9,321,324		9,566,327		(245,003	)
SELL	EUR	Citibank N.A.		3,820,152		6/09/17		4,060,572		4,169,570		(108,998	)
SELL	EUR	HBSC Bank		9,726,455		6/09/17		10,339,076		10,616,105		(277,029	)
SELL	EUR	JPMorgan Chase Bank		246,759,196		6/09/17		262,087,878		269,329,518		(7,241,640	)
SELL	EUR	Morgan Stanley Capital Services		98,094,624		5/19/17-6/09/17		104,411,935		106,975,519		(2,563,584	)
SELL	GBP	Barclays Bank PLC		49,832,671		6/09/17		60,970,622		64,615,797		(3,645,175	)

												$(14,127,501	)

At April 30, 2017, the fund had cash collateral of $12,303,000 to cover any commitments for certain derivative contracts. Cash collateral is comprised of “Deposits with brokers” on the Statement of Assets and Liabilities.

See Notes to Financial Statements

Financial Statements

STATEMENT OF ASSETS AND LIABILITIES

At 4/30/17 (unaudited)

This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.


Assets
Investments
Non-affiliated issuers, at value (identified cost, $3,408,464,472)	$3,899,005,782
Underlying affiliated funds, at value (identified cost, $60,760,375)	60,766,446
Other affiliated issuers, at value (identified cost, $247,792,321)	88,306,113
Total investments, at value, including $31,901,321 of securities on loan (identified cost, $3,717,017,168)	$4,048,078,341
Cash	1,519,456
Deposits with brokers	12,303,000
Foreign currency, at value (identified cost, $391,738)	391,738
Receivables for
Forward foreign currency exchange contracts	1,648,523
Investments sold	14,327,541
Fund shares sold	2,934,014
Interest and dividends	6,838,808
Other assets	12,858
Total assets	$4,088,054,279
Liabilities
Payables for
Distributions	$566,366
Forward foreign currency exchange contracts	14,127,501
Investments purchased	1,358,426
Fund shares reacquired	9,051,942
Collateral for securities loaned, at value	33,840,309
Payable to affiliates
Investment adviser	266,508
Shareholder servicing costs	1,652,484
Distribution and service fees	159,330
Payable for independent Trustees’ compensation	13,486
Deferred country tax expense payable	416,649
Accrued expenses and other liabilities	127,134
Total liabilities	$61,580,135
Net assets	$4,026,474,144
Net assets consist of
Paid-in capital	$3,707,451,401
Unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies (net of $416,649 deferred country tax)	318,149,266
Accumulated net realized gain (loss) on investments and foreign currency	6,224,528
Accumulated distributions in excess of net investment income	(5,351,051	)
Net assets	$4,026,474,144
Shares of beneficial interest outstanding	209,466,300

Statement of Assets and Liabilities (unaudited) – continued


	Net assets		Shares outstanding		Net asset value per share (a)
Class A		$2,086,711,039		108,511,988		$19.23
Class B		168,536,354		8,807,751		19.14
Class C		685,552,676		35,833,954		19.13
Class I		666,400,938		34,523,468		19.30
Class R1		8,585,491		449,592		19.10
Class R2		83,914,922		4,375,878		19.18
Class R3		106,517,702		5,541,932		19.22
Class R4		85,516,964		4,443,390		19.25
Class R6		134,738,058		6,978,347		19.31

(a)

Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $20.40 [100 / 94.25 x $19.23]. 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.

See Notes to Financial Statements

Financial Statements

STATEMENT OF OPERATIONS

Six months ended 4/30/17 (unaudited)

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.


Net investment income
Income
Dividends	$71,254,201
Interest	143,741
Dividends from underlying affiliated funds	303,387
Dividends from other affiliated issuers	3,090,553
Other	7,808
Foreign taxes withheld	(342,716	)
Total investment income	$74,456,974
Expenses
Management fee	$11,828,955
Distribution and service fees	7,526,276
Shareholder servicing costs	2,647,097
Administrative services fee	315,289
Independent Trustees’ compensation	27,239
Custodian fee	237,091
Reimbursement of custodian expenses	(32,643	)
Shareholder communications	197,764
Audit and tax fees	35,744
Legal fees	22,616
Miscellaneous	149,516
Total expenses	$22,954,944
Fees paid indirectly	(5,548	)
Reduction of expenses by investment adviser and distributor	(23,284	)
Net expenses	$22,926,112
Net investment income	$51,530,862
Realized and unrealized gain (loss) on investments and foreign currency
Realized gain (loss) (identified cost basis)
Investments:
Non-affiliated issuers	$66,453,748
Underlying affiliated funds	(8,033	)
Other affiliated issuers	(7,689,050	)
Foreign currency	31,643,281
Net realized gain (loss) on investments and foreign currency	$90,399,946
Change in unrealized appreciation (depreciation)
Investments (net of $397,524 increase in deferred country tax)	$138,034,529
Translation of assets and liabilities in foreign currencies	(27,522,785	)
Net unrealized gain (loss) on investments and foreign currency translation	$110,511,744
Net realized and unrealized gain (loss) on investments and foreign currency	$200,911,690
Change in net assets from operations	$252,442,552

See Notes to Financial Statements

Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.


