MASSACHUSETTS FINANCIAL SERVICES CO MA
Q4 2025 Form 13-F

BOSTON, MASSACHUSETTS
CIK 0000912938 · CRD 110045 · SEC-registered investment adviser
Holdings reported by American Beacon Advisors Inc since Q2 2026
Consolidated report · includes 9 managers since Q2 2013
$310.1B Reported Value Total

MFS INVESTMENT MANAGEMENT reports 344 total accounts under management (AUM). There are 316 discretionary accounts valued at $445,921,627,316, and 28 non-discretionary accounts valued at $27,104,324,676.

Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
SEC Registered Discretionary & Non-Discretionary
Private funds (Form ADV)
18 funds · $3.8B gross asset value
Securitized Asset Fund: $2.4B · Other: $926.3M · Hedge Fund: $398.5M
Source: Form ADV filed 2026-03-31
Reported value
$310.1B
Quarter over quarter
+0.7%
Holdings
913
Top-10 concentration
21.1%

Reports holdings for

Holdings reported by

Key People

Form ADV owners & control persons
John Malcolm Corcoran
CHIEF FINANCIAL OFFICER
Heidi Walter Hardin
DIRECTOR, EXECUTIVE VICE PRESIDENT, GENERAL COUNSEL, AND SECRETARY
Melissa Jane Kennedy
DIRECTOR
Q3 2025
Q1 2026
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Q4 2025 13F filing summary

Period of report December 31, 2025
Filed January 22, 2026
Form 13F-HR
Reported value $310.1B
Positions 913
Change in reported value -3.9%
New positions 102
Exited positions 43
Position turnover 15.2%
Top-10 concentration 21.1%

13F filings by quarter

Quarter Positions Value
Q2 2026 13F
Filed Aug 3, 2026
 997 $315.2B
Q1 2026 13F
Filed May 14, 2026
 940 $297.5B
Q4 2025 13F
Filed Jan 22, 2026
 913 $310.1B
Q3 2025 13F
Filed Oct 29, 2025
 854 $322.8B
Q2 2025 13F
Filed Aug 8, 2025
 883 $315.1B
Q1 2025 13F
Filed May 2, 2025
 879 $300.8B
Q4 2024 13F
Filed Feb 12, 2025
 872 $316.9B
Q3 2024 13F
Filed Nov 12, 2024
 844 $334.8B
Q2 2024 13F
Filed Aug 9, 2024
 859 $325.3B
Q1 2024 13F
Filed May 14, 2024
 837 $334.7B
Q4 2023 13F
Filed Feb 8, 2024
 831 $309.6B
Q3 2023 13F
Filed Nov 8, 2023
 833 $285.6B
Q2 2023 13F
Filed Aug 9, 2023
 819 $304.6B
Q1 2023 13F
Filed May 10, 2023
 836 $292.2B
Q4 2022 13F
Filed Feb 13, 2023
 844 $286.5B
Q3 2022 13F
Filed Nov 9, 2022
 847 $267.5B
Q2 2022 13F
Filed Aug 9, 2022
 846 $290.1B
Q1 2022 13F
Filed May 11, 2022
 857 $337.4B
Q4 2021 13F
Filed Feb 10, 2022
 884 $365.3B
Q3 2021 13F
Filed Nov 10, 2021
 903 $341.8B

33 earlier quarters on file — choose one from the quarter menu above.

Top 20 holdings · Q4 2025

# Holding Reported value % of portfolio
1 MSFT MICROSOFT CORP $13.1B 4.22%
2 NVDA NVIDIA CORPORATION $12.5B 4.04%
3 GOOGL ALPHABET INC $7.9B 2.54%
4 AAPL APPLE INC $7.3B 2.36%
5 AMZN AMAZON COM INC $6.6B 2.11%
6 JPM JPMORGAN CHASE & CO. $5.0B 1.61%
7 JNJ JOHNSON & JOHNSON $3.4B 1.09%
8 MA MASTERCARD INCORPORATED $3.4B 1.08%
9 CI THE CIGNA GROUP $3.2B 1.05%
10 META META PLATFORMS INC $3.2B 1.03%
11 UBS UBS GROUP AG $3.2B 1.02%
12 TSM TAIWAN SEMICONDUCTOR MFG LTD $3.1B 0.99%
13 AON AON PLC $3.0B 0.97%
14 PGR PROGRESSIVE CORP $2.9B 0.94%
15 ACN ACCENTURE PLC IRELAND $2.9B 0.93%
16 MCK MCKESSON CORP $2.8B 0.91%
17 AVGO BROADCOM INC $2.8B 0.9%
18 NDAQ NASDAQ INC $2.7B 0.87%
19 TTE TOTALENERGIES SE $2.6B 0.85%
20 RTX RTX CORPORATION $2.6B 0.84%

Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.

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