# EDGAR Filing Document

**Accession Number:** 0000911637
**File Stem:** 0001752724-23-037797
**Filing Date:** 2023-2
**Character Count:** 86778
**Document Hash:** 72151fc3d932c8728c7b24fdc97f27ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037797.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037797

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS SERIES TRUST XI
- **CENTRAL INDEX KEY:** 0000911637
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07992
- **FILM NUMBER:** 23663341

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 18006372929

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS UNION STANDARD TRUST
- **DATE OF NAME CHANGE:** 19930907

## Series and Classes Contracts Data

### MFS Mid Cap Value Fund (Series ID: S000002499)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006776 | A            | MVCAX           |
| C000006777 | R4           | MVCJX           |
| C000006781 | B            | MCBVX           |
| C000006782 | C            | MVCCX           |
| C000006783 | I            | MCVIX           |
| C000006785 | R1           | MVCGX           |
| C000006787 | R2           | MCVRX           |
| C000006788 | R3           | MVCHX           |
| C000125404 | R6           | MVCKX           |

## Nport-Ex

![](img567c4dce1.gif)

### Quarterly Report
December 31, 2022

MFS<sup>®</sup> Mid Cap Value Fund

![](img90a8d35f2.gif)

MDV-Q1

------

### Portfolio of Investments
12/31/22 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Common Stocks – 98.4% | Common Stocks – 98.4% | Common Stocks – 98.4% |
| Aerospace & Defense – 3.9% | Aerospace & Defense – 3.9% |  |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;3432272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$135265840 |
| KBR, Inc. | &nbsp;&nbsp;3733755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197142264 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;498935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103883256 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;1456533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153212706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$589504066 |
| Airlines – 0.8% | Airlines – 0.8% |  |
| Alaska Air Group, Inc. (a) | &nbsp;&nbsp;1266557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54385958 |
| Delta Air Lines, Inc. (a) | &nbsp;&nbsp;2225832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73140839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$127526797 |
| Apparel Manufacturers – 1.2% | Apparel Manufacturers – 1.2% |  |
| PVH Corp. | &nbsp;&nbsp;1130009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$79767336 |
| Skechers USA, Inc., "A" (a) | &nbsp;&nbsp;2632237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110422342 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$190189678 |
| Automotive – 2.2% | Automotive – 2.2% |  |
| Aptiv PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;726718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67679248 |
| Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;621511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77079794 |
| LKQ Corp. | &nbsp;&nbsp;3624673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193593785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$338352827 |
| Brokerage & Asset Managers – 3.0% | Brokerage & Asset Managers – 3.0% |  |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;787777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$98842380 |
| Evercore Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;693223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75616765 |
| Invesco Ltd. | &nbsp;&nbsp;3274829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58914173 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;1558554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166531495 |
| TPG, Inc. | &nbsp;&nbsp;1933766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53816708 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$453721521 |
| Business Services – 1.5% | Business Services – 1.5% |  |
| Amdocs Ltd. | &nbsp;&nbsp;1458299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$132559379 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89484142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$222043521 |
| Chemicals – 0.9% | Chemicals – 0.9% |  |
| Eastman Chemical Co. | &nbsp;&nbsp;1677226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$136593286 |
| Computer Software – 1.2% | Computer Software – 1.2% |  |
| Black Knight, Inc. (a) | &nbsp;&nbsp;1020842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$63036994 |
| Check Point Software Technologies Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;452544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57092951 |
| Dun & Bradstreet Holdings, Inc. | &nbsp;&nbsp;4614847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56578024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$176707969 |
| Computer Software - Systems – 1.3% | Computer Software - Systems – 1.3% |  |
| Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;989847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$52075851 |
| Verint Systems, Inc. (a) | &nbsp;&nbsp;1124731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40805241 |
| Zebra Technologies Corp., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;385425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98826824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$191707916 |
| Construction – 3.9% | Construction – 3.9% |  |
| Essex Property Trust, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;321341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$68098585 |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp;1105179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63116773 |
| Masco Corp. | &nbsp;&nbsp;2055349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95923138 |
| Mid-America Apartment Communities, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;388637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61012122 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;976281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73338229 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Construction – continued | Construction – continued |  |
| Toll Brothers, Inc. | &nbsp;&nbsp;2896160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$144576307 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;547132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95808284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$601873438 |
| Consumer Products – 1.2% | Consumer Products – 1.2% |  |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;1010368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$105926981 |
| Newell Brands, Inc. | &nbsp;&nbsp;5406559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70717792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$176644773 |
| Containers – 2.7% | Containers – 2.7% |  |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;464518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$84077758 |
| Crown Holdings, Inc. | &nbsp;&nbsp;1026807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84413804 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp;5894543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131153582 |
| WestRock Co. | &nbsp;&nbsp;3261715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114681899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$414327043 |
| Electrical Equipment – 3.2% | Electrical Equipment – 3.2% |  |
| Berry Global, Inc. | &nbsp;&nbsp;1878334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$113507724 |
| Johnson Controls International PLC | &nbsp;&nbsp;3085266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197457024 |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;2159944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87218539 |