Change in net assets	Six months ended 4/30/17 (unaudited)			Year ended 10/31/16
From operations
Net investment income		$51,530,862			$169,385,980
Net realized gain (loss) on investments and foreign currency		90,399,946			(65,530,535	)
Net unrealized gain (loss) on investments and foreign currency translation		110,511,744			68,707,244
Change in net assets from operations		$252,442,552			$172,562,689
Distributions declared to shareholders
From net investment income		$(99,091,605	)		$(109,125,190	)
From net realized gain on investments		—			(271,621,262	)
Total distributions declared to shareholders		$(99,091,605	)		$(380,746,452	)
Change in net assets from fund share transactions		$(434,688,895	)		$(679,128,254	)
Total change in net assets		$(281,337,948	)		$(887,312,017	)
Net assets
At beginning of period		4,307,812,092			5,195,124,109
At end of period (including accumulated distributions in excess of net investment income of $5,351,051 and undistributed net investment income of $42,209,692, respectively)		$4,026,474,144			$4,307,812,092

See Notes to Financial Statements

Financial Statements

FINANCIAL HIGHLIGHTS


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class A				2016			2015			2014			2013			2012

Net asset value, beginning of period		$18.49			$19.25			$23.34			$21.80			$18.61			$17.11
Income (loss) from investment operations
Net investment income (d)		$0.25	(c)		$0.70			$0.45			$0.66			$0.60			$0.51
Net realized and unrealized gain (loss) on investments and foreign currency		0.95			0.07			(2.73	)		2.42			3.17			1.53
Total from investment operations		$1.20			$0.77			$(2.28	)		$3.08			$3.77			$2.04
Less distributions declared to shareholders
From net investment income		$(0.46	)		$(0.46	)		$(0.47	)		$(0.64	)		$(0.57	)		$(0.54	)
From net realized gain on investments		—			(1.07	)		(1.34	)		(0.90	)		(0.01	)		—
Total distributions declared to shareholders		$(0.46	)		$(1.53	)		$(1.81	)		$(1.54	)		$(0.58	)		$(0.54	)
Net asset value, end of period (x)		$19.23			$18.49			$19.25			$23.34			$21.80			$18.61
Total return (%) (r)(s)(t)(x)		6.65	(c)(n)		4.91			(10.42	)		14.99			20.59			12.17
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.02	(a)(c)		1.00			0.99			0.97			1.01			1.02
Expenses after expense reductions (f)		1.02	(a)(c)		0.99			0.99			0.97			1.01			1.02
Net investment income		2.68	(a)(c)		3.85			2.10			2.97			2.97			2.90
Portfolio turnover		12	(n)		27			45			46			54			46
Net assets at end of period (000 omitted)		$2,086,711			$2,431,147			$2,926,491			$3,597,063			$3,242,884			$2,699,649

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class B				2016			2015			2014			2013			2012

Net asset value, beginning of period		$18.40			$19.16			$23.24			$21.71			$18.55			$17.05
Income (loss) from investment operations
Net investment income (d)		$0.18	(c)		$0.55			$0.28			$0.49			$0.44			$0.37
Net realized and unrealized gain (loss) on investments and foreign currency		0.95			0.08			(2.71	)		2.41			3.15			1.54
Total from investment operations		$1.13			$0.63			$(2.43	)		$2.90			$3.59			$1.91
Less distributions declared to shareholders
From net investment income		$(0.39	)		$(0.32	)		$(0.31	)		$(0.47	)		$(0.42	)		$(0.41	)
From net realized gain on investments		—			(1.07	)		(1.34	)		(0.90	)		(0.01	)		—
Total distributions declared to shareholders		$(0.39	)		$(1.39	)		$(1.65	)		$(1.37	)		$(0.43	)		$(0.41	)
Net asset value, end of period (x)		$19.14			$18.40			$19.16			$23.24			$21.71			$18.55
Total return (%) (r)(s)(t)(x)		6.27	(c)(n)		4.15			(11.09	)		14.15			19.60			11.39
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.77	(a)(c)		1.75			1.74			1.72			1.76			1.77
Expenses after expense reductions (f)		1.77	(a)(c)		1.75			1.74			1.72			1.76			1.77
Net investment income		1.93	(a)(c)		3.05			1.34			2.23			2.21			2.14
Portfolio turnover		12	(n)		27			45			46			54			46
Net assets at end of period (000 omitted)		$168,536			$198,512			$260,079			$332,141			$305,988			$265,748

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class C				2016			2015			2014			2013			2012

