mfs® growth fund · apple inc underweighting shares of computer and personal electronics maker...

PRPEQ-MEG-30-Sep-20

NOT FDIC INSURED MAY LOSE VALUE NOT A DEPOSIT

Before investing, consider the fund's investment objectives, risks, charges, and expenses. For a prospectus, or summary prospectus, containing this and other information,

contact MFS or view online at mfs.com. Please read it carefully.©2020 MFS Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA 02199.

FOR DEALER AND INSTITUTIONAL USE ONLY. Not to be shown, quoted, or distributed to the public.

MFS® Growth Fund(Class A Shares)

Third quarter 2020 investment report

34135

Table of Contents

FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Growth FundPRPEQ-MEG-30-Sep-20

Performance and attribution results are for the fund or share class depicted and do not reflect the impact of your contributions and withdrawals. Your personal performance results may

differ.

Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a

derivative contract, indirectly. The market value of the holding may differ.

PageContents

Fund Risks 1

Disciplined Investment Approach 2

Market Overview 3

Executive Summary 4

Performance 5

Attribution 6

Significant Transactions 10

Portfolio Positioning 11

Characteristics 12

Portfolio Outlook 13

Portfolio Holdings 17

Additional Disclosures 19

0

Fund Risks


The fund may not achieve its objective and/or you could lose money on your investment in the fund.

Stock: Stock markets and investments in individual stocks are volatile and can decline significantly in response to or investor perception of, issuer, market, economic,industry, political, regulatory, geopolitical, and other conditions.

Growth: Investments in growth companies can be more sensitive to the company's earnings and more volatile than the stock market in general.

Please see the prospectus for further information on these and other risk considerations.

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1

Investment objective Seekscapitalappreciation

Goals Outperformthe Russell 1000® GrowthIndex & large cap growth peers over full market cycles

Philosophy

Fundamentals drive earnings and cash flow growth

Earnings and cash flow growth drives share price performanceover the long term

Investors often underestimate the rate and/orduration of growth

Approach

Source ideas via MFS’ global research platform

Fundamentals and valuation drive securityweights

Activelymanage risk aiming to ensure security selectionis the alpha source


Disciplined Investment Approach

2

2


Market Overview

The US market, as measured by the S&P 500 Index, moved higher in Q3, despite a

pullback in September. Volatility increased that month with the market selloff as

investors continued to worry about COVID-19 and the upcoming US presidential

election.

Economic growth in the US plunged during Q2, with GDP of -31.4%. As expected,

this negative record rate was driven by a global shutdown due to the coronavirus.

Economic activity is forecast to move significantly higher in Q3, as the US and many

economies worldwide have at least partially reopened. The US Federal

Reserve has pledged to keep interest rates near zero until the economy heals from

the pandemic.

For the quarter, growth outperformed value in the large-, mid-, and small-cap

spaces, although large cap value outperformed large-cap growth in September. In

general, the market continued to reward stocks most likely to benefit from

increased consumer and business activity due to states reopening their economies.

During Q3, the best-performing sectors were consumer discretionary, materials and

industrials. Energy, real estate and financials were the weakest sectors on a relative

basis.

Market review as of 30-Sep-20

Style performance (%) (USD) as of 30-Sep-20

Third quarter 2020

13.29.4 8.9

7.2 6.4 5.6 4.8 2.6

37.5

23.2

15.1 15.7

-7.3 -5.0

0.5

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Source for benchmark performance SPAR, FactSet Research Systems Inc. All indicesrepresent total return unless otherwise noted.

Sector performance (%) (USD) as of 30-Sep-20

Third quarter 2020

20.7

15.0 14.9 13.4 12.2 10.36.4 5.7

1.0

-4.0 -4.7

52.9

13.1

55.7

1.2

9.2

33.1

13.2

27.8

5.3

-32.4

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One year

Source: FactSet. Sector performance based on MSCI sector classification. The analysisof Russell 1000® Growth Index constituents are broken out by MSCI defined sectors.

3

3

Executive Summary


Sector weights (%) as of 30-Sep-20 Portfolio Benchmark^^

Top overweights

Communication Services 15.5 10.9

Industrials 6.8 4.6

Materials 2.1 0.8

Top underweights

Consumer Discretionary 12.5 16.5

Information Technology 41.4 44.5

Consumer Staples 1.9 4.8

Russell 1000® Growth Index^^

The Global Industry Classification Standard (GICS®) was developed byand/or is the exclusive property of MSCI, Inc. and S&P Global MarketIntelligence Inc. ("S&P Global Market Intelligence"). GICS is a servicemark of MSCI and S&P Global Market Intelligence and has been licensedfor use by MFS.

