UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-04253
MFS SERIES TRUST XV
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant's telephone number, including area code:
(617) 954-5000
Date of fiscal year end:
October 31
Date of reporting period:
April 30, 2026
ITEM 1.  REPORTS TO STOCKHOLDERS.
Item 1(a):
MFSLOGO_RED.EPS
MFS® Commodity
Strategy Fund
TSR_Ribbon_red
Class A-MCSAX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Commodity Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
A $66 1.15%
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 965,812,761 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 408
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure reflecting equivalent
exposure of derivative positions
Long Short Net
Fixed Income 97.2% (9.8)% 87.4%
Commodity Exposure 113.5% (13.6)% 99.9%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Composition including fixed income credit
quality
Long Short Net
AAA 9.0% 0.0% 9.0%
AA 8.8% 0.0% 8.8%
A 13.8% 0.0% 13.8%
BBB 26.8% 0.0% 26.8%
U.S. Government 28.0% 0.0% 28.0%
Federal Agencies 0.3% 0.0% 0.3%
Not Rated 10.5% (9.8)% 0.6%
Non-Fixed Income 113.5% (13.6)% 100.0%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Commodity exposure reflecting equivalent
exposure of derivative positions
Long Short Net
Brent Crude 14.0% 0.0% 14.0%
Gold 13.4% 0.0% 13.4%
WTI Crude Oil 12.5% 0.0% 12.5%
Natural Gas 6.2% 0.0% 6.2%
Unleaded Gasoline 5.8% 0.0% 5.8%
Soybeans 5.0% 0.0% 5.0%
Corn 4.9% 0.0% 4.9%
Live Cattle 4.9% 0.0% 4.9%
Copper (COMEX) 5.4% (0.7)% 4.7%
Gas Oil 4.7% 0.0% 4.7%
Aluminum 3.7% 0.0% 3.7%
Soybean Oil 3.5% 0.0% 3.5%
Silver 3.1% 0.0% 3.1%
Nickel 2.0% 0.0% 2.0%
Soybean Meal 2.5% (0.5)% 2.0%
Zinc 2.0% 0.0% 2.0%
Coffee 1.8% 0.0% 1.8%
Lean Hogs 1.8% 0.0% 1.8%
Feeder Cattle 1.6% 0.0% 1.6%
Heating Oil 3.5% (2.5)% 1.0%
Wheat 2.8% (1.8)% 1.0%
Sugar 2.4% (1.5)% 0.9%
Platinum 0.9% 0.0% 0.9%
Cocoa 0.8% 0.0% 0.8%
Kansas Wheat 1.9% (2.5)% (0.6)%
Cotton 1.7% (2.4)% (0.7)%
Lead 0.7% (1.7)% (1.0)%
Ratings are assigned using Moody’s, Fitch, and Standard & Poor’s and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.
MFS expects to gain exposure to the commodities markets by investing a portion of the fund’s assets in the MFS Commodity Strategy Portfolio, a wholly-owned and controlled subsidiary organized in the Cayman Islands (“Subsidiary”). The Subsidiary gains exposure to the commodities markets by investing in commodity-linked derivatives. Percentages reflect exposure to the underlying holdings of the Subsidiary and not to the exposure from investing directly in the Subsidiary itself.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CMSA-SEM
MFSLOGO_RED.EPS
MFS® Commodity
Strategy Fund
TSR_Ribbon_red
Class B-MCSFX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Commodity Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
B $108 1.90%
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 965,812,761 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 408
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure reflecting equivalent exposure of derivative positions
Long Short Net
Fixed Income 97.2% (9.8)% 87.4%
Commodity Exposure 113.5% (13.6)% 99.9%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Composition including fixed income credit quality
Long Short Net
AAA 9.0% 0.0% 9.0%
AA 8.8% 0.0% 8.8%
A 13.8% 0.0% 13.8%
BBB 26.8% 0.0% 26.8%
U.S. Government 28.0% 0.0% 28.0%
Federal Agencies 0.3% 0.0% 0.3%
Not Rated 10.5% (9.8)% 0.6%
Non-Fixed Income 113.5% (13.6)% 100.0%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Commodity exposure reflecting equivalent
exposure of derivative positions
Long Short Net
Brent Crude 14.0% 0.0% 14.0%
Gold 13.4% 0.0% 13.4%
WTI Crude Oil 12.5% 0.0% 12.5%
Natural Gas 6.2% 0.0% 6.2%
Unleaded Gasoline 5.8% 0.0% 5.8%
Soybeans 5.0% 0.0% 5.0%
Corn 4.9% 0.0% 4.9%
Live Cattle 4.9% 0.0% 4.9%
Copper (COMEX) 5.4% (0.7)% 4.7%
Gas Oil 4.7% 0.0% 4.7%
Aluminum 3.7% 0.0% 3.7%
Soybean Oil 3.5% 0.0% 3.5%
Silver 3.1% 0.0% 3.1%
Nickel 2.0% 0.0% 2.0%
Soybean Meal 2.5% (0.5)% 2.0%
Zinc 2.0% 0.0% 2.0%
Coffee 1.8% 0.0% 1.8%
Lean Hogs 1.8% 0.0% 1.8%
Feeder Cattle 1.6% 0.0% 1.6%
Heating Oil 3.5% (2.5)% 1.0%
Wheat 2.8% (1.8)% 1.0%
Sugar 2.4% (1.5)% 0.9%
Platinum 0.9% 0.0% 0.9%
Cocoa 0.8% 0.0% 0.8%
Kansas Wheat 1.9% (2.5)% (0.6)%
Cotton 1.7% (2.4)% (0.7)%
Lead 0.7% (1.7)% (1.0)%
Ratings are assigned using Moody’s, Fitch, and Standard & Poor’s and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.
MFS expects to gain exposure to the commodities markets by investing a portion of the fund’s assets in the MFS Commodity Strategy Portfolio, a wholly-owned and controlled subsidiary organized in the Cayman Islands (“Subsidiary”). The Subsidiary gains exposure to the commodities markets by investing in commodity-linked derivatives. Percentages reflect exposure to the underlying holdings of the Subsidiary and not to the exposure from investing directly in the Subsidiary itself.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CMSB-SEM
MFSLOGO_RED.EPS

MFS® Commodity
Strategy Fund

TSR_Ribbon_red
Class C-MCSHX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Commodity Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
C $108 1.90%
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 965,812,761 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 408
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure reflecting equivalent exposure of derivative positions
Long Short Net
Fixed Income 97.2% (9.8)% 87.4%
Commodity Exposure 113.5% (13.6)% 99.9%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Composition including fixed income credit quality
Long Short Net
AAA 9.0% 0.0% 9.0%
AA 8.8% 0.0% 8.8%
A 13.8% 0.0% 13.8%
BBB 26.8% 0.0% 26.8%
U.S. Government 28.0% 0.0% 28.0%
Federal Agencies 0.3% 0.0% 0.3%
Not Rated 10.5% (9.8)% 0.6%
Non-Fixed Income 113.5% (13.6)% 100.0%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Commodity exposure reflecting equivalent exposure of derivative positions
Long Short Net
Brent Crude 14.0% 0.0% 14.0%
Gold 13.4% 0.0% 13.4%
WTI Crude Oil 12.5% 0.0% 12.5%
Natural Gas 6.2% 0.0% 6.2%
Unleaded Gasoline 5.8% 0.0% 5.8%
Soybeans 5.0% 0.0% 5.0%
Corn 4.9% 0.0% 4.9%
Live Cattle 4.9% 0.0% 4.9%
Copper (COMEX) 5.4% (0.7)% 4.7%
Gas Oil 4.7% 0.0% 4.7%
Aluminum 3.7% 0.0% 3.7%
Soybean Oil 3.5% 0.0% 3.5%
Silver 3.1% 0.0% 3.1%
Nickel 2.0% 0.0% 2.0%
Soybean Meal 2.5% (0.5)% 2.0%
Zinc 2.0% 0.0% 2.0%
Coffee 1.8% 0.0% 1.8%
Lean Hogs 1.8% 0.0% 1.8%
Feeder Cattle 1.6% 0.0% 1.6%
Heating Oil 3.5% (2.5)% 1.0%
Wheat 2.8% (1.8)% 1.0%
Sugar 2.4% (1.5)% 0.9%
Platinum 0.9% 0.0% 0.9%
Cocoa 0.8% 0.0% 0.8%
Kansas Wheat 1.9% (2.5)% (0.6)%
Cotton 1.7% (2.4)% (0.7)%
Lead 0.7% (1.7)% (1.0)%
Ratings are assigned using Moody’s, Fitch, and Standard & Poor’s and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.
MFS expects to gain exposure to the commodities markets by investing a portion of the fund’s assets in the MFS Commodity Strategy Portfolio, a wholly-owned and controlled subsidiary organized in the Cayman Islands (“Subsidiary”). The Subsidiary gains exposure to the commodities markets by investing in commodity-linked derivatives. Percentages reflect exposure to the underlying holdings of the Subsidiary and not to the exposure from investing directly in the Subsidiary itself.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CMSC-SEM
MFSLOGO_RED.EPS

MFS® Commodity
Strategy Fund

TSR_Ribbon_red
Class I-MCSIX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Commodity Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
I $51 0.90%
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 965,812,761 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 408
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure reflecting equivalent
exposure of derivative positions
Long Short Net
Fixed Income 97.2% (9.8)% 87.4%
Commodity Exposure 113.5% (13.6)% 99.9%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Composition including fixed income credit
quality
Long Short Net
AAA 9.0% 0.0% 9.0%
AA 8.8% 0.0% 8.8%
A 13.8% 0.0% 13.8%
BBB 26.8% 0.0% 26.8%
U.S. Government 28.0% 0.0% 28.0%
Federal Agencies 0.3% 0.0% 0.3%
Not Rated 10.5% (9.8)% 0.6%
Non-Fixed Income 113.5% (13.6)% 100.0%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Commodity exposure reflecting equivalent
exposure of derivative positions
Long Short Net
Brent Crude 14.0% 0.0% 14.0%
Gold 13.4% 0.0% 13.4%
WTI Crude Oil 12.5% 0.0% 12.5%
Natural Gas 6.2% 0.0% 6.2%
Unleaded Gasoline 5.8% 0.0% 5.8%
Soybeans 5.0% 0.0% 5.0%
Corn 4.9% 0.0% 4.9%
Live Cattle 4.9% 0.0% 4.9%
Copper (COMEX) 5.4% (0.7)% 4.7%
Gas Oil 4.7% 0.0% 4.7%
Aluminum 3.7% 0.0% 3.7%
Soybean Oil 3.5% 0.0% 3.5%
Silver 3.1% 0.0% 3.1%
Nickel 2.0% 0.0% 2.0%
Soybean Meal 2.5% (0.5)% 2.0%
Zinc 2.0% 0.0% 2.0%
Coffee 1.8% 0.0% 1.8%
Lean Hogs 1.8% 0.0% 1.8%
Feeder Cattle 1.6% 0.0% 1.6%
Heating Oil 3.5% (2.5)% 1.0%
Wheat 2.8% (1.8)% 1.0%
Sugar 2.4% (1.5)% 0.9%
Platinum 0.9% 0.0% 0.9%
Cocoa 0.8% 0.0% 0.8%
Kansas Wheat 1.9% (2.5)% (0.6)%
Cotton 1.7% (2.4)% (0.7)%
Lead 0.7% (1.7)% (1.0)%
Ratings are assigned using Moody’s, Fitch, and Standard & Poor’s and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.
MFS expects to gain exposure to the commodities markets by investing a portion of the fund’s assets in the MFS Commodity Strategy Portfolio, a wholly-owned and controlled subsidiary organized in the Cayman Islands (“Subsidiary”). The Subsidiary gains exposure to the commodities markets by investing in commodity-linked derivatives. Percentages reflect exposure to the underlying holdings of the Subsidiary and not to the exposure from investing directly in the Subsidiary itself.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CMSI-SEM
MFSLOGO_RED.EPS

MFS® Commodity
Strategy Fund

TSR_Ribbon_red
Class R1-MCSNX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Commodity Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
R1 $66 1.15%
For the period from November 1, 2025 through April 30, 2026, the distribution fee was not imposed. Had the distribution fee been imposed throughout the entire period, the “Costs of a $10,000 investment” and the “Costs paid as a percentage of a $10,000 investment (annualized)” would have been approximately $108 and 1.90%, respectively.
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 965,812,761 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 408
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure reflecting equivalent exposure of derivative positions
Long Short Net
Fixed Income 97.2% (9.8)% 87.4%
Commodity Exposure 113.5% (13.6)% 99.9%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Composition including fixed income credit quality
Long Short Net
AAA 9.0% 0.0% 9.0%
AA 8.8% 0.0% 8.8%
A 13.8% 0.0% 13.8%
BBB 26.8% 0.0% 26.8%
U.S. Government 28.0% 0.0% 28.0%
Federal Agencies 0.3% 0.0% 0.3%
Not Rated 10.5% (9.8)% 0.6%
Non-Fixed Income 113.5% (13.6)% 100.0%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Commodity exposure reflecting equivalent exposure of derivative positions
Long Short Net
Brent Crude 14.0% 0.0% 14.0%
Gold 13.4% 0.0% 13.4%
WTI Crude Oil 12.5% 0.0% 12.5%
Natural Gas 6.2% 0.0% 6.2%
Unleaded Gasoline 5.8% 0.0% 5.8%
Soybeans 5.0% 0.0% 5.0%
Corn 4.9% 0.0% 4.9%
Live Cattle 4.9% 0.0% 4.9%
Copper (COMEX) 5.4% (0.7)% 4.7%
Gas Oil 4.7% 0.0% 4.7%
Aluminum 3.7% 0.0% 3.7%
Soybean Oil 3.5% 0.0% 3.5%
Silver 3.1% 0.0% 3.1%
Nickel 2.0% 0.0% 2.0%
Soybean Meal 2.5% (0.5)% 2.0%
Zinc 2.0% 0.0% 2.0%
Coffee 1.8% 0.0% 1.8%
Lean Hogs 1.8% 0.0% 1.8%
Feeder Cattle 1.6% 0.0% 1.6%
Heating Oil 3.5% (2.5)% 1.0%
Wheat 2.8% (1.8)% 1.0%
Sugar 2.4% (1.5)% 0.9%
Platinum 0.9% 0.0% 0.9%
Cocoa 0.8% 0.0% 0.8%
Kansas Wheat 1.9% (2.5)% (0.6)%
Cotton 1.7% (2.4)% (0.7)%
Lead 0.7% (1.7)% (1.0)%
Ratings are assigned using Moody’s, Fitch, and Standard & Poor’s and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.
MFS expects to gain exposure to the commodities markets by investing a portion of the fund’s assets in the MFS Commodity Strategy Portfolio, a wholly-owned and controlled subsidiary organized in the Cayman Islands (“Subsidiary”). The Subsidiary gains exposure to the commodities markets by investing in commodity-linked derivatives. Percentages reflect exposure to the underlying holdings of the Subsidiary and not to the exposure from investing directly in the Subsidiary itself.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CMSR1-SEM
MFSLOGO_RED.EPS

MFS® Commodity
Strategy Fund

TSR_Ribbon_red
Class R2-MCSOX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Commodity Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
R2 $80 1.40%
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 965,812,761 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 408
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure reflecting equivalent exposure of derivative positions
Long Short Net
Fixed Income 97.2% (9.8)% 87.4%
Commodity Exposure 113.5% (13.6)% 99.9%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Composition including fixed income credit quality
Long Short Net
AAA 9.0% 0.0% 9.0%
AA 8.8% 0.0% 8.8%
A 13.8% 0.0% 13.8%
BBB 26.8% 0.0% 26.8%
U.S. Government 28.0% 0.0% 28.0%
Federal Agencies 0.3% 0.0% 0.3%
Not Rated 10.5% (9.8)% 0.6%
Non-Fixed Income 113.5% (13.6)% 100.0%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Commodity exposure reflecting equivalent exposure of derivative positions
Long Short Net
Brent Crude 14.0% 0.0% 14.0%
Gold 13.4% 0.0% 13.4%
WTI Crude Oil 12.5% 0.0% 12.5%
Natural Gas 6.2% 0.0% 6.2%
Unleaded Gasoline 5.8% 0.0% 5.8%
Soybeans 5.0% 0.0% 5.0%
Corn 4.9% 0.0% 4.9%
Live Cattle 4.9% 0.0% 4.9%
Copper (COMEX) 5.4% (0.7)% 4.7%
Gas Oil 4.7% 0.0% 4.7%
Aluminum 3.7% 0.0% 3.7%
Soybean Oil 3.5% 0.0% 3.5%
Silver 3.1% 0.0% 3.1%
Nickel 2.0% 0.0% 2.0%
Soybean Meal 2.5% (0.5)% 2.0%
Zinc 2.0% 0.0% 2.0%
Coffee 1.8% 0.0% 1.8%
Lean Hogs 1.8% 0.0% 1.8%
Feeder Cattle 1.6% 0.0% 1.6%
Heating Oil 3.5% (2.5)% 1.0%
Wheat 2.8% (1.8)% 1.0%
Sugar 2.4% (1.5)% 0.9%
Platinum 0.9% 0.0% 0.9%
Cocoa 0.8% 0.0% 0.8%
Kansas Wheat 1.9% (2.5)% (0.6)%
Cotton 1.7% (2.4)% (0.7)%
Lead 0.7% (1.7)% (1.0)%
Ratings are assigned using Moody’s, Fitch, and Standard & Poor’s and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.
MFS expects to gain exposure to the commodities markets by investing a portion of the fund’s assets in the MFS Commodity Strategy Portfolio, a wholly-owned and controlled subsidiary organized in the Cayman Islands (“Subsidiary”). The Subsidiary gains exposure to the commodities markets by investing in commodity-linked derivatives. Percentages reflect exposure to the underlying holdings of the Subsidiary and not to the exposure from investing directly in the Subsidiary itself.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CMSR2-SEM
MFSLOGO_RED.EPS

MFS® Commodity
Strategy Fund

TSR_Ribbon_red
Class R3-MCSQX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Commodity Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
R3 $66 1.15%
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 965,812,761 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 408
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure reflecting equivalent exposure of derivative positions
Long Short Net
Fixed Income 97.2% (9.8)% 87.4%
Commodity Exposure 113.5% (13.6)% 99.9%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Composition including fixed income credit quality
Long Short Net
AAA 9.0% 0.0% 9.0%
AA 8.8% 0.0% 8.8%
A 13.8% 0.0% 13.8%
BBB 26.8% 0.0% 26.8%
U.S. Government 28.0% 0.0% 28.0%
Federal Agencies 0.3% 0.0% 0.3%
Not Rated 10.5% (9.8)% 0.6%
Non-Fixed Income 113.5% (13.6)% 100.0%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Commodity exposure reflecting equivalent exposure of derivative positions
Long Short Net
Brent Crude 14.0% 0.0% 14.0%
Gold 13.4% 0.0% 13.4%
WTI Crude Oil 12.5% 0.0% 12.5%
Natural Gas 6.2% 0.0% 6.2%
Unleaded Gasoline 5.8% 0.0% 5.8%
Soybeans 5.0% 0.0% 5.0%
Corn 4.9% 0.0% 4.9%
Live Cattle 4.9% 0.0% 4.9%
Copper (COMEX) 5.4% (0.7)% 4.7%
Gas Oil 4.7% 0.0% 4.7%
Aluminum 3.7% 0.0% 3.7%
Soybean Oil 3.5% 0.0% 3.5%
Silver 3.1% 0.0% 3.1%
Nickel 2.0% 0.0% 2.0%
Soybean Meal 2.5% (0.5)% 2.0%
Zinc 2.0% 0.0% 2.0%
Coffee 1.8% 0.0% 1.8%
Lean Hogs 1.8% 0.0% 1.8%
Feeder Cattle 1.6% 0.0% 1.6%
Heating Oil 3.5% (2.5)% 1.0%
Wheat 2.8% (1.8)% 1.0%
Sugar 2.4% (1.5)% 0.9%
Platinum 0.9% 0.0% 0.9%
Cocoa 0.8% 0.0% 0.8%
Kansas Wheat 1.9% (2.5)% (0.6)%
Cotton 1.7% (2.4)% (0.7)%
Lead 0.7% (1.7)% (1.0)%
Ratings are assigned using Moody’s, Fitch, and Standard & Poor’s and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.
MFS expects to gain exposure to the commodities markets by investing a portion of the fund’s assets in the MFS Commodity Strategy Portfolio, a wholly-owned and controlled subsidiary organized in the Cayman Islands (“Subsidiary”). The Subsidiary gains exposure to the commodities markets by investing in commodity-linked derivatives. Percentages reflect exposure to the underlying holdings of the Subsidiary and not to the exposure from investing directly in the Subsidiary itself.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CMSR3-SEM
MFSLOGO_RED.EPS