Net asset value, beginning of period		$18.40			$19.16			$23.24			$21.71			$18.55			$17.05
Income (loss) from investment operations
Net investment income (d)		$0.18	(c)		$0.56			$0.29			$0.49			$0.44			$0.38
Net realized and unrealized gain (loss) on investments and foreign currency		0.94			0.07			(2.72	)		2.41			3.15			1.53
Total from investment operations		$1.12			$0.63			$(2.43	)		$2.90			$3.59			$1.91
Less distributions declared to shareholders
From net investment income		$(0.39	)		$(0.32	)		$(0.31	)		$(0.47	)		$(0.42	)		$(0.41	)
From net realized gain on investments		—			(1.07	)		(1.34	)		(0.90	)		(0.01	)		—
Total distributions declared to shareholders		$(0.39	)		$(1.39	)		$(1.65	)		$(1.37	)		$(0.43	)		$(0.41	)
Net asset value, end of period (x)		$19.13			$18.40			$19.16			$23.24			$21.71			$18.55
Total return (%) (r)(s)(t)(x)		6.23	(c)(n)		4.15			(11.09	)		14.16			19.61			11.40
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.77	(a)(c)		1.75			1.74			1.72			1.76			1.77
Expenses after expense reductions (f)		1.77	(a)(c)		1.75			1.74			1.72			1.76			1.77
Net investment income		1.93	(a)(c)		3.09			1.35			2.21			2.21			2.15
Portfolio turnover		12	(n)		27			45			46			54			46
Net assets at end of period (000 omitted)		$685,553			$757,086			$945,033			$1,145,572			$917,978			$739,959

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class I				2016			2015			2014			2013			2012

Net asset value, beginning of period		$18.56			$19.31			$23.41			$21.86			$18.67			$17.15
Income (loss) from investment operations
Net investment income (d)		$0.27	(c)		$0.76			$0.50			$0.71			$0.65			$0.57
Net realized and unrealized gain (loss) on investments and foreign currency		0.96			0.06			(2.73	)		2.44			3.17			1.53
Total from investment operations		$1.23			$0.82			$(2.23	)		$3.15			$3.82			$2.10
Less distributions declared to shareholders
From net investment income		$(0.49	)		$(0.50	)		$(0.53	)		$(0.70	)		$(0.62	)		$(0.58	)
From net realized gain on investments		—			(1.07	)		(1.34	)		(0.90	)		(0.01	)		—
Total distributions declared to shareholders		$(0.49	)		$(1.57	)		$(1.87	)		$(1.60	)		$(0.63	)		$(0.58	)
Net asset value, end of period (x)		$19.30			$18.56			$19.31			$23.41			$21.86			$18.67
Total return (%) (r)(s)(x)		6.76	(c)(n)		5.20			(10.20	)		15.28			20.82			12.54
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.77	(a)(c)		0.75			0.74			0.72			0.76			0.77
Expenses after expense reductions (f)		0.77	(a)(c)		0.75			0.74			0.72			0.76			0.77
Net investment income		2.90	(a)(c)		4.18			2.33			3.14			3.21			3.22
Portfolio turnover		12	(n)		27			45			46			54			46
Net assets at end of period (000 omitted)		$666,401			$508,566			$636,784			$864,695			$566,374			$462,849

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class R1				2016			2015			2014			2013			2012

Net asset value, beginning of period		$18.37			$19.13			$23.21			$21.68			$18.52			$17.03
Income (loss) from investment operations
Net investment income (d)		$0.18	(c)		$0.56			$0.29			$0.49			$0.44			$0.37
Net realized and unrealized gain (loss) on investments and foreign currency		0.94			0.08			(2.72	)		2.41			3.15			1.53
Total from investment operations		$1.12			$0.64			$(2.43	)		$2.90			$3.59			$1.90
Less distributions declared to shareholders
From net investment income		$(0.39	)		$(0.33	)		$(0.31	)		$(0.47	)		$(0.42	)		$(0.41	)
From net realized gain on investments		—			(1.07	)		(1.34	)		(0.90	)		(0.01	)		—
Total distributions declared to shareholders		$(0.39	)		$(1.40	)		$(1.65	)		$(1.37	)		$(0.43	)		$(0.41	)
Net asset value, end of period (x)		$19.10			$18.37			$19.13			$23.21			$21.68			$18.52
Total return (%) (r)(s)(x)		6.24	(c)(n)		4.17			(11.11	)		14.18			19.63			11.35
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.77	(a)(c)		1.75			1.74			1.72			1.76			1.77
Expenses after expense reductions (f)		1.77	(a)(c)		1.75			1.74			1.72			1.76			1.77
Net investment income		1.95	(a)(c)		3.14			1.34			2.21			2.22			2.15
Portfolio turnover		12	(n)		27			45			46			54			46
Net assets at end of period (000 omitted)		$8,585			$10,305			$10,865			$14,177			$12,041			$12,092

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class R2				2016			2015			2014			2013			2012