Performance results (%) A shares at NAV (USD) as of 30-Sep-20

Portfolio Benchmark^

10.81

21.72

32.03

22.1119.87

16.8613.22

24.33

37.53

21.67 20.1017.25

3Q 2020 YTD 1 year 3 year 5 year 10 year3Q 2020 YTD 1 year 3 year 5 year 10 year

Performance data shown represent past performance and are no guarantee of future results.

Investment return and principal value fluctuate so your shares, when sold, may be worth

more or less than the original cost; current performance may be lower or higher than quoted.

For most recent month-end performance, please visit mfs.com.Performance results reflect any applicable expense subsidies and waivers in effect during theperiods shown. Without such subsidies and waivers the fund's performance results would be lessfavorable. All results assume the reinvestment of dividends and capital gains.Results would have been less favorable had the maximum 5.75% sales charge been included.

For periods of less than one-year returns are not annualized.

Source for benchmark performance SPAR, FactSet Research Systems Inc.Russell 1000® Growth Index^

The MFS Growth Fund underperformed the Russell 1000® Growth Indexin the third quarter of 2020.

DetractorsContributors

• Health Care – Stock selection

Individual stocks:•

Salesforce.Com Inc-

Square Inc-

Clarivate Plc-

• Information Technology – Stockselection

• Consumer Discretionary – Stockselection

• Communication Services – Stockselection

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4

Performance Results


Performance results (%) A shares (USD) as of 30-Sep-20

PeriodExcess return NAV vs

benchmark (%)Benchmark^ (%)At NAV (%)

With maximum

sales charge (%)

3Q 2020 -2.4113.2210.814.44

2Q 2020 -3.2527.8424.5917.42

1Q 2020 2.27-14.10-11.83-16.90

4Q 2019 -2.1510.628.472.23

2020 YTD -2.6024.3321.7214.72

2019 0.9636.3937.35N/A

2018 3.86-1.512.34N/A

2017 0.3330.2130.54N/A

2016 -4.867.082.21N/A

2015 1.445.677.11N/A

1 year -5.5037.5332.0324.44

3 year 0.4321.6722.1119.72

5 year -0.2320.1019.8718.46

10 year -0.3917.2516.8616.17

Performance data shown represent past performance and are no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may

be worth more or less than the original cost; current performance may be lower or higher than quoted. For most recent month-end performance, please visit mfs.com.Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance resultswould be less favorable. All results assume the reinvestment of dividends and capital gains.For periods of less than one-year returns are not annualized. Source for benchmark performance SPAR, FactSet Research Systems Inc.Russell 1000® Growth Index^

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5


Performance Drivers - Sectors

Relative

contribution

(%)

Relative to Russell 1000® Growth Index

(USD) - third quarter 2020

Currency

effect (%)

Stock

selection (%)

Sector

allocation (%)

Benchmark

returns (%)

Portfolio

returns (%)

Average

relative

weighting (%)

+ + =21

Contributors Health Care 0.8–0.70.15.710.8-1.1

Materials 0.1–0.10.015.018.71.3

Energy 0.0––0.0-4.0–-0.1

Utilities 0.0––0.0-4.7–-0.0

Detractors Information Technology -1.10.0-1.1-0.014.912.4-3.0

Consumer Discretionary -0.9-0.0-0.7-0.320.715.0-3.9

Communication Services -0.4–-0.3-0.110.38.54.3

Cash -0.3––-0.3–0.02.4

Industrials -0.2–-0.20.013.410.52.2

Financials -0.1–-0.0-0.06.45.20.7

Real Estate -0.0–-0.0-0.01.0-0.80.1

Consumer Staples -0.0–-0.00.012.29.9-2.9

Total -2.20.0-1.6-0.613.211.0

Sector allocation is calculated based upon each security's price in local currency.

Stock selection is calculated based upon each security's price in local currency and included interaction effect. Interaction effect is the portion of the portfolio's relativeperformance attributable to combining allocation decisions with stock selection decisions. This effect measures the relative strength of the manager's convictions. The interactioneffect is the weight differential times the return differential.