MFS® Commodity
Strategy Fund

TSR_Ribbon_red
Class R4-MCSTX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Commodity Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
R4 $51 0.90%
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 965,812,761 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 408
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure reflecting equivalent exposure of derivative positions
Long Short Net
Fixed Income 97.2% (9.8)% 87.4%
Commodity Exposure 113.5% (13.6)% 99.9%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Composition including fixed income credit quality
Long Short Net
AAA 9.0% 0.0% 9.0%
AA 8.8% 0.0% 8.8%
A 13.8% 0.0% 13.8%
BBB 26.8% 0.0% 26.8%
U.S. Government 28.0% 0.0% 28.0%
Federal Agencies 0.3% 0.0% 0.3%
Not Rated 10.5% (9.8)% 0.6%
Non-Fixed Income 113.5% (13.6)% 100.0%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Commodity exposure reflecting equivalent exposure of derivative positions
Long Short Net
Brent Crude 14.0% 0.0% 14.0%
Gold 13.4% 0.0% 13.4%
WTI Crude Oil 12.5% 0.0% 12.5%
Natural Gas 6.2% 0.0% 6.2%
Unleaded Gasoline 5.8% 0.0% 5.8%
Soybeans 5.0% 0.0% 5.0%
Corn 4.9% 0.0% 4.9%
Live Cattle 4.9% 0.0% 4.9%
Copper (COMEX) 5.4% (0.7)% 4.7%
Gas Oil 4.7% 0.0% 4.7%
Aluminum 3.7% 0.0% 3.7%
Soybean Oil 3.5% 0.0% 3.5%
Silver 3.1% 0.0% 3.1%
Nickel 2.0% 0.0% 2.0%
Soybean Meal 2.5% (0.5)% 2.0%
Zinc 2.0% 0.0% 2.0%
Coffee 1.8% 0.0% 1.8%
Lean Hogs 1.8% 0.0% 1.8%
Feeder Cattle 1.6% 0.0% 1.6%
Heating Oil 3.5% (2.5)% 1.0%
Wheat 2.8% (1.8)% 1.0%
Sugar 2.4% (1.5)% 0.9%
Platinum 0.9% 0.0% 0.9%
Cocoa 0.8% 0.0% 0.8%
Kansas Wheat 1.9% (2.5)% (0.6)%
Cotton 1.7% (2.4)% (0.7)%
Lead 0.7% (1.7)% (1.0)%
Ratings are assigned using Moody’s, Fitch, and Standard & Poor’s and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.
MFS expects to gain exposure to the commodities markets by investing a portion of the fund’s assets in the MFS Commodity Strategy Portfolio, a wholly-owned and controlled subsidiary organized in the Cayman Islands (“Subsidiary”). The Subsidiary gains exposure to the commodities markets by investing in commodity-linked derivatives. Percentages reflect exposure to the underlying holdings of the Subsidiary and not to the exposure from investing directly in the Subsidiary itself.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CMSR4-SEM
MFSLOGO_RED.EPS
MFS® Commodity
Strategy Fund
TSR_Ribbon_red
Class R6-MCSRX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Commodity Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
R6 $46 0.80%
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 965,812,761 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 408
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure reflecting equivalent
exposure of derivative positions
Long Short Net
Fixed Income 97.2% (9.8)% 87.4%
Commodity Exposure 113.5% (13.6)% 99.9%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Composition including fixed income credit
quality
Long Short Net
AAA 9.0% 0.0% 9.0%
AA 8.8% 0.0% 8.8%
A 13.8% 0.0% 13.8%
BBB 26.8% 0.0% 26.8%
U.S. Government 28.0% 0.0% 28.0%
Federal Agencies 0.3% 0.0% 0.3%
Not Rated 10.5% (9.8)% 0.6%
Non-Fixed Income 113.5% (13.6)% 100.0%
Cash & Cash Equivalents 12.6% 0.0% 12.6%
Other 13.6% (113.5)% (99.9)%
Commodity exposure reflecting equivalent
exposure of derivative positions
Long Short Net
Brent Crude 14.0% 0.0% 14.0%
Gold 13.4% 0.0% 13.4%
WTI Crude Oil 12.5% 0.0% 12.5%
Natural Gas 6.2% 0.0% 6.2%
Unleaded Gasoline 5.8% 0.0% 5.8%
Soybeans 5.0% 0.0% 5.0%
Corn 4.9% 0.0% 4.9%
Live Cattle 4.9% 0.0% 4.9%
Copper (COMEX) 5.4% (0.7)% 4.7%
Gas Oil 4.7% 0.0% 4.7%
Aluminum 3.7% 0.0% 3.7%
Soybean Oil 3.5% 0.0% 3.5%
Silver 3.1% 0.0% 3.1%
Nickel 2.0% 0.0% 2.0%
Soybean Meal 2.5% (0.5)% 2.0%
Zinc 2.0% 0.0% 2.0%
Coffee 1.8% 0.0% 1.8%
Lean Hogs 1.8% 0.0% 1.8%
Feeder Cattle 1.6% 0.0% 1.6%
Heating Oil 3.5% (2.5)% 1.0%
Wheat 2.8% (1.8)% 1.0%
Sugar 2.4% (1.5)% 0.9%
Platinum 0.9% 0.0% 0.9%
Cocoa 0.8% 0.0% 0.8%
Kansas Wheat 1.9% (2.5)% (0.6)%
Cotton 1.7% (2.4)% (0.7)%
Lead 0.7% (1.7)% (1.0)%
Ratings are assigned using Moody’s, Fitch, and Standard & Poor’s and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.
MFS expects to gain exposure to the commodities markets by investing a portion of the fund’s assets in the MFS Commodity Strategy Portfolio, a wholly-owned and controlled subsidiary organized in the Cayman Islands (“Subsidiary”). The Subsidiary gains exposure to the commodities markets by investing in commodity-linked derivatives. Percentages reflect exposure to the underlying holdings of the Subsidiary and not to the exposure from investing directly in the Subsidiary itself.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CMSR6-SEM
MFSLOGO_RED.EPS
MFS® Global Alternative
Strategy Fund
TSR_Ribbon_red
Class A-DVRAX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Global Alternative Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
A $65 1.30%
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 216,976,551 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 1,144
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure
Derivative Overlay
Positions (b)
Active Security
Selection (a)		 Long Short Net Market
Exposure (c)
Fixed Income U.S. 14.3% 25.3% (6.5)% 33.1%
Japan 0.7% 7.6% 0.0% 8.3%
North America ex-U.S. 1.0% 4.6% 0.0% 5.6%
United Kingdom 0.9% 0.7% 0.0% 1.6%
Emerging Markets 0.6% 0.0% 0.0% 0.6%
Europe ex-U.K. 2.0% 0.0% (7.1)% (5.1)%
Asia/Pacific ex-Japan 0.6% 0.0% (6.1)% (5.5)%
Equity Europe ex-U.K. 10.0% 1.9% (5.7)% 6.2%
U.S. Large Cap 30.2% 0.0% (25.8)% 4.4%
U.S. Small/Mid Cap 21.9% 0.0% (17.8)% 4.1%
North America ex-U.S. 2.2% 1.3% 0.0% 3.5%
Japan 3.6% 0.0% (0.2)% 3.4%
United Kingdom 2.8% 0.5% 0.0% 3.3%
Emerging Markets 3.6% 4.2% (5.4)% 2.4%
Asia/Pacific ex-Japan 1.4% 3.6% (3.9)% 1.1%
Developed - Middle East/Africa 0.0% 0.0% 0.0% 0.0%
Cash Cash & Cash Equivalents (d) 4.0%
Other (e) 29.0%
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
DTRA-SEM
MFSLOGO_RED.EPS
MFS® Global Alternative
Strategy Fund
TSR_Ribbon_red
Class B-DVRBX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Global Alternative Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
B $103 2.05%
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 216,976,551 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 1,144
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure
Derivative Overlay
Positions (b)
Active Security
Selection (a)		 Long Short Net Market
Exposure (c)
Fixed Income U.S. 14.3% 25.3% (6.5)% 33.1%
Japan 0.7% 7.6% 0.0% 8.3%
North America ex-U.S. 1.0% 4.6% 0.0% 5.6%
United Kingdom 0.9% 0.7% 0.0% 1.6%
Emerging Markets 0.6% 0.0% 0.0% 0.6%
Europe ex-U.K. 2.0% 0.0% (7.1)% (5.1)%
Asia/Pacific ex-Japan 0.6% 0.0% (6.1)% (5.5)%
Equity Europe ex-U.K. 10.0% 1.9% (5.7)% 6.2%
U.S. Large Cap 30.2% 0.0% (25.8)% 4.4%
U.S. Small/Mid Cap 21.9% 0.0% (17.8)% 4.1%
North America ex-U.S. 2.2% 1.3% 0.0% 3.5%
Japan 3.6% 0.0% (0.2)% 3.4%
United Kingdom 2.8% 0.5% 0.0% 3.3%
Emerging Markets 3.6% 4.2% (5.4)% 2.4%
Asia/Pacific ex-Japan 1.4% 3.6% (3.9)% 1.1%
Developed - Middle East/Africa 0.0% 0.0% 0.0% 0.0%
Cash Cash & Cash Equivalents (d) 4.0%
Other (e) 29.0%
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
DTRB-SEM
MFSLOGO_RED.EPS
MFS® Global Alternative
Strategy Fund
TSR_Ribbon_red
Class C-DVRCX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Global Alternative Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
C $103 2.05%
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 216,976,551 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 1,144
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure
Derivative Overlay
Positions (b)
Active Security
Selection (a)		 Long Short Net Market
Exposure (c)
Fixed Income U.S. 14.3% 25.3% (6.5)% 33.1%
Japan 0.7% 7.6% 0.0% 8.3%
North America ex-U.S. 1.0% 4.6% 0.0% 5.6%
United Kingdom 0.9% 0.7% 0.0% 1.6%
Emerging Markets 0.6% 0.0% 0.0% 0.6%
Europe ex-U.K. 2.0% 0.0% (7.1)% (5.1)%
Asia/Pacific ex-Japan 0.6% 0.0% (6.1)% (5.5)%
Equity Europe ex-U.K. 10.0% 1.9% (5.7)% 6.2%
U.S. Large Cap 30.2% 0.0% (25.8)% 4.4%
U.S. Small/Mid Cap 21.9% 0.0% (17.8)% 4.1%
North America ex-U.S. 2.2% 1.3% 0.0% 3.5%
Japan 3.6% 0.0% (0.2)% 3.4%
United Kingdom 2.8% 0.5% 0.0% 3.3%
Emerging Markets 3.6% 4.2% (5.4)% 2.4%
Asia/Pacific ex-Japan 1.4% 3.6% (3.9)% 1.1%
Developed - Middle East/Africa 0.0% 0.0% 0.0% 0.0%
Cash Cash & Cash Equivalents (d) 4.0%
Other (e) 29.0%
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
DTRC-SEM
MFSLOGO_RED.EPS
MFS® Global Alternative
Strategy Fund
TSR_Ribbon_red
Class I-DVRIX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Global Alternative Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
I $53 1.05%
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 216,976,551 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 1,144
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure
Derivative Overlay
Positions (b)
Active Security
Selection (a)		 Long Short Net Market
Exposure (c)
Fixed Income U.S. 14.3% 25.3% (6.5)% 33.1%
Japan 0.7% 7.6% 0.0% 8.3%
North America ex-U.S. 1.0% 4.6% 0.0% 5.6%
United Kingdom 0.9% 0.7% 0.0% 1.6%
Emerging Markets 0.6% 0.0% 0.0% 0.6%
Europe ex-U.K. 2.0% 0.0% (7.1)% (5.1)%
Asia/Pacific ex-Japan 0.6% 0.0% (6.1)% (5.5)%
Equity Europe ex-U.K. 10.0% 1.9% (5.7)% 6.2%
U.S. Large Cap 30.2% 0.0% (25.8)% 4.4%
U.S. Small/Mid Cap 21.9% 0.0% (17.8)% 4.1%
North America ex-U.S. 2.2% 1.3% 0.0% 3.5%
Japan 3.6% 0.0% (0.2)% 3.4%
United Kingdom 2.8% 0.5% 0.0% 3.3%
Emerging Markets 3.6% 4.2% (5.4)% 2.4%
Asia/Pacific ex-Japan 1.4% 3.6% (3.9)% 1.1%
Developed - Middle East/Africa 0.0% 0.0% 0.0% 0.0%
Cash Cash & Cash Equivalents (d) 4.0%
Other (e) 29.0%
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
DTRI-SEM
MFSLOGO_RED.EPS
MFS® Global Alternative
Strategy Fund
TSR_Ribbon_red
Class R1-DVRFX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Global Alternative Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
R1 $103 2.05%
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 216,976,551 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 1,144
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure
Derivative Overlay
Positions (b)
Active Security
Selection (a)		 Long Short Net Market
Exposure (c)
Fixed Income U.S. 14.3% 25.3% (6.5)% 33.1%
Japan 0.7% 7.6% 0.0% 8.3%
North America ex-U.S. 1.0% 4.6% 0.0% 5.6%
United Kingdom 0.9% 0.7% 0.0% 1.6%
Emerging Markets 0.6% 0.0% 0.0% 0.6%
Europe ex-U.K. 2.0% 0.0% (7.1)% (5.1)%
Asia/Pacific ex-Japan 0.6% 0.0% (6.1)% (5.5)%
Equity Europe ex-U.K. 10.0% 1.9% (5.7)% 6.2%
U.S. Large Cap 30.2% 0.0% (25.8)% 4.4%
U.S. Small/Mid Cap 21.9% 0.0% (17.8)% 4.1%
North America ex-U.S. 2.2% 1.3% 0.0% 3.5%
Japan 3.6% 0.0% (0.2)% 3.4%
United Kingdom 2.8% 0.5% 0.0% 3.3%
Emerging Markets 3.6% 4.2% (5.4)% 2.4%
Asia/Pacific ex-Japan 1.4% 3.6% (3.9)% 1.1%
Developed - Middle East/Africa 0.0% 0.0% 0.0% 0.0%
Cash Cash & Cash Equivalents (d) 4.0%
Other (e) 29.0%
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
DTRR1-SEM
MFSLOGO_RED.EPS
MFS® Global Alternative
Strategy Fund
TSR_Ribbon_red
Class R2-DVRHX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Global Alternative Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
R2 $78 1.55%
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 216,976,551 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 1,144
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure
Derivative Overlay
Positions (b)
Active Security
Selection (a)		 Long Short Net Market
Exposure (c)
Fixed Income U.S. 14.3% 25.3% (6.5)% 33.1%
Japan 0.7% 7.6% 0.0% 8.3%
North America ex-U.S. 1.0% 4.6% 0.0% 5.6%
United Kingdom 0.9% 0.7% 0.0% 1.6%
Emerging Markets 0.6% 0.0% 0.0% 0.6%
Europe ex-U.K. 2.0% 0.0% (7.1)% (5.1)%
Asia/Pacific ex-Japan 0.6% 0.0% (6.1)% (5.5)%
Equity Europe ex-U.K. 10.0% 1.9% (5.7)% 6.2%
U.S. Large Cap 30.2% 0.0% (25.8)% 4.4%
U.S. Small/Mid Cap 21.9% 0.0% (17.8)% 4.1%
North America ex-U.S. 2.2% 1.3% 0.0% 3.5%
Japan 3.6% 0.0% (0.2)% 3.4%
United Kingdom 2.8% 0.5% 0.0% 3.3%
Emerging Markets 3.6% 4.2% (5.4)% 2.4%
Asia/Pacific ex-Japan 1.4% 3.6% (3.9)% 1.1%
Developed - Middle East/Africa 0.0% 0.0% 0.0% 0.0%
Cash Cash & Cash Equivalents (d) 4.0%
Other (e) 29.0%
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
DTRR2-SEM
MFSLOGO_RED.EPS
MFS® Global Alternative
Strategy Fund
TSR_Ribbon_red
Class R3-DVRJX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Global Alternative Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
R3 $65 1.30%
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 216,976,551 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 1,144
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure
Derivative Overlay
Positions (b)
Active Security
Selection (a)		 Long Short Net Market
Exposure (c)
Fixed Income U.S. 14.3% 25.3% (6.5)% 33.1%
Japan 0.7% 7.6% 0.0% 8.3%
North America ex-U.S. 1.0% 4.6% 0.0% 5.6%
United Kingdom 0.9% 0.7% 0.0% 1.6%
Emerging Markets 0.6% 0.0% 0.0% 0.6%
Europe ex-U.K. 2.0% 0.0% (7.1)% (5.1)%
Asia/Pacific ex-Japan 0.6% 0.0% (6.1)% (5.5)%
Equity Europe ex-U.K. 10.0% 1.9% (5.7)% 6.2%
U.S. Large Cap 30.2% 0.0% (25.8)% 4.4%
U.S. Small/Mid Cap 21.9% 0.0% (17.8)% 4.1%
North America ex-U.S. 2.2% 1.3% 0.0% 3.5%
Japan 3.6% 0.0% (0.2)% 3.4%
United Kingdom 2.8% 0.5% 0.0% 3.3%
Emerging Markets 3.6% 4.2% (5.4)% 2.4%
Asia/Pacific ex-Japan 1.4% 3.6% (3.9)% 1.1%
Developed - Middle East/Africa 0.0% 0.0% 0.0% 0.0%
Cash Cash & Cash Equivalents (d) 4.0%
Other (e) 29.0%
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
DTRR3-SEM
MFSLOGO_RED.EPS

MFS® Global Alternative
Strategy Fund

TSR_Ribbon_red
Class R4-DVRKX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Global Alternative Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
R4 $53 1.05%
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 216,976,551 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 1,144
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure
Derivative Overlay
Positions (b)
Active Security
Selection (a)		 Long Short Net Market
Exposure (c)
Fixed Income U.S. 14.3% 25.3% (6.5)% 33.1%
Japan 0.7% 7.6% 0.0% 8.3%
North America ex-U.S. 1.0% 4.6% 0.0% 5.6%
United Kingdom 0.9% 0.7% 0.0% 1.6%
Emerging Markets 0.6% 0.0% 0.0% 0.6%
Europe ex-U.K. 2.0% 0.0% (7.1)% (5.1)%
Asia/Pacific ex-Japan 0.6% 0.0% (6.1)% (5.5)%
Equity Europe ex-U.K. 10.0% 1.9% (5.7)% 6.2%
U.S. Large Cap 30.2% 0.0% (25.8)% 4.4%
U.S. Small/Mid Cap 21.9% 0.0% (17.8)% 4.1%
North America ex-U.S. 2.2% 1.3% 0.0% 3.5%
Japan 3.6% 0.0% (0.2)% 3.4%
United Kingdom 2.8% 0.5% 0.0% 3.3%
Emerging Markets 3.6% 4.2% (5.4)% 2.4%
Asia/Pacific ex-Japan 1.4% 3.6% (3.9)% 1.1%
Developed - Middle East/Africa 0.0% 0.0% 0.0% 0.0%
Cash Cash & Cash Equivalents (d) 4.0%
Other (e) 29.0%
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
DTRR4-SEM
MFSLOGO_RED.EPS

MFS® Global Alternative
Strategy Fund

TSR_Ribbon_red
Class R6-DVRLX
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Global Alternative Strategy Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to orderliterature@mfs.com.
FUND EXPENSES
What were the fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment (annualized)
R6 $48 0.95%
FUND STATISTICS AS OF 4/30/26
Net Assets ($): 216,976,551 Portfolio Turnover Rate (%): 34
Total Number of Holdings: 1,144
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 4/30/26)
Portfolio structure
Derivative Overlay
Positions (b)
Active Security
Selection (a)		 Long Short Net Market
Exposure (c)
Fixed Income U.S. 14.3% 25.3% (6.5)% 33.1%
Japan 0.7% 7.6% 0.0% 8.3%
North America ex-U.S. 1.0% 4.6% 0.0% 5.6%
United Kingdom 0.9% 0.7% 0.0% 1.6%
Emerging Markets 0.6% 0.0% 0.0% 0.6%
Europe ex-U.K. 2.0% 0.0% (7.1)% (5.1)%
Asia/Pacific ex-Japan 0.6% 0.0% (6.1)% (5.5)%
Equity Europe ex-U.K. 10.0% 1.9% (5.7)% 6.2%
U.S. Large Cap 30.2% 0.0% (25.8)% 4.4%
U.S. Small/Mid Cap 21.9% 0.0% (17.8)% 4.1%
North America ex-U.S. 2.2% 1.3% 0.0% 3.5%
Japan 3.6% 0.0% (0.2)% 3.4%
United Kingdom 2.8% 0.5% 0.0% 3.3%
Emerging Markets 3.6% 4.2% (5.4)% 2.4%
Asia/Pacific ex-Japan 1.4% 3.6% (3.9)% 1.1%
Developed - Middle East/Africa 0.0% 0.0% 0.0% 0.0%
Cash Cash & Cash Equivalents (d) 4.0%
Other (e) 29.0%
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
DTRR6-SEM

Item 1(b):

Not applicable.


ITEM 2.  CODE OF ETHICS.

During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the “Code”) that relates to an element of the Code’s definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.


ITEM 3.  AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.


ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.


ITEM 5.  AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the Registrant.


ITEM 6.  INVESTMENTS

A schedule of investments for each series covered by this Form N-CSR is included in the financial statements of such series under Item 7 of this Form N-CSR.


MFS Commodity Strategy Fund
ITEM 7.  FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Commodity Strategy Fund
Consolidated Portfolio of Investments − 4/30/26 (unaudited)
The Consolidated 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 ($)
Bonds – 86.5%
Aerospace & Defense – 0.5%
Boeing Co., 6.388%, 5/01/2031 
 
$
2,330,000
$2,488,441
Huntington Ingalls Industries, Inc., 5.353%, 1/15/2030 
 
 
1,903,000
1,941,496
 
 
 
$4,429,937
Apparel, Footwear, & Accessories – 0.4%
Gildan Activewear, Inc., 4.7%, 10/07/2030 (n)
 
$
1,426,000
$1,411,668
Tapestry, Inc., 5.1%, 3/11/2030 
 
 
1,939,000
1,962,674
 
 
 
$3,374,342
Asset-Backed & Securitized – 17.4%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.101%, 11/15/2054 (i)
 
$
19,372,887
$631,246
ACORE Issuer LLC, 2026-FL1, “B”, 5.561%, 8/20/2043 (n)
 
 
2,131,500
2,134,128
ACREC 2021-FL1 Ltd., “AS”, FLR, 5.282% ((SOFR - 1mo. + 0.11448%) + 1.5%), 10/16/2036 (n)
 
 
460,702
460,493
ACREC 2021-FL1 Ltd., “B”, FLR, 5.582% ((SOFR - 1mo. + 0.11448%) + 1.8%), 10/16/2036 (n)
 
 
1,406,000
1,405,496
ACREC 2021-FL1 Ltd., “C”, FLR, 5.932% ((SOFR - 1mo. + 0.11448%) + 2.15%), 10/16/2036 (n)
 
 
1,129,000
1,128,930
American Credit Acceptance, 2026-2, “B”, 4.5%, 10/08/2030 (n)
 
 
600,000
599,676
Angel Oak Mortgage Trust, 2024-13, “A1”, 5.464%, 12/26/2069 (n)
 
 
2,365,990
2,375,221
Angel Oak Mortgage Trust, 2024-7, “A1”, 5.621%, 5/25/2069 (n)
 
 
1,843,553
1,853,254
Angel Oak Mortgage Trust, 2024-9, “A1”, 5.138%, 9/25/2069 (n)
 
 
1,298,013
1,297,692
Angel Oak Mortgage Trust, 2025-10, “A1”, 4.96%, 9/25/2070 (n)
 
 
1,133,968
1,129,682
Arbor Realty Trust, Inc., CLO, 2021-FL4, “AS”, FLR, 5.469% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2036 (n)
 
 
1,684,000
1,683,988
Arbor Realty Trust, Inc., CLO, 2021-FL4, “B”, FLR, 5.769% ((SOFR - 1mo. + 0.11448%) + 2%), 11/15/2036 (n)
 
 
1,684,000
1,684,184
Arbor Realty Trust, Inc., CLO, 2021-FL4, “C”, FLR, 6.069% ((SOFR - 1mo. + 0.11448%) + 2.3%), 11/15/2036 (n)
 
 
1,014,000
1,014,144
Arbor Realty Trust, Inc., CLO, 2022-FL1, “C”, FLR, 5.94% (SOFR - 30 day + 2.3%), 1/15/2037 (n)
 
 
2,695,500
2,697,135
ARDN Mortgage Trust, 2025-ARCP, “A”, FLR, 5.404% (SOFR - 1mo. + 1.75%), 6/15/2035 (n)
 
 
2,999,000
3,004,596
AREIT 2022-CRE6 Trust, “C”, FLR, 5.79% (SOFR - 30 day + 2.15%), 1/20/2037 (n)
 
 
894,000
893,461
AREIT 2022-CRE6 Trust, “D”, FLR, 6.49% (SOFR - 30 day + 2.85%), 1/20/2037 (n)
 
 
795,500
793,545
AREIT 2022-CRE7 LLC, “B”, FLR, 6.911% (SOFR - 1mo. + 3.244%), 6/17/2039 (n)
 
 
2,563,500
2,563,818
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n)
 
 
94,560
95,014
Aspire Mortgage Trust, 2026-1, “A-1”, 4.855%, 1/25/2066 (n)
 
 
673,036
668,983
AutoNation Finance Trust, 2025-1A, “A2”, 4.72%, 4/10/2028 (n)
 
 
289,103
289,404
Bain Capital Credit CLO Ltd., 2021-4A, “BRR”, FLR, 5.025% (SOFR - 3mo. + 1.35%), 10/20/2034 (n)
 
 
3,204,420
3,204,369
Balboa Bay Loan Funding Ltd., 2022-1A, “BR”, 5.525% (SOFR - 3mo. + 1.85%), 4/20/2037 (n)
 
 
3,115,644
3,117,937
BBCMS Mortgage Trust, 2018-C2, “XA”, 0.902%, 12/15/2051 (i)(n)
 
 
17,773,712
260,266
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.191%, 7/15/2054 (i)
 
 
6,571,279
299,758
BBCMS Mortgage Trust, 2021-C11, “XA”, 1.326%, 9/15/2054 (i)
 
 
7,146,014
340,097
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.54%, 2/15/2054 (i)
 
 
10,709,692
619,275
BDS 2024-FL13 Ltd., “A”, FLR, 5.237% (SOFR - 1mo. + 1.5762%), 9/19/2039 (n)
 
 
749,000
749,360
BDS LLC, 2026-FL17, “B”, FLR, 0% (SOFR - 1mo. + 1.8%), 5/19/2043 (n)(w)
 
 
3,108,348
3,108,348
BDS Ltd., 2026-FL17, “AS”, FLR, 5.2% (SOFR - 1mo. + 1.55%), 5/19/2043 (n)(w)
 
 
1,120,045
1,120,045
BDS Ltd., 2026-FL17, “C”, FLR, 5.6% (SOFR - 1mo. + 1.95%), 5/19/2043 (n)(w)
 
 
565,250
565,250
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.254%, 2/15/2054 (i)
 
 
12,340,705
521,229
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.231%, 7/15/2054 (i)
 
 
14,041,556
611,272
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.216%, 8/15/2054 (i)
 
 
9,706,245
447,904
Benchmark 2021-B29 Mortgage Trust, “XA”, 0.988%, 9/15/2054 (i)
 
 
14,255,320
464,636
Benchmark 2025-V18 Mortgage Trust, “A3”, 5.183%, 10/15/2058 
 
 
1,538,903
1,566,901
BSPRT Issuer Ltd., 2026-FL13, “A”, FLR, 5.15% (SOFR - 1mo. + 1.5%), 10/18/2043 (n)
 
 
2,975,000
2,978,386
Business Jet Securities LLC, 2024-1A, “A”, 6.197%, 5/15/2039 (n)
 
 
552,848
561,072
Business Jet Securities LLC, 2024-1A, “B”, 6.924%, 5/15/2039 (n)
 
 
66,095
67,408
CMSFS-SEM
1
MFS Commodity Strategy Fund
Consolidated Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
Business Jet Securities LLC, 2024-2A, “A”, 5.364%, 9/15/2039 (n)
 
$
774,880
$773,217
Business Jet Securities LLC, 2024-2A, “B”, 5.754%, 9/15/2039 (n)
 
 
451,951
448,630
BX Trust, 2026-CSMO, “A”, FLR, 5.054% (SOFR - 1mo. + 1.4%), 2/15/2043 (n)
 
 
910,000
910,569
BXMT 2020-FL2 Ltd., “A”, FLR, 4.932% ((SOFR - 1mo. + 0.11448%) + 0.9%), 2/15/2038 (n)
 
 
59,842
59,800
BXMT 2020-FL2 Ltd., “B”, FLR, 5.432% ((SOFR - 1mo. + 0.11448%) + 1.4%), 2/15/2038 (n)
 
 
1,492,000
1,487,582
BXMT 2021-FL4 Ltd., “AS”, FLR, 5.332% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n)
 
 
2,601,000
2,593,913
CarMax Select Receivables Trust, 2025-B, “A2”, 4.19%, 3/15/2029 
 
 
1,751,962
1,752,845
CD 2017-CD4 Mortgage Trust, “XA”, 1.201%, 5/10/2050 (i)
 
 
8,576,095
52,394
CF Hippolyta Issuer LLC, 2020-1, “A1”, 1.69%, 7/15/2060 (n)
 
 
350,540
291,776
CF Hippolyta Issuer LLC, 2020-1, “B1”, 2.28%, 7/15/2060 (n)
 
 
113,394
69,619
Chesapeake Funding II LLC, 2023-1A, “A1”, 5.65%, 5/15/2035 (n)
 
 
216,045
216,176
Chesapeake Funding II LLC, 2023-2A, “A1”, 6.16%, 10/15/2035 (n)
 
 
310,729
312,908
Colt Funding LLC, 2024-2, “A1”, 6.125%, 4/25/2069 (n)
 
 
691,790
696,197
Colt Funding LLC, 2024-3, “A1”, 6.393%, 6/25/2069 (n)
 
 
1,069,101
1,080,006
Colt Funding LLC, 2024-3, “A2”, 6.646%, 6/25/2069 (n)
 
 
354,816
358,363
Colt Funding LLC, 2024-5, “A1”, 5.123%, 8/25/2069 (n)
 
 
1,471,237
1,471,185
Commercial Mortgage Pass-Through Certificates, 2019-BN24, “XA”, 0.632%, 11/15/2062 (i)
 
 
8,857,075
179,989
Commercial Mortgage Pass-Through Certificates, 2021-BN31, “XA”, 1.279%, 2/15/2054 (i)
 
 
10,606,617
500,384
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.704%, 4/15/2054 (i)
 
 
9,931,784
261,921
Commercial Mortgage Pass-Through Certificates, 2021-BN34, “XA”, 0.957%, 6/15/2063 (i)
 
 
11,258,828
381,382
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.022%, 6/15/2064 (i)
 
 
6,017,614
226,253
COOPR Residential Mortgage Trust, 2025-CES1, “A1A”, 5.654%, 5/25/2060 (n)
 
 
369,486
371,677
CPS Auto Trust, 2026-B, “B”, 4.59%, 12/16/2030 (n)
 
 
434,000
433,304
Credit Acceptance Auto Loan Trust, 2023-3A, “B”, 7.09%, 10/17/2033 (n)
 
 
1,292,000
1,303,298
Dell Equipment Finance Trust, 2024-2, “A2”, 4.69%, 8/22/2030 (n)
 
 
232,799
233,019
Dell Equipment Finance Trust, 2024-2, “A3”, 4.59%, 8/22/2030 (n)
 
 
754,000
756,467
DLLST LLC, 2024-1A, “A3”, 5.05%, 8/20/2027 (n)
 