Net asset value, beginning of period		$18.44			$19.20			$23.29			$21.75			$18.58			$17.07
Income (loss) from investment operations
Net investment income (d)		$0.22	(c)		$0.65			$0.39			$0.60			$0.54			$0.46
Net realized and unrealized gain (loss) on investments and foreign currency		0.96			0.07			(2.72	)		2.42			3.16			1.55
Total from investment operations		$1.18			$0.72			$(2.33	)		$3.02			$3.70			$2.01
Less distributions declared to shareholders
From net investment income		$(0.44	)		$(0.41	)		$(0.42	)		$(0.58	)		$(0.52	)		$(0.50	)
From net realized gain on investments		—			(1.07	)		(1.34	)		(0.90	)		(0.01	)		—
Total distributions declared to shareholders		$(0.44	)		$(1.48	)		$(1.76	)		$(1.48	)		$(0.53	)		$(0.50	)
Net asset value, end of period (x)		$19.18			$18.44			$19.20			$23.29			$21.75			$18.58
Total return (%) (r)(s)(x)		6.53	(c)(n)		4.66			(10.66	)		14.74			20.22			11.99
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.27	(a)(c)		1.25			1.24			1.22			1.26			1.27
Expenses after expense reductions (f)		1.27	(a)(c)		1.25			1.24			1.22			1.26			1.27
Net investment income		2.42	(a)(c)		3.61			1.84			2.69			2.71			2.65
Portfolio turnover		12	(n)		27			45			46			54			46
Net assets at end of period (000 omitted)		$83,915			$92,123			$104,858			$137,813			$116,355			$116,173

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class R3				2016			2015			2014			2013			2012

Net asset value, beginning of period		$18.48			$19.24			$23.33			$21.79			$18.59			$17.09
Income (loss) from investment operations
Net investment income (d)		$0.25	(c)		$0.71			$0.45			$0.65			$0.52			$0.51
Net realized and unrealized gain (loss) on investments and foreign currency		0.95			0.06	)		(2.73	)		2.43			3.25			1.53
Total from investment operations		$1.20			$0.77			$(2.28	)		$3.08			$3.77			$2.04
Less distributions declared to shareholders
From net investment income		$(0.46	)		$(0.46	)		$(0.47	)		$(0.64	)		$(0.56	)		$(0.54	)
From net realized gain on investments		—			(1.07	)		(1.34	)		(0.90	)		(0.01	)		—
Total distributions declared to shareholders		$(0.46	)		$(1.53	)		$(1.81	)		$(1.54	)		$(0.57	)		$(0.54	)
Net asset value, end of period (x)		$19.22			$18.48			$19.24			$23.33			$21.79			$18.59
Total return (%) (r)(s)(x)		6.65	(c)(n)		4.91			(10.42	)		15.00			20.61			12.19
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.02	(a)(c)		0.99			0.99			0.97			1.00			1.02
Expenses after expense reductions (f)		1.02	(a)(c)		0.99			0.99			0.97			1.00			1.02
Net investment income		2.69	(a)(c)		3.91			2.09			2.93			2.67			2.90
Portfolio turnover		12	(n)		27			45			46			54			46
Net assets at end of period (000 omitted)		$106,518			$128,051			$134,801			$177,562			$135,710			$364,245

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class R4				2016			2015			2014			2013			2012

Net asset value, beginning of period		$18.51			$19.26			$23.35			$21.81			$18.63			$17.12
Income (loss) from investment operations
Net investment income (d)		$0.27	(c)		$0.74			$0.50			$0.71			$0.65			$0.56
Net realized and unrealized gain (loss) on investments and foreign currency		0.96			0.08			(2.72	)		2.43			3.16			1.53
Total from investment operations		$1.23			$0.82			$(2.22	)		$3.14			$3.81			$2.09
Less distributions declared to shareholders
From net investment income		$(0.49	)		$(0.50	)		$(0.53	)		$(0.70	)		$(0.62	)		$(0.58	)
From net realized gain on investments		—			(1.07	)		(1.34	)		(0.90	)		(0.01	)		—
Total distributions declared to shareholders		$(0.49	)		$(1.57	)		$(1.87	)		$(1.60	)		$(0.63	)		$(0.58	)
Net asset value, end of period (x)		$19.25			$18.51			$19.26			$23.35			$21.81			$18.63
Total return (%) (r)(s)(x)		6.77	(c)(n)		5.21			(10.19	)		15.26			20.82			12.50
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.77	(a)(c)		0.74			0.74			0.72			0.76			0.77
Expenses after expense reductions (f)		0.77	(a)(c)		0.74			0.74			0.72			0.76			0.77
Net investment income		2.92	(a)(c)		4.11			2.33			3.19			3.22			3.17
Portfolio turnover		12	(n)		27			45			46			54			46
Net assets at end of period (000 omitted)		$85,517			$89,124			$100,251			$144,910			$108,572			$73,570

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 4/30/17 (unaudited)			Years ended 10/31
Class R6				2016			2015			2014			2013			2012 (i)