Attribution results are generated by the FactSet application utilizing a methodology that is widely accepted in the investment industry. Results are based upon daily holdings usinga buy-and-hold methodology to generate individual security returns and do not include fees or expenses. As such, attribution results are essentially estimates and do not aggregateto the total return of the portfolio, which can be found elsewhere in this presentation. To obtain the contribution calculation methodology and a complete list of every holding’scontribution to the overall portfolio’s performance during the measurement period, please email [email protected].

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6

6


Performance Drivers - Stocks

Portfolio Benchmark Portfolio¹ Benchmark

Average Weighting (%) Returns (%)

Relative to Russell 1000® Growth Index (USD) - third quarter 2020Relative

contribution (%)

Contributors Abbvie Inc – 1.0 – -9.7 0.3

Salesforce.Com Inc 2.3 1.1 34.2 34.2 0.2

Square Inc 1.0 0.3 54.9 54.9 0.2

Clarivate Plc 0.8 – 38.8 – 0.2

Danaher Corp (Eq) 2.0 – 21.9 – 0.2

Detractors Apple Inc 2.3 11.1 27.2 27.2 -1.1

Tesla Inc – 1.6 – 98.7 -0.9

Zoom Video Communications Inc – 0.3 – 85.4 -0.2

Electronic Arts Inc 1.4 0.0 -1.2 -1.2 -0.2

Illumina Inc 0.8 0.3 -16.5 -16.5 -0.2

Represents performance for the time period stock was held in portfolio.Attribution results are generated by the FactSet application utilizing a methodology that is widely accepted in the investment industry. Results are based upon daily holdings usinga buy-and-hold methodology to generate individual security returns and do not include fees or expenses. As such, attribution results are essentially estimates and do not aggregateto the total return of the portfolio, which can be found elsewhere in this presentation. To obtain the contribution calculation methodology and a complete list of every holding’scontribution to the overall portfolio’s performance during the measurement period, please email [email protected].

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7

7


Significant Impacts on Performance - Detractors

Relative

contribution (%)Relative to Russell 1000® Growth Index (USD) - third quarter 2020

Apple Inc The portfolio's underweight position in computer and personal electronics maker Apple (United States) weakened relative returns.Despite headwinds related to COVID-19, the company delivered a strong quarter as product demand recovered more rapidly thanexpected. The shift toward work-from-home and remote learning helped to support strong iPhone and iPad sales.

-1.1

Tesla Inc Not holding shares of electric vehicle manufacturer Tesla (United States) weakened relative performance. The company's sharestraded higher as management posted strong second-quarter earnings, driven by better-than-anticipated revenue and marginresults due, in part, to higher regulatory credits.

-0.9

Zoom Video

Communications Inc

Not owning shares of communications platform services provider Zoom Video Communications (United States) detracted fromrelative results. The company delivered a strong quarter well ahead of expectations with revenue growth accelerating driven bya stronger-than-expected increase in Bookings and Billings.

-0.2

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8

Significant Impacts on Performance - Contributors


Relative

contribution (%)Relative to Russell 1000® Growth Index (USD) - third quarter 2020

Abbvie Inc Not owning shares of pharmaceutical company Abbvie (United States) helped relative returns. Despite reportingbetter-than-expected earnings results, shares of the company declined after the announced Congressional subpoena regardingthe company's historical drug pricing practices.

0.3

Salesforce.Com Inc An overweight position in customer information software manager Salesforce.com (United States) contributed to relativeperformance. The company reported strong second-quarter sales and an improved full-year outlook, which appeared to have liftedinvestor sentiment.

0.2

Square Inc The portfolio's overweight position in credit card payment processing solutions services provider Square (United States)contributed to relative results. The company reported earnings per share results that were above consensus estimates driven byhigher-than-expected transaction and subscription & services revenues.

0.2

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9


Significant Transactions

Sector Transaction type Trade (%)From 01-Jul-20 to 30-Sep-20Ending

weight (%)

Purchases Communication ServicesFACEBOOK INC Add 0.5 3.5

Consumer DiscretionaryAMAZON.COM INC (EQ) Add 0.5 9.0

Health CareLIVONGO HEALTH INC New position 0.4 0.4

Information TechnologySERVICENOW INC Add 0.3 1.2

Information TechnologyMICROSOFT CORP Add 0.3 9.7

Sales Information TechnologyFISERV INC Trim -0.7 0.6

Information TechnologyVISA INC Trim -0.6 2.8

FinancialsINTERCONTINENTAL EXCHANGE INC Eliminate position -0.6 –

Information TechnologyFIDELITY NATIONAL INFORMATIONSERVICES INC

Trim -0.5 1.0

Consumer DiscretionaryROSS STORES INC Eliminate position -0.4 –

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10


Sector Weights

Portfolio (%) Benchmark^ (%)As of 30-Sep-20Underweight/

overweight (%)Top holdings

Alphabet Inc Class A, Facebook Inc, Netflix IncCommunication Services 15.5 10.9 4.6