 
166,908
167,382
Dryden Senior Loan Fund CLO Ltd., 2019-75A, “BR3”, FLR, 5.173% (SOFR - 3mo. + 1.5%), 4/14/2034 (n)
 
 
4,026,477
4,026,751
Dryden Senior Loan Fund, 2017-49A, “BR”, CLO, FLR, 5.537% ((SOFR - 3mo. + 0.26161%) + 1.6%), 7/18/2030 (n)
 
 
1,732,399
1,734,824
Dryden Senior Loan Fund, 2021-95A, “BR”, FLR, 5.256% (SOFR - 3mo. + 1.6%), 8/20/2034 (n)
 
 
3,250,000
3,250,705
Empire District Bondco LLC, 4.943%, 1/01/2033 
 
 
554,172
559,883
Enterprise Fleet Financing 2023-2 LLC, “A2”, 5.56%, 4/22/2030 (n)
 
 
137,505
137,976
Enterprise Fleet Financing 2023-2 LLC, “A3”, 5.5%, 4/22/2030 (n)
 
 
689,000
696,050
Enterprise Fleet Financing 2024-3 LLC, “A2”, 5.31%, 4/20/2027 (n)
 
 
178,853
179,198
Fortress CBO Investments Ltd., 2022-FL3, “AS”, FLR, 5.894% (SOFR - 30 day + 2.25%), 2/23/2039 (n)
 
 
1,190,598
1,189,308
General Motors Co., FLR, 4.09% (SOFR - 1mo. + 0.45%), 11/15/2028 (n)
 
 
1,225,000
1,224,929
General Motors Co., FLR, 4.189% (SOFR - 1mo. + 0.55%), 11/15/2029 (n)
 
 
1,693,000
1,694,843
GLS Auto Select Receivables Trust, 2026-2A, “A2”, 4.46%, 6/15/2032 (n)
 
 
1,270,000
1,270,888
GS Mortgage Securities Trust, 2017-GS6, “XA”, 0.992%, 5/10/2050 (i)
 
 
10,111,837
71,041
GS Mortgage Securities Trust, 2017-GS7, “XA”, 1.021%, 8/10/2050 (i)
 
 
10,149,333
83,707
GS Mortgage Securities Trust, 2020-GC47, “A5”, 1.121%, 5/12/2053 (i)
 
 
8,579,746
306,827
Harbor Park CLO Ltd., 2018-1A, “BR2”, FLR, 5.075% (SOFR - 3mo. + 1.4%), 1/20/2031 (n)
 
 
2,600,000
2,599,958
Home Owner Mortgage Enhanced, 5.077%, 8/25/2060 (n)
 
 
673,970
670,526
Invesco CLO Ltd., 2022-2A, “BR”, 5.355%, 7/20/2035 (n)
 
 
3,344,351
3,346,113
Invesco CLO Ltd., 2023-3A, “BR”, FLR, 5.423% (SOFR - 3mo. + 1.75%), 7/15/2038 (n)
 
 
2,068,965
2,078,590
Jersey Mikes Funding LLC, 2026-1A, “A2I”, 4.952%, 2/15/2056 (n)
 
 
977,000
967,579
JP Morgan Mortgage Trust, 5.592%, 2/25/2064 (n)
 
 
736,953
740,304
JP Morgan Mortgage Trust, 2026-NQM1, “A1”, 4.745%, 6/25/2066 (n)
 
 
556,043
551,596
JPMorgan Chase Commercial Mortgage Securities Corp., 1.003%, 9/15/2050 (i)
 
 
8,453,213
64,577
LoanCore 2025-CRE8 Ltd., “A”, FLR, 5.053% (SOFR - 1mo. + 1.385%), 8/17/2042 (n)
 
 
1,791,500
1,791,715
LoanCore 2025-CRE8 Ltd., “AS”, FLR, 5.258% (SOFR - 1mo. + 1.5909%), 8/17/2042 (n)
 
 
2,698,500
2,699,444
MF1 2022-FL8 Ltd., “C”, FLR, 5.857% (SOFR - 30 day + 2.2%), 2/19/2037 (n)
 
 
941,914
937,805
MF1 2022-FL9 LLC, “B”, FLR, 6.807% (SOFR - 1mo. + 3.15%), 6/19/2037 (n)
 
 
2,988,000
2,989,963
MF1 2024-FL14 LLC, “C”, FLR, 6.943% (SOFR - 1mo. + 3.289%), 3/19/2039 (n)
 
 
818,643
819,993
2
MFS Commodity Strategy Fund
Consolidated Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
MF1 2025-FL20 LLC, “AS”, FLR, 5.361% (SOFR - 1mo. + 1.7%), 2/18/2043 (n)
 
$
2,000,000
$2,006,900
MF1 2025-FL20 LLC, “B”, FLR, 5.611% (SOFR - 1mo. + 1.95%), 2/18/2043 (n)
 
 
1,128,514
1,132,273
MF1 2026-FL21 LLC, “AS”, FLR, 5.211% (SOFR - 1mo. + 1.55%), 2/18/2041 (n)
 
 
780,014
780,402
MF1 2026-FL21 LLC, “B”, FLR, 5.411% (SOFR - 1mo. + 1.75%), 2/18/2041 (n)
 
 
374,772
375,332
MF1 2026-FL21 LLC, “C”, FLR, 5.611% (SOFR - 1mo. + 1.95%), 2/18/2041 (n)
 
 
1,240,411
1,241,825
Morgan Stanley Bank of America Merrill Lynch Trust, 2017-C33, “XA”, 1.229%, 5/15/2050 (i)
 
 
8,140,507
71,957
Morgan Stanley Capital I Trust, 2017-H1, “XA”, 1.285%, 6/15/2050 (i)
 
 
3,585,728
34,485
Morgan Stanley Capital I Trust, 2018-H4, “XA”, 0.798%, 12/15/2051 (i)
 
 
14,159,876
247,404
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.178%, 5/15/2054 (i)
 
 
8,262,209
371,926
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.141%, 6/15/2054 (i)
 
 
7,824,561
276,417
Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM9, “A1”, 5.016%, 9/25/2070 (n)
 
 
1,323,431
1,319,613
Morgan Stanley Residential Mortgage Loan Trust, 2026-NQM4, “A1”, 5.075%, 3/25/2071 (n)
 
 
1,052,233
1,051,077
New Residential Mortgage Loan Trust, 2024-NQM3, “A-1”, 5.53%, 5/25/2065 (n)
 
 
585,376
588,877
New Residential Mortgage Loan Trust, 2024-NQMI, “A-1”, 6.129%, 3/25/2064 (n)
 
 
1,183,015
1,190,830
OBX Trust, 2023-NQM5, “A1”, 5.988%, 1/25/2064 (n)
 
 
345,786
347,835
OBX Trust, 2024-NQM1, “A1”, 5.928%, 11/25/2063 (n)
 
 
381,915
383,286
OBX Trust, 2024-NQM1, “A1”, 5.875%, 6/25/2064 (n)
 
 
1,198,737
1,207,993
OBX Trust, 2024-NQM1, “A2”, 6.253%, 11/25/2063 (n)
 
 
115,598
116,112
OBX Trust, 2024-NQM8, “A1”, 6.233%, 5/25/2064 (n)
 
 
763,256
770,110
OCP CLO 2015-10A Ltd., “B1R3”, FLR, 5.316% (SOFR - 3mo. + 1.65%), 1/26/2038 (n)
 
 
2,250,000
2,253,550
OneMain Financial Issuance Trust, 2020-2A, “A”, 1.75%, 9/14/2035 (n)
 
 
982,945
970,297
OneMain Financial Issuance Trust, 2022-S1, “A”, 4.13%, 5/14/2035 (n)
 
 
295,985
295,945
OneMain Financial Issuance Trust, 2023-2A, “B”, 6.17%, 9/15/2036 (n)
 
 
969,000
988,477
OneMain Financial Issuance Trust, 2023-2A, “C”, 6.74%, 9/15/2036 (n)
 
 
2,280,000
2,340,060
Palmer Square Loan Funding 2025-1A Ltd., “A2”, FLR, 4.853% (SOFR - 3mo. + 1.2%), 2/15/2033 (n)
 
 
3,000,000
2,999,940
Palmer Square Loan Funding 2025-2A Ltd., “A2”, FLR, 5.073% (SOFR - 3mo. + 1.4%), 7/15/2033 (n)
 
 
2,500,000
2,496,057
PFP III 2026-13 Ltd., “AS”, FLR, 5.311% (SOFR - 1mo. + 1.65%), 8/18/2043 (n)
 
 
3,000,000
3,005,628
PFP III 2026-13 Ltd., “B”, FLR, 5.511% (SOFR - 1mo. + 1.85%), 8/18/2043 (n)
 
 
1,250,000
1,253,123
PFP III, 2025-12 Ltd., “A”, FLR, 5.15% (SOFR - 1mo. + 1.4892%), 12/18/2042 (n)
 
 
3,350,000
3,351,538
PFS Financing Corp., 2026-A, “A”, FLR, 4.339% (SOFR - 1mo. + 0.7%), 2/15/2030 (n)
 
 
1,970,000
1,974,478
Planet Fitness Master Issuer, 2025-1A, “A2I”, 5.274%, 12/06/2055 (n)
 
 
715,000
712,179
PMT Loan Trust, 2026-INV4, “A36”, FLR, 5.108% (SOFR - 1mo. + 1.45%), 3/25/2057 (n)
 
 
1,620,355
1,620,301
Provident Funding Mortgage Trust, 2024-1, “A3”, 5.5%, 12/25/2054 (n)
 
 
1,421,322
1,421,424
Provident Funding Mortgage Trust, 2025-1, “A”, 5.5%, 2/25/2055 (n)
 
 
2,022,347
2,022,555
Rate Mortgage Trust, 2025-J3, “A27”, FLR, 5.195% (SOFR - 1mo. + 1.55%), 11/25/2055 (n)
 
 
2,804,830
2,821,772
Santander Mortgage Asset Receivables Trust, 2025-NQM2, “A1”, 5.732%, 2/25/2065 (n)
 
 
371,215
373,836
Shackleton 2013-4RA CLO Ltd., “B”, FLR, 5.83% ((SOFR - 3mo. + 2.1616%) + 1.9%) 4/13/2031 (n)
 
 
722,762
723,374
Southwick Park CLO Ltd., 2019-4A, “B2R”, 2.46%, 7/20/2032 (n)
 
 
1,123,000
1,046,981
Speak CLO Ltd., 2014-1A, “BR4”, FLR, 5.28% (SOFR - 3mo. + 1.6%), 4/17/2034 (n)
 
 
2,700,000
2,697,659
Starwood Commercial Mortgage, 2021-FL2, “B”, FLR, 5.582% ((SOFR - 1mo. + 0.11448%) + 1.8%), 4/18/2038 (n)
 
 
2,295,000
2,293,735
Taco Bell Funding LLC, 2025-1A, “A2I”, 4.821%, 8/25/2055 (n)
 
 
2,021,619
1,998,664
TCW Gem Ltd., 2020-1A, “BR3”, FLR, 5.275% (SOFR - 3mo. + 1.6%), 4/20/2034 (n)
 
 
4,157,184
4,158,290
TPG Real Estate Finance, 2025-FL7, “AS”, FLR, 5.361% (SOFR - 1mo. + 1.7%), 6/18/2043 (n)
 
 
849,947
851,664
TPG Real Estate Finance, 2025-FL7, “B”, FLR, 5.611% (SOFR - 1mo. + 1.95%), 6/18/2043 (n)
 
 
1,560,956
1,560,954
Trinitas CLO Ltd., 2021-15A, “B1R”, FLR, 5.313% (SOFR - 3mo. + 1.65%), 4/22/2034 (n)
 
 
3,427,373
3,427,325
UBS Commercial Mortgage Trust, 2017-C1, “XA”, 0.94%, 11/15/2050 (i)
 
 
4,911,198
48,248
UBS Commercial Mortgage Trust, 2018-C14, “XA”, 0.892%, 12/15/2051 (i)
 
 
5,476,114
99,241
Verus Securitization Trust, 2024-3, “A2”, 6.642%, 4/25/2069 (n)
 
 
558,427
563,350
Verus Securitization Trust, 2024-6, “A1”, 5.799%, 7/25/2069 (n)
 
 
567,087
570,711
Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027 
 
 
252,514
254,320
Volvo Financial Equipment LLC, 2026-1A, “A2”, 3.9%, 11/15/2028 (n)
 
 
446,000
445,621
Wells Fargo Commercial Mortgage Trust, 2021-C61, “XA”, 1.328%, 11/15/2054 (i)
 
 
5,478,957
257,265
 
 
 
$168,496,168
3
MFS Commodity Strategy Fund
Consolidated Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Auto & Auto Components – 1.2%
Ford Motor Credit Co. LLC, 5.8%, 3/05/2027 
 
$
4,336,000
$4,366,470
Ford Motor Credit Co. LLC, 5.753%, 4/06/2033 
 
 
1,018,000
1,009,184
LKQ Corp., 5.75%, 6/15/2028 
 
 
2,976,000
3,022,991
Stellantis Finance US, Inc., 1.711%, 1/29/2027 (n)
 
 
1,276,000
1,248,084
Stellantis Finance US, Inc., 2.691%, 9/15/2031 (n)
 
 
1,738,000
1,486,996
 
 
 
$11,133,725
Brokerage & Asset Managers – 2.1%
Brookfield Finance, Inc., 3.9%, 1/25/2028 
 
$
4,053,000
$4,005,273
Charles Schwab Corp., 5.875%, 8/24/2026 
 
 
3,206,000
3,219,869
Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + 2.210%) to 5/19/2029 
 
 
2,510,000
2,575,155
Citadel Finance LLC, 4.75%, 2/14/2029 (n)
 
 
1,657,000
1,631,171
Citadel Securities Global Holdings LLC, 5.125%, 1/27/2032 (n)
 
 
1,205,000
1,190,578
LPL Holdings, Inc., 5.7%, 5/20/2027 
 
 
2,077,000
2,099,070
LPL Holdings, Inc., 4.625%, 11/15/2027 (n)
 
 
1,426,000
1,419,532
LPL Holdings, Inc., 6.75%, 11/17/2028 
 
 
1,075,000
1,124,933
LPL Holdings, Inc., 4%, 3/15/2029 (n)
 
 
2,257,000
2,196,860
LPL Holdings, Inc., 5.2%, 3/15/2030 
 
 
1,082,000
1,091,926
 
 
 
$20,554,367
Business Services – 0.9%
Fidelity National Information Services, Inc., 4.45%, 3/10/2028 
 
$
1,398,000
$1,394,077
Fidelity National Information Services, Inc., 4.55%, 3/10/2029 
 
 
777,000
773,966
Fidelity National Information Services, Inc., 4.8%, 3/10/2031 
 
 
1,398,000
1,390,529
Paychex, Inc., 5.1%, 4/15/2030 
 
 
3,124,000
3,157,291
Verisk Analytics, Inc., 4.45%, 3/15/2031 
 
 
1,759,000
1,734,802
 
 
 
$8,450,665
Cable TV – 0.6%
Cox Communications, Inc., 5.45%, 9/15/2028 (n)
 
$
3,417,000
$3,478,259
Videotron Ltd., 3.625%, 6/15/2029 (n)
 
 
2,687,000
2,605,036
 
 
 
$6,083,295
Chemicals – 0.0%
International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n)
 
$
294,000
$282,176
Conglomerates – 0.2%
Regal Rexnord Corp., 6.05%, 4/15/2028 
 
$
2,278,000
$2,335,128
Consumer Services – 1.4%
Airbnb, Inc., 4.4%, 3/16/2029 
 
$
1,151,000
$1,149,413
CBRE Services, Inc., 5.5%, 4/01/2029 
 
 
2,639,000
2,703,060
CBRE Services, Inc., 4.8%, 6/15/2030 
 
 
735,000
737,531
eBay, Inc., 4.25%, 3/06/2029 
 
 
1,752,000
1,744,654
Meituan, 4.5%, 4/02/2028 (n)
 
 
1,575,000
1,571,171
Meituan, 4.625%, 10/02/2029 (n)
 
 
845,000
839,387
Meituan, 4.5%, 5/05/2031 (n)
 
 
632,000
616,156
Rentokil Terminix LLC, 5%, 4/28/2030 (n)
 
 
3,880,000
3,910,766
 
 
 
$13,272,138
Containers – 0.3%
Berry Global, Inc., 1.65%, 1/15/2027 
 
$
2,847,000
$2,792,520
4
MFS Commodity Strategy Fund
Consolidated Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Diversified Financial Services – 1.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.45%, 4/15/2027 
 
$
1,438,000
$1,464,413
Apollo Debt Solutions BDC, 5.2%, 12/08/2028 (n)
 
 
687,000
679,688
Aviation Capital Group, 4.25%, 4/30/2029 (n)
 
 
1,984,000
1,955,931
Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 (n)
 
 
2,263,000
2,192,672
Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n)
 
 
1,729,000
1,669,788
Blackstone Secured Lending Fund, 2.125%, 2/15/2027 
 
 
687,000
670,724
Blue Owl Credit Income Corp., 7.95%, 6/13/2028 
 
 
475,000
489,414
Goldman Sachs Private Credit Corp., 5.05%, 2/23/2028 (n)
 
 
344,000
339,886
Goldman Sachs Private Credit Corp., 6.15%, 6/16/2031 (n)
 
 
588,000
583,051
SMBC Aviation Capital Finance DAC, 5.3%, 4/03/2029 (n)
 
 
4,319,000
4,380,467
Sumisho Air Lease Corp., 4.4%, 3/24/2028 (n)
 
 
1,735,000
1,725,843
Sumisho Air Lease Corp., 4.5%, 3/24/2029 (n)
 
 
1,088,000
1,081,381
 
 
 
$17,233,258
Electrical Equipment – 0.7%
Arrow Electronics, Inc., 5.15%, 8/21/2029 
 
$
3,068,000
$3,099,945
Arrow Electronics, Inc., 2.95%, 2/15/2032 
 
 
1,491,000
1,327,579
Molex Electronic Technologies LLC, 4.75%, 4/30/2028 (n)
 
 
2,320,000
2,329,841
 
 
 
$6,757,365
Emerging Market Sovereign – 0.2%
Eagle Funding LuxCo S.à r.l. (United Mexican States), 5.5%, 8/17/2030 (n)
 
$
2,225,000
$2,242,133
Energy - Independent – 1.0%
Diamondback Energy, Inc., 5.2%, 4/18/2027 
 
$
934,000
$941,995
Diamondback Energy, Inc., 5.15%, 1/30/2030 
 
 
934,000
955,450
EQT Corp., 5.7%, 4/01/2028 
 
 
3,496,000
3,563,224
Pioneer Natural Resources Co., 1.9%, 8/15/2030 
 
 
4,567,000
4,125,529
 
 
 
$9,586,198
Food & Beverages – 2.2%
Bacardi Ltd., 4.7%, 5/15/2028 (n)
 
$
1,006,000
$1,006,184
Bacardi-Martini B.V., 5.25%, 1/15/2029 (n)
 
 
4,191,000
4,233,481
Constellation Brands, Inc., 4.8%, 5/01/2030 
 
 
1,510,000
1,522,083
JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 3%, 2/02/2029 
 
 
5,268,000
5,059,499
JDE Peet's N.V., 1.375%, 1/15/2027 (n)
 
 
1,537,000
1,503,189
Mars, Inc., 4.6%, 3/01/2028 (n)
 
 
1,941,000
1,952,536
Mars, Inc., 4.8%, 3/01/2030 (n)
 
 
4,084,000
4,125,368
Suntory Holdings Ltd., 5.124%, 6/11/2029 (n)
 
 
1,958,000
1,988,213
 
 
 
$21,390,553
Global Systemically Important Banks – 4.4%
Barclays PLC, 2.279% to 11/24/2026, FLR (CMT - 1yr. + 1.05%) to 11/24/2027 
 
$
2,856,000
$2,820,349
BNP Paribas S.A., 2.591% to 1/20/2027, FLR (SOFR - 1 day + 1.228%) to 1/20/2028 (n)
 
 
3,494,000
3,447,244
Deutsche Bank AG, 7.146% to 7/13/2026, FLR (SOFR - 1 day + 2.52%) to 7/13/2027 
 
 
2,637,000
2,650,023
Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027 
 
 
1,479,000
1,461,435
Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + 3.18%) to 1/18/2029 
 
 
169,000
174,670
Deutsche Bank AG, 4.95% to 8/04/2030, FLR (SOFR - 1 day + 1.3%) to 8/04/2031 
 
 
1,804,000
1,798,343
Deutsche Bank AG, 5.06% to 4/14/2031, FLR (SOFR - 1 day + 1.41%) to 4/14/2032 
 
 
822,000
821,083
HSBC Holdings PLC, 4.899% to 3/03/2028, FLR (SOFR - 1 day + 1.03%) to 3/03/2029 
 
 
3,032,000
3,047,732
Mitsubishi UFJ Financial Group, Inc., 4.592% to 4/18/2029, FLR (CMT - 1yr. + 0.78%) to 4/18/2030 
 
 
1,800,000
1,800,031
Mitsubishi UFJ Financial Group, Inc., 5.159%, 4/24/2031 
 
 
932,000
945,111
Mitsubishi UFJ Financial Group, Inc., 4.847% to 4/21/2031, FLR (CMT - 1yr. + 0.92%) to 4/21/2032 
 
 
747,000
745,726
5
MFS Commodity Strategy Fund
Consolidated Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Global Systemically Important Banks – continued
Mizuho Financial Group, Inc., 4.711% to 7/08/2030, FLR (CMT - 1yr. + 0.92%) to 7/08/2031 
 
$
2,778,000
$2,776,475
Morgan Stanley, 4.994% to 4/12/2028, FLR (SOFR - 1 day + 1.38%) to 4/12/2029 
 
 
1,853,000
1,868,533
Morgan Stanley, 4.555% to 4/10/2029, FLR (SOFR - 1 day + 0.96%) to 4/10/2030 
 
 
2,413,000
2,405,372
Sumitomo Mitsui Financial Group, Inc., 2.174%, 1/14/2027 
 
 
2,842,000
2,804,216
Toronto-Dominion Bank, 5.532%, 7/17/2026 
 
 
4,257,000
4,269,496
UBS Group AG, 4.703% to 8/05/2026, FLR (CMT - 1yr. + 2.05%) to 8/05/2027 (n)
 
 
1,637,000
1,637,351
UBS Group AG, 9.25% to 11/13/2028, FLR (CMT - 5yr. + 4.745%) to 5/13/2172 (n)
 
 
428,000
463,149
UBS Group AG, 6.6% to 2/05/2031, FLR (USD SOFR ICE Swap Rate - 5yr. + 3.122%) to 2/05/2174 (n)
 
 
2,393,000
2,413,022
Wells Fargo & Co., 3.526% to 3/24/2027, FLR (SOFR - 1 day + 1.51%) to 3/24/2028 
 
 
3,868,000
3,838,606
 
 
 
$42,187,967
Hardware, Peripherals, & Assembly – 0.2%
VMware, Inc., 1.4%, 8/15/2026 
 
$
1,504,000
$1,492,441
Industrial – 0.1%
Booz Allen Hamilton, Inc., 4%, 7/01/2029 (n)
 
$
1,081,000
$1,052,976
Insurance – 1.1%
CNO Global Funding, 4.7%, 12/11/2030 (n)
 
$
1,701,000
$1,684,731
Corebridge Financial, Inc., 3.65%, 4/05/2027 
 
 
2,425,000
2,409,965
Corebridge Global Funding, 5.2%, 1/12/2029 (n)
 
 
1,469,000
1,490,592
Sammons Financial Group Global Funding, 5.05%, 1/10/2028 (n)
 
 
979,000
984,870
Sammons Financial Group Global Funding, 5.1%, 12/10/2029 (n)
 
 
3,609,000
3,639,422
 
 
 
$10,209,580
Insurance - Health – 0.3%
Elevance Health, Inc., 4.5%, 10/30/2026 
 
$
1,298,000
$1,300,394
Elevance Health, Inc., 4.75%, 2/15/2030 
 
 
1,104,000
1,111,832
 
 
 
$2,412,226
Insurance - Property & Casualty – 0.8%
Arthur J. Gallagher & Co., 4.6%, 12/15/2027 
 
$
1,739,000
$1,743,943
Arthur J. Gallagher & Co., 4.85%, 12/15/2029 
 
 
1,739,000
1,755,383
Brown & Brown, Inc., 4.7%, 6/23/2028 
 
 
1,027,000
1,030,075
Marsh & McLennan Cos., Inc., 4.55%, 11/08/2027 
 
 
1,712,000
1,719,666
Marsh & McLennan Cos., Inc., 4.65%, 3/15/2030 
 
 
1,712,000
1,720,629
 
 
 
$7,969,696
International Market Quasi-Sovereign – 0.2%
NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n)
 
$
2,064,000
$2,126,971
Machinery & Tools – 0.3%
AGCO Corp., 5.45%, 3/21/2027 
 
$
1,337,000
$1,346,595
Ashtead Capital, Inc., 4.25%, 11/01/2029 (n)
 
 
1,627,000
1,595,270
 
 
 
$2,941,865
Media – 0.7%
Meta Platforms, Inc., 4.55%, 5/15/2031 (w)
 
$
4,176,000
$4,175,037
News Corp., 3.875%, 5/15/2029 (n)
 
 
2,396,000
2,317,669
 
 
 
$6,492,706
6
MFS Commodity Strategy Fund
Consolidated Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Medical & Health Technology & Services – 0.3%
HCA, Inc., 4.3%, 11/15/2030 
 
$
585,000
$574,845
ICON Investments Six DAC, 5.849%, 5/08/2029 
 
 
1,081,000
1,101,539
IQVIA, Inc., 5.7%, 5/15/2028 
 
 
788,000
802,263
IQVIA, Inc., 6.25%, 2/01/2029 
 
 
598,000
620,297
 
 
 
$3,098,944
Metals & Mining – 0.9%
Anglo American Capital PLC, 4.75%, 4/10/2027 (n)
 
$
2,917,000
$2,927,562
Glencore Funding LLC, 5.186%, 4/01/2030 (n)
 
 
2,434,000
2,471,684
Rio Tinto Finance (USA) PLC, 4.5%, 3/14/2028 
 
 
1,609,000
1,617,252
Rio Tinto Finance (USA) PLC, 4.875%, 3/14/2030 
 
 
1,841,000
1,868,380
 
 
 