| TE Connectivity Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;829479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95224189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$493407476 |
| Electronics – 3.4% | Electronics – 3.4% |  |
| Corning, Inc. | &nbsp;&nbsp;2979103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95152550 |
| Flex Ltd. (a) | &nbsp;&nbsp;4608315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98894440 |
| Marvell Technology, Inc. | &nbsp;&nbsp;2443774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90517389 |
| NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp;&nbsp;760341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120156688 |
| ON Semiconductor Corp. (a) | &nbsp;&nbsp;1716358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107049248 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$511770315 |
| Energy - Independent – 5.3% | Energy - Independent – 5.3% |  |
| Chesapeake Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;824600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$77817502 |
| Devon Energy Corp. | &nbsp;&nbsp;2255648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138744908 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;924088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126396757 |
| Hess Corp. | &nbsp;&nbsp;1317573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186858203 |
| Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;701021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160106186 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;906184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114958502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$804882058 |
| Energy - Renewables – 1.1% | Energy - Renewables – 1.1% |  |
| AES Corp. | &nbsp;&nbsp;5893097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$169485470 |
| Engineering - Construction – 0.6% | Engineering - Construction – 0.6% |  |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;632431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$90121418 |
| Food & Beverages – 2.9% | Food & Beverages – 2.9% |  |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;1737600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$96124032 |
| Ingredion, Inc. | &nbsp;&nbsp;1412851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138360499 |
| J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;701009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111081886 |
| Kellogg Co. | &nbsp;&nbsp;1315204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93695133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$439261550 |
| Food & Drug Stores – 0.5% | Food & Drug Stores – 0.5% |  |
| Albertsons Cos., Inc., "A" | &nbsp;&nbsp;3915522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$81207926 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Gaming & Lodging – 1.2% | Gaming & Lodging – 1.2% |  |
| Hyatt Hotels Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;775784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$70169663 |
| International Game Technology PLC | &nbsp;&nbsp;4784667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108516247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$178685910 |
| General Merchandise – 0.7% | General Merchandise – 0.7% |  |
| Dollar Tree, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;771655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$109142883 |
| Insurance – 8.7% | Insurance – 8.7% |  |
| American International Group, Inc. | &nbsp;&nbsp;1793834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$113442062 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;878792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165687444 |
| Assurant, Inc. | &nbsp;&nbsp;1027843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128542045 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;654467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67010876 |
| Equitable Holdings, Inc. | &nbsp;&nbsp;5147411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147730696 |
| Everest Re Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;486312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161100576 |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;443481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59927587 |
| Hartford Financial Services Group, Inc. | &nbsp;&nbsp;2845837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215799820 |
| Voya Financial, Inc. | &nbsp;&nbsp;1812779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111467781 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;618755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151335098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1322043985 |
| Leisure & Toys – 1.8% | Leisure & Toys – 1.8% |  |
| Brunswick Corp. | &nbsp;&nbsp;1563078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$112666662 |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;657730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80361452 |
| Mattel, Inc. (a) | &nbsp;&nbsp;4563644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81415409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$274443523 |
| Machinery & Tools – 5.1% | Machinery & Tools – 5.1% |  |
| Eaton Corp. PLC | &nbsp;&nbsp;1156196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$181464962 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;1964212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102630077 |
| ITT, Inc. | &nbsp;&nbsp;1092941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88637515 |
| PACCAR, Inc. | &nbsp;&nbsp;1233299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122059602 |
| Regal Rexnord Corp. | &nbsp;&nbsp;1035670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124259687 |
| Wabtec Corp. | &nbsp;&nbsp;1521187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151829674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$770881517 |
| Major Banks – 1.1% | Major Banks – 1.1% |  |
| Comerica, Inc. | &nbsp;&nbsp;1280711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85615530 |
| State Street Corp. | &nbsp;&nbsp;1069707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82977172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$168592702 |
| Medical & Health Technology & Services – 3.3% | Medical & Health Technology & Services – 3.3% |  |
| AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;951168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$157618049 |
| ICON PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;457453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88860245 |
| Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;442642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104233338 |
| Syneos Health, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;783067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28722898 |
| Universal Health Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;881463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124189322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$503623852 |
| Medical Equipment – 3.6% | Medical Equipment – 3.6% |  |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;643815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$96346915 |
| Dentsply Sirona, Inc. | &nbsp;&nbsp;2464887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78482002 |
| Hologic, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;994807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74421512 |
| Maravai Lifesciences Holdings, Inc., "A" (a) | &nbsp;&nbsp;1685381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24117802 |
| PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;794132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111353189 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;189948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47416719 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;934704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119174760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$551312899 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Natural Gas - Distribution – 0.4% | Natural Gas - Distribution – 0.4% |  |
| Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;541185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$60650603 |
| Natural Gas - Pipeline – 1.3% | Natural Gas - Pipeline – 1.3% |  |
| Plains GP Holdings LP | &nbsp;&nbsp;6841686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85110574 |
| Targa Resources Corp. | &nbsp;&nbsp;1570187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115408744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$200519318 |
| Network & Telecom – 0.8% | Network & Telecom – 0.8% |  |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;458846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$118249203 |
| Oil Services – 0.6% | Oil Services – 0.6% |  |
| Halliburton Co. | &nbsp;&nbsp;2447693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$96316720 |
| Other Banks & Diversified Financials – 6.1% | Other Banks & Diversified Financials – 6.1% |  |
| Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;662770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$64838789 |
| East West Bancorp, Inc. | &nbsp;&nbsp;1088778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71750470 |
| Element Fleet Management Corp. | &nbsp;&nbsp;1480407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20172459 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;738102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107069076 |
| Northern Trust Corp. | &nbsp;&nbsp;1060092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93807541 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;1176967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85541961 |
| Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;511789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58968329 |
| SLM Corp. | &nbsp;&nbsp;7406953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122955420 |
| SVB Financial Group (a) | &nbsp;&nbsp;&nbsp;&nbsp;411444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94689722 |
| Umpqua Holdings Corp. | &nbsp;&nbsp;5893752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105203473 |
| Zions Bancorp NA | &nbsp;&nbsp;2259999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111101551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$936098791 |
| Pharmaceuticals – 0.4% | Pharmaceuticals – 0.4% |  |
| Organon & Co. | &nbsp;&nbsp;2421312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67627244 |
| Pollution Control – 1.0% | Pollution Control – 1.0% |  |
| GFL Environmental, Inc. | &nbsp;&nbsp;2497718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$73008297 |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;632171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81543737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$154552034 |
| Real Estate – 5.8% | Real Estate – 5.8% |  |
| Brixmor Property Group, Inc., REIT | &nbsp;&nbsp;4589942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$104053985 |
| Host Hotels & Resorts, Inc., REIT | &nbsp;&nbsp;5064912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81291838 |
| Jones Lang LaSalle, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;470749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75023268 |
| Life Storage, Inc., REIT | &nbsp;&nbsp;1268202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124917897 |
| Spirit Realty Capital, Inc., REIT | &nbsp;&nbsp;1695643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67707025 |
| STAG Industrial, Inc., REIT | &nbsp;&nbsp;1877078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60648390 |
| Sun Communities, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;776839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111087977 |
| VICI Properties, Inc., REIT | &nbsp;&nbsp;4934082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159864257 |
| W.P. Carey, Inc., REIT | &nbsp;&nbsp;1296668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101334604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$885929241 |
| Restaurants – 2.2% | Restaurants – 2.2% |  |
| Aramark | &nbsp;&nbsp;3024119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$125017079 |
| Performance Food Group Co. (a) | &nbsp;&nbsp;1336898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78061474 |
| Wendy's Co. | &nbsp;&nbsp;5522309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124969853 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$328048406 |
| Specialty Chemicals – 3.7% | Specialty Chemicals – 3.7% |  |
| Ashland, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;953468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$102526414 |
| Axalta Coating Systems Ltd. (a) | &nbsp;&nbsp;4142013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105497071 |
| Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;804715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82274062 |
| Corteva, Inc. | &nbsp;&nbsp;2278045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133903485 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Specialty Chemicals – continued | Specialty Chemicals – continued |  |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2043142 | $140220835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$564421867 |
| Specialty Stores – 1.4% | Specialty Stores – 1.4% |  |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902329 | $58543105 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98514761 |
| Urban Outfitters, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2118327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50522099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$207579965 |
| Telecommunications - Wireless – 0.5% | Telecommunications - Wireless – 0.5% |  |
| Liberty Broadband Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963434 | $73481111 |
| Trucking – 1.1% | Trucking – 1.1% |  |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1564762 | $82009176 |
| RXO, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1377369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23690747 |
| XPO Logistics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1811027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60289089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$165989012 |
| Utilities - Electric Power – 6.8% | Utilities - Electric Power – 6.8% |  |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3681979 | $110422550 |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1995839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126396484 |
| Edison International | &nbsp;&nbsp;&nbsp;&nbsp;1288509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81974943 |
| Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;1286107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107827211 |
| PG&E Corp. (a) | &nbsp;&nbsp;&nbsp;13936752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226611587 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1523275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115829831 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2279962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139693272 |
| Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125052068 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1033807946 |
| **Total Common Stocks** |  | &nbsp;&nbsp;**$14981327780** |
| Preferred Stocks – 0.4% | Preferred Stocks – 0.4% | Preferred Stocks – 0.4% |
| Consumer Products – 0.4% |  |  |
| Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901296 | $62730766 |
| Investment Companies (h) – 1.1% | Investment Companies (h) – 1.1% | Investment Companies (h) – 1.1% |
| Money Market Funds – 1.1% | Money Market Funds – 1.1% |  |
| MFS Institutional Money Market Portfolio, 4.02% (v) | 166732584 | &nbsp;&nbsp;&nbsp;$166782604 |
| Other Assets, Less Liabilities – 0.1% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19436509 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**$15230277659** |