Verisk Analytics IncIndustrials 6.8 4.6 2.2

Sherwin-Williams CoMaterials 2.1 0.8 1.3

MSCI IncFinancials 2.3 2.0 0.3

American Tower Corp REITReal Estate 1.9 1.8 0.1

Utilities – 0.0 0.0

Energy – 0.1 -0.1

Thermo Fisher Scientific Inc, Danaher Corp,Zoetis Inc

Health Care 13.4 14.0 -0.6

Colgate-Palmolive CoConsumer Staples 1.9 4.8 -2.9

Microsoft Corp, Adobe Inc, Mastercard IncInformation Technology 41.4 44.5 -3.1

Amazon.com IncConsumer Discretionary 12.5 16.5 -4.0

Russell 1000® Growth Index^

2.0% Cash & cash equivalentsThe Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global MarketIntelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS.

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Characteristics

Benchmark^ (%)Portfolio (%)Top 10 issuers as of 30-Sep-20

MICROSOFT CORP 9.7 9.5

AMAZON.COM INC (EQ) 9.0 8.1

ALPHABET INC 5.0 4.1

ADOBE INC 4.5 1.4

FACEBOOK INC 3.5 3.8

MASTERCARD INC (EQ) 3.4 1.8

VISA INC 2.8 2.0

SALESFORCE.COM INC 2.6 1.2

APPLE INC 2.4 11.3

NVIDIA CORP 2.3 1.9

45.345.3Total

As of 30-Sep-20 Benchmark^Portfolio

Fundamentals - weighted average

17.7% 17.1%IBES long-term EPS growth1

38.0x 32.5xPrice/earnings (12 months forward)

Market capitalization

532.4 bn 665.6 bnMarket capitalization (USD)2

Diversification

44% 45%Top ten holdings

75 447Number of holdings

Turnover

23% –Trailing 1 year turnover3

Risk/reward (3 year)

Alpha 2.07% –

Beta 0.91 –

Historical tracking error 3.49% –

Downside capture 86.62% –

Upside capture 94.31% –

Russell 1000® Growth Index^

Past performance is no guarantee of future results. No forecasts can be

guaranteed.Source: Ibbotson

Weighted average.

US Turnover Methodology: (Lesser of Purchase or Sales)/Average MonthEnd Market Value

Source: Ibbotson1

Weighted average.2

US Turnover Methodology: (Lesser of Purchase or Sales)/Average MonthEnd Market Value

3

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Portfolio Outlook and Positioning

45742.3

The portfolio is focused on companies that we believe can generate above-average, sustainable earnings growth over the next two to

three years. Our strategy focuses on companies that have the following characteristics: pricing power, strong secular growth, large

potential opportunity set, sustainable competitive advantage, superior business model and strong management team. In addition to

above-average, sustainable earnings growth potential, stock valuations are important when considering investments for the portfolio.

We consider many variables when analyzing valuation, including the rate, duration and sustainability of the company's growth, as well as

profitability (such as returns and margins) and cash flow (most notably, free cash flow generation) metrics. Given our focus on growth

companies, we recognize that stocks may appear expensive on near-term earnings expectations. However, a number of stocks that may

appear expensive on near-term earnings may look more reasonably priced after factoring in our expectations for higher and more

sustainable growth rates from the companies than the overall market estimates. We also look for stock valuations that may not fully

reflect a company's emerging and improving growth trends, strengthening competitive positioning and untapped pricing power of

individual companies. These unrecognized growth companies may also benefit from multiple expansion.

The US market, as measured by the S&P 500 Index, moved higher in the third quarter, despite a pullback in September. Volatility

increased with the market selloff in September, as investors continued to worry about COVID-19 and the upcoming US presidential

election.

Economic growth in the US plunged during the second quarter, with GDP falling 31.4%. As expected, this negative record rate was driven

by a global shutdown due to the coronavirus. Economic activity is forecasted to move significantly higher in the third quarter, as the US

and many economies worldwide have at least partially reopened. The US Federal Reserve has pledged to keep interest rates near zero

until the economy heals from the pandemic.