$8,884,878
Midstream – 1.4%
Columbia Pipelines Holdings Co. LLC, 6.042%, 8/15/2028 (n)
 
$
3,227,000
$3,330,222
DCP Midstream Operating LP, 5.625%, 7/15/2027 
 
 
3,776,000
3,813,274
Enbridge, Inc., 5.25%, 4/05/2027 
 
 
2,609,000
2,630,988
Enbridge, Inc., 4.9%, 6/20/2030 
 
 
1,076,000
1,084,577
Energy Transfer LP, 5.55%, 2/15/2028 
 
 
1,201,000
1,222,400
Plains All American Pipeline LP, 4.7%, 1/15/2031 
 
 
1,819,000
1,814,901
 
 
 
$13,896,362
Mortgage-Backed – 0.3%
Fannie Mae, 3%, 12/01/2031 
 
$
83,627
$81,407
Fannie Mae, 4.645%, 2/25/2045 (n)
 
 
307,925
308,425
Freddie Mac, 4.286%, 7/25/2029 
 
 
500,920
500,477
Freddie Mac, 1.681%, 4/25/2030 (i)
 
 
6,192,149
322,429
Freddie Mac, 3%, 4/15/2033 - 6/15/2045 
 
 
1,865,316
1,807,391
Freddie Mac, 2%, 7/15/2042 
 
 
242,075
227,964
 
 
 
$3,248,093
Municipals – 0.3%
California Public Finance Authority Rev., Taxable (Children's Hospital Los Angeles), “A”, AGM, 5.4%, 11/15/2031 
 
$
1,682,000
$1,724,058
Kentucky Higher Education Student Loan Corp. Rev., Taxable, “A-2”, 5.949%, 6/01/2037 
 
 
1,180,000
1,204,777
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “A”, 2.562%, 7/01/2026 
 
 
315,000
314,274
 
 
 
$3,243,109
Network & Telecom – 0.4%
NTT Finance Corp., 4.567%, 7/16/2027 (n)
 
$
536,000
$537,506
NTT Finance Corp., 4.62%, 7/16/2028 (n)
 
 
1,509,000
1,514,819
NTT Finance Corp., 4.876%, 7/16/2030 (n)
 
 
1,509,000
1,519,553
 
 
 
$3,571,878
Non-Global Systemically Important Banks – 5.6%
AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n)
 
$
409,000
$427,343
American Express Co., 4.731% to 4/25/2028, FLR (SOFR - 1 day + 1.26%) to 4/25/2029 
 
 
2,697,000
2,711,060
Banque Federative du Credit Mutuel S.A., 5.896%, 7/13/2026 (n)
 
 
1,887,000
1,893,472
BPCE S.A., 5.281%, 5/30/2029 (n)
 
 
1,969,000
2,007,924
CaixaBank S.A., 5.673% to 3/15/2029, FLR (SOFR - 1 day + 1.78%) to 3/15/2030 (n)
 
 
3,255,000
3,338,378
Capital One Financial Corp., 7.149% to 10/29/2026, FLR (SOFR - 1 day + 2.44%) to 10/29/2027 
 
 
1,305,000
1,321,533
Capital One Financial Corp., 5.7% to 2/01/2029, FLR (SOFR - 1 day + 1.905%) to 2/01/2030 
 
 
621,000
638,048
Capital One Financial Corp., 4.722% to 1/30/2031, FLR (SOFR - 1 day + 1.15%) to 1/30/2032 
 
 
1,778,000
1,756,901
Citizens Financial Group, Inc., 5.841% to 1/23/2029, FLR (SOFR - 1 day + 2.01%) to 1/23/2030 
 
 
2,201,000
2,264,994
7
MFS Commodity Strategy Fund
Consolidated Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Non-Global Systemically Important Banks – continued
Danske Bank A.S., 5.705% to 3/01/2029, FLR (CMT - 1yr. + 1.4%) to 3/01/2030 (n)
 
$
2,107,000
$2,165,264
Federation des Caisses Desjardins du Quebec, 4.565%, 8/26/2030 (n)
 
 
2,734,000
2,727,862
First Citizens Bancshare, Inc., 5.231% to 3/12/2030, FLR (SOFR - 1 day + 1.41%) to 3/12/2031 
 
 
2,376,000
2,364,100
Huntington Bancshares, Inc., 4.443% to 8/04/2027, FLR (SOFR - 1 day + 1.970%) to 8/04/2028 
 
 
254,000
253,699
Huntington Bancshares, Inc., 6.208% to 8/21/2028, FLR (SOFR - 1 day + 2.02%) to 8/21/2029 
 
 
449,000
464,632
Huntington Bancshares, Inc., 5.272% to 1/15/2030, FLR (SOFR - 1 day + 1.276%) to 1/15/2031 
 
 
946,000
961,534
Lloyds Banking Group PLC, 4.241% to 2/10/2029, FLR (CMT - 1yr. + 0.6%) to 2/10/2030 
 
 
1,141,000
1,129,877
M&T Bank Corp., 4.833% to 1/16/2028, FLR (SOFR - 1 day + 0.93%) to 1/16/2029 
 
 
1,321,000
1,326,231
M&T Bank Corp., 7.413% to 10/30/2028, FLR (SOFR - 1 day + 2.80%) to 10/30/2029 
 
 
706,000
752,448
Morgan Stanley Private Bank N.A., 4.466% to 7/06/2027, FLR (SOFR - 1 day + 0.77%) to 7/06/2028 
 
 
2,520,000
2,519,627
Morgan Stanley Private Bank N.A., 4.734% to 7/18/2030, FLR (SOFR - 1 day + 1.08%) to 7/18/2031 
 
 
3,296,000
3,291,321
Nationwide Building Society, 2.972% to 2/16/2027, FLR (SOFR - 1 day + 1.29%) to 2/16/2028 (n)
 
 
4,123,000
4,075,055
PNC Financial Services Group, Inc., 5.102% to 7/23/2026, FLR (SOFR - 1 day + 0.796%) to 7/23/2027 
 
 
3,392,000
3,396,890
PNC Financial Services Group, Inc., 5.354% to 12/02/2027, FLR (SOFR - 1 day + 1.62%) to 12/02/2028 
 
 
5,237,000
5,312,019
Synchrony Financial, 5.019% to 7/29/2028, FLR (SOFR - 1 day + 1.395%) to 7/29/2029 
 
 
1,140,000
1,140,166
Texas Capital Bancshares, Inc., 5.301% to 2/27/2031, FLR (SOFR - 1 day + 1.94%) to 2/27/2032 
 
 
2,859,000
2,835,947
Truist Financial Corp., 5.435% to 1/24/2029, FLR (SOFR - 1 day + 1.62%) to 1/24/2030 
 
 
3,350,000
3,427,891
 
 
 
$54,504,216
Oil Services – 0.2%
Schlumberger Holdings Corp., 5%, 5/29/2027 (n)
 
$
1,313,000
$1,323,531
Schlumberger Holdings Corp., 5%, 11/15/2029 (n)
 
 
919,000
937,126
 
 
 
$2,260,657
Pharmaceuticals & Biotechnology – 0.2%
Biogen, Inc., 5.05%, 1/15/2031 
 
$
2,017,000
$2,051,723
Real Estate - Apartment – 0.3%
American Homes 4 Rent LP, REIT, 4.95%, 6/15/2030 
 
$
2,385,000
$2,399,402
Real Estate - Retail – 0.6%
STORE Capital Corp., REIT, 4.5%, 3/15/2028 
 
$
394,000
$392,130
STORE Capital Corp., REIT, 4.95%, 2/11/2031 (n)
 
 
1,101,000
1,093,098
WEA Finance LLC, 4.125%, 9/20/2028 (n)
 
 
2,997,000
2,957,600
WEA Finance LLC, 3.5%, 6/15/2029 (n)
 
 
697,000
672,170
WEA Finance LLC, REIT, 2.875%, 1/15/2027 (n)
 
 
506,000
500,435
 
 
 
$5,615,433
Real Estate - Storage & Office – 0.1%
COPT Defense Properties, REIT, 2%, 1/15/2029 
 
$
524,000
$489,995
Refining – 0.3%
Marathon Petroleum Corp., 5.15%, 3/01/2030 
 
$
2,724,000
$2,779,663
Retail & E-commerce – 0.8%
AutoNation, Inc., 4.45%, 1/15/2029 
 
$
3,977,000
$3,944,446
AutoNation, Inc., 3.85%, 3/01/2032 
 
 
2,258,000
2,106,965
Genuine Parts Co., 4.95%, 8/15/2029 
 
 
1,945,000
1,942,365
 
 
 
$7,993,776
8
MFS Commodity Strategy Fund
Consolidated Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Semiconductor & Electronic Components – 0.8%
Broadcom, Inc., 5.05%, 7/12/2027 
 
$
718,000
$725,827
Broadcom, Inc., 4.75%, 4/15/2029 
 
 
2,533,000
2,560,712
Broadcom, Inc., 5.05%, 7/12/2029 
 
 
857,000
873,619
Broadcom, Inc., 4.35%, 2/15/2030 
 
 
2,214,000
2,205,715
Broadcom, Inc., 4.3%, 1/15/2031 
 
 
632,000
626,933
NXP B.V./NXP Funding LLC/NXP USA, Inc., 4.3%, 8/19/2028 
 
 
784,000
781,805
 
 
 
$7,774,611
Software – 0.9%
Oracle Corp., 4.55%, 2/04/2029 
 
$
2,357,000
$2,328,569
Oracle Corp., 4.95%, 2/04/2031 
 
 
1,650,000
1,614,004
Salesforce, Inc., 4.5%, 3/15/2028 
 
 
1,154,000
1,155,083
Salesforce, Inc., 4.65%, 3/15/2029 
 
 
1,154,000
1,156,247
Salesforce, Inc., 4.9%, 9/15/2031 
 
 
2,308,000
2,301,221
 
 
 
$8,555,124
Telecommunications - Wireless – 0.6%
Crown Castle, Inc., REIT, 2.9%, 3/15/2027 
 
$
448,000
$441,870
Rogers Communications, Inc., 3.2%, 3/15/2027 
 
 
4,027,000
3,986,096
T-Mobile USA, Inc., 4.2%, 10/01/2029 
 
 
1,122,000
1,111,919
 
 
 
$5,539,885
Tobacco – 1.0%
B.A.T. International Finance PLC, 5.931%, 2/02/2029 
 
$
2,754,000
$2,854,790
Japan Tobacco, Inc., 4.85%, 5/15/2028 (n)
 
 
2,340,000
2,361,816
Philip Morris International, Inc., 5.125%, 11/17/2027 
 
 
1,241,000
1,255,344
Philip Morris International, Inc., 4.875%, 2/15/2028 
 
 
1,661,000
1,676,921
Philip Morris International, Inc., 4.125%, 4/28/2028 
 
 
1,184,000
1,180,716
 
 
 
$9,329,587
Transportation & Logistics – 1.5%
Element Fleet Management Corp., 5.643%, 3/13/2027 (n)
 
$
4,254,000
$4,295,837
Element Fleet Management Corp., 5.037%, 3/25/2030 (n)
 
 
3,307,000
3,342,114
GXO Logistics, Inc., 6.25%, 5/06/2029 
 
 
1,230,000
1,276,751
Penske Truck Leasing Co. LP, 5.35%, 1/12/2027 (n)
 
 
1,598,000
1,607,997
Penske Truck Leasing Co. LP, 5.35%, 3/30/2029 (n)
 
 
1,804,000
1,835,124
Penske Truck Leasing Co. LP, 5.25%, 7/01/2029 (n)
 
 
1,278,000
1,297,032
Triton International Ltd., 5.15%, 2/15/2033 
 
 
1,006,000
987,421
 
 
 
$14,642,276
Travel, Gaming, & Lodging – 1.0%
Flutter Treasury DAC, 5.875%, 6/04/2031 (n)
 
$
2,823,000
$2,812,442
Hyatt Hotels Corp., 5.75%, 1/30/2027 
 
 
1,067,000
1,076,376
Las Vegas Sands Corp., 5.9%, 6/01/2027 
 
 
1,085,000
1,096,293
Las Vegas Sands Corp., 5.625%, 6/15/2028 
 
 
1,592,000
1,615,314
Marriott International, Inc., 4.9%, 4/15/2029 
 
 
3,462,000
3,503,188
 
 
 
$10,103,613
U.S. Treasury Obligations – 28.0%
U.S. Treasury Notes, 4.5%, 7/15/2026 
 
$
21,331,000
$21,365,496
U.S. Treasury Notes, 4.375%, 7/31/2026 (f)(s)
 
 
30,789,000
30,838,960
U.S. Treasury Notes, 4.125%, 10/31/2026 (f)(s)
 
 
30,477,000
30,530,573
U.S. Treasury Notes, 4.125%, 1/31/2027 (f)(s)
 
 
30,747,000
30,832,275
9
MFS Commodity Strategy Fund
Consolidated Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
U.S. Treasury Obligations – continued
U.S. Treasury Notes, 3.875%, 3/31/2027 (f)(s)
 
$
30,641,000
$30,671,641
U.S. Treasury Notes, 4.875%, 10/31/2028 (f)
 
 
41,222,000
42,160,767
U.S. Treasury Notes, 4.625%, 4/30/2029 
 
 
82,605,000
84,237,739
 
 
 
$270,637,451
Utilities – 2.0%
Algonquin Power & Utilities Corp., 5.365%, 6/15/2026 
 
$
830,000
$829,979
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n)
 
 
323,000
289,537
Con Edison Co. of NY, Inc., FLR, 4.207% (SOFR - 1 day + 0.52%), 11/18/2027 
 
 
1,985,000
1,983,202
Eversource Energy, 4.45%, 12/15/2030 
 
 
3,161,000
3,114,725
NextEra Energy Capital Holdings, Inc., 4.685%, 9/01/2027 
 
 
1,711,000
1,718,501
Pacific Gas & Electric Co., 6.1%, 1/15/2029 
 
 
2,045,000
2,113,326
Pacific Gas & Electric Co., 5.55%, 5/15/2029 
 
 
3,384,000
3,460,450
PSEG Power LLC, 5.2%, 5/15/2030 (n)
 
 
790,000
802,359
Trans-Allegheny Interstate Line Co., 5%, 1/15/2031 (n)
 
 
1,075,000
1,090,562
Vistra Operations Co. LLC, 4.55%, 10/30/2028 (n)
 
 
1,781,000
1,778,106
Vistra Operations Co. LLC, 5%, 4/30/2031 (n)
 
 
1,834,000
1,828,785
 
 
 
$19,009,532
Total Bonds (Identified Cost, $841,386,999)
$834,930,604
Mutual Funds (h) – 6.6%
Money Market Funds – 6.6%
MFS Institutional Money Market Portfolio, 3.7% (v) (Identified Cost, $64,097,214)
 
 
64,099,247
$64,105,657
Short-Term Obligations (s)(y) – 3.3%
 
 
Federal Home Loan Bank, 3.55%, due 5/01/2026 (Identified Cost, $32,265,000)
 
$
32,265,000
$32,261,783
Other Assets, Less Liabilities – 3.6%
34,514,717
Net Assets – 100.0%
$965,812,761
 
(f)
All or a portion of the security has been segregated as collateral for open futures contracts, cleared swap agreements, and uncleared swap agreements.
(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 $64,105,657 and
$867,192,387, respectively.
(i)
Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not
reflect the cost of the security.
(n)
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in
transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was
$297,692,883, representing 30.8% of net assets.
(s)
All or a portion of security is held by a wholly-owned subsidiary. See Note 2 of the Notes to Consolidated Financial Statements for details of the
wholly-owned subsidiary.
(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.
(w)
When-issued security.
(y)
The rate shown represents an annualized yield at time of purchase.
 
The following abbreviations are used in this report and are defined:
AGM
Assured Guaranty Municipal
BCOMCLTR
Bloomberg WTI Crude Oil Subindex Total Return, this index is composed of composed of futures contracts on WTI crude oil. It reflects the
return on fully collateralized futures positions. It is quoted in USD.
BCOMCOT
Bloomberg Brent Crude Subindex Total Return, this index is composed of futures contracts on brent crude. It is quoted in USD.
BCOMCTTR
Bloomberg Cotton Subindex Total Return, this index is composed of futures contracts on cotton. It reflects the return on fully collateralized
futures positions. It is quoted in USD.
10
MFS Commodity Strategy Fund
Consolidated Portfolio of Investments (unaudited) – continued
BCOMF3T
Bloomberg Commodity Index 3 Month Forward Total Return, this index is composed of longer-dated futures contracts on 19 physical
commodities. It is quoted in USD.
BCOMF6T
Bloomberg Commodity Index 6 Month Forward Total Return, this index is composed of longer-dated futures contracts on 21 physical
commodities. It is quoted in USD.
BCOMFCT
Bloomberg Feeder Cattle Subindex Total Return, this index is comprised of futures contracts on feeder cattle. It is quoted in USD.
BCOMGCTR
Bloomberg Gold Subindex Total Return, this index is composed of futures contracts on gold. It is quoted in USD.
BCOMHGTR
Bloomberg Copper Subindex Total Return, this index is composed of futures contracts on copper. It is quoted in USD.
BCOMHOTR
Bloomberg Heating Oil Subindex Total Return, this index is composed of futures contracts on heating oil. It reflects the return on fully
collateralized futures positions. It is quoted in USD.
BCOMKWT
Bloomberg Kansas Wheat Subindex Total Return, this index is composed of futures contracts on wheat and Kansas wheat. It is quoted in
USD.
BCOMLCTR
Bloomberg Live Cattle Subindex Total Return, this index is composed of futures contracts on live cattle. It is quoted in USD.
BCOMPBTR
Bloomberg Lead Subindex Total Return, this index is composed of futures contracts on lead. It reflects the return of underlying commodity
futures price movements only. It is quoted in USD.
BCOMPLTR
Bloomberg Platinum Subindex Total Return, this index is composed of futures contracts on platinum. It is quoted in USD.
BCOMRBTR
Bloomberg Unleaded Gasoline Subindex Total Return, this index is composed of futures contracts on unleaded gasoline. It reflects the return
on fully collateralized futures positions. It is quoted in USD.
BCOMSBTR
Bloomberg Sugar Subindex Total Return, this index is composed of futures contracts on sugar. It reflects the return on fully collateralized
futures positions. It is quoted in USD.
BCOMSMT
Bloomberg Soybean Meal Subindex Total Return, this index is composed of futures contracts on soybean meal. It is quoted in USD.
BCOMTR
Bloomberg Commodity Index Total Return
BCOMWHTR
Bloomberg Wheat Subindex Total Return, this index is composed of futures contracts on wheat. It reflects the return on fully collateralized
futures positions. It is quoted in USD.
CLO
Collateralized Loan Obligation
CMT
Constant Maturity Treasury
CVICPTD0
Citibank Bloomberg Commodity Index Total Return
FLR
Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate
reported may not be the current rate. All reference rates are USD unless otherwise noted.
ICE
Intercontinental Exchange
MLCILPRT
Merrill Lynch International Bloomberg Commodity Index Total Return
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financing Rate
 
Derivative Contracts at 4/30/26
Futures Contracts
Description
Long/
Short
Currency
Contracts
Notional
Amount
Expiration
Date
Value/Unrealized
Appreciation
(Depreciation)
Liability Derivatives
Interest Rate Futures
U.S. Treasury Note 2 yr
Long
USD
27
$5,592,375
June – 2026
$(51,354
)
 
Cleared Swap Agreements
Maturity
Date
Notional
Amount
Counterparty
Cash Flows
to Receive/
Frequency
Cash Flows
to Pay/
Frequency
Unrealized
Appreciation
(Depreciation)
Net
Unamortized
Upfront
Payments
(Receipts)
Value
Asset Derivatives
Interest Rate Swaps
10/02/26
USD
13,800,000
centrally cleared
4.664%/Annually
1-day SOFR / Annually
$121,504
$—
$121,504
10/02/26
USD
44,600,000
centrally cleared
4.697%/Annually
1-day SOFR / Annually
408,936
(4,023
)
404,913
12/23/27
USD
34,600,000
centrally cleared
4.106% Annually
1-day SOFR / Annually
251,757
—
251,756
 
 
 
 
 
$782,197
$(4,023
)
$778,173
 
11
MFS Commodity Strategy Fund
Consolidated Portfolio of Investments (unaudited) – continued
Uncleared Swap Agreements
Maturity
Date
Notional
Amount
Counterparty
Cash Flows
to Receive
(Monthly)
Cash Flows
to Pay
(Monthly)
Unrealized
Appreciation
(Depreciation)
Net
Unamortized
Upfront
Payments
(Receipts)
Value
Asset Derivatives
Total Return Swaps
7/17/26
USD
7,216,578 (Short) 
Citibank N.A.
3 month T-Bill - 0.03%
BCOMHGTR (floating rate)
$20,386
$—
$20,386
8/10/26
USD
5,351,630 (Short) 
Morgan
Stanley
3 month T-Bill - 0.05%
BCOMWHTR (floating rate)
15,612
—
15,612
8/17/26
USD
9,552,429 (Short) 
Goldman
Sachs
International
3 month T-Bill - 0.06%
BCOMPBTR (floating rate)
27,671
—
27,671
11/02/26
USD
23,870,667 (Short) 
Goldman
Sachs
International
3 month T-Bill - 0.05%
BCOMKWT (floating rate) BBG
66,408
—
66,408
11/09/26
USD
8,574,348 (Short) 
JPMorgan
Chase Bank
N.A.
3 month T-Bill - 0.03%
BCOMCTTR (floating rate)
224,489
—
224,489
12/21/26
USD
4,907,651 (Short) 
Merrill Lynch
International
3 month T-Bill - 0.02%
BCOMSMT (floating rate)
14,468
—
14,468
1/29/27
USD
23,860,434 (Short) 
JPMorgan
Chase Bank
N.A.
3 month T-Bill - 0.05%
BCOMHOTR (floating rate)
68,060
—
68,060
1/29/27
USD
137,015,477 (Long) 
Merrill Lynch
International
MLCILPRT (floating rate) (a)
3 month T-Bill + 0.13%
6,682,935
—
6,682,935
2/22/27
USD
14,929,810 (Short) 
JPMorgan
Chase Bank
N.A.
3 month T-Bill - 0.03%
BCOMCTTR (floating rate)
390,885
—
390,885
4/02/27
USD
14,775,032 (Short) 
Goldman
Sachs
International
3 month T-Bill - 0.05%
BCOMSBTR (floating rate)
47,170
—
47,170
5/07/27
USD
7,098,512 (Short) 
Merrill Lynch
International
3 month T-Bill - 0.04%
BCOMPBTR (floating rate)
13,122
—
13,122
5/07/27
USD
12,013,844 (Short) 
Merrill Lynch
International
3 month T-Bill - 0.04%
BCOMWHTR (floating rate)
20,617
—
20,617
 
 
 
 
 
$7,591,823
$—
$7,591,823
Liability Derivatives
Total Return Swaps
7/06/26
USD
14,299,464 (Long) 
Morgan
Stanley
BCOMLCTR (floating rate)
3 month T-Bill + 0.10%
$(42,296
)
$—
$(42,296
)
8/10/26
USD
33,261,415 (Long) 
JPMorgan
Chase Bank
N.A.
BCOMF6T (floating rate)
3 month T-Bill + 0.105%
(99,528
)
—
(99,528
)
9/08/26
USD
53,529,102 (Long) 
Merrill Lynch
International
BCOMF3T (floating rate)
3 month T-Bill + 0.09%
(158,261
)
—
(158,261
)
9/08/26
USD
28,723,968 (Long) 
Goldman
Sachs
International
BCOMF6T (floating rate)
3 month T-Bill + 0.10%
(85,835
)
—
(85,835
)
9/08/26
USD
53,529,102 (Long) 
Goldman
Sachs
International
BCOMF3T (floating rate)
3 month T-Bill + 0.08%
(157,834
)
—
(157,834
)
9/30/26
USD
6,835,235 (Long) 
Merrill Lynch
International
BCOMFCT (floating rate)
3 month T-Bill + 0.08%
(20,612
)
—
(20,612
)
10/09/26
USD
59,877,172 (Long) 
JPMorgan
Chase Bank
N.A.
BCOMF3T (floating rate)
3 month T-Bill + 0.08%
(176,547
)
—
(176,547
)
12
MFS Commodity Strategy Fund
Consolidated Portfolio of Investments (unaudited) – continued
Maturity
Date
Notional
Amount
Counterparty
Cash Flows
to Receive
(Monthly)
Cash Flows
to Pay
(Monthly)
Unrealized
Appreciation
(Depreciation)
Net
Unamortized
Upfront
Payments
(Receipts)
Value
Liability Derivatives - continued
Total Return Swaps - continued
10/09/26
USD
48,897,824 (Long) 
Goldman
Sachs
International
BCOMTR (floating rate)
3 month T-Bill + 0.065%
$(163,213
)
$—
$(163,213
)
10/09/26
USD
59,877,172 (Long) 
Citibank N.A.
BCOMF3T (floating rate)
3 month T-Bill + 0.08%
(176,547
)
—
(176,547
)
10/09/26
USD
58,575,494 (Long) 
Goldman
Sachs
International
BCOMF3T (floating rate)
3 month T-Bill + 0.08%
(172,712
)
—
(172,712
)
10/12/26
USD
21,423,638 (Long) 
JPMorgan
Chase Bank
N.A.
BCOMRBTR (floating rate)
3 month T-Bill + 0.07%
(57,594
)
—
(57,594
)
12/11/26
USD
13,555,057 (Long) 
JPMorgan
Chase Bank
N.A.
BCOMCOT (floating rate)
3 month T-Bill + 0.07%
(36,172
)
—
(36,172
)
12/11/26
USD
128,576,797 (Long) 
Citibank N.A.
CVICPTD0 (floating rate) (b)
3 month T-Bill + 0.11%
(378,302
)
—
(378,302
)
1/15/27
USD
31,244,284 (Long 
Goldman
Sachs
International
BCOMTR (floating rate)
3 month T-Bill + 0.065%
(104,287
)
—
(104,287
)
1/15/27
USD
6,006,539 (Long) 
Merrill Lynch
International
BCOMGCTR (floating rate)
3 month T-Bill + 0.05%
(18,497
)
—
(18,497
)
1/15/27
USD
24,415,281 (Long) 
JPMorgan
Chase Bank
N.A.
BCOMCLTR (floating rate)
3 month T-Bill + 0.07%
(68,188
)
—
(68,188
)
3/01/27
USD
40,112,485 (Long) 
Citibank N.A.
BCOMF6T (floating rate)
3 month T-Bill + 0.10%
(119,862
)
—
(119,862
)
3/11/27
USD
32,563,278 (Long) 
Goldman
Sachs
International
BCOMF6T (floating rate)
3 month T-Bill + 0.10%
(97,303
)
—
(97,303
)
4/02/27
USD
8,413,050 (Long) 
Merrill Lynch
International
BCOMFCT (floating rate)
3 month T-Bill + 0.10%
(25,507
)
—
(25,507
)
4/02/27
USD
8,284,892 (Long) 
Morgan
Stanley
BCOMPLTR (floating rate)
3 month T-Bill + 0.10%
(25,346
)
—
(25,346
)
4/09/27
USD
25,471,640 (Long) 
Merrill Lynch
International
BCOMF6T (floating rate)
3 month T-Bill + 0.10%
(76,114
)
—
(76,114
)
4/16/27
USD
52,775,345 (Long) 
JPMorgan
Chase Bank
N.A.
BCOMF3T (floating rate)
3 month T-Bill + 0.075%
(155,402
)
—
(155,402
)
4/16/27
USD
52,299,188 (Long) 
Goldman
Sachs
International
BCOMF6T (floating rate)
3 month T-Bill + 0.09%
(155,859
)
—
(155,859
)
4/26/27
USD
93,260,943 (Long) 
Citibank N.A.
BCOMF6T (floating rate)
3 month T-Bill + 0.085%
(277,556
)
—
(277,556
)
5/28/27
USD
10,000,000 (Long) 
Goldman
Sachs
International
BCOMF6T (floating rate)
3 month T-Bill + 0.09%
0
—
0
 