---

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end,
the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $166,782,604 and $15,044,058,546, respectively.

(v) Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized
seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined: <br> REIT Real Estate Investment Trust

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

------

### Supplemental Information
12/31/22 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

(1) Investment Valuations

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund's net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund's foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of December 31, 2022 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Equity Securities | &nbsp;&nbsp;&nbsp;$15044058546 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$15044058546 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166782604 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166782604 |
| Total | &nbsp;&nbsp;&nbsp;$15210841150 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$15210841150 |

---

------

Supplemental Information (unaudited) – continued

(2) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$296114977 | &nbsp;&nbsp;$295101798 | &nbsp;&nbsp;$424458426 | &nbsp;&nbsp;$14128 | &nbsp;&nbsp;$10127 | &nbsp;&nbsp;$166782604 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$1910181 | &nbsp;&nbsp;$— |

---

(3) Russia and Ukraine Conflict

The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund's assets and thus the fund's performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** MFS SERIES TRUST XI

- **b. Investment Company Act file number:** 811-07992

- **c. CIK number of Registrant:** 0000911637

- **d. LEI of Registrant:** 549300O3TPADV1WWUX67

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 111 HUNTINGTON AVENUE

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

  - **Telephone number:** 617-954-5000

**Item A.2. Information about the Series.**

- **a. Name of Series:** MFS Mid Cap Value Fund

- **b. EDGAR series identifier (if any):** S000002499

- **c. LEI of Series:** BXHSCSBXYY1DOHP6E209

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $15279658122.65

**Total Liabilities:** $6804995.01

**Net Assets:** $15272853127.64

**Cash Not Reported:** $10010396.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006788 | 9.88%                | 6.14%                | -3.99%               |
| Class ID C000006776 | 9.88%                | 6.11%                | -3.97%               |
| Class ID C000006781 | 9.82%                | 6.09%                | -4.05%               |
| Class ID C000125404 | 9.91%                | 6.16%                | -3.96%               |
| Class ID C000006777 | 9.93%                | 6.14%                | -3.98%               |
| Class ID C000006782 | 9.79%                | 6.05%                | -4.05%               |
| Class ID C000006783 | 9.89%                | 6.17%                | -3.98%               |
| Class ID C000006787 | 9.83%                | 6.14%                | -4.04%               |
| Class ID C000006785 | 9.79%                | 6.06%                | -4.07%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $39976006.59             | $1289834536.07                             |
| Month 2  | $35961532.16             | $860888851.26                              |
| Month 3  | $-5654267.14             | $-657739846.09                             |