For the quarter, growth outperformed value in the large-, mid- and small-cap spaces, although large-cap value outperformed large-cap

growth in September. In general, the market continued to reward stocks most likely to benefit from increased consumer and business

activity due to states reopening their economies. During Q3, the best-performing sectors were consumer discretionary, materials and

industrials. Energy, real estate and financials were the weakest sectors on a relative basis. The worst performing sectors for the period

included energy, technology and industrials. In addition, large-cap stocks outperformed both small- and mid-cap stocks during the

quarter.

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45742.3

The portfolio underperformed the benchmark during the third quarter, in an environment where investors once again expressed a

strong "risk on" appetite, with the benchmark delivering double-digit returns over the three months ended September 30, 2020.

For the quarter, selection in the information technology, consumer discretionary and communication services sectors detracted from

results. Within information technology, stock selection in hardware storage & peripherals accounted for the majority of relative

underperformance. Here, an underweight position in shares of computer and personal electronics maker Apple detracted from relative

returns. Apple's stock price increased as the company delivered a strong quarter as product demand recovered more rapidly than

expected. The shift toward work-from-home and remote learning helped to support strong iPhone and iPad sales.

In consumer discretionary, our lack of exposure to electric vehicle manufacturer Tesla detracted from relative performance. The

company’s shares traded higher as management posted strong second quarter earnings, driven by better-than-anticipated revenue and

margin results, owing in part to higher regulatory credits. Within communication services, an overweight position in shares of video

game maker Electronic Arts hindered relative performance. Despite reporting strong second quarter financial results that beat

expectations, shares fell toward the end of the period as volatility returned to markets. High user engagement and monetization trends

were a highlight of the strong quarter, and management raised its full-year outlook on the back of the results.

Conversely, the health care sector proved to be the leading contributor to performance. Here, favorable stock selection in biotechnology

(avoidance of AbbVie, Regeneron Pharmaceuticals and BioMarin Pharmaceutical) and pharmaceuticals (underweight Eli Lilly, overweight

Zoetis) proved most beneficial to relative performance.

As of September 30, 2020, the portfolio was most overweight IT services, professional services companies, software and entertainment

firms. Within IT services, while a bit more cautious over the short term, we continue to favor companies with exposure to digital

payments, which have benefitted from the strong secular trend of cash to card conversion. Tailwinds in the space include continued

penetration in e-commerce, low cost acceptance, mobile/contactless payments and financial inclusion as well as the potential impact of

longer-term behavioral changes, the result of COVID-19. Within the space, we continue to favor global payment service providers Visa

and Mastercard as well as Global Payments, PayPal and Square, which provide payment processing solutions and software.

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45742.3

In professional services, top overweights include data providers such as Verisk, which provides data analytics for customers in insurance,

energy markets and financial services, data analytics firm Clarivate, global information provider IHS Markit and CoStar Group, which

provides commercial real estate information and analytics. We tend to favor this area of the industrials sector, given the capital light

nature of the business and the high barriers to entry provided by proprietary data. Top holdings in software include Adobe,

salesforce.com and Intuit, while gaming companies Electronic Arts and Activision Blizzard led the way in entertainment.

As of September 30, 2020, the portfolio was most underweight technology hardware, storage & peripherals, specialty retail,

semiconductors & semiconductor equipment and health care providers & services. Within information technology, we remain

underweight areas of the sector that require higher capital intensity and that have traditionally been more cyclically exposed to global

growth. These areas include industries such as hardware, storage & peripherals (meaningful underweight to Apple) and semiconductors

(no exposure to Broadcom and QUALCOMM). However, it should be noted that we have become more favorable on the long-term

outlook for semiconductors since the onset of the pandemic, as we feel select companies in the space should benefit from increased

spending in Cloud as well as other areas of technology, potentially lessening the historic cyclicality associated with these names. Our

underweight to health care is due to an underweight to health care providers & services and biotechnology companies. Similar to

semiconductors, health care providers & services and biotechnology are areas of the market where we now have a more favorable long-

term outlook and continue to add selectively, as governments around the world may spend on health care, including vaccines, testing

equipment, delivery mechanisms and hospitals in the coming years to help prevent another pandemic.

Significant transactions over the period included:

We added to our positions in business services companiesCoStar Group and IHS Markit, providers of proprietary data across different

industry segments. The business models the companies employ are extremely attractive. They have built up unique data bases, which

are difficult to replicate, resulting in pricing power. Additionally, the ongoing fixed investment in the business is generally less capital

intensive than other industries, and they have shifted to subscription business models that result in significant recurring revenue.