Net asset value, beginning of period		$18.56			$19.31			$23.42			$21.86			$18.67			$16.71
Income (loss) from investment operations
Net investment income (d)		$0.27	(c)		$0.78			$0.53			$0.62			$0.72			$0.22
Net realized and unrealized gain (loss) on investments and foreign currency		0.98			0.06			(2.75	)		2.55			3.12			1.96	(g)
Total from investment operations		$1.25			$0.84			$(2.22	)		$3.17			$3.84			$2.18
Less distributions declared to shareholders
From net investment income		$(0.50	)		$(0.52	)		$(0.55	)		$(0.71	)		$(0.64	)		$(0.22	)
From net realized gain on investments		—			(1.07	)		(1.34	)		(0.90	)		(0.01	)		—
Total distributions declared to shareholders		$(0.50	)		$(1.59	)		$(1.89	)		$(1.61	)		$(0.65	)		$(0.22	)
Net asset value, end of period (x)		$19.31			$18.56			$19.31			$23.42			$21.86			$18.67
Total return (%) (r)(s)(x)		6.87	(c)(n)		5.30			(10.15	)		15.42			20.95			13.11	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.66	(a)(c)		0.65			0.63			0.63			0.65			0.71	(a)
Expenses after expense reductions (f)		0.66	(a)(c)		0.65			0.63			0.63			0.65			0.71	(a)
Net investment income		2.93	(a)(c)		4.31			2.48			2.71			3.48			2.93	(a)
Portfolio turnover		12	(n)		27			45			46			54			46
Net assets at end of period (000 omitted)		$134,738			$92,898			$75,962			$50,344			$2,492			$283

See Notes to Financial Statements

Financial Highlights – continued

(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. See Note 2 in the Notes to Financial Statements for additional information.

(d)	Per share data is based on average shares outstanding.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(g)	The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.

(i)	For the period from the class inception, June 1, 2012, 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.

See Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS

(unaudited)

(1) Business and Organization

MFS Utilities Fund (the fund) is a diversified series of MFS Series Trust VI (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

(2) Significant Accounting Policies

General – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests primarily in securities of issuers in the utility industry. Issuers in a single industry can react similarly to market, economic, political and regulatory conditions and developments. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s legal, political, and economic environment.

Notes to Financial Statements (unaudited) – continued

Investment Valuations – 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. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investment companies are generally valued at net asset value per share. 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. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. 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.

Notes to Financial Statements (unaudited) – continued

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 unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as forward foreign currency exchange contracts. The following is a summary of the levels used as of April 30, 2017 in valuing the fund’s assets or liabilities:


Investments at Value	Level 1		Level 2			Level 3		Total
Equity Securities:
United States		$2,656,592,402		$29,519,403			$—		$2,686,111,805
Portugal		258,778,488		—			—		258,778,488
Canada		128,238,668		—			—		128,238,668
Italy		117,527,336		—			—		117,527,336
Sweden		92,801,952		—			—		92,801,952
Spain		92,172,356		—			—		92,172,356
United Kingdom		90,170,690		—			—		90,170,690
Brazil		65,986,468		—			—		65,986,468
France		62,435,154		—			—		62,435,154
Other Countries		333,681,164		25,567,505			—		359,248,669
Mutual Funds		94,606,755		—			—		94,606,755
Total Investments		$3,992,991,433		$55,086,908			$—		$4,048,078,341

Other Financial Instruments
Forward Foreign Currency Exchange Contracts – Assets		$—		$1,648,523			$—		$1,648,523
Forward Foreign Currency Exchange Contracts – Liabilities		—		(14,127,501	)		—		(14,127,501	)

For further information regarding security characteristics, see the Portfolio of Investments.

Of the level 2 investments presented above, equity investments amounting to $20,505,061 would have been considered level 1 investments at the beginning of the period. The primary reason for changes in the classifications between levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded. The

Notes to Financial Statements (unaudited) – continued

fund’s foreign equity securities may often be valued using other observable market-based inputs. The fund’s policy is to recognize transfers between the levels as of the end of the period.

The derivative instruments used by the fund were forward foreign currency exchange contracts. The fund’s period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.


		Fair Value
Risk	Derivative Contracts	Asset Derivatives		Liability Derivatives
Foreign Exchange	Forward Foreign Currency Exchange		$1,648,523		$(14,127,501)


Risk	Foreign Currency
Foreign Exchange		$31,780,895

Notes to Financial Statements (unaudited) – continued


Risk	Translation of Assets and Liabilities in Foreign Currencies
Foreign Exchange		$(27,538,900)

Notes to Financial Statements (unaudited) – continued

into contracts with the intent of changing the relative exposure of the fund’s portfolio of securities to different currencies to take advantage of anticipated exchange rate changes.

Security Loans – Under its Securities Lending Agency Agreement with the fund, JPMorgan Chase and Co. (“Chase”), as lending agent, loans the securities of the fund to certain qualified institutions (the “Borrowers”) approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within three business days. The loans are collateralized by cash and/or U.S. Treasury and federal agency obligations in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. Chase provides the fund with indemnification against Borrower default. In the event of Borrower default, Chase will, for the benefit of the fund, either purchase securities identical to those loaned or, when such purchase is commercially impracticable, pay the fund the market value of the loaned securities. In return, Chase assumes the fund’s rights to the related collateral. If the collateral value is less than the cost to purchase identical securities, Chase is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. At period end, the fund had investment securities on loan, all of which were classified as equity securities in the fund’s Portfolio of Investments, with a fair value of $31,901,321. The fair value of the fund’s investment securities on loan and a related liability of $33,840,309 for cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. The collateral received on securities loaned exceeded the value of securities on loan at period end. The liability for cash collateral for securities loaned is carried at fair value, which is categorized as level 2 within the fair value hierarchy. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized

Notes to Financial Statements (unaudited) – continued

by U.S. Treasury and/or federal agency obligations, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is included in “Interest” income in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income.