 
 
 
 
$(2,849,374
)
$—
$(2,849,374
)
At April 30, 2026, the fund had liquid securities collateral with an aggregate value of $77,725,757 to cover any collateral or margin obligations for certain derivative contracts.
(a) The Merrill Lynch MLCILPRT Commodity Index seeks to provide exposure to a diversified group of commodities. The portfolio has indirect exposure to all of the underlying positions that make up the non-public index through its investment in the swap, the fund has indirect exposure to the following positions that compose the MLCILPRT: 
13
MFS Commodity Strategy Fund
Consolidated Portfolio of Investments (unaudited) – continued
Referenced Commodity Futures Contracts
% of Notional
Notional
Amount:
$137,015,477*
Long Futures Contracts
Soybean Oil - July 2026
3.5%
4,763,206
Corn - July 2026
4.8%
6,555,094
Cocoa - July 2026
0.8%
1,153,807
WTI - June 2026
9.6%
13,139,921
Brent - July 2026
3.3%
4,580,290
Brent - September 2026
8.2%
11,172,927
Cotton - July 2026
1.6%
2,255,823
Gold - June 2026
3.4%
4,598,239
Gold - August 2026
9.3%
12,740,523
Copper Comex - July 2026
5.3%
7,244,282
Heating Oil - July 2026
3.4%
4,639,344
Coffee - July 2026
1.8%
2,473,403
Kansas Wheat - July 2026
1.9%
2,607,816
Aluminum - July 2026
3.7%
5,011,341
Live Cattle - June 2026
0.9%
1,243,278
Live Cattle - August 2026
2.4%
3,347,425
Lean Hogs - June 2026
0.5%
638,355
Lean Hogs - July 2026
1.3%
1,802,987
Lead - July 2026
0.7%
1,008,023
Nickel - July 2026
2.0%
2,709,070
Zinc - July 2026
2.0%
2,675,501
Natural Gas - July 2026
6.1%
8,392,883
Gas Oil - July 2026
4.5%
6,185,153
Soybeans - July 2026
4.9%
6,695,261
Sugar - June 2026
2.3%
3,211,917
Silver - July 2026
3.1%
4,197,195
Soybean Meal - July 2026
2.5%
3,417,988
Wheat - July 2026
2.7%
3,733,124
Gasoline RBOB - June 2026
3.5%
4,821,301
 
100.0%
137,015,477
* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract.
(b) The Citigroup CVICPTDO Commodity Index seeks to provide exposure to a diversified group of commodities. The portfolio has indirect exposure to all of the
underlying positions that make up the non-public index through its investment in the swap, the fund has indirect exposure to the following positions that compose
the CVICPTDO:
 
Referenced Commodity Futures Contracts
% of Notional
Notional
Amount:
$128,576,797*
Long Futures Contracts
Soybean Oil - July 2026
3.4%
4,412,627
Corn - July 2026
4.5%
5,831,343
Cocoa - July 2026
0.8%
1,009,585
WTI - July 2026
11.1%
14,295,554
Brent - September 2026
11.8%
15,199,320
Cotton - July 2026
1.5%
1,956,425
Gold - August 2026
11.8%
15,154,575
Copper Comex - July 2026
5.0%
6,448,384
Heating Oil - July 2026
3.9%
5,034,810
Coffee - July 2026
1.8%
2,289,696
Kansas Wheat - July 2026
1.9%
2,383,814
Aluminum - July 2026
3.5%
4,511,888
Live Cattle - August 2026
3.2%
4,175,274
Lean Hogs - July 2026
1.7%
2,164,462
Lead - July 2026
0.7%
880,494
14
MFS Commodity Strategy Fund
Consolidated Portfolio of Investments (unaudited) – continued
Referenced Commodity Futures Contracts
% of Notional
Notional
Amount:
$128,576,797*
Nickel - July 2026
1.9%
2,417,758
Zinc - July 2026
1.8%
2,375,971
Natural Gas - July 2026
5.4%
6,894,674
Gasoil - July 2026
5.5%
7,100,654
Soybeans - July 2026
4.7%
5,981,521
Sugar - July 2026
2.3%
2,912,007
Silver - July 2026
2.9%
3,706,869
Soybean Meal - July 2026
2.4%
3,085,843
Wheat - July 2026
2.7%
3,415,257
Gasoline RBOB - July 2026
3.8%
4,937,992
 
100.0%
$128,576,797
See Notes to Consolidated Financial Statements
15
MFS Commodity Strategy Fund
Consolidated Financial Statements | Consolidated Statement of
Assets and Liabilities
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund. 
At 4/30/26 (unaudited)
Assets
Investments in unaffiliated issuers, at value (identified cost, $873,651,999)
$867,192,387
Investments in affiliated issuers, at value (identified cost, $64,097,214)
64,105,657
Cash
1,025,999
Receivables for
Due from uncleared swap brokers
45,194,497
Net daily variation margin on open cleared swap agreements
40,321
Net daily variation margin on open futures contracts
4,649
Investments sold
3,714
Fund shares sold
154,832
Interest
6,583,004
Uncleared swaps, at value
7,591,824
Other assets
1,577
Total assets
$991,898,461
Liabilities
Payables for
Distributions
$83
Due to uncleared swap brokers
8,250,960
When-issued investments purchased
8,969,017
Fund shares reacquired
5,859,319
Uncleared swaps, at value
2,849,373
Payable to affiliates
Investment adviser
38,749
Administrative services fee
768
Shareholder servicing costs
17,586
Distribution and service fees
240
Payable for independent Trustees' compensation
3,252
Accrued expenses and other liabilities
96,353
Total liabilities
$26,085,700
Net assets
$965,812,761
Net assets consist of
Paid-in capital
$1,411,573,154
Total distributable earnings (loss)
(445,760,393
)
Net assets
$965,812,761
Shares of beneficial interest outstanding
212,912,696
 
 
Net assets
Shares
outstanding
Net asset value
per share (a)
Class A
$13,118,800
2,902,827
$4.52
Class B
104,039
23,057
4.51
Class C
745,524
166,241
4.48
Class I
42,137,736
9,267,344
4.55
Class R1
97,444
21,540
4.52
Class R2
354,278
78,666
4.50
Class R3
339,283
75,064
4.52
Class R4
104,404
23,028
4.53
Class R6
908,811,253
200,354,929
4.54
 
(a)
Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum
offering price per share was $4.80 [100 / 94.25 x $4.52]. Redemption price per share was equal to the net asset value per share for Classes I,
R1, R2, R3, R4, and R6.
See Notes to Consolidated Financial Statements
16
MFS Commodity Strategy Fund
Consolidated Financial Statements | Consolidated Statement of
Operations
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations. 
Six months ended 4/30/26 (unaudited)
Net investment income (loss)
 
Income
Interest
$19,865,669
Dividends from affiliated issuers
1,075,414
Other
119
Total investment income
$20,941,202
Expenses
Management fee
$3,532,354
Distribution and service fees
17,892
Shareholder servicing costs
30,266
Administrative services fee
67,173
Independent Trustees' compensation
9,849
Custodian fee
37,272
Shareholder communications
8,623
Audit and tax fees
52,681
Legal fees
9,440
Miscellaneous
129,027
Total expenses
$3,894,577
Reduction of expenses by investment adviser and distributor
(64,164
)
Net expenses
$3,830,413
Net investment income (loss)
$17,110,789
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Unaffiliated issuers
$309,115
Affiliated issuers
(9,319
)
Futures contracts
733
Swap agreements
241,494,523
Net realized gain (loss)
$241,795,052
Change in unrealized appreciation or depreciation
Unaffiliated issuers
$(11,306,928
)
Affiliated issuers
(2,681
)
Futures contracts
(50,479
)
Swap agreements
7,608,869
Net unrealized gain (loss)
$(3,751,219
)
Net realized and unrealized gain (loss)
$238,043,833
Change in net assets from operations
$255,154,622
See Notes to Consolidated Financial Statements
17
MFS Commodity Strategy Fund
Consolidated Financial Statements | Consolidated Statements of
Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions. 
 
Six months ended
Year ended
 

4/30/26
(unaudited)

10/31/25
Change in net assets
 
 
From operations
Net investment income (loss)
$17,110,789
$34,429,052
Net realized gain (loss)
241,795,052
96,228,952
Net unrealized gain (loss)
(3,751,219
)
6,991,020
Change in net assets from operations
$255,154,622
$137,649,024
Total distributions to shareholders
$(130,001,575
)
$(29,999,086
)
Change in net assets from fund share transactions
$(89,587,666
)
$(51,349,769
)
Total change in net assets
$35,565,381
$56,300,169
Net assets
At beginning of period
930,247,380
873,947,211
At end of period
$965,812,761
$930,247,380
See Notes to Consolidated Financial Statements
18
MFS Commodity Strategy Fund
Consolidated Financial Statements | Consolidated Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period. 
Class A 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$4.03
$3.58
$3.64
$4.80
$7.02
$4.85
Income (loss) from investment operations
Net investment income (loss) (d)
$0.07
$0.13
$0.13
$0.11
$0.02
$0.00
(w)
Net realized and unrealized gain (loss)
0.99
0.43
(0.12
)
(0.24
)
0.15
2.21
Total from investment operations
$1.06
$0.56
$0.01
$(0.13
)
$0.17
$2.21
Less distributions declared to shareholders
From net investment income
$(0.57
)
$(0.11
)
$(0.07
)
$(1.03
)
$(2.39
)
$(0.04
)
Net asset value, end of period (x)
$4.52
$4.03
$3.58
$3.64
$4.80
$7.02
Total return (%) (r)(s)(t)(x)
30.14
(n)
16.00
0.19
(3.10
)
7.71
45.84
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions
1.16
(a)
1.16
1.16
1.15
1.17
1.15
Expenses after expense reductions
1.15
(a)
1.14
1.15
1.14
1.15
1.14
Net investment income (loss)
3.29
(a)
3.53
3.62
2.86
0.37
0.07
Portfolio turnover rate
34
(n)
35
57
66
37
28
Net assets at end of period (000 omitted)
$13,119
$9,108
$8,192
$10,166
$15,080
$4,921
 
Class B 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$4.01
$3.56
$3.61
$4.77
$6.96
$4.81
Income (loss) from investment operations
Net investment income (loss) (d)
$0.05
$0.10
$0.10
$0.08
$(0.03
)
$(0.04
)
Net realized and unrealized gain (loss)
0.99
0.43
(0.11
)
(0.25
)
0.18
2.20
Total from investment operations
$1.04
$0.53
$(0.01
)
$(0.17
)
$0.15
$2.16
Less distributions declared to shareholders
From net investment income
$(0.54
)
$(0.08
)
$(0.04
)
$(0.99
)
$(2.34
)
$(0.01
)
Net asset value, end of period (x)
$4.51
$4.01
$3.56
$3.61
$4.77
$6.96
Total return (%) (r)(s)(t)(x)
29.58
(n)
15.18
(0.38
)
(4.08
)
7.08
44.93
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions
1.91
(a)
1.91
1.91
1.90
1.91
1.89
Expenses after expense reductions
1.90
(a)
1.89
1.89
1.88
1.90
1.88
Net investment income (loss)
2.54
(a)
2.78
2.88
2.12
(0.50
)
(0.65
)
Portfolio turnover rate
34
(n)
35
57
66
37
28
Net assets at end of period (000 omitted)
$104
$92
$75
$92
$112
$98
 
See Notes to Consolidated Financial Statements
19
MFS Commodity Strategy Fund
Consolidated Financial Highlights - continued
Class C 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$3.99
$3.54
$3.59
$4.73
$6.94
$4.80
Income (loss) from investment operations
Net investment income (loss) (d)
$0.05
$0.10
$0.10
$0.08
$(0.03
)
$(0.04
)
Net realized and unrealized gain (loss)
0.99
0.43
(0.13
)
(0.23
)
0.17
2.19
Total from investment operations
$1.04
$0.53
$(0.03
)
$(0.15
)
$0.14
$2.15
Less distributions declared to shareholders
From net investment income
$(0.55
)
$(0.08
)
$(0.02
)
$(0.99
)
$(2.35
)
$(0.01
)
Net asset value, end of period (x)
$4.48
$3.99
$3.54
$3.59
$4.73
$6.94
Total return (%) (r)(s)(t)(x)
29.58
(n)
15.25
(0.74
)
(3.72
)
6.94
44.77
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions
1.91
(a)
1.91
1.91
1.90
1.91
1.90
Expenses after expense reductions
1.90
(a)
1.90
1.90
1.89
1.90
1.88
Net investment income (loss)
2.54
(a)
2.78
2.87
2.09
(0.49
)
(0.66
)
Portfolio turnover rate
34
(n)
35
57
66
37
28
Net assets at end of period (000 omitted)
$746
$530
$373
$514
$1,444
$1,095
 
Class I 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$4.06
$3.60
$3.67
$4.83
$7.04
$4.86
Income (loss) from investment operations
Net investment income (loss) (d)
$0.07
$0.14
$0.14
$0.12
$0.03
$0.02
Net realized and unrealized gain (loss)
1.00
0.44
(0.13
)
(0.24
)
0.16
2.21
Total from investment operations
$1.07
$0.58
$0.01
$(0.12
)
$0.19
$2.23
Less distributions declared to shareholders
From net investment income
$(0.58
)
$(0.12
)
$(0.08
)
$(1.04
)
$(2.40
)
$(0.05
)
Net asset value, end of period (x)
$4.55
$4.06
$3.60
$3.67
$4.83
$7.04
Total return (%) (r)(s)(t)(x)
30.25
(n)
16.50
0.25
(2.79
)
8.05
46.19
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions
0.91
(a)
0.91
0.91
0.90
0.92
0.90
Expenses after expense reductions
0.90
(a)
0.90
0.90
0.89
0.90
0.89
Net investment income (loss)
3.54
(a)
3.77
3.87
3.11
0.57
0.30
Portfolio turnover rate
34
(n)
35
57
66
37
28
Net assets at end of period (000 omitted)
$42,138
$36,310
$16,789
$12,576
$18,905
$6,029
 
See Notes to Consolidated Financial Statements
20
MFS Commodity Strategy Fund
Consolidated Financial Highlights - continued
Class R1 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$4.03
$3.56
$3.63
$4.78
$6.97
$4.81
Income (loss) from investment operations
Net investment income (loss) (d)
$0.07
$0.12
$0.10
$0.08
$(0.03
)
$(0.04
)
Net realized and unrealized gain (loss)
0.98
0.43
(0.13
)
(0.24
)
0.18
2.20
Total from investment operations
$1.05
$0.55
$(0.03
)
$(0.16
)
$0.15
$2.16
Less distributions declared to shareholders
From net investment income
$(0.56
)
$(0.08
)
$(0.04
)
$(0.99
)
$(2.34
)
$—
Net asset value, end of period (x)
$4.52
$4.03
$3.56
$3.63
$4.78
$6.97
Total return (%) (r)(s)(t)(x)
29.92
(n)
15.80
(0.76
)
(3.87
)
7.07
44.91
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions
1.16
(a)
1.46
1.91
1.89
1.91
1.89
Expenses after expense reductions
1.15
(a)
1.44
1.90
1.88
1.90
1.88
Net investment income (loss)
3.29
(a)
3.23
2.88
2.13
(0.50
)
(0.63
)
Portfolio turnover rate
34
(n)
35
57
66
37
28
Net assets at end of period (000 omitted)
$97
$75
$65
$65
$68
$63
 
Class R2 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$4.01
$3.56
$3.63
$4.80
$7.00
$4.83
Income (loss) from investment operations
Net investment income (loss) (d)
$0.06
$0.12
$0.12
$0.10
$0.00
(w)
$(0.01
)
Net realized and unrealized gain (loss)
0.99
0.43
(0.13
)
(0.24
)
0.17
2.20
Total from investment operations
$1.05
$0.55
$(0.01
)
$(0.14
)
$0.17
$2.19
Less distributions declared to shareholders
From net investment income
$(0.56
)
$(0.10
)
$(0.06
)
$(1.03
)
$(2.37
)
$(0.02
)
Net asset value, end of period (x)
$4.50
$4.01
$3.56
$3.63
$4.80
$7.00
Total return (%) (r)(s)(t)(x)
29.89
(n)
15.79
(0.19
)
(3.44
)
7.61
45.58
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions
1.41
(a)
1.41
1.41
1.40
1.41
1.39
Expenses after expense reductions
1.40
(a)
1.39
1.40
1.39
1.40
1.38
Net investment income (loss)
3.04
(a)
3.28
3.37
2.66
0.06
(0.13
)
Portfolio turnover rate
34
(n)
35
57
66
37
28
Net assets at end of period (000 omitted)
$354
$279
$298
$311
$134
$64
 
See Notes to Consolidated Financial Statements
21
MFS Commodity Strategy Fund
Consolidated Financial Highlights - continued
Class R3 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$4.04
$3.58
$3.65
$4.81
$7.02
$4.84
Income (loss) from investment operations
Net investment income (loss) (d)
$0.07
$0.13
$0.13
$0.11
$0.01
$0.01
Net realized and unrealized gain (loss)
0.99
0.44
(0.13
)
(0.24
)
0.17
2.20
Total from investment operations
$1.06
$0.57
$0.00
$(0.13
)
$0.18
$2.21
Less distributions declared to shareholders
From net investment income
$(0.58
)
$(0.11
)
$(0.07
)
$(1.03
)
$(2.39
)
$(0.03
)
Net asset value, end of period (x)
$4.52
$4.04
$3.58
$3.65
$4.81
$7.02
Total return (%) (r)(s)(t)(x)
29.99
(n)
16.29
0.00
(3.16
)
7.75
46.03
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions
1.16
(a)
1.17
1.16
1.14
1.16
1.14
Expenses after expense reductions
1.15
(a)
1.15
1.15
1.13
1.15
1.13
Net investment income (loss)
3.29
(a)
3.50
3.62
2.88
0.25
0.12
Portfolio turnover rate
34
(n)
35
57
66
37
28
Net assets at end of period (000 omitted)
$339
$249
$68
$68
$70
$65
 
Class R4 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$4.05
$3.59
$3.66
$4.82
$7.03
$4.85
Income (loss) from investment operations
Net investment income (loss) (d)
$0.07
$0.14
$0.14
$0.12
$0.03
$0.02
Net realized and unrealized gain (loss)
0.99
0.44
(0.13
)
(0.24
)
0.16
2.21
Total from investment operations
$1.06
$0.58
$0.01
$(0.12
)
$0.19
$2.23
Less distributions declared to shareholders
From net investment income
$(0.58
)
$(0.12
)
$(0.08
)
$(1.04
)
$(2.40
)
$(0.05
)
Net asset value, end of period (x)
$4.53
$4.05
$3.59
$3.66
$4.82
$7.03
Total return (%) (r)(s)(t)(x)
30.04
(n)
16.54
0.26
(2.84
)
8.07
46.27
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions
0.91
(a)
0.90
0.91
0.89
0.91
0.89
Expenses after expense reductions
0.90
(a)
0.89
0.89
0.88
0.90
0.88
Net investment income (loss)
3.54
(a)
3.78
3.87
3.12
0.50
0.37
Portfolio turnover rate
34
(n)
35
57
66
37
28
Net assets at end of period (000 omitted)
$104
$80
$69
$69
$71
$65
 
See Notes to Consolidated Financial Statements
22
MFS Commodity Strategy Fund
Consolidated Financial Highlights - continued
Class R6 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$4.05
$3.59
$3.66
$4.83
$7.04
$4.86
Income (loss) from investment operations
Net investment income (loss) (d)
$0.07
$0.15
$0.14
$0.12
$0.03
$0.03
Net realized and unrealized gain (loss)
1.00
0.43
(0.13
)
(0.25
)
0.17
2.20
Total from investment operations
$1.07
$0.58
$0.01
$(0.13
)
$0.20
$2.23
Less distributions declared to shareholders
From net investment income
$(0.58
)
$(0.12
)
$(0.08
)
$(1.04
)
$(2.41
)
$(0.05
)
Net asset value, end of period (x)
$4.54
$4.05
$3.59
$3.66
$4.83
$7.04
Total return (%) (r)(s)(t)(x)
30.44
(n)
16.64
0.33
(2.94
)
8.24
46.24
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions
0.82
(a)
0.82
0.83
0.82
0.82
0.81
Expenses after expense reductions
0.80
(a)
0.81
0.81
0.81
0.80
0.80
Net investment income (loss)
3.64
(a)
3.87
3.95
3.20
0.54
0.46
Portfolio turnover rate
34
(n)
35
57
66
37
28
Net assets at end of period (000 omitted)
$908,811
$883,525
$848,018
$749,712
$722,934
$924,441
 
(a)
Annualized.
(d)
Per share data is based on average shares outstanding.
(n)
Not annualized.
(r)
Certain expenses have been reduced without which performance would have been lower.
(s)
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t)
Total returns do not include any applicable sales charges.
(w)
Per share amount was less than $0.01.
(x)
The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted
accounting principles required at period end for financial reporting purposes.
See Notes to Consolidated Financial Statements
23
MFS Commodity Strategy Fund
Notes to Consolidated Financial Statements (unaudited)
(1) Business and Organization
MFS Commodity Strategy Fund (the fund) is a diversified series of MFS Series Trust XV (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2) Significant Accounting Policies
Principles of Consolidation — The fund gains exposure to the commodities markets by investing a portion of the fund’s assets in the MFS Commodity Strategy Portfolio, a wholly-owned and controlled subsidiary organized in the Cayman Islands (“Subsidiary”). The fund will not invest directly in commodities. The fund may invest up to 25% of its assets (at the time of purchase) in the Subsidiary. The Subsidiary has the same objective, strategies, and restrictions as the fund, except that the Subsidiary gains exposure to the commodities market by investing directly in commodity-linked futures, options, and swaps. The fund also invests directly in debt securities, and the Subsidiary may also invest in debt securities. As of April 30, 2026, the Subsidiary’s net assets were $183,209,407, which represented 19.0% of the fund’s net assets. The fund’s financial statements have been consolidated and include the accounts of the fund and the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation.
General — The preparation of Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these Consolidated Financial Statements, management has evaluated subsequent events occurring after the date of the fund’s Consolidated Statement of Assets and Liabilities through the date that the Consolidated Financial Statements were issued. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.
Segment Reporting — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity’s chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman’s Committee of the fund's adviser acts as the segment’s CODM. The fund’s total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund’s financial statements.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Consolidated Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — 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, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary
24
MFS Commodity Strategy Fund
Notes to Consolidated Financial Statements (unaudited) - continued 
exchange as provided by a third-party pricing service. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. 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. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent’s institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. 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. 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 futures contracts and swap agreements. The following is a summary of the levels used as of April 30, 2026 in valuing the fund's assets and liabilities:
 
Financial Instruments
Level 1
Level 2
Level 3
Total
U.S. Treasury Bonds & U.S. Government
Agencies & Equivalents
$—
$270,637,451
$—
$270,637,451
Non - U.S. Sovereign Debt
—
4,369,104
—
4,369,104
Municipal Bonds
—
3,243,109
—
3,243,109
U.S. Corporate Bonds
—
259,458,854
—
259,458,854
Residential Mortgage-Backed Securities
—
32,882,461
—
32,882,461
Commercial Mortgage-Backed Securities
—
22,354,646
—
22,354,646
Asset-Backed Securities (including CDOs)
—
116,507,154
—
116,507,154
Foreign Bonds
—
125,477,825
—
125,477,825
Short-Term Securities
—
32,261,783
—
32,261,783
Investment Companies
64,105,657
—
—
64,105,657
Total
$64,105,657
$867,192,387
$—
$931,298,044
 
Other Financial Instruments
 
 
 
 
Futures Contracts – Liabilities
$(51,354
)
$—
$—
$(51,354
)
Swap Agreements – Assets
—
8,369,996
—
8,369,996
Swap Agreements – Liabilities
—
(2,849,374
)
—
(2,849,374
)
For further information regarding security characteristics, see the Consolidated Portfolio of Investments.
25
MFS Commodity Strategy Fund
Notes to Consolidated Financial Statements (unaudited) - continued 
Derivatives — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.
The derivative instruments used by the fund during the period were futures contracts and swap agreements. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Consolidated Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.
The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at April 30, 2026 as reported in the Consolidated Statement of Assets and Liabilities: 
 
 
Fair Value (a)
Risk
Derivative Contracts
Asset Derivatives
Liability Derivatives
Interest Rate
Futures Contracts
$—
$(51,354)
Interest Rate
Cleared Swap Agreements
778,173
—
Commodity
Uncleared Swap Agreements
7,591,823
(2,849,374)
Total
 