### Schedule of Portfolio Investments

| Name                                      | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Discover Financial Services               | Discover Financial Services               | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               | CORP              | US        |    662770 | NS      | $64838789.10  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                    | Equitable Holdings Inc                    | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |   5147411 | NS      | $147730695.70 | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                              | Assurant Inc                              | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |   1027843 | NS      | $128542045.58 | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc                 | L3Harris Technologies Inc                 | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |    498935 | NS      | $103883256.35 | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp                         | Hyatt Hotels Corp                         | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |    775784 | NS      | $70169662.80  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp                   | Zebra Technologies Corp                   | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |    385425 | NS      | $98826824.25  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains GP Holdings LP                     | Plains GP Holdings LP                     | CUSIP: 72651A207<br>LEI: 549300O56BSKRD8FAM12 | Long             | EC               | CORP              | US        |   6841686 | NS      | $85110573.84  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| DENTSPLY SIRONA Inc                       | DENTSPLY SIRONA Inc                       | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |   2464887 | NS      | $78482002.08  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Inc                              | Comerica Inc                              | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |   1280711 | NS      | $85615530.35  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                              | Evercore Inc                              | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |    693223 | NS      | $75616764.84  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp                    | Liberty Broadband Corp                    | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |    963434 | NS      | $73481111.18  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc                    | Jones Lang LaSalle Inc                    | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |    470749 | NS      | $75023268.13  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding PLC          | Sensata Technologies Holding PLC          | CUSIP: 000000000<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |   2159944 | NS      | $87218538.72  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                                 | Hess Corp                                 | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |   1317573 | NS      | $186858202.86 | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                        | Valero Energy Corp                        | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |    906184 | NS      | $114958502.24 | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                       | Northern Trust Corp                       | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |   1060092 | NS      | $93807541.08  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| PerkinElmer Inc                           | PerkinElmer Inc                           | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |    794132 | NS      | $111353189.04 | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland Inc                               | Ashland Inc                               | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |    953468 | NS      | $102526414.04 | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| RXO Inc                                   | RXO Inc                                   | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |   1377369 | NS      | $23690746.80  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                              | WP Carey Inc                              | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |   1296668 | NS      | $101334604.20 | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc             | Universal Health Services Inc             | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |    881463 | NS      | $124189322.07 | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC           | Seagate Technology Holdings PLC           | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |    989847 | NS      | $52075850.67  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technologies Ltd     | Check Point Software Technologies Ltd     | CUSIP: 000000000<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |    452544 | NS      | $57092951.04  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Re Group Ltd                      | Everest Re Group Ltd                      | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |    486312 | NS      | $161100576.24 | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                | Masco Corp                                | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |   2055349 | NS      | $95923137.83  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc                  | Agilent Technologies Inc                  | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |    643815 | NS      | $96346914.75  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                                   | Aramark                                   | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |   3024119 | NS      | $125017079.46 | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                                   | KBR Inc                                   | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |   3733755 | NS      | $197142264.00 | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Dun & Bradstreet Holdings Inc             | Dun & Bradstreet Holdings Inc             | CUSIP: 26484T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4614847 | NS      | $56578024.22  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Knight Inc                          | Black Knight Inc                          | CUSIP: 09215C105<br>LEI: 549300TUSNXS3BFFML48 | Long             | EC               | CORP              | US        |   1020842 | NS      | $63036993.50  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                 | Prosperity Bancshares Inc                 | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1176967 | NS      | $85541961.56  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB Financial Group                       | SVB Financial Group                       | CUSIP: 78486Q101<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |    411444 | NS      | $94689722.16  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                             | Celanese Corp                             | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |    804715 | NS      | $82274061.60  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                                | Amdocs Ltd                                | CUSIP: 000000000<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |   1458299 | NS      | $132559379.10 | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                               | Invesco Ltd                               | CUSIP: 000000000<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |   3274829 | NS      | $58914173.71  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp                         | Atmos Energy Corp                         | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |    541185 | NS      | $60650602.95  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                       | Sun Communities Inc                       | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |    776839 | NS      | $111087977.00 | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                                 | Lear Corp                                 | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |    621511 | NS      | $77079794.22  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co              | Graphic Packaging Holding Co              | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5894543 | NS      | $131153581.75 | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd                | Axalta Coating Systems Ltd                | CUSIP: 000000000<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |   4142013 | NS      | $105497071.11 | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                               | Corteva Inc                               | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |   2278045 | NS      | $133903485.10 | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co                       | Vulcan Materials Co                       | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |    547132 | NS      | $95808284.52  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Henkel AG & Co KGaA                       | Henkel AG & Co KGaA                       | CUSIP: 000000000<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EP               | CORP              | DE        |    901296 | NS      | $62730765.81  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc                        | Crown Holdings Inc                        | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |   1026807 | NS      | $84413803.47  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co                       | Eastman Chemical Co                       | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |   1677226 | NS      | $136593285.44 | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                | Zimmer Biomet Holdings Inc                | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |    934704 | NS      | $119174760.00 | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The                        | J M Smucker Co/The                        | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |    701009 | NS      | $111081886.14 | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                     | NXP Semiconductors NV                     | CUSIP: 000000000<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |    760341 | NS      | $120156688.23 | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                       | Leidos Holdings Inc                       | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |   1456533 | NS      | $153212706.27 | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc               | Raymond James Financial Inc               | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |   1558554 | NS      | $166531494.90 | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                      | Edison International                      | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |   1288509 | NS      | $81974942.58  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc                         | Toll Brothers Inc                         | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |   2896160 | NS      | $144576307.20 | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                         | State Street Corp                         | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |   1069707 | NS      | $82977171.99  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Albertsons Cos Inc                        | Albertsons Cos Inc                        | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |   3915522 | NS      | $81207926.28  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                      | Targa Resources Corp                      | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |   1570187 | NS      | $115408744.50 | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                             | Ingredion Inc                             | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |   1412851 | NS      | $138360498.43 | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Syneos Health Inc                         | Syneos Health Inc                         | CUSIP: 87166B102<br>LEI: 549300F1ZGKDS8P6GU13 | Long             | EC               | CORP              | US        |    783067 | NS      | $28722897.56  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                           | Dollar Tree Inc                           | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |    771655 | NS      | $109142883.20 | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp                        | Regal Rexnord Corp                        | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |   1035670 | NS      | $124259686.60 | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellogg Co                                | Kellogg Co                                | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |   1315204 | NS      | $93695132.96  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorp NA                          | Zions Bancorp NA                          | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |   2259999 | NS      | $111101550.84 | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp                | Pinnacle West Capital Corp                | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |   1523275 | NS      | $115829831.00 | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                  | Willis Towers Watson PLC                  | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |    618755 | NS      | $151335097.90 | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International plc        | Johnson Controls International plc        | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |   3085266 | NS      | $197457024.00 | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendy's Co/The                            | Wendy's Co/The                            | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |   5522309 | NS      | $124969852.67 | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                             | M&T Bank Corp                             | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |    738102 | NS      | $107069076.12 | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra Energy                             | Sempra Energy                             | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    809189 | NS      | $125052068.06 | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc                     | DuPont de Nemours Inc                     | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |   2043142 | NS      | $140220835.46 | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                | Brixmor Property Group Inc                | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |   4589942 | NS      | $104053985.14 | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc                       | Quanta Services Inc                       | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |    632431 | NS      | $90121417.50  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc                | Stanley Black & Decker Inc                | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |    976281 | NS      | $73338228.72  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                                | PACCAR Inc                                | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |   1233299 | NS      | $122059602.03 | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                               | Corning Inc                               | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |   2979103 | NS      | $95152549.82  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc                         | Newell Brands Inc                         | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |   5406559 | NS      | $70717791.72  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Verint Systems Inc                        | Verint Systems Inc                        | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               | CORP              | US        |   1124731 | NS      | $40805240.68  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                           | CMS Energy Corp                           | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |   1995839 | NS      | $126396483.87 | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                 | Host Hotels & Resorts Inc                 | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |   5064912 | NS      | $81291837.60  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE                         | Brunswick Corp/DE                         | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |   1563078 | NS      | $112666662.24 | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc                      | Alaska Air Group Inc                      | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |   1266557 | NS      | $54385957.58  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc                    | Marvell Technology Inc                    | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2443774 | NS      | $90517388.96  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Skechers USA Inc                          | Skechers USA Inc                          | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |   2632237 | NS      | $110422342.15 | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Storage Inc                          | Life Storage Inc                          | CUSIP: 53223X107<br>LEI: W9EE01AFDDF9DQCQZC68 | Long             | EC               | CORP              | US        |   1268202 | NS      | $124917897.00 | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc                     | Republic Services Inc                     | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |    632171 | NS      | $81543737.29  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                  | ICON PLC                                  | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |    457453 | NS      | $88860245.25  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                  | Essex Property Trust Inc                  | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |    321341 | NS      | $68098584.72  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Realty Capital Inc                 | Spirit Realty Capital Inc                 | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |   1695643 | NS      | $67707024.99  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Holdings Inc  | Knight-Swift Transportation Holdings Inc  | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1564762 | NS      | $82009176.42  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations Inc            | Fortune Brands Innovations Inc            | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |   1105179 | NS      | $63116772.69  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                                 | PG&E Corp                                 | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |  13936752 | NS      | $226611587.52 | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel Inc                                | Mattel Inc                                | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |   4563644 | NS      | $81415408.96  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| International Game Technology PLC         | International Game Technology PLC         | CUSIP: 000000000<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | EC               | CORP              | GB        |   4784667 | NS      | $108516247.56 | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                              | Organon & Co                              | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |   2421312 | NS      | $67627244.16  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                     | East West Bancorp Inc                     | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1088778 | NS      | $71750470.20  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                                  | SLM Corp                                  | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7406953 | NS      | $122955419.80 | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                                  | Flex Ltd                                  | CUSIP: 000000000<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | SG        |   4608315 | NS      | $98894439.90  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS Institutional Money Market Portfolio  | MFS Institutional Money Market Portfolio  | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        | 156725190 | NS      | $156772207.36 | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc                     | GFL Environmental Inc                     | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | CA        |   2497718 | NS      | $73008297.14  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Cincinnati Financial Corp                 | Cincinnati Financial Corp                 | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |    654467 | NS      | $67010876.13  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy Inc                    | CenterPoint Energy Inc                    | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |   3681979 | NS      | $110422550.21 | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                         | Eversource Energy                         | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |   1286107 | NS      | $107827210.88 | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                           | Ross Stores Inc                           | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |    848753 | NS      | $98514760.71  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                                   | ITT Inc                                   | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |   1092941 | NS      | $88637515.10  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Umpqua Holdings Corp                      | Umpqua Holdings Corp                      | CUSIP: 904214103<br>LEI: 5299002ENJ7CY215BW86 | Long             | EC               | CORP              | US        |   5893752 | NS      | $105203473.20 | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial Inc                        | Voya Financial Inc                        | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |   1812779 | NS      | $111467780.71 | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                       | Avery Dennison Corp                       | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |    464518 | NS      | $84077758.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corp                    | AmerisourceBergen Corp                    | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |    951168 | NS      | $157618049.28 | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity Ltd                       | TE Connectivity Ltd                       | CUSIP: 000000000<br>LEI: 894500ZRIX9K13RHXR17 | Long             | EC               | CORP              | CH        |    829479 | NS      | $95224189.20  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                         | Devon Energy Corp                         | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |   2255648 | NS      | $138744908.48 | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                       | VICI Properties Inc                       | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |   4934082 | NS      | $159864256.80 | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                                  | LKQ Corp                                  | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |   3624673 | NS      | $193593784.93 | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc    | International Flavors & Fragrances Inc    | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |   1010368 | NS      | $105926981.12 | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Laboratory Corp of America Holdings       | Laboratory Corp of America Holdings       | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               | CORP              | US        |    442642 | NS      | $104233338.16 | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Westrock Co                               | Westrock Co                               | CUSIP: 96145D105<br>LEI: 5493004Z9TCQW68YVL89 | Long             | EC               | CORP              | US        |   3261715 | NS      | $114681899.40 | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Natural Resources Co              | Pioneer Natural Resources Co              | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |    701021 | NS      | $160106186.19 | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc                        | Ingersoll Rand Inc                        | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |   1964212 | NS      | $102630077.00 | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp                     | ON Semiconductor Corp                     | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |   1716358 | NS      | $107049248.46 | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                   | XPO Inc                                   | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |   1811027 | NS      | $60289088.83  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                              | AES Corp/The                              | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |   5893097 | NS      | $169485469.72 | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Financial Services Group Inc/The | Hartford Financial Services Group Inc/The | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |   2845837 | NS      | $215799819.71 | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                    | Diamondback Energy Inc                    | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    924088 | NS      | $126396756.64 | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                       | Electronic Arts Inc                       | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |    657730 | NS      | $80361451.40  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                                  | PVH Corp                                  | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |   1130009 | NS      | $79767335.31  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Berry Global Group Inc                    | Berry Global Group Inc                    | CUSIP: 08579W103<br>LEI: 549300G6KKUMMXM8NH73 | Long             | EC               | CORP              | US        |   1878334 | NS      | $113507723.62 | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                   | Cboe Global Markets Inc                   | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |    787777 | NS      | $98842380.19  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc                  | Builders FirstSource Inc                  | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |    902329 | NS      | $58543105.52  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Inc                              | Teleflex Inc                              | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |    189948 | NS      | $47416719.24  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Signature Bank/New York NY                | Signature Bank/New York NY                | CUSIP: 82669G104<br>LEI: VLP5AP0XK2GM6GKD1007 | Long             | EC               | CORP              | US        |    511789 | NS      | $58968328.58  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                      | Howmet Aerospace Inc                      | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |   3432272 | NS      | $135265839.52 | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities Inc     | Mid-America Apartment Communities Inc     | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |    388637 | NS      | $61012122.63  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                       | STAG Industrial Inc                       | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |   1877078 | NS      | $60648390.18  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc                      | Urban Outfitters Inc                      | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |   2118327 | NS      | $50522098.95  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG Inc                                   | TPG Inc                                   | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |   1933766 | NS      | $53816707.78  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc                       | Delta Air Lines Inc                       | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |   2225832 | NS      | $73140839.52  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co                 | Performance Food Group Co                 | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |   1336898 | NS      | $78061474.22  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                                 | Aptiv PLC                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |    726718 | NS      | $67679247.34  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners PLC        | Coca-Cola Europacific Partners PLC        | CUSIP: 000000000<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |   1737600 | NS      | $96124032.00  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Energy Corp                    | Chesapeake Energy Corp                    | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |    824600 | NS      | $77817502.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co                   | Arthur J Gallagher & Co                   | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |    878792 | NS      | $165687443.68 | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                       | Global Payments Inc                       | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |    900968 | NS      | $89484141.76  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                            | Halliburton Co                            | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |   2447693 | NS      | $96316719.55  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technologies Corp  | Westinghouse Air Brake Technologies Corp  | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |   1521187 | NS      | $151829674.47 | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                    | Motorola Solutions Inc                    | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |    458846 | NS      | $118249202.66 | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                               | Hologic Inc                               | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |    994807 | NS      | $74421511.67  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/The           | Hanover Insurance Group Inc/The           | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |    443481 | NS      | $59927587.53  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Maravai LifeSciences Holdings Inc         | Maravai LifeSciences Holdings Inc         | CUSIP: 56600D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1685381 | NS      | $24117802.11  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Fleet Management Corp             | Element Fleet Management Corp             | CUSIP: 286181201<br>LEI: 5493000PGBS1C22ELQ16 | Long             | EC               | CORP              | CA        |   1545791 | NS      | $21063400.26  | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Inc       | Public Service Enterprise Group Inc       | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |   2279962 | NS      | $139693271.74 | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc          | American International Group Inc          | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |   1793834 | NS      | $113442062.16 | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                            | Eaton Corp PLC                            | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |   1156196 | NS      | $181464962.20 | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-24

**Name of Applicant:** MFS SERIES TRUST XI

**Signature:** Kasey Phillips

**Name of Signer:** Kasey Phillips

**Title:** Assistant Treasurer