Reimbursement of Expenses by Custodian – In December 2015, the fund’s custodian (or former custodian), State Street Bank and Trust Company, announced that it intended to reimburse its asset servicing clients for expense amounts that it billed in error during the period 1998 through 2015. The amount of this one-time reimbursement attributable to the fund is reflected as “Reimbursement of custodian expenses” in the Statement of Operations.

Notes to Financial Statements (unaudited) – continued

accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Book/tax differences primarily relate to wash sale loss deferrals, derivative transactions, and partnership adjustments.


	10/31/16
Ordinary income (including any short-term capital gains)		$112,449,974
Long-term capital gains		268,296,478
Total distributions		$380,746,452

The federal tax cost and the tax basis components of distributable earnings were as follows:


As of 4/30/17
Cost of investments	$3,750,298,859
Gross appreciation	685,108,001
Gross depreciation	(387,328,519	)
Net unrealized appreciation (depreciation)	$297,779,482

As of 10/31/16
Undistributed ordinary income	54,504,064
Capital loss carryforwards	(53,537,271	)
Other temporary differences	(15,235,233	)
Net unrealized appreciation (depreciation)	179,940,236

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

Notes to Financial Statements (unaudited) – continued


Short-Term			$(53,537,271	)


	From net investment income				From net realized gain on investments
	Six months ended 4/30/17		Year ended 10/31/16		Six months ended 4/30/17		Year ended 10/31/16
Class A		$56,626,470		$65,828,401		$—		$154,785,763
Class B		3,802,773		4,130,970		—		13,994,855
Class C		15,030,168		14,786,360		—		49,747,414
Class I		13,974,390		13,542,032		—		29,518,128
Class R1		196,273		193,047		—		607,802
Class R2		2,073,426		2,262,198		—		5,814,941
Class R3		2,769,730		3,256,213		—		7,116,727
Class R4		2,235,012		2,625,833		—		5,454,803
Class R6		2,383,363		2,500,136		—		4,580,829
Total		$99,091,605		$109,125,190		$—		$271,621,262

(3) Transactions with Affiliates


First $3 billion of average daily net assets	0.60	%
Average daily net assets in excess of $3 billion	0.55	%

The investment adviser had agreed in writing to reduce its management fee to 0.50% of average daily net assets in excess of $10 billion. This written agreement terminated on February 27, 2017. For the period November 1, 2016 through February 27, 2017, the fund’s average daily net assets did not exceed $10 billion and therefore, the management fee was not reduced in accordance with this agreement. Effective February 28, 2017, the management fee is computed daily and paid monthly at an annual rate of 0.60% of average daily net assets up to $3 billion, 0.55% of average daily net assets in excess of $3 billion up to $10 billion, and 0.50% of average daily net assets in excess of $10 billion. The management fee incurred for the six months ended April 30, 2017 was equivalent to an annual effective rate of 0.59% of the fund’s

Notes to Financial Statements (unaudited) – continued

average daily net assets. Effective October 1, 2017, MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund’s Board of Trustees.

Distributor – MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $142,433 for the six months ended April 30, 2017, as its portion of the initial sales charge on sales of Class A shares of the fund.

The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.

Distribution Plan Fee Table:


	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
Class A		—		0.25%		0.25%		0.25%		$2,760,307
Class B		0.75%		0.25%		1.00%		1.00%		880,675
Class C		0.75%		0.25%		1.00%		1.00%		3,486,493
Class R1		0.75%		0.25%		1.00%		1.00%		45,352
Class R2		0.25%		0.25%		0.50%		0.50%		215,433
Class R3		—		0.25%		0.25%		0.25%		138,016
Total Distribution and Service Fees										$7,526,276

(d)

(e)

The annual effective rates represent actual fees incurred under the distribution plan for the six months ended April 30, 2017 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 MFD retains the 0.25% service fee except for accounts attributable to MFS or its affiliates’ seed money. For the six months ended April 30, 2017, this rebate amounted to $21,525, $462, $1,141, $16, and $140 for Class A, Class B, Class C, Class R2, and Class R3, respectively, and is included in the reduction of total expenses in the Statement of Operations.


	Amount
Class A		$5,117
Class B		172,335
Class C		18,550

Notes to Financial Statements (unaudited) – continued

Shareholder Servicing Agent – MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund’s Board of Trustees. For the six months ended April 30, 2017, the fee was $271,377, which equated to 0.0134% annually of the fund’s average daily net assets. MFSC also receives payment from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended April 30, 2017, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $2,375,720.

Prior to December 31, 2001, the fund had an unfunded defined benefit plan (“DB plan”) for independent Trustees. As of December 31, 2001, the Board took action to terminate the DB plan with respect to then-current and any future independent Trustees, such that the DB plan covers only certain of those former independent Trustees who retired on or before December 31, 2001. The DB plan resulted in a pension expense of $490 and is included in “Independent Trustees’ compensation” in the Statement of Operations for the six months ended April 30, 2017. The liability for deferred retirement benefits payable to certain independent Trustees under the DB plan amounted to $3,835 at April 30, 2017, and is included in “Payable for independent Trustees’ compensation” in the Statement of Assets and Liabilities.