We established a position in Livongo Health, as we believe digital health and remote patient monitoring should have long-term secular

growth tailwinds as a result of COVID-19. Livongo initially served as a diabetes management program but has since expanded to

hypertension, mental health and weight loss with the goal of improving clinical outcomes at lower costs.

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45742.3

We trimmed positions in payment processing software companiesFiserv, Fidelity National and Global Payments. We still believe in the

long-term secular transition from cash and checks to credit and digital payments, but reduced position sizing in these names to account

for greater risks associated with more small- and medium-sized business exposure, which is the segment that has been negatively

affected the most from global lockdowns. We also modestly trimmed our position inVisa, as the company continues to see a slowdown

in its cross-border business as a result of the reduction in international travel.

We added to our position in PayPal Holdings, one of the leaders in global e-commerce growth, which we believe should continue to see

an accelerated adoption rate globally.

The commentary included in this report was based on a representative fully discretionary portfolio for this product style; as such the commentary may include securities not held inyour portfolio due to account, fund, or other limits.

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Portfolio Holdings


Equivalent

exposure (%)As of 30-Sep-20

Cash & Cash Equivalents 2.0

2.0Cash & Cash Equivalents

Communication Services 15.5

3.8Alphabet Inc Class A

3.5Facebook Inc

1.9Netflix Inc

1.6Charter Communications Inc

1.3Electronic Arts Inc

1.2Alphabet Inc Class C

0.9Activision Blizzard Inc

0.6Take-Two Interactive Software Inc

0.4Match Group Inc

0.3Spotify Technology SA

Consumer Discretionary 12.5

9.0Amazon.com Inc

0.9Alibaba Group Holding Ltd ADR

0.7Dollar General Corp

0.7NIKE Inc

0.6Chipotle Mexican Grill Inc

0.5Lululemon Athletica Inc

0.1Starbucks Corp

Consumer Staples 1.9

1.1Colgate-Palmolive Co

0.7Estee Lauder Cos Inc

0.1Costco Wholesale Corp

Financials 2.3

1.4MSCI Inc

0.9Aon PLC

Health Care 13.4

2.2Thermo Fisher Scientific Inc

2.0Danaher Corp

1.5Zoetis Inc

1.2Abbott Laboratories

1.0Vertex Pharmaceuticals Inc

Equivalent


Health Care 13.4

1.0Boston Scientific Corp

0.6Illumina Inc

0.6Becton Dickinson and Co

0.6Edwards Lifesciences Corp

0.5Merck & Co Inc

0.5Seattle Genetics Inc

0.4Livongo Health Inc

0.3Alnylam Pharmaceuticals Inc

0.3UnitedHealth Group Inc

0.3Eli Lilly and Co

0.3STERIS PLC

Industrials 6.8

1.6Verisk Analytics Inc

0.9Roper Technologies Inc

0.9Clarivate PLC

0.8CoStar Group Inc

0.7IHS Markit Ltd

0.6TransUnion

0.6Canadian Pacific Railway Ltd

0.5AMETEK Inc

0.2Equifax Inc

Information Technology 41.4

9.7Microsoft Corp

4.5Adobe Inc

3.4Mastercard Inc

2.8Visa Inc

2.6salesforce.com Inc

2.4Apple Inc

2.3NVIDIA Corp

2.3PayPal Holdings Inc

1.7Intuit Inc

1.2ServiceNow Inc

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Portfolio Holdings


Equivalent


Information Technology 41.4

1.1Square Inc

1.0Cadence Design Systems Inc

1.0Fidelity National Information Services Inc

1.0Global Payments Inc

0.7Lam Research Corp

0.6Fiserv Inc

0.5ASML Holding NV

0.5Synopsys Inc

0.5Atlassian Corp PLC

0.5Shopify Inc

0.4Applied Materials Inc

0.3Autodesk Inc

0.3Black Knight Inc

0.1Snowflake Inc

Materials 2.1

1.3Sherwin-Williams Co

0.8Vulcan Materials Co

Real Estate 1.9

1.1American Tower Corp REIT

0.8Equinix Inc REIT

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Additional Disclosures


Frank Russell Company ("Russell") is the source and owner of the Russell Index data contained or reflected in this material and all trademarks, service marks and

copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or

omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data

contained in this communication. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor or

endorse the content of this communication.

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