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Portfolio of Investments

1/31/26 (unaudited)

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

Issuer	Shares/Par	Value ($)
Common Stocks – 98.9%
Energy - Renewables – 2.2%
EDP Renovaveis S.A.	3,317,774	$50,338,860
Generac Holdings, Inc. (a)	50,281	8,449,219
		$58,788,079
Natural Gas - Distribution – 4.0%
Atmos Energy Corp.	266,157	$44,272,555
NiSource, Inc.	1,210,844	53,628,281
Spire, Inc.	79,394	6,707,999
		$104,608,835
Utilities - Electric Power – 91.0%
Alliant Energy Corp.	1,058,345	$69,755,519
Ameren Corp.	950,410	98,158,345
American Electric Power Co., Inc.	827,155	99,072,490
CenterPoint Energy, Inc.	502,686	19,951,607
Constellation Energy	629,928	176,808,191
Dominion Energy, Inc.	1,654,663	99,561,073
DTE Energy Co.	757,300	101,765,974
Duke Energy Corp.	102,038	12,382,311
E.ON SE	928,092	19,653,534
Edison International	1,382,915	86,127,946
Enel S.p.A.	2,721,678	30,028,921
Energias de Portugal S.A.	5,118,015	26,189,681
Entergy Corp.	567,620	54,429,082
National Grid PLC	2,120,466	35,819,507
NextEra Energy, Inc.	3,836,295	337,210,330
OGE Energy Corp.	700,814	30,611,556
PG&E Corp.	9,476,784	146,132,009
Pinnacle West Capital Corp.	649,551	60,771,992
Portland General Electric Co.	784,115	39,401,779
PPL Corp.	2,456,642	89,053,272
Public Service Enterprise Group, Inc.	1,081,536	89,075,305
RWE AG	1,378,901	87,477,386
Sempra	1,444,948	125,724,925
Southern Co.	1,074,008	95,919,654
SSE PLC	2,130,590	70,610,814
Vistra Corp.	652,765	103,365,338
WEC Energy Group, Inc.	250,233	27,693,286
Xcel Energy, Inc.	1,824,279	138,754,661
		$2,371,506,488
Utilities - Water – 1.7%
United Utilities Group PLC	1,800,132	$30,716,237
Veolia Environnement S.A.	363,925	13,644,502
		$44,360,739
Total Common Stocks		$2,579,264,141
Mutual Funds (h) – 0.5%
Money Market Funds – 0.5%
MFS Institutional Money Market Portfolio, 3.73% (v)	12,744,016	$12,746,564

Other Assets, Less Liabilities – 0.6%		15,197,663
Net Assets – 100.0%		$2,607,208,368

(a)	Non-income producing security.

Portfolio of Investments (unaudited) – continued

(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 $12,746,564 and $2,579,264,141, 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.

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

Derivative Contracts at 1/31/26
Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Asset Derivatives
EUR	233,885	USD	273,587	Morgan Stanley Capital Services LLC	4/17/2026	$4,624
GBP	121,658	USD	163,407	State Street Corp.	4/17/2026	3,046
						$7,670
Liability Derivatives
EUR	6,827	USD	8,188	Merrill Lynch International	4/17/2026	$(67 )
EUR	3,390,188	USD	4,038,560	Morgan Stanley Capital Services LLC	4/17/2026	(5,876 )
GBP	1,791,006	USD	2,454,202	UBS AG	4/17/2026	(3,739 )
USD	133,772,714	EUR	114,358,622	HSBC Bank	4/17/2026	(2,258,758 )
USD	11,899,661	EUR	10,115,204	State Street Corp.	4/17/2026	(132,542 )
USD	83,909,747	GBP	62,369,360	HSBC Bank	4/17/2026	(1,424,287 )
						$(3,825,269 )

At January 31, 2026, the fund had cash collateral of $10,000 to cover any collateral or margin obligations for certain derivative contracts.

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

Supplemental Information

1/31/26 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial

Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

(1) Investment Valuations

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

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided

by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which

approximates market value. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the

time period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investment companies are

generally valued at net asset value per share. 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. Other financial instruments are derivative instruments, such as forward foreign currency exchange contracts. The following is a summary of the levels used as of January 31, 2026 in valuing the fund's assets and liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Equity Securities	$2,579,264,141	$—	$—	$2,579,264,141
Investment Companies	12,746,564	—	—	12,746,564
Total	$2,592,010,705	$—	$—	$2,592,010,705
Other Financial Instruments
Forward Foreign Currency Exchange Contracts – Assets	$—	$7,670	$—	$7,670
Forward Foreign Currency Exchange Contracts – Liabilities	—	(3,825,269 )	—	(3,825,269 )

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

Affiliated Issuers	Beginning Value	Purchases	Sales Proceeds	Realized Gain (Loss)	Change in Unrealized Appreciation or Depreciation	Ending Value
MFS Institutional Money Market Portfolio	$21,918,644	$61,565,886	$70,738,087	$996	$(875 )	$12,746,564

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Institutional Money Market Portfolio	$185,483	$—