Other – This fund and certain other funds managed by MFS (the funds) have entered into a service agreement (the ISO Agreement) which provides for payment of fees solely by the funds to Tarantino LLC in return for the provision of services of an Independent Senior Officer (ISO) for the funds. Frank L. Tarantino serves as the ISO and is an officer of the funds and the sole member of Tarantino LLC. The funds can terminate the ISO Agreement with Tarantino LLC at any time under the terms of the ISO Agreement. For the six months ended April 30, 2017, the fee paid by the fund under this agreement was $3,925 and is included in “Miscellaneous” expense in the Statement of Operations. MFS has agreed to bear all expenses associated with office space, other administrative support, and supplies provided to the ISO.

Notes to Financial Statements (unaudited) – continued

On March 16, 2016, MFS purchased 98,756 shares of Class I for an aggregate amount of $1,751,936.

On March 16, 2017, MFS purchased 45,165 shares of Class I for an aggregate amount of $863,094.

The fund is permitted to engage in purchase and sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser (“cross-trades”) pursuant to a policy adopted by the Board of Trustees. This policy has been designed to ensure that cross-trades conducted by the fund comply with Rule 17a-7 under the Investment Company Act of 1940. Under this policy, cross-trades are effected at current market prices with no remuneration paid in connection with the transaction. During the six months ended April 30, 2017, the fund engaged in purchase and sale transactions pursuant to this policy, which amounted to $852,337 and $8,313,972, respectively. The sales transactions resulted in net realized gains (losses) of $670,847.

(4) Portfolio Securities

For the six months ended April 30, 2017, purchases and sales of investments, other than short-term obligations, aggregated $461,965,025 and $868,363,772, respectively.

(5) Shares of Beneficial Interest

The fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:


	Six months ended 4/30/17				Year ended 10/31/16
	Shares		Amount		Shares		Amount
Shares sold
Class A		6,039,968		$111,507,919		17,786,980		$317,732,046
Class B		237,389		4,366,582		853,191		15,042,902
Class C		808,378		14,852,902		3,378,411		59,417,580
Class I		13,703,325		256,929,854		11,754,843		215,115,235
Class R1		65,951		1,204,797		166,413		2,972,152
Class R2		484,592		8,959,282		1,436,909		25,801,987
Class R3		658,971		12,191,078		2,176,048		39,313,698
Class R4		580,198		10,710,117		1,988,114		36,111,425
Class R6		3,523,853		67,092,690		2,208,898		39,706,478
		26,102,625		$487,815,221		41,749,807		$751,213,503

Notes to Financial Statements (unaudited) – continued


	Six months ended 4/30/17						Year ended 10/31/16
	Shares			Amount			Shares			Amount
Shares issued to shareholders in reinvestment of distributions
Class A		2,957,930			$54,128,601			12,397,367			$209,777,837
Class B		181,037			3,288,378			955,736			15,971,548
Class C		705,520			12,820,903			3,253,023			54,384,726
Class I		646,317			11,936,278			2,035,049			34,648,447
Class R1		10,793			195,635			47,904			800,808
Class R2		108,315			1,976,481			459,216			7,736,453
Class R3		151,096			2,765,711			612,011			10,370,428
Class R4		114,382			2,098,510			447,306			7,598,567
Class R6		92,722			1,717,593			288,871			4,939,804
		4,968,112			$90,928,090			20,496,483			$346,228,618

Shares reacquired
Class A		(31,959,164	)		$(593,644,486	)		(50,768,874	)		$(910,512,997	)
Class B		(2,398,955	)		(43,948,996	)		(4,594,577	)		(83,055,368	)
Class C		(6,829,042	)		(125,275,502	)		(14,808,103	)		(264,263,094	)
Class I		(7,228,179	)		(134,459,489	)		(19,364,733	)		(343,188,191	)
Class R1		(188,274	)		(3,434,753	)		(221,186	)		(3,976,596	)
Class R2		(1,212,412	)		(22,453,752	)		(2,362,413	)		(42,491,242	)
Class R3		(2,196,463	)		(40,209,785	)		(2,867,208	)		(51,830,199	)
Class R4		(1,066,901	)		(19,652,859	)		(2,824,947	)		(51,257,876	)
Class R6		(1,642,265	)		(30,352,584	)		(1,426,694	)		(25,994,812	)
		(54,721,655	)		$(1,013,432,206	)		(99,238,735	)		$(1,776,570,375	)