$8,369,996
$(2,900,728)
(a) Values presented in this table for futures contracts and cleared swap agreements correspond to the values reported in the Consolidated Portfolio of Investments. Only the current day net variation margin for futures contracts and cleared swap agreements is reported separately within the Consolidated Statement of Assets and Liabilities.
The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended April 30, 2026 as reported in the Consolidated Statement of Operations: 
Risk
Futures
Contracts
Swap
Agreements
Interest Rate
$733
$—
Commodity
—
241,494,523
Total
$733
$241,494,523
The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the six months ended April 30, 2026 as reported in the Consolidated Statement of Operations: 
Risk
Futures
Contracts
Swap
Agreements
Interest Rate
$(50,479
)
$(230,033
)
Commodity
—
7,838,902
Total
$(50,479
)
$7,608,869
Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.
Collateral and margin requirements differ by type of derivative. For exchange-traded and cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the exchange or clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the exchange or clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options). Collateral, in the form of cash and securities, is held in segregated accounts with the fund's
26
MFS Commodity Strategy Fund
Notes to Consolidated Financial Statements (unaudited) - continued 
custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to brokers to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities as cash collateral posted for uncleared derivatives and/or cash pledged for exchange-traded or cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Consolidated Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in “Miscellaneous” expense in the Consolidated Statement of Operations.
The following table presents the fund's derivative assets and liabilities (by type) on a gross basis as of April 30, 2026: 
Gross Amounts of:
Derivative Assets
Derivative Liabilities
Futures Contracts (a)
$4,649
$—
Uncleared Swaps, at value
7,591,823
(2,849,374)
Cleared Swap Agreements (a)
40,321
—
Total Gross Amount of Derivative Assets
and Liabilities Presented in the
Consolidated Statement of Assets & Liabilities
$7,636,793
$(2,849,374)
Less: Derivative Assets and Liabilities Not Subject
to a Master Netting Agreement or
Similar Arrangement
44,970
—
Total Gross Amount of Derivative Assets and
Liabilities Subject to a Master Netting Agreement or
Similar Arrangement
$7,591,823
$(2,849,374)
(a) The amount presented here represents the fund's current day net variation margin for futures contracts and for cleared swap agreements.  This amount, which is recognized within the fund's Consolidated Statement of Assets and Liabilities, differs from the fair value of the futures contracts and cleared swap agreements which is presented in the tables that follow the fund's Consolidated Portfolio of Investments.
The following table presents (by counterparty) the fund's derivative assets net of amounts available for offset under Master Netting Agreements (or similar arrangements) and net of the related collateral posted by the counterparty at April 30, 2026: 
 
 
Amounts Not Offset in the
Consolidated Statement of Assets & Liabilities
 
Gross Amount
of Derivative
Assets Subject
to a Master
Netting
Agreement (or
Similar
Arrangement)
by Counterparty
Financial
Instruments
Available
for Offset
Financial
Instruments
Collateral
Posted by
Counterparty (b)
Cash
Collateral
Posted by
Counterparty (b)
Net Amount
of Derivative
Assets by
Counterparty
Citibank N.A.
$20,386
$(20,386)
$—
$—
$—
Goldman Sachs International
141,249
(141,249)
—
—
—
JPMorgan Chase Bank N.A.
683,434
(593,431)
—
(90,003)
—
Merrill Lynch International
6,731,142
(298,991)
—
—
6,432,151
Morgan Stanley
15,612
(15,612)
—
—
—
Total
$7,591,823
$(1,069,669)
$—
$(90,003)
$6,432,151
The following table presents (by counterparty) the fund's derivative liabilities net of amounts available for offset under Master Netting Agreements (or similar arrangements) and net of the related collateral posted by the fund at April 30, 2026: 
27
MFS Commodity Strategy Fund
Notes to Consolidated Financial Statements (unaudited) - continued 
 
 
Amounts Not Offset in the
Consolidated Statement of Assets & Liabilities
 
Gross Amount
of Derivative
Liabilities Subject
to a Master
Netting
Agreement (or
Similar
Arrangement)
by Counterparty
Financial
Instruments
Available
for Offset
Financial
Instruments
Collateral
Posted by
Fund (b)
Cash
Collateral
Posted by
Fund (b)
Net Amount
of Derivative
Liabilities by
Counterparty
Citibank N.A.
$(952,266)
$20,386
$931,880
$—
$—
Goldman Sachs International
(937,044)
141,249
795,795
—
—
JPMorgan Chase Bank N.A.
(593,431)
593,431
—
—
—
Merrill Lynch International
(298,991)
298,991
—
—
—
Morgan Stanley
(67,642)
15,612
52,030
—
—
Total
$(2,849,374)
$1,069,669
$1,779,705
$—
$—
(b) The amount presented here may be less than the total amount of collateral posted by the counterparty/by the fund. Excess collateral is not shown for purposes of this presentation.
Futures Contracts — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, currency exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
Upon entering into a futures contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a specified percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures contracts is realized.
The fund bears the risk of interest rates, exchange rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures contracts may present less counterparty risk to the fund since the contracts are exchange traded and the exchange’s clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund’s maximum risk of loss due to counterparty credit risk is equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.
Swap Agreements — The fund entered into swap agreements which generally involve a periodic exchange of cash payments on a net basis, at specified intervals or upon the occurrence of specified events, between the fund and a counterparty. Certain swap agreements may be entered into as a bilateral contract (“uncleared swaps”) while others are required to be centrally cleared (“cleared swaps”). 
Both cleared and uncleared swap agreements are marked to market daily.  The value of uncleared swap agreements is reported in the Consolidated Statement of Assets and Liabilities as “Uncleared swaps, at value” which includes any related interest accruals to be paid or received by the fund.  For cleared swaps, payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the cleared swap, such that only the current day net receivable or payable for variation margin is reported in the Consolidated Statement of Assets and Liabilities.
For both cleared and uncleared swaps, premiums paid or received at the inception of the agreements are amortized over the term of the agreement as realized gain or loss on swap agreements in the Consolidated Statement of Operations. The periodic exchange of net cash payments, as well as any liquidation payment received or made upon early termination, are recorded as a realized gain or loss on swap agreements in the Consolidated Statement of Operations. The change in unrealized appreciation or depreciation on swap agreements in the Consolidated Statement of Operations reflects the aggregate change over the reporting period in the value of swaps net of any unamortized premiums paid or received.
Risks related to swap agreements include the possible lack of a liquid market, unfavorable market and interest rate movements of the underlying instrument and the failure of the counterparty to perform under the terms of the agreements. The fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. To address counterparty risk, uncleared swap agreements are limited to only highly-rated counterparties.  Risk is further reduced by having an ISDA Master Agreement (“ISDA”) between the fund
28
MFS Commodity Strategy Fund
Notes to Consolidated Financial Statements (unaudited) - continued 
and the counterparty and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund’s exposure to the counterparty under such ISDA. The fund's counterparty risk due to cleared swaps is mitigated by the fact that the clearinghouse is the counterparty to the transaction and the regulatory requirement safeguards in the event of a clearing broker bankruptcy.
The fund entered into interest rate swap agreements in order to manage its exposure to interest rate fluctuations.  Interest rate swap agreements involve the periodic exchange of cash flows, between the fund and a counterparty, based on the difference between two interest rates applied to a notional principal amount. The two interest rates exchanged may either be a fixed rate and a floating rate or two floating rates based on different indices.
The fund entered into total return swaps on various commodity indexes in order to gain exposure without having to own the underlying commodities. Under a total return swap the fund pays the counterparty interest (based on a fixed or floating rate) and in return receives a payment equal to the increase in the total return of the reference index. To the extent there is a decline in the total return of the index, the fund pays the counterparty for that decline in addition to making the fixed or floating rate interest payment. On a monthly basis, the change in the total return of the index is measured to determine the monthly payment due to or from the counterparty. These payments are included in “Due from uncleared swap brokers” or “Due to uncleared swap brokers” in the Consolidated Statement of Assets and Liabilities. The total return of the reference index includes changes in the market value of the index and any interest or dividend payments attributable to the index.  
Mortgage-Backed/Asset-Backed Securities — The fund invests a significant portion of its assets in asset-backed and/or mortgage-backed securities.  For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral.  Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income —  Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Consolidated Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Consolidated Statement of Operations.
Investment transactions are recorded on the trade date.  In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
The fund may purchase or sell mortgage-backed securities on a To Be Announced (“TBA”) basis. A TBA transaction is subject to extended settlement and typically does not designate the actual security to be delivered, but instead includes an approximate principal amount. The price of the TBA security and the date that it will be settled are fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and no interest accrues to the fund until settlement takes place. TBA purchase and sale commitments are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy and included in TBA purchase and TBA sale commitments in the Consolidated Statement of Assets and Liabilities, as applicable. Losses may arise as a result of changes in the value of the TBA investment prior to settlement date or due to counterparty non-performance. 
The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair
29
MFS Commodity Strategy Fund
Notes to Consolidated Financial Statements (unaudited) - continued 
value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Consolidated Statement of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities.
To mitigate the counterparty credit risk on To Be Announced (“TBA”) transactions, mortgage dollar rolls, and other types of forward settling mortgage-backed and asset-backed security transactions, the fund whenever possible enters into a Master Securities Forward Transaction Agreement (“MSFTA”) on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions.  The MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party.  Upon an event of default or a termination of the MSFTA, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other.  This right to close out and net payments across all transactions traded under the MSFTA could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.
For mortgage-backed and asset-backed securities traded under a MSFTA, the collateral and margining requirements are contract specific. Collateral amounts across all transactions traded under such agreement are netted and an amount is posted from one party to the other to collateralize such obligations. Cash posted to cover the fund's collateral or margin obligations under a MSFTA, if any, will be reported separately on the Consolidated Statement of Assets and Liabilities as cash collateral posted. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Consolidated Portfolio of Investments.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to treating the Subsidiary as a separate holding for tax purposes instead of a consolidated entity and derivative transactions.
The tax character of distributions made during the six months ended April 30, 2026 will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows: 
 
Year ended
10/31/25
Ordinary income (including any short-term capital gains)
$29,999,086
The federal tax cost and the tax basis components of distributable earnings were as follows: 
As of 4/30/26
Cost of investments
$931,043,571
Gross appreciation
3,162,034
Gross depreciation
(2,907,561
)
Net unrealized appreciation (depreciation)
$254,473
As of 10/31/25
Undistributed ordinary income
124,541,459
Capital loss carryforwards
(117,898,158
)
Other temporary differences
(211,598,908
)
Net unrealized appreciation (depreciation)
(365,957,833
)
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
30
MFS Commodity Strategy Fund
Notes to Consolidated Financial Statements (unaudited) - continued 
As of October 31, 2025, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows: 
Short-Term
$(84,662,708
)
Long-Term
(33,235,450
)
Total
$(117,898,158
)
Multiple Classes of Shares of Beneficial Interest — The fund offers multiple classes of shares, which differ in their respective distribution and service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class C shares will convert to Class A shares approximately eight years after purchase. The fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows: 
 
Six months ended
4/30/26
Year ended
10/31/25
Class A
$1,278,044
$243,821
Class B
12,390
1,606
Class C
75,558
7,848
Class I
5,181,259
557,929
Class R1
10,486
1,479
Class R2
37,692
8,223
Class R3
35,521
2,043
Class R4
11,497
2,242
Class R6
123,359,128
29,173,895
Total
$130,001,575
$29,999,086
(3) Transactions with Affiliates
Investment Adviser — The fund and the Subsidiary have investment advisory agreements with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets: 
Up to $1 billion
0.75%
In excess of $1 billion
0.70%
The Subsidiary does not pay a management fee to MFS.
MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until February 28, 2027. For the six months ended April 30, 2026, this management fee reduction amounted to $64,146, which is included in the reduction of total expenses in the Consolidated Statement of Operations. The management fee incurred for the six months ended April 30, 2026 was equivalent to an annual effective rate of 0.74% of the fund's average daily net assets.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $1,695 for the six months ended April 30, 2026, as its portion of the initial sales charge on sales of Class A shares of the fund.
The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
The fund's distribution plan provides that the fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and service fees are computed daily and paid monthly.
31
MFS Commodity Strategy Fund
Notes to Consolidated Financial Statements (unaudited) - continued 
Distribution Plan Fee Table: 
 
Distribution
Fee Rate (d)
Service
Fee Rate (d)
Total
Distribution
Plan (d)
Annual
Effective
Rate (e)
Distribution
and Service
Fee
Class A
—
0.25%
0.25%
0.25%
$13,062
Class B
0.75%
0.25%
1.00%
1.00%
484
Class C
0.75%
0.25%
1.00%
1.00%
3,120
Class R1
0.75%
0.25%
1.00%
0.25%
105
Class R2
0.25%
0.25%
0.50%
0.50%
766
Class R3
—
0.25%
0.25%
0.25%
355
Total Distribution and Service Fees
$17,892
(d)
 In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each
class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting
period. Any rate changes, if applicable, are detailed below.
(e)
 The annual effective rates represent actual fees incurred under the distribution plan for the six months ended April 30, 2026 based on each class's average daily net assets.  MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended April 30, 2026, this rebate amounted to $18 for Class A shares and is included in the reduction of total expenses in the Consolidated Statement of Operations. For the six months ended April 30, 2026, the 0.75% distribution fee was not imposed for Class R1 shares due to the sales charge limitations contained in Financial Industry Regulatory Authority (“FINRA”) Rule 2341.
Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended April 30, 2026, were as follows: 
 
Amount
Class A
$3
Class B
—
Class C
32
Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the six months ended April 30, 2026, the fee was $3,565, which equated to 0.0008% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended April 30, 2026, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $26,701.
Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended April 30, 2026 was equivalent to an annual effective rate of 0.0142% of the fund's average daily net assets.
Trustees’ and Officers’ Compensation — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees’ compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.
Other — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.
At April 30, 2026, MFS held approximately 93% of the outstanding shares of Class B and 100% of the outstanding shares of Class R1 and Class R4.
32
MFS Commodity Strategy Fund
Notes to Consolidated Financial Statements (unaudited) - continued 
(4) Portfolio Securities
For the six months ended April 30, 2026, purchases and sales of investments, other than short-term obligations, were as follows: 
 
Purchases
Sales
U.S. Government securities
$118,309,648
$156,348,361
Non-U.S. Government securities
123,187,184
86,156,373
(5) Shares of Beneficial Interest
The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows: 
 
Six months ended
4/30/26
Year ended
10/31/25
 
Shares
Amount
Shares
Amount
Shares sold
Class A
554,767
$2,241,896
538,897
$2,018,694
Class B
—
—
2,371
8,755
Class C
44,605
180,610
70,046
260,734
Class I
702,430
2,845,270
5,793,147
21,702,388
Class R2
3,227
12,635
7,287
27,349
Class R3
3,499
14,149
42,180
161,813
Class R6
1,825,843
7,390,511
24,519,658
90,537,610
 
3,134,371
$12,685,071
30,973,586
$114,717,343
Shares issued to shareholders
in reinvestment of distributions
Class A
359,168
$1,278,044
69,696
$243,821
Class B
3,486
12,390
476
1,606
Class C
21,365
75,558
2,320
7,848
Class I
1,447,290
5,181,259
157,203
557,929
Class R1
2,945
10,486
418
1,479
Class R2
10,617
37,692
2,330
8,223
Class R3
9,978
35,521
577
2,043
Class R4
3,220
11,497
633
2,242
Class R6
34,554,378
123,359,128
8,241,213
29,173,895
 
36,412,447
$130,001,575
8,474,866
$29,999,086
Shares reacquired
Class A
(271,041
)
$(1,075,967
)
(639,005
)
$(2,371,838
)
Class B
(3,413
)
(13,570
)
(1,061
)
(3,968
)
Class C
(32,442
)
(128,977
)
(44,946
)
(162,943
)
Class I
(1,833,149
)
(7,595,194
)
(1,663,653
)
(6,283,847
)
Class R2
(4,722
)
(19,614
)
(23,849
)
(89,676
)
Class R3
(66
)
(264
)
(24
)
(93
)
Class R6
(54,195,838
)
(223,440,726
)
(50,483,515
)
(187,153,833
)
 
(56,340,671
)
$(232,274,312
)
(52,856,053
)
$(196,066,198
)
33
MFS Commodity Strategy Fund
Notes to Consolidated Financial Statements (unaudited) - continued 
 
Six months ended
4/30/26
Year ended
10/31/25
 
Shares
Amount
Shares
Amount
Net change
Class A
642,894
$2,443,973
(30,412
)
$(109,323
)
Class B
73
(1,180
)
1,786
6,393
Class C
33,528
127,191
27,420
105,639
Class I
316,571
431,335
4,286,697
15,976,470
Class R1
2,945
10,486
418
1,479
Class R2
9,122
30,713
(14,232
)
(54,104
)
Class R3
13,411
49,406
42,733
163,763
Class R4
3,220
11,497
633
2,242
Class R6
(17,815,617
)
(92,691,087
)
(17,722,644
)
(67,442,328
)
 
(16,793,853
)
$(89,587,666
)
(13,407,601
)
$(51,349,769
)
The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Growth Allocation Fund, the MFS Moderate Allocation Fund, the MFS Aggressive Growth Allocation Fund, the MFS Conservative Allocation Fund, the MFS Lifetime 2040 Fund, the MFS Lifetime 2050 Fund, the MFS Lifetime 2045 Fund, the MFS Lifetime 2055 Fund, the MFS Lifetime 2035 Fund, the MFS Lifetime 2030 Fund, the MFS Lifetime Income Fund, and the MFS Lifetime 2060 Fund were the owners of record of approximately 29%, 21%, 16%, 8%, 3%, 3%, 3%, 2%, 2%, 1%, 1%, and 1% of the value of outstanding voting shares of the fund. In addition, the MFS Lifetime 2025 Fund and the MFS Lifetime 2065 Fund were each the owners of record of less than 1% of the value of outstanding voting shares of the fund.
Effective June 1, 2019, purchases of the fund’s Class B shares were closed to new and existing investors subject to certain exceptions. Effective September 29, 2023, purchases of the fund's Class R1 and Class R2 shares were closed to new eligible investors.
(6) Line of Credit
The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate), 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended April 30, 2026, the fund’s commitment fee and interest expense were $2,112 and $0, respectively, and are included in “Miscellaneous” expense in the Consolidated Statement of Operations.
(7) 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. The following were affiliated issuers for the six months ended April 30, 2026: 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
or
Depreciation
Ending
Value
MFS Institutional Money Market
Portfolio
$40,719,286
$389,619,169
$366,220,798
$(9,319
)
$(2,681
)
$64,105,657
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$1,075,414
$—
34
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Commodity Strategy Fund.
ITEM 9.  PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Commodity Strategy Fund.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
This information is disclosed as part of the financial statements included in Item 7 above for MFS Commodity Strategy Fund. See the Consolidated Statement of Operations and Note 3 within the Consolidated Notes to Financial Statements for more information.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Not Applicable.
35


MFS Global Alternative Strategy Fund
ITEM 7.  FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Global Alternative Strategy Fund
Portfolio of Investments − 4/30/26 (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 – 75.9%
Aerospace & Defense – 1.8%
Aevex Corp. (a)
 
783
$23,686
Amprius Technologies, Inc. (a)
 
2,248
47,343
Axon Enterprise, Inc. (a)
 
351
141,018
Babcock International Group PLC
 
2,970
44,389
Boeing Co. (a)
 
2,801
641,513
BWX Technologies, Inc.
 
568
122,910
CACI International, Inc., “A” (a)
 
249
129,365
Curtiss-Wright Corp.
 
489
352,178
Ducommun, Inc. (a)
 
175
24,838
General Dynamics Corp.
 
878
302,295
General Electric Co.
 
1,218
353,135
Hexcel Corp.
 
1,613
151,412
Howmet Aerospace, Inc.
 
2,012
488,996
Karman Holdings, Inc. (a)
 
435
29,571
KBR, Inc.
 
905
33,928
L3Harris Technologies, Inc.
 
247
79,176
Leidos Holdings, Inc.
 
362
54,018
Leonardo DRS, Inc.
 
2,470
100,356
Mirion Technologies, Inc. (a)
 
3,302
65,214
MTU Aero Engines Holding AG
 
639
219,807
RBC Bearings, Inc. (a)
 
241
144,381
RTX Corp.
 
390
68,667
Singapore Technologies Engineering Ltd.
 
13,300
112,801
Standard Aero, Inc. (a)
 
2,994
74,431
Thales S.A.
 
367
100,748
Woodward, Inc.
 
225
81,673
York Space Systems, Inc. (a)(l)
 
691
22,914
 
 
 
$4,010,763
Alcoholic Beverages – 0.6%
Brown-Forman Corp., “B”
 
1,337
$34,455
Carlsberg Group
 
573
77,592
China Resources Beer Holdings Co. Ltd.
 
34,000
117,097
Davide Campari-Milano N.V.
 
9,362
69,223
Heineken N.V.
 
7,329
567,455
Pernod Ricard S.A.
 
7,103
523,862
 
 
 
$1,389,684
Apparel, Footwear, & Accessories – 0.6%
Birkenstock Holding PLC (a)(l)
 
3,077
$119,203
Burberry Group PLC (a)
 
1,437
22,722
Columbia Sportswear Co.
 
1,255
76,454
Compagnie Financiere Richemont S.A.
 
1,878
358,409
LVMH Moet Hennessy Louis Vuitton SE
 
1,153
610,843
Wolverine World Wide, Inc.
 
1,492
25,394
 
 
 
$1,213,025
DTRFS-SEM
1
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Auto & Auto Components – 0.6%
Aptiv PLC (a)
 
1,042
$62,791
Atmus Filtration Technologies, Inc.
 
738
46,789
Carvana Co. (a)
 
510
201,858
Compagnie Generale des Etablissements Michelin
 
1,482
53,791
Goodyear Tire & Rubber Co. (a)
 
4,280
30,302
Group 1 Automotive, Inc.
 
171
61,025
LKQ Corp.
 
1,720
54,318
Modine Manufacturing Co. (a)
 
422
107,454
Niterra Co. Ltd.
 
2,800
151,402
Shimano, Inc.
 
2,500
262,128
Suzuki Motor Corp.
 
7,200
80,414
Tesla, Inc. (a)
 
379
144,638
Visteon Corp.
 
826
92,272
 
 
 
$1,349,182
Brokerage & Asset Managers – 1.6%
Ameriprise Financial, Inc. (f)
 
1,595
$757,290
Ares Management Co.
 
715
83,941
Carlyle Group, Inc.
 
3,438
172,141
Charles Schwab Corp.
 
612
56,084
CVC Capital Partners PLC (l)
 
5,012
76,344
GCM Grosvenor, Inc., “A”
 
2,965
32,378
Interactive Brokers Group, Inc.
 
3,174
252,333
KKR & Co., Inc.
 
3,699
385,953
LPL Financial Holdings, Inc.
 
1,008
336,803
Northern Trust Corp.
 
6,455
1,073,725
PJT Partners, Inc.
 
529
80,799
Raymond James Financial, Inc.
 
581
91,984
Ridgepost Capital, Inc.
 
4,487
35,582
TPG, Inc.
 
868
37,862
WisdomTree Investments, Inc.
 
2,903
49,351
 
 
 
$3,522,570
Business Services – 0.8%
Accenture PLC, “A”
 
1,704
$304,522
Bunzl PLC
 
1,929
63,575
Cognizant Technology Solutions Corp., “A”
 
1,039
54,963
CoStar Group, Inc. (a)
 
665
23,016
Experian PLC
 
5,402
197,235
Fidelity National Information Services, Inc.
 
1,015
47,228
Fujitsu Ltd.
 
1,200
24,375
Global Payments, Inc.
 
924
66,491
GoDaddy, Inc. (a)
 
953
82,711
Intertek Group PLC
 
2,257
146,638
Nomura Research Institute Ltd.
 
7,500
202,048
NS Solutions Corp.
 
2,900
67,495
OBIC Co. Ltd.
 
5,300
139,904
Sodexo (l)
 
1,689
85,873
TransUnion
 
1,371
97,341
Zscaler, Inc. (a)
 
345
45,084
 
 
 
$1,648,499
2
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Chemicals – 1.6%
Akzo Nobel N.V. (l)
 
715
$42,020
Albemarle Corp.
 
466
91,662
Ashland, Inc.
 
1,975
105,189
Avient Corp.
 
1,436
53,247
BioLife Solutions, Inc. (a)
 
2,765
58,286
Chemours Co.
 
1,093
29,456
Corteva, Inc.
 
4,415
357,659
Croda International PLC
 
3,439
134,699
DuPont de Nemours, Inc.
 
920
42,007
Eastman Chemical Co.
 
812
59,349
Element Solutions, Inc.
 
5,375
228,921
FUJIFILM Holdings Corp.
 
2,000
37,054
Linde PLC
 
2,573
1,289,433
Qnity Electronics, Inc.
 
322
45,293
Quaker Chemical Corp.
 
375
50,959
Shin-Etsu Chemical Co. Ltd.
 
2,400
111,836
Symrise AG
 
7,367
651,210
 
 
 
$3,388,280
Conglomerates – 0.3%
Honeywell International, Inc.
 
2,526
$541,398
Construction – 1.3%
Allegion PLC
 
521
$71,627
Breedon Group PLC
 
24,265
101,677
Builders FirstSource, Inc. (a)
 
311
24,597
Compagnie de Saint-Gobain S.A.
 
3,516
321,176
CRH PLC
 
4,564
540,469
Equity Lifestyle Properties, Inc., REIT
 
1,004
63,543
Essex Property Trust, Inc., REIT
 
212
55,801
Ferguson Enterprises, Inc.
 
402
107,620
Independence Realty Trust, Inc., REIT
 
3,862
62,989
James Hardie Industries PLC (a)
 
5,066
106,335
James Hardie Industries PLC, GDR (a)
 
2,801
59,640
Knife River Corp. (a)
 
1,043
96,530
M/I Homes, Inc. (a)
 
414
54,437
Mid-America Apartment Communities, Inc., REIT
 
380
49,088
Mohawk Industries, Inc. (a)
 
395
41,696
Otis Worldwide Corp.
 
611
47,585
Pulte Homes, Inc.
 
692
84,673
QXO, Inc. (a)
 
5,313
106,632
Sika AG
 
255
47,373
Simpson Manufacturing Co., Inc.
 
374
71,333
Smith Douglas Homes Corp. (a)(l)
 
562
7,969
Stanley Black & Decker, Inc.
 
632
49,397
Taylor Morrison Home Corp. (a)
 
775
47,074
Techtronic Industries Co. Ltd.
 
18,000
262,140
Vulcan Materials Co.
 
1,396
421,229
 
 
 
$2,902,630
Consumer Products – 1.0%
Beiersdorf AG
 
904
$74,884
Colgate-Palmolive Co. (f)
 
9,372
799,994
Haleon PLC
 
130,863
603,710
3
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Consumer Products – continued
International Flavors & Fragrances, Inc.
 
669
$46,964
Kenvue, Inc.
 
5,387
94,434
Kimberly-Clark Corp.
 
2,983
293,617
Newell Brands, Inc.
 
10,628
43,362
Prestige Consumer Healthcare, Inc. (a)
 
1,081
60,882
Reckitt Benckiser Group PLC
 
2,966
188,803
Uni-Charm Corp.
 
10,300
60,009
 
 
 
$2,266,659
Consumer Services – 0.4%
Covista, Inc. (a)
 
593
$68,326
Asante, Inc. (l)
 
9,100
86,515
Booking Holdings, Inc.
 
2,884
485,550
Grand Canyon Education, Inc. (a)
 
191
32,292
Meitec Group Holdings, Inc.
 
4,300
86,469
Phoenix Educations Partners, Inc.
 
821
23,004
Uber Technologies, Inc. (a)
 
570
42,528
 
 
 
$824,684
Containers – 0.1%
Amcor PLC
 
1,081
$41,121
Avery Dennison Corp.
 
294
48,196
Graphic Packaging Holding Co.
 
3,280
31,258
Silgan Holdings, Inc.
 
1,133
45,943
Verallia (l)
 
2,471
59,280
 
 
 
$225,798
Diversified Financial Services – 1.7%
B3 S.A. - Brasil Bolsa Balcao
 
174,500
$635,372
Bolsa Mexicana de Valores S.A. de C.V.
 
51,600
116,235
Bullish (a)(l)
 
636
23,996
CME Group, Inc.
 
177
50,944
Deutsche Boerse AG
 
1,995
612,519
GMO Payment Gateway, Inc.
 
1,000
49,939
Herc Holdings, Inc.
 
258
32,745
London Stock Exchange Group PLC
 
1,145
148,795
Mastercard, Inc., “A”
 
1,489
748,848
Miami International Holdings, Inc. (a)
 
799
37,146
Moody's Corp.
 
99
45,723
NASDAQ, Inc.
 
9,904
910,277
Riot Platforms, Inc. (a)
 
4,685
80,769
SLM Corp.
 
3,878
89,504
TMX Group Ltd.
 
4,223
172,234
 
 
 
$3,755,046
Electrical Equipment – 2.5%
Advanced Drainage Systems, Inc.
 
273
$40,745
AMETEK, Inc.
 
370
87,135
Amphenol Corp., “A”
 
2,571
378,631
Arxis, Inc. (a)
 
733
25,655
Belden, Inc.
 
295
33,182
Corning, Inc.
 
592
97,230
Eaton Corp. PLC
 
696
301,375
4
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Electrical Equipment – continued
Emerson Electric Co.
 
275
$38,621
Hubbell, Inc.
 
281
142,796
Itron, Inc. (a)
 
303
25,391
Legrand S.A.
 
3,612
646,840
Littelfuse, Inc.
 
322
130,143
Mitsubishi Electric Corp.
 
19,000
762,997
nVent Electric PLC
 
1,592
227,497
Resideo Technologies, Inc. (a)
 
878
36,323
Schneider Electric SE
 
6,871
2,166,030
TE Connectivity PLC
 
202
42,755
TriMas Corp.
 
995
36,835
Versigent PLC (a)
 
348
12,170
Vontier Corp.
 
1,620
58,126
W.W. Grainger, Inc.
 
37
42,970
 
 
 
$5,333,447
Energy - Independent – 2.6%
Aker BP ASA
 
9,099
$357,182
Antero Resources Corp. (a)
 
2,757
108,240
California Resources Corp.
 
905
61,775
Chord Energy Corp.
 
328
47,757
ConocoPhillips (s)
 
3,942
495,825
Core Natural Resources, Inc.
 
422
37,870
Diamondback Energy, Inc.
 
441
90,683
Eni S.p.A.
 
5,413
152,974
EOG Resources, Inc.
 
3,047
428,317
EQT Corp.
 
287
17,243
Expand Energy Corp.
 
1,497
152,918
Exxon Mobil Corp.
 
4,630
714,548
Marathon Petroleum Corp.
 
820
203,598
Matador Resources Co.
 
1,698
107,721
Peabody Energy Corp.
 
2,071
55,213
Permian Resources Corp.
 
7,708
166,647
Phillips 66
 
1,895
339,489
Reliance Industries Ltd.
 
30,327
459,269
TotalEnergies SE
 
10,529
979,815
Valero Energy Corp. (s)
 
1,945
491,268
Viper Energy, Inc., “A”
 
1,245
61,478
 
 
 
$5,529,830
Energy - Renewables – 0.6%
AES Corp.
 
13,129
$189,714
Bloom Energy Corp. (a)
 
350
99,176
GE Vernova, Inc.
 
1,009
1,093,211
 
 
 
$1,382,101
Engineering - Construction – 1.1%
Comfort Systems USA, Inc.
 
206
$379,091
EMCOR Group, Inc.
 
432
385,201
Jacobs Solutions, Inc.
 
504
65,223
JGC Holdings Corp.
 
10,600
163,069
Legence Corp., “A” (a)
 
2,282
198,443
MYR Group, Inc. (a)
 
144
58,293
Primoris Services Corp.
 
668
121,008
5
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Engineering - Construction – continued
Prologis Property Mexico S.A. de C.V., REIT
 
28,068
$128,430
Quanta Services, Inc.
 
614
446,851
Taisei Corp.
 
3,500
382,204
TopBuild Corp. (a)
 
335
148,304
 
 
 
$2,476,117
Entertainment & Leisure – 1.0%
Brunswick Corp.
 
5,704
$453,183
Corsair Gaming, Inc. (a)
 
5,510
37,413
CTS Eventim AG
 
1,028
67,746
Live Nation Entertainment, Inc. (a)
 
1,803
284,766
Patrick Industries, Inc.
 
817
75,981
Roblox Corp., “A” (a)
 
2,509
138,647
Sony Group Corp.
 
5,600
111,966
Take-Two Interactive Software, Inc. (a)
 
1,378
294,561
Tencent Holdings Ltd.
 
11,100
673,937
VTech Holdings Ltd.
 
11,400
87,765
 
 
 
$2,225,965
Food & Beverages – 1.5%
Ajinomoto Co., Inc.
 
1,900
$61,774
Campbell Soup Co. (l)
 
881
18,316
Chocoladefabriken Lindt & Sprungli AG
 
20
245,089
Cranswick PLC
 
1,294
94,908
General Mills, Inc.
 
2,808
99,150
Ingredion, Inc.
 
3,636
406,287
Mondelez International, Inc.
 
411
25,252
Monster Worldwide, Inc. (a)
 
5,650
435,445
Morinaga & Co. Ltd.
 
6,500
111,105
Nestle S.A.
 
9,121
925,131
Nomad Foods Ltd.
 
3,539
34,399
Novozymes A.S.
 
798
48,992
Once Upon a Farm PBC (a)
 
1,394
21,259
PepsiCo, Inc.
 
317
50,241
S Foods, Inc.
 
4,200
76,493
Toyo Suisan Kaisha Ltd.
 
6,000
413,529
Tyson Foods, Inc., “A”
 
967
61,956
Utz Brands, Inc.
 
2,344
18,658
 
 
 
$3,147,984
Food & Drug Stores – 0.3%
Albertsons Cos., Inc., “A”
 
2,874
$48,427
Alimentation Couche-Tard, Inc.
 
366
21,653
BIM Birlesik Magazalar A.S.
 
6,029
99,165
Jeronimo Martins SGPS S.A.
 
6,525
156,852
JM Holdings Co. Ltd. (l)
 
10,400
90,478
Paltac Corp.
 
2,800
82,718
Sundrug Co. Ltd.
 
3,100
74,710
 
 
 
$574,003
6
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Forest & Paper Products – 0.1%
International Paper Co.
 
1,653
$50,284
Suzano Papel e Celulose S.A., ADR
 
11,320
100,409
 
 
 
$150,693
Global Systemically Important Banks – 2.3%
Bank of America Corp.
 
1,440
$76,983
Bank of New York Mellon Corp.
 
5,376
722,373
Barclays PLC
 
27,554
160,915
BNP Paribas S.A.
 
1,433
150,816
Citigroup, Inc.
 
14,006
1,792,488
ING Groep N.V.
 
5,515
159,962
JPMorgan Chase & Co.
 
2,361
739,536
Mizuho Financial Group, Inc.
 
7,600
329,468
Morgan Stanley
 
3,359
640,192
Toronto-Dominion Bank
 
1,479
159,327
UBS Group AG
 
3,148
140,257
 
 
 
$5,072,317
Hardware, Peripherals, & Assembly – 3.5%
Amadeus IT Group S.A.
 
11,347
$652,553
Apple, Inc. (f)
 
18,857
5,116,847
Arista Networks, Inc. (a)
 
420
72,538
Box, Inc., “A” (a)
 
2,648
64,082
CDW Corp.
 
294
40,252
Digi International, Inc. (a)
 
940
52,678
Hitachi Ltd.
 
18,800
591,197
Insight Enterprises, Inc. (a)
 
395
28,795
IonQ, Inc. (a)(l)
 
1,214
54,776
NEC Corp.
 
2,500
66,761
Q2 Holdings, Inc. (a)
 
545
27,659
Samsung Electronics Co. Ltd.
 
784
118,942
Seagate Technology Holdings PLC
 
806
542,954
Venture Corp. Ltd.
 
12,200
155,474
Zebra Technologies Corp., “A” (a)
 
171
38,690
 
 
 
$7,624,198
Health Maintenance Organizations – 0.9%
Centene Corp. (a)
 
5,091
$273,336
Cigna Group (f)
 
4,448
1,292,500
Humana, Inc.
 
1,857
439,069
 
 
 
$2,004,905
Insurance – 2.3%
AIA Group Ltd.
 
71,000
$781,984
Allstate Corp.
 
838
182,064
American International Group, Inc.
 
837
62,608
Aon PLC
 
1,811
564,398
Assurant, Inc.
 
321
75,843
AXIS Capital Holdings Ltd.
 
483
48,498
Beazley PLC
 
2,446
42,470
Brown & Brown, Inc.
 
590
35,489
Chubb Ltd.
 
186
60,822
Corebridge Financial, Inc.
 
1,962
54,033
7
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Insurance – continued
Equitable Holdings, Inc.
 
15,295
$645,449
Everest Group Ltd.
 
149
53,157
Hanover Insurance Group, Inc.
 
435
81,645
Hartford Insurance Group, Inc.
 
797
109,038
Hiscox Ltd.
 
4,626
97,823
Lincoln National Corp.
 
2,766
104,582
Marsh & McLennan Cos., Inc.
 
2,633
441,580
Progressive Corp.
 
2,858
575,258
Samsung Fire & Marine Insurance Co. Ltd.
 
119
37,070
Selective Insurance Group, Inc.
 
601
50,454
Sompo Holdings, Inc.
 
2,700
100,381
Steadfast Group Ltd.
 
23,257
71,718
Stewart Information Services Corp.
 
583
40,804
Unipol Gruppo S.p.A.
 
7,067
184,596
Voya Financial, Inc.
 
712
58,356
Willis Towers Watson PLC
 
1,492
382,250
 
 
 
$4,942,370
Interactive Media Services – 3.4%
Alphabet, Inc., “A” (f)
 
10,054
$3,868,779
Alphabet, Inc., “C”
 
4,043
1,544,184
AppLovin Corp. (a)
 
598
266,917
Meta Platforms, Inc., “A” (f)
 
2,847
1,742,108
 
 
 
$7,421,988
Machinery & Tools – 4.0%
AGCO Corp.
 
7,643
$924,956
Albany International Corp.
 
1,084
62,915
Alliance Laundry Holdings, Inc. (a)
 
1,577
40,008
Assa Abloy AB (l)
 
30,307
1,159,740
Atlas Copco AB (l)
 
5,524
106,848
Azbil Corp.
 
9,700
86,695
Caterpillar, Inc.
 
299
266,143
CNH Industrial N.V.
 
23,160
248,044
Crane Co.
 
296
52,608
Daikin Industries Ltd.
 
400
56,995
Donaldson Co., Inc.
 
1,757
154,915
ESAB Corp.
 
646
63,482
Finning International, Inc.
 
1,205
88,249
Flowserve Corp.
 
2,182
160,682
GEA Group AG
 
14,713
1,007,583
Hayward Holdings, Inc. (a)
 
3,564
53,496
Hillman Solutions Corp. (a)
 
5,930
48,389
Illinois Tool Works, Inc. (s)
 
1,092
281,747
IMI PLC
 
8,584
328,622
Ingersoll Rand, Inc.
 
1,885
150,536
ITT, Inc.
 
225
48,226
Kadant, Inc.
 
107
31,365
Keyence Corp.
 
1,000
458,038
Lincoln Electric Holdings, Inc.
 
300
79,500
Nordson Corp.
 
275
79,324
PACCAR, Inc.
 
3,944
468,547
Pentair PLC
 
1,235
99,677
RB Global, Inc.
 
7,098
741,597
8
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Machinery & Tools – continued
Spirax Group PLC
 
5,648
$556,494
Terex Corp.
 
1,329
82,664
Timken Co.
 
454
50,344
Trane Technologies PLC
 
120
59,105
Trimble, Inc. (a)
 
2,027
136,458
Wabtec Corp.
 
1,564
422,108
Weir Group PLC
 
1,855
67,584
 
 
 
$8,723,684
Media – 0.8%
NAVER Corp.
 
1,324
$190,189
Netflix, Inc. (a)
 
1,357
127,029
Nexstar Media Group, Inc.
 
511
106,359
Nippon Television Holdings, Inc.
 
4,200
80,098
Omnicom Group, Inc.
 
2,417
185,432
Roku, Inc. (a)
 
1,197
139,522
Spotify Technology S.A. (a)
 
1,034
461,733
Tencent Music Entertainment Group, ADR
 
7,198
66,006
TKO Group Holdings, Inc.
 
1,422
264,620
Wolters Kluwer N.V.
 
687
53,749
 
 
 
$1,674,737
Medical & Health Technology & Services – 1.4%
Azenta, Inc. (a)
 
3,743
$91,965
Cencora, Inc.
 
176
54,210
Charles River Laboratories International, Inc. (a)
 
1,078
179,994
Doximity, Inc. (a)
 
1,945
47,536
GeneDX Holdings Corp. (a)
 
754
47,419
Guardant Health, Inc. (a)
 
621
54,077
HCA Healthcare, Inc.
 
516
224,176
Heartflow, Inc. (a)
 
1,074
31,962
ICON PLC (a)
 
258
30,529
Labcorp Holdings, Inc.
 
224
57,523
Lumexa Imaging Holdings, Inc. (a)(l)
 
2,649
25,351
M3, Inc. (l)
 
14,500
139,299
McKesson Corp. (f)
 
1,639
1,336,113
Minimed Group, Inc. (a)
 
2,243
27,679
Omega Healthcare Investors, Inc., REIT
 
6,194
290,932
Option Care Health, Inc. (a)
 
1,529
31,085
Schrodinger, Inc. (a)
 
4,322
51,691
Tempus AI, Inc. (a)(l)
 
413
22,913
Universal Health Services, Inc.
 
270
45,433
Ventas, Inc., REIT
 
857
75,296
Waystar Holding Corp. (a)
 
4,273
91,335
 
 
 
$2,956,518
Medical Equipment – 2.3%
Abbott Laboratories
 
4,128
$374,781
Agilent Technologies, Inc.
 
2,041
235,838
Alcon, Inc.
 
762
57,089
AtriCure, Inc. (a)
 
1,087
30,556
Becton, Dickinson and Co.
 
3,259
485,721
Billiontoone, Inc., “A” (a)(l)
 
175
13,134
Bio-Techne Corp.
 
10,520
581,966
9
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Medical Equipment – continued
Boston Scientific Corp. (a)
 
538
$30,994
Caris Life Sciences, Inc. (a)(l)
 
579
11,001
Ceribell, Inc. (a)
 
1,232
24,837
Concentra Group Holdings, Inc.
 
2,372
53,299
ConvaTec Group PLC
 
20,652
59,680
Cooper Companies, Inc. (a)
 
491
30,884
Danaher Corp.
 
1,234
220,824
Eiken Chemical Co. Ltd. (l)
 
7,200
141,650
Envista Holdings Corp. (a)
 
1,716
44,513
GE Healthcare Technologies, Inc.
 
486
29,568
Globus Medical, Inc. (a)
 
507
45,721
Integer Holdings Corp. (a)
 
1,706
150,998
iRhythm Technologies, Inc. (a)
 
364
47,014
Masimo Corp. (a)
 
1,160
206,979
Medline, Inc., “A” (a)
 
1,933
85,960
Medtronic PLC
 
2,548
206,312
Merit Medical Systems, Inc. (a)
 
1,222
83,316
Natera, Inc. (a)
 
1,393
287,181
PROCEPT BioRobotics Corp. (a)
 
997
23,968
Pulse Biosciences, Inc. (a)(l)
 
1,079
22,842
QIAGEN N.V.
 
6,645
226,441
Repligen Corp. (a)
 
1,218
144,102
Revvity, Inc.
 
407
35,254
Smith & Nephew PLC
 
8,352
129,067
STERIS PLC
 
803
174,155
Terumo Corp.
 
3,500
44,831
Thermo Fisher Scientific, Inc.
 
642
307,492
UFP Technologies, Inc. (a)
 
472
90,449
Waters Corp. (a)
 
820
253,569
 
 
 
$4,991,986
Metals & Mining – 2.4%
Agnico Eagle Mines Ltd.
 
1,849
$347,694
Agnico Eagle Mines Ltd.
 
1,188
223,593
Alamos Gold, Inc.
 
2,096
83,633
ArcelorMittal S.A.
 
9,143
521,587
Aurubis AG
 
1,848
397,560
Franco-Nevada Corp.
 
6,965
1,606,870
Glencore PLC
 
79,476
615,637
Mitsui & Co. Ltd.
 
2,500
94,868
Northern Star Resources Ltd. Co.
 
1,864
28,487
Nucor Corp.
 
322
72,543
OR Royalties, Inc.
 
1,181
43,591
Rio Tinto PLC
 
1,079
107,887
SSR Mining, Inc. (a)
 
3,885
111,927
Teck Resources Ltd.
 
3,178
185,530
Uranium Energy Corp. (a)
 
4,067
60,558
Wheaton Precious Metals Corp.
 
4,735
598,102
 
 
 
$5,100,067
Natural Gas - Pipeline – 0.4%
APA Group
 
18,995
$141,404
Cheniere Energy, Inc.
 
1,710
470,164
Plains GP Holdings LP
 
6,136
150,025
10
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Natural Gas - Pipeline – continued
Targa Resources Corp.
 
395
$102,732
 
 
 
$864,325
Network & Telecom – 0.5%
Ciena Corp. (a)
 
305
$160,912
Qualcomm, Inc.
 
5,278
947,823
 
 
 
$1,108,735
Non-Global Systemically Important Banks – 3.7%
AIB Group PLC
 
28,156
$320,584
American Express Co.
 
1,363
440,317
BancFirst Corp.
 
361
40,291
Banco Bilbao Vizcaya Argentaria S.A.
 
5,485
121,089
Banco Bradesco S.A., ADR
 
22,638
87,835
Bank of Ireland Group PLC
 
18,393
364,763
Berkshire Hills Bancorp, Inc.
 
1,746
49,813
BPER Banca S.p.A.
 
16,737
246,930
CaixaBank S.A.
 
24,122
307,669
Cathay General Bancorp, Inc.
 
1,393
78,050
Central Banco, Inc. (l)
 
2,147
58,012
Chiba Bank Ltd.
 
17,100
239,508
Columbia Banking System, Inc.
 
4,155
122,988
Credicorp Ltd.
 
1,739
563,732
CVB Financial Corp.
 
3,143
64,023
DBS Group Holdings Ltd.
 
10,840
500,065
East West Bancorp, Inc.
 
1,039
131,402
Eastern Bankshares, Inc.
 
3,253
65,808
Eurobank S.A.
 
17,765
76,728
Fifth Third Bancorp
 
3,308
167,914
First Hawaiian, Inc.
 
2,807
76,575
First Interstate BancSystem, Inc.
 
2,141
75,984
Hancock Whitney Corp.
 
1,093
73,788
HDFC Bank Ltd.
 
11,998
98,221
HDFC Bank Ltd., ADR
 
12,673
322,021
M&T Bank Corp.
 
397
86,796
Metropolitan Bank & Trust Co.
 
113,607
123,817
NatWest Group PLC
 
51,650
408,969
PNC Financial Services Group, Inc.
 
214
47,722
Popular, Inc.
 
4,479
673,328
Prosperity Bancshares, Inc.
 
1,752
122,027
Regions Financial Corp.
 
2,546
72,688
Resona Holdings, Inc.
 
31,500
393,272
Shizuoka Financial Group, Inc.
 
8,000
141,765
Simmons First National Corp.
 
1,475
31,359
Synchrony Financial (f)
 
14,472
1,102,766
Texas Capital Bancshares, Inc.
 
627
63,139
UMB Financial Corp.
 
485
61,193
United Community Bank, Inc.
 
2,094
69,793
 
 
 
$8,092,744
Oil Services – 0.4%
Baker Hughes Co.
 
852
$59,359
Expro Group Holdings N.V. (a)
 
3,772
68,688
Oceaneering International, Inc. (a)
 
1,765
66,258
11
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Oil Services – continued
TechnipFMC PLC
 
7,625
$576,221
Tenaris S.A., ADR (l)
 
3,034
193,873
 
 
 
$964,399
Pharmaceuticals & Biotechnology – 3.6%
ACADIA Pharmaceuticals, Inc. (a)
 
1,458
$32,732
Adaptive Biotechnologies Corp. (a)
 
2,573
36,279
Annexon, Inc. (a)
 
2,187
12,838
Ascendis Pharma A.S., ADR (a)
 
1,274
292,230
AstraZeneca PLC
 
4,768
906,493
Biogen, Inc. (a)
 
215
40,695
BioNTech SE, ADR (a)
 
257
26,587
Bristol-Myers Squibb Co.
 
22,515
1,364,184
CG Oncology, Inc. (a)
 
328
21,891
Cogent Biosciences, Inc. (a)
 
1,173
41,982
Collegium Pharmaceutical, Inc. (a)
 
2,901
97,851
CSL Ltd.
 
659
59,487
Cytokinetics, Inc. (a)
 
662
42,348
Daiichi Sankyo Co. Ltd.
 
17,700
293,668
Gilead Sciences, Inc.
 
6,521
853,208
Harmony Biosciences Holdings (a)
 
592
18,506
Immunocore Holdings PLC, ADR (a)
 
995
27,771
Incyte Corp. (a)
 
4,953
471,872
Ionis Pharmaceuticals, Inc. (a)
 
1,332
99,580
Johnson & Johnson (s)
 
4,120
946,982
Kiniksa Pharmaceuticals International PLC (a)
 
976
52,489
Kymera Therapeutics, Inc. (a)
 
425
34,455
Legend Biotech Corp., ADR (a)
 
1,379
32,434
Ligand Pharmaceuticals, Inc. (a)
 
856
196,409
Merck & Co., Inc.
 
957
104,485
Merck KGaA
 
618
79,821
Mirum Pharmaceuticals, Inc. (a)
 
464
45,152
Neurocrine Biosciences, Inc. (a)
 
224
29,494
Novartis AG
 
5,299
787,543
Oruka Therapeutics, Inc. (a)
 
659
45,082
Pfizer, Inc.
 
2,134
56,978
Praxis Precision Medicines, Inc. (a)
 
148
47,187
Roche Holding AG
 
932
381,583
Tarsus Pharmaceuticals, Inc. (a)
 
741
47,135
Ultragenyx Pharmaceutical, Inc. (a)
 
574
14,172
Veradermics, Inc. (a)
 
339
33,561
Vertex Pharmaceuticals, Inc. (a)
 
85
36,327
 
 
 
$7,711,491
Pollution Control – 0.1%
GFL Environmental, Inc.
 
3,510
$140,786
Real Estate – 0.6%
Acadia Realty Trust, REIT
 
2,711
$58,612
Brixmor Property Group, Inc., REIT
 
2,456
73,901
CapitaLand Investment Ltd.
 
54,500
119,618
CBRE Group, Inc., “A” (a)
 
1,323
188,832
Cushman & Wakefield Ltd. (a)
 
2,867
40,253
Essential Properties Realty Trust, REIT
 
1,954
61,414
12
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Real Estate – continued
Four Corners Property Trust, Inc., REIT
 
1,667
$42,625
Janus Living, Inc., “A”, REIT (a)
 
2,247
58,961
Jones Lang LaSalle, Inc. (a)
 
776
246,869
PennyMac Financial Services, Inc.
 
363
32,775
Simon Property Group, Inc., REIT
 
808
164,598
Urban Edge Properties, REIT
 
2,243
49,166
W.P. Carey, Inc., REIT
 
1,000
72,930
 
 
 
$1,210,554
Real Estate - Storage & Office – 0.4%
Cousins Properties, Inc., REIT
 
1,907
$48,838
Extra Space Storage, Inc., REIT
 
516
73,958
Prologis, Inc., REIT
 
3,693
524,480
Rexford Industrial Realty, Inc., REIT
 
2,264
81,255
SmartStop Self Storage REIT
 
1,298
40,861
Terreno Realty Corp., REIT
 
1,410
91,932
 
 
 
$861,324
Restaurants – 0.8%
Aramark
 
18,394
$840,422
Black Rock Coffee Bar, Inc., “A” (a)(l)
 
1,543
18,948
Chefs' Warehouse, Inc. (a)
 
2,202
170,875
Darden Restaurants, Inc.
 
219
43,923
Dutch Bros, Inc., “A” (a)
 
1,048
60,270
Greggs PLC (l)
 
4,079
84,201
Starbucks Corp.
 