Net change
Class A		(22,961,266	)		$(428,007,966	)		(20,584,527	)		$(383,003,114	)
Class B		(1,980,529	)		(36,294,036	)		(2,785,650	)		(52,040,918	)
Class C		(5,315,144	)		(97,601,697	)		(8,176,669	)		(150,460,788	)
Class I		7,121,463			134,406,643			(5,574,841	)		(93,424,509	)
Class R1		(111,530	)		(2,034,321	)		(6,869	)		(203,636	)
Class R2		(619,505	)		(11,517,989	)		(466,288	)		(8,952,802	)
Class R3		(1,386,396	)		(25,252,996	)		(79,149	)		(2,146,073	)
Class R4		(372,321	)		(6,844,232	)		(389,527	)		(7,547,884	)
Class R6		1,974,310			38,457,699			1,071,075			18,651,470
		(23,650,918	)		$(434,688,895	)		(36,992,445	)		$(679,128,254	)

(6) Line of Credit

Notes to Financial Statements (unaudited) – continued

participating funds at the end of each calendar quarter. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at a rate equal to the Overnight Federal Reserve funds rate plus an agreed upon spread. For the six months ended April 30, 2017, the fund’s commitment fee and interest expense were $15,662 and $0, respectively, and are included in “Miscellaneous” expense in the Statement of Operations.

(7) Transactions in Underlying Affiliated Funds-Affiliated Issuers


Underlying Affiliated Fund	Beginning Shares/Par Amount			Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		121,487,367			334,027,914		(394,748,835	)		60,766,446

Underlying Affiliated Fund	Realized Gain (Loss)			Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio		$(8,033	)		$—		$303,387			$60,766,446

Other Affiliated Issuers	Beginning Shares/Par Amount			Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
Dynegy, Inc.		6,321,005			129,306		(349,177	)		6,101,134
NRG Yield, Inc., “A”		1,824,899			—		—			1,824,899

Other Affiliated Issuers	Realized Gain (Loss)			Capital Gain Distributions		Dividend Income			Ending Value
Dynegy, Inc.		$(7,689,050	)		$—		$2,159,855			$56,662,364
NRG Yield, Inc., “A”		—			—		930,698			31,643,749

		$(7,689,050	)		$—		$ 3,090,553			$88,306,113

RESULTS OF SHAREHOLDER MEETING

(unaudited)

At a special meeting of shareholders of MFS Series Trust VI, which was held on March 23, 2017, the following action was taken:

Item 1: To elect the following individuals as Trustees:


	Number of Dollars
Nominee	For		Withheld Authority
Steven E. Buller		6,329,612,868.770		132,704,839.172
John A. Caroselli		6,330,619,354.451		131,698,353.490
Maureen R. Goldfarb		6,315,675,281.759		146,642,407.912
David H. Gunning		6,305,186,698.635		157,131,009.306
Michael Hegarty		6,309,871,628.026		152,446,061.646
John P. Kavanaugh		6,332,679,359.255		129,638,330.417
Robert J. Manning		6,317,953,989.829		144,363,699.843
Clarence Otis, Jr.		6,323,592,829.433		138,724,860.239
Maryanne L. Roepke		6,332,173,801.267		130,143,906.674
Robin A. Stelmach		6,323,553,438.750		138,764,269.191
Laurie J. Thomsen		6,322,535,395.180		139,782,294.492

PROXY VOTING POLICIES AND INFORMATION

QUARTERLY PORTFOLIO DISCLOSURE

Public Reference Room

Securities and Exchange Commission

100 F Street, NE, Room 1580

Washington, D.C. 20549

FURTHER INFORMATION

INFORMATION ABOUT FUND CONTRACTS AND LEGAL CLAIMS

PROVISION OF FINANCIAL REPORTS AND SUMMARY PROSPECTUSES

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CONTACT

WEB SITE

mfs.com

MFS TALK

1-800-637-8255

24 hours a day

ACCOUNT SERVICE AND LITERATURE

Shareholders

1-800-225-2606

Financial advisors

1-800-343-2829

Retirement plan services

1-800-637-1255

MAILING ADDRESS

MFS Service Center, Inc.

P.O. Box 55824

Boston, MA 02205-5824

OVERNIGHT MAIL

MFS Service Center, Inc.

c/o Boston Financial Data Services

30 Dan Road

Canton, MA 02021-2809

ITEM 2.

CODE OF ETHICS.

Effective January 1, 2017, the Code of Ethics (the “Code”) was amended to (i) clarify that the term “for profit” company as used in Section II.B of the Code excludes the investment adviser and its subsidiaries and pooled investment vehicles sponsored by the investment adviser or its subsidiaries, (ii) align the Code’s provisions regarding receipt of gifts and entertainment in Section II.B of the Code with the gifts and entertainment policy of the Funds’ investment adviser, and (iii) make other administrative changes. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.

A copy of the amended Code effective as of January 1, 2017 is filed as an exhibit to this Form N-CSR.

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 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 second fiscal quarter of 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.

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. Attached hereto.

(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.

(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.

Notice

A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) MFS SERIES TRUST VI


By (Signature and Title)*		DAVID L. DILORENZO
		David L. DiLorenzo, President

Date: June 16, 2017

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)*		DAVID L. DILORENZO
		David L. DiLorenzo, President (Principal Executive Officer)

Date: June 16, 2017


By (Signature and Title)*		JAMES O. YOST
		James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer)

Date: June 16, 2017

*	Print name and title of each signing officer under his or her signature.