1,756
184,960
SYSCO Corp.
 
758
56,630
U.S. Foods Holding Corp. (a)
 
1,686
157,624
Wingstop, Inc.
 
681
111,725
 
 
 
$1,729,578
Retail & E-commerce – 2.9%
Amazon.com, Inc. (a)(f)
 
10,868
$2,880,672
AutoZone, Inc. (a)
 
66
244,466
BJ's Wholesale Club Holdings, Inc. (a)
 
847
79,525
Burlington Stores, Inc. (a)
 
750
240,007
Dollar General Corp.
 
2,319
268,726
Dollarama, Inc.
 
1,727
220,714
Floor & Decor Holdings, Inc., “A” (a)
 
517
25,023
Gap, Inc.
 
834
20,508
Howden Joinery Group PLC
 
8,094
86,130
Lowe's Cos., Inc.
 
1,871
446,776
NEXT PLC
 
347
61,124
Nitori Co. Ltd.
 
6,300
90,913
Ollie's Bargain Outlet Holdings, Inc. (a)
 
848
73,360
O'Reilly Automotive, Inc. (a)(f)
 
10,212
1,015,073
Pan Pacific International Holdings Corp.
 
10,600
60,219
Pet Valu Holdings Ltd.
 
1,434
22,455
Ross Stores, Inc.
 
361
82,232
Target Corp.
 
1,729
224,338
TJX Cos., Inc.
 
286
44,831
Tractor Supply Co.
 
483
16,953
Yesway, Inc. (a)
 
1,541
39,635
13
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Retail & E-commerce – continued
ZOZO, Inc.
 
11,100
$74,730
 
 
 
$6,318,410
Semiconductor & Electronic Components – 8.2%
Advanced Energy Industries, Inc.
 
597
$229,194
Analog Devices, Inc.
 
2,365
951,345
Applied Materials, Inc.
 
2,112
833,163
ASM International N.V.
 
174
170,422
ASML Holding N.V.
 
152
219,428
ASMPT Ltd.
 
10,600
223,469
Bel Fuse, Inc.
 
216
59,581
Broadcom, Inc.
 
3,310
1,381,693
Coherent Corp. (a)
 
1,211
387,169
Disco, Inc.
 
200
96,297
Entegris, Inc.
 
529
74,790
Flex Ltd. (a)
 
1,600
146,480
Formfactor, Inc. (a)
 
1,215
165,155
Infineon Technologies AG
 
3,350
225,136
KLA Corp.
 
53
92,769
Lam Research Corp.
 
1,541
397,362
MACOM Technology Solutions Holdings, Inc. (a)
 
604
170,092
Micron Technology, Inc.
 
1,206
623,695
Monolithic Power Systems, Inc.
 
330
532,755
nLIGHT, Inc. (a)
 
848
59,233
NVIDIA Corp. (f)
 
33,616
6,708,745
NXP Semiconductors N.V.
 
245
71,930
Plexus Corp. (a)
 
257
64,399
Silicon Motion Technology Corp., ADR
 
1,395
305,198
Skyworks Solutions, Inc.
 
445
31,226
Taiwan Semiconductor Manufacturing Co. Ltd.
 
22,654
1,537,947
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
 
4,091
1,620,281
Tokyo Electron Ltd.
 
600
180,360
TTM Technologies, Inc. (a)
 
1,246
197,142
 
 
 
$17,756,456
Software – 3.6%
ACI Worldwide, Inc. (a)
 
1,143
$49,400
Adobe Systems, Inc. (a)
 
2,120
521,732
Akamai Technologies, Inc. (a)
 
266
27,393
Alkami Technology, Inc. (a)
 
1,661
26,211
Autodesk, Inc. (a)
 
777
184,149
Cadence Design Systems, Inc. (a)
 
632
208,301
CCC Intelligent Holdings, Inc. (a)
 
10,420
54,601
Check Point Software Technologies Ltd. (a)
 
267
30,030
Cloudflare, Inc., “A” (a)
 
786
161,106
Constellation Software, Inc.
 
29
52,816
CrowdStrike Holdings, Inc. (a)
 
841
374,876
Dassault Systemes SE
 
16,371
369,425
Datadog, Inc., “A” (a)
 
411
54,330
Guidewire Software, Inc. (a)
 
917
126,904
JFrog Ltd. (a)
 
1,632
75,790
Microsoft Corp. (f)(s)
 
8,415
3,431,469
MongoDB, Inc. (a)
 
218
54,681
nCino, Inc. (a)
 
1,223
21,378
14
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Software – continued
Okta, Inc. (a)
 
5,483
$403,823
Pegasystems, Inc.
 
449
16,411
Salesforce, Inc.
 
1,465
258,616
SAP SE
 
5,975
1,023,012
Shopify, Inc. (a)
 
293
35,491
Totvs S.A.
 
37,100
238,702
Wisetech Global Ltd. (l)
 
2,297
71,615
 
 
 
$7,872,262
Telecom - Infrastructure – 0.1%
American Tower Corp., REIT
 
87
$15,896
Cellnex Telecom S.A.
 
4,529
152,359
Infrastrutture Wireless Italiane S.p.A. (l)
 
9,654
82,313
 
 
 
$250,568
Telecom Services – 0.3%
Advanced Info Service Public Co. Ltd.
 
3,800
$39,751
EchoStar Corp., “A” (a)(l)
 
526
64,772
Etihad Etisalat Co.
 
5,899
102,236
Iridium Communications, Inc.
 
1,847
72,162
KDDI Corp.
 
6,300
103,924
Koninklijke KPN N.V.
 
14,262
76,395
SoftBank Group Corp.
 
1,700
57,585
T-Mobile USA, Inc.
 
214
41,837
 
 
 
$558,662
Tobacco – 0.7%
Altria Group, Inc. (f)
 
16,717
$1,214,490
British American Tobacco PLC
 
2,600
152,679
Philip Morris International, Inc.
 
1,461
241,167
 
 
 
$1,608,336
Transportation & Logistics – 0.4%
ArcBest Corp.
 
264
$33,679
FedEx Corp.
 
140
56,463
J.B. Hunt Transport Services, Inc.
 
247
62,128
Kirby Corp. (a)
 
306
46,065
Knight-Swift Transportation Holdings, Inc.
 
745
48,351
RXO, Inc. (a)
 
938
18,732
Sankyu, Inc.
 
2,200
119,298
Seino Holdings Co. Ltd.
 
6,500
99,583
SG Holdings Co. Ltd.
 
8,100
75,812
Union Pacific Corp.
 
862
232,292
XPO, Inc. (a)
 
560
123,273
 
 
 
$915,676
Travel, Gaming, & Lodging – 1.4%
Accor S.A.
 
934
$46,435
Alaska Air Group, Inc. (a)
 
1,649
64,492
Aristocrat Leisure Ltd.
 
1,132
39,007
Brightstar Lottery PLC
 
4,523
59,387
Delta Air Lines, Inc.
 
896
60,919
DraftKings, Inc. (a)
 
3,350
78,122
15
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Travel, Gaming, & Lodging – continued
Flutter Entertainment PLC (a)
 
1,640
$177,005
Galaxy Entertainment Group Ltd.
 
14,000
59,674
Genius Sports Ltd. (a)
 
6,864
29,927
Hilton Worldwide Holdings, Inc.
 
153
49,583
Host Hotels & Resorts, Inc., REIT
 
6,352
134,218
Hyatt Hotels Corp. (l)
 
1,649
276,323
Japan Airlines Co. Ltd.
 
1,400
21,945
Marriott International, Inc., “A”
 
1,610
582,321
Qantas Airways Ltd.
 
7,463
45,482
Royal Caribbean Cruises Ltd.
 
430
113,417
Sands China Ltd.
 
52,800
110,899
Southwest Airlines Co.
 
1,138
43,153
Sportradar Group AG (a)
 
5,882
76,760
VICI Properties, Inc., REIT
 
2,263
66,079
Viking Holdings Ltd. (a)
 
11,551
946,142
Wyndham Hotels & Resorts, Inc.
 
223
18,148
 
 
 
$3,099,438
Utilities – 2.4%
Alliant Energy Corp.
 
1,647
$120,939
Atmos Energy Corp.
 
339
64,403
Brookfield Infrastructure Corp.
 
973
36,001
CenterPoint Energy, Inc.
 
1,814
79,181
China Resources Gas Group Ltd.
 
8,800
21,111
CLP Holdings Ltd.
 
3,000
28,786
CMS Energy Corp.
 
1,101
84,491
DCC PLC
 
1,929
145,945
Dominion Energy, Inc. (f)
 
7,111
458,659
DTE Energy Co.
 
1,089
165,190
Duke Energy Corp.
 
3,984
516,127
E.ON SE
 
3,542
78,527
Edison International
 
7,684
533,961
Evergy, Inc.
 
574
47,550
Italgas S.p.A.
 
26,173
316,088
MDU Resources Group, Inc.
 
1,450
32,669
National Grid PLC
 
8,250
147,581
NextEra Energy, Inc.
 
504
49,332
NorthWestern Corp.
 
946
68,434
NRG Energy, Inc.
 
3,279
510,147
ONE Gas, Inc.
 
670
59,777
PG&E Corp.
 
26,118
434,081
Pinnacle West Capital Corp.
 
693
71,878
Portland General Electric Co.
 
3,334
173,135
Public Service Enterprise Group, Inc.
 
1,032
84,273
Sempra
 
730
69,438
Southern Co.
 
4,396
425,093
Southwest Gas Holdings, Inc.
 
718
67,528
Spire, Inc.
 
756
68,932
Talen Energy Corp. (a)
 
460
171,313
UGI Corp.
 
1,115
40,240
 
 
 
$5,170,810
Total Common Stocks (Identified Cost, $108,942,280)
$164,605,682
16
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – 19.4%
Aerospace & Defense – 0.4%
Boeing Co., 5.15%, 5/01/2030 
 
$
83,000
$84,342
Boeing Co., 5.805%, 5/01/2050 
 
 
349,000
340,084
Honeywell Aerospace, Inc., 4.6%, 3/16/2033 (n)
 
 
87,000
85,899
Honeywell Aerospace, Inc., 4.95%, 3/16/2036 (n)
 
 
116,000
114,683
Honeywell Aerospace, Inc., 5.732%, 3/16/2056 (n)
 
 
53,000
52,128
Huntington Ingalls Industries, Inc., 5.749%, 1/15/2035 
 
 
106,000
109,626
 
 
 
$786,762
Asset-Backed & Securitized – 0.5%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.101%, 11/15/2054 (i)
 
$
965,437
$31,458
Angel Oak Mortgage Trust, 2024-13, “A1”, 5.464%, 12/26/2069 (n)
 
 
75,347
75,641
Angel Oak Mortgage Trust, 2025-3, “A1”, 5.42%, 3/25/2070 (n)
 
 
141,871
142,379
ARDN Mortgage Trust, 2025-ARCP, “A”, FLR, 5.404% (SOFR - 1mo. + 1.75%), 6/15/2035 (n)
 
 
115,000
115,215
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.231%, 7/15/2054 (i)
 
 
1,177,633
51,266
Colt Funding LLC, 2024-6, “A1”, 5.39%, 11/25/2069 (n)
 
 
70,536
70,772
Home Owner Mortgage Enhanced, 5.077%, 8/25/2060 (n)
 
 
93,479
93,001
KREF 2018-FT1 Ltd., “A”, FLR, 4.852% ((SOFR - 1mo. + 0.11448%) + 1.07%), 2/15/2039 (n)
 
 
5,662
5,661
KREF 2018-FT1 Ltd., “AS”, FLR, 5.082% ((SOFR - 1mo. + 0.11448%) + 1.3%), 2/15/2039 (n)
 
 
100,000
99,957
MF1 2024-FL5 LLC, “A”, FLR, 5.349% (SOFR - 1mo. + 1.688%), 8/18/2041 (n)
 
 
100,000
100,162
Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM3, “A1”, 5.044%, 7/25/2069 (n)
 
 
58,223
58,215
OBX Trust, 2024-NQM3, “A1”, 6.129%, 12/25/2063 (n)
 
 
51,609
51,915
Provident Funding Mortgage Trust, 2025-3, “A4”, 5.5%, 8/25/2055 (n)
 
 
81,860
81,871
Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027 
 
 
17,315
17,439
 
 
 
$994,952
Auto & Auto Components – 0.3%
Cummins, Inc., 5.45%, 2/20/2054 
 
$
50,000
$48,369
Ford Motor Credit Co. LLC, 6.95%, 6/10/2026 
 
 
200,000
200,081
Ford Motor Credit Co. LLC, 3.25%, 2/12/2032 
 
 
39,000
34,222
Hyundai Capital America, 6.375%, 4/08/2030 (n)
 
 
128,000
134,513
Volkswagen Group of America Finance LLC, 4.45%, 9/11/2027 (n)
 
 
200,000
199,423
 
 
 
$616,608
Brokerage & Asset Managers – 0.7%
Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034 
 
$
82,000
$87,527
Charles Schwab Corp., 4.914% to 11/14/2035, FLR (SOFR - 1 day + 1.23%) to 11/14/2036 
 
 
160,000
156,136
Citadel Securities Global Holdings LLC, 5.75%, 3/27/2036 (n)
 
 
250,000
246,716
Jefferies Financial Group, Inc., 5.125%, 4/28/2031 
 
 
77,000
75,931
Jefferies Financial Group, Inc., 5.5%, 2/15/2036 
 
 
149,000
143,487
LPL Holdings, Inc., 4.625%, 11/15/2027 (n)
 
 
120,000
119,456
LPL Holdings, Inc., 4.375%, 5/15/2031 (n)
 
 
141,000
135,411
LPL Holdings, Inc., 5.65%, 3/15/2035 
 
 
151,000
150,903
LSEGA Finance PLC, 2%, 4/06/2028 (n)
 
 
200,000
190,897
The Carlyle Group, Inc., 5.05%, 9/19/2035 
 
 
204,000
197,171
 
 
 
$1,503,635
Building – 0.3%
Ferguson Enterprises, Inc., 5%, 10/03/2034 
 
$
251,000
$249,522
JH North America Holdings, Inc., 5.875%, 1/31/2031 (n)
 
 
82,000
81,962
JH North America Holdings, Inc., 6.125%, 7/31/2032 (n)
 
 
69,000
69,147
Vulcan Materials Co., 3.5%, 6/01/2030 
 
 
42,000
40,332
Vulcan Materials Co., 4.5%, 6/15/2047 
 
 
114,000
95,314
17
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Building – continued
Vulcan Materials Co., 5.7%, 12/01/2054 
 
$
93,000
$90,692
 
 
 
$626,969
Business Services – 0.2%
Fiserv, Inc., 4.4%, 7/01/2049 
 
$
114,000
$86,382
Mastercard, Inc., 3.85%, 3/26/2050 
 
 
167,000
128,233
Paychex, Inc., 5.1%, 4/15/2030 
 
 
63,000
63,671
Paychex, Inc., 5.35%, 4/15/2032 
 
 
62,000
62,554
 
 
 
$340,840
Cable TV – 0.3%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035 
 
$
71,000
$71,737
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.375%, 5/01/2047 
 
 
105,000
83,933
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.7%, 12/01/2055 
 
 
44,000
41,459
Comcast Corp., 5.35%, 5/15/2053 
 
 
184,000
161,482
Videotron Ltd., 3.625%, 6/15/2029 (n)
 
 
88,000
85,316
Videotron Ltd., 5.7%, 1/15/2035 (n)
 
 
148,000
148,913
 
 
 
$592,840
Chemicals – 0.1%
SNF Group SACA, 5.626%, 3/31/2031 (n)
 
$
200,000
$202,432
Conglomerates – 0.5%
Eaton Corp. PLC, 4.5%, 3/06/2033 
 
$
200,000
$197,011
GE Vernova, Inc., 4.875%, 2/04/2036 
 
 
137,000
135,517
nVent Finance S.à r.l., 5.65%, 5/15/2033 
 
 
143,000
146,637
Regal Rexnord Corp., 6.05%, 4/15/2028 
 
 
91,000
93,282
Regal Rexnord Corp., 6.3%, 2/15/2030 
 
 
208,000
217,651
Regal Rexnord Corp., 6.4%, 4/15/2033 
 
 
65,000
69,116
Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028 
 
 
186,000
186,582
Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/2034 
 
 
50,000
51,562
 
 
 
$1,097,358
Consumer Products – 0.2%
Haleon US Capital LLC, 3.625%, 3/24/2032 
 
$
250,000
$235,427
L'Oréal S.A., 5%, 5/20/2035 (n)
 
 
200,000
202,435
Mattel, Inc., 3.75%, 4/01/2029 (n)
 
 
65,000
63,059
 
 
 
$500,921
Consumer Services – 0.2%
CBRE Group, Inc., 5.95%, 8/15/2034 
 
$
97,000
$101,228
CBRE Services, Inc., 5.5%, 6/15/2035 
 
 
50,000
50,701
Rentokil Terminix LLC, 5%, 4/28/2030 (n)
 
 
200,000
201,586
 
 
 
$353,515
Diversified Financial Services – 0.5%
Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n)
 
$
131,000
$129,490
Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n)
 
 
115,000
111,062
Avolon Holdings Funding Ltd., 4.95%, 10/15/2032 (n)
 
 
109,000
106,346
Blackstone Secured Lending Fund, 5.35%, 4/13/2028 
 
 
88,000
87,785
Goldman Sachs Private Credit Corp., 6.15%, 6/16/2031 (n)
 
 
87,000
86,268
Macquarie AirFinance Holdings Ltd., 5.15%, 3/17/2030 (n)
 
 
163,000
162,368
SMBC Aviation Capital Finance DAC, 5.3%, 4/03/2029 (n)
 
 
200,000
202,846
18
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Diversified Financial Services – continued
SMBC Aviation Capital Finance DAC, 5.25%, 11/26/2035 (n)
 
$
200,000
$195,918
 
 
 
$1,082,083
Electrical Equipment – 0.1%
Arrow Electronics, Inc., 5.875%, 4/10/2034 
 
$
147,000
$151,502
Emerging Market Quasi-Sovereign – 0.1%
Comision Federal de Electricidad (United Mexican States), 6.045%, 1/28/2034 (n)
 
$
200,000
$197,476
Emerging Market Sovereign – 0.3%
Republic of Poland, 6.125%, 4/14/2056 
 
$
118,000
$118,320
United Mexican States, 5.85%, 7/02/2032 
 
 
200,000
203,170
United Mexican States, 5.625%, 2/09/2034 
 
 
200,000
197,434
United Mexican States, 5.625%, 9/22/2035 
 
 
200,000
195,700
 
 
 
$714,624
Energy - Independent – 0.3%
APA Corp., 6.1%, 2/15/2035 
 
$
37,000
$38,388
APA Corp., 6.75%, 2/15/2055 
 
 
67,000
68,474
Occidental Petroleum Corp., 4.4%, 4/15/2046 
 
 
118,000
93,847
Pioneer Natural Resources Co., 1.9%, 8/15/2030 
 
 
154,000
139,114
Pioneer Natural Resources Co., 2.15%, 1/15/2031 
 
 
112,000
101,138
Santos Finance Ltd., 6.875%, 9/19/2033 (n)
 
 
110,000
119,959
Santos Finance Ltd., 5.75%, 11/13/2035 (n)
 
 
46,000
46,541
 
 
 
$607,461
Energy - Integrated – 0.0%
BP Capital Markets America, Inc., 3.001%, 3/17/2052 
 
$
169,000
$106,686
Entertainment & Leisure – 0.1%
Royal Caribbean Cruises Ltd., 5.625%, 9/30/2031 (n)
 
$
149,000
$151,050
Food & Beverages – 0.8%
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049 
 
$
347,000
$338,707
Bacardi Ltd., 5.15%, 5/15/2038 (n)
 
 
286,000
265,834
Flowers Foods, Inc., 5.75%, 3/15/2035 
 
 
73,000
70,342
Flowers Foods, Inc., 6.2%, 3/15/2055 
 
 
31,000
26,189
JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 3%, 2/02/2029 
 
 
68,000
65,309
JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 3.75%, 12/01/2031 
 
 
79,000
74,007
JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 3.625%, 1/15/2032 
 
 
69,000
63,809
JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 6.5%, 12/01/2052 
 
 
78,000
78,227
Kraft Heinz Foods Co., 4.875%, 10/01/2049 
 
 
76,000
62,233
Kraft Heinz Foods Co., 5.5%, 6/01/2050 
 
 
112,000
100,304
Mars, Inc., 4.55%, 4/20/2028 (n)
 
 
40,000
40,255
Mars, Inc., 4.75%, 4/20/2033 (n)
 
 
184,000
181,976
Mars, Inc., 3.95%, 4/01/2049 (n)
 
 
59,000
45,665
Mars, Inc., 5.7%, 5/01/2055 (n)
 
 
262,000
254,936
SYSCO Corp., 4.45%, 3/15/2048 
 
 
135,000
107,669
 
 
 
$1,775,462
19
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Global Systemically Important Banks – 2.7%
Bank of America Corp., 3.419% to 12/20/2027, FLR ((SOFR - 3mo. + 0.26161%) + 1.04%) to 12/20/2028 
 
$
168,000
$165,225
Bank of America Corp., 5.819% to 9/15/2028, FLR (SOFR - 1 day + 1.57%) to 9/15/2029 
 
 
210,000
216,080
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032 
 
 
248,000
225,035
Bank of America Corp., 5.872% to 9/15/2033, FLR (SOFR - 1 day + 1.84%) to 9/15/2034 
 
 
243,000
254,858
Deutsche Bank AG, 5.706% to 2/08/2027, FLR (SOFR - 1 day + 1.594%) to 2/08/2028 
 
 
150,000
151,257
Deutsche Bank AG, 4.95% to 8/04/2030, FLR (SOFR - 1 day + 1.3%) to 8/04/2031 
 
 
150,000
149,530
Goldman Sachs Group, Inc., 4.692% to 10/23/2029, FLR (SOFR - 1 day + 1.135%) to 10/23/2030 
 
 
130,000
129,997
Goldman Sachs Group, Inc., 5.016% to 10/23/2034, FLR (SOFR - 1 day + 1.42%) to 10/23/2035 
 
 
198,000
194,808
Goldman Sachs Group, Inc., 5.065% to 1/21/2036, FLR (SOFR - 1 day + 1.19%) to 1/21/2037 
 
 
138,000
134,914
HSBC Holdings PLC, 5.13% to 3/03/2030, FLR (SOFR - 1 day + 1.29%) to 3/03/2031 
 
 
200,000
202,513
HSBC Holdings PLC, 5.279% to 3/10/2036, FLR (SOFR - 1 day + 1.55%) to 3/10/2037 
 
 
200,000
197,254
JPMorgan Chase & Co., 5.581% to 4/22/2029, FLR (SOFR - 1 day + 1.16%) to 4/22/2030 
 
 
398,000
409,167
JPMorgan Chase & Co., 2.545% to 11/08/2031, FLR (SOFR - 1 day + 1.18%) to 11/08/2032 
 
 
295,000
262,519
JPMorgan Chase & Co., 5.336% to 1/23/2034, FLR (SOFR - 1 day + 1.62%) to 1/23/2035 
 
 
118,000
119,605
JPMorgan Chase & Co., 4.946% to 10/22/2034, FLR (SOFR - 1 day + 1.34%) to 10/22/2035 
 
 
185,000
182,921
JPMorgan Chase & Co., 4.81% to 10/22/2035, FLR (SOFR - 1 day + 1.19%) to 10/22/2036 
 
 
100,000
97,141
JPMorgan Chase & Co., 4.898% to 1/22/2036, FLR (SOFR - 1 day + 1.07%) to 1/22/2037 
 
 
186,000
181,316
Mitsubishi UFJ Financial Group, Inc., 1.64% to 10/13/2026, FLR (CMT - 1yr. + 0.67%) to 10/13/2027 
 
 
200,000
197,488
Mitsubishi UFJ Financial Group, Inc., 2.494% to 10/13/2031, FLR (CMT - 1yr. + 0.97%) to 10/13/2032 
 
 
400,000
354,832
Mitsubishi UFJ Financial Group, Inc., 5.188%, 9/12/2036 
 
 
200,000
198,720
Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029 
 
 
98,000
99,801
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031 
 
 
93,000
89,390
Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034 
 
 
110,000
112,109
Morgan Stanley, 5.073% to 1/30/2036, FLR (SOFR - 1 day + 1.184%) to 1/30/2037 
 
 
263,000
257,327
Sumitomo Mitsui Financial Group, Inc., 1.71%, 1/12/2031 
 
 
200,000
174,977
Toronto-Dominion Bank, 4.693%, 9/15/2027 
 
 
94,000
94,479
UBS Group AG, 5.617%, 9/13/2030 (n)
 
 
200,000
205,936
UBS Group AG, 5.58%, 5/09/2036 (n)
 
 
365,000
371,226
UBS Group AG, 7% to 8/05/2035, FLR (USD SOFR ICE Swap Rate - 5yr. + 3.296%) to 8/05/2172 (n)
 
 
200,000
203,531
Wells Fargo & Co., 5.574% to 7/25/2028, FLR (SOFR - 1 day + 1.74%) to 7/25/2029 
 
 
59,000
60,300
Wells Fargo & Co., 5.389% to 4/24/2033, FLR (SOFR - 1 day + 2.02%) to 4/24/2034 
 
 
160,000
162,881
 
 
 
$5,857,137
Hardware, Peripherals, & Assembly – 0.0%
Apple, Inc., 2.65%, 5/11/2050 
 
$
192,000
$117,534
Industrial – 0.2%
Booz Allen Hamilton, Inc., 5.95%, 4/15/2035 
 
$
116,000
$116,894
WSP Global, Inc., 5.039%, 9/18/2031 (n)
 
 
78,000
77,666
WSP Global, Inc., 5.714%, 9/18/2036 (n)
 
 
156,000
155,052
 
 
 
$349,612
Insurance – 0.4%
Corebridge Financial, Inc., 3.9%, 4/05/2032 
 
$
92,000
$86,489
Corebridge Financial, Inc., 4.35%, 4/05/2042 
 
 
149,000
124,132
Corebridge Global Funding, 4.9%, 8/21/2032 (n)
 
 
113,000
112,004
Lincoln National Corp., 5.852%, 3/15/2034 
 
 
107,000
109,059
Northwestern Mutual Life Insurance Co., 6.17%, 5/29/2055 (n)
 
 
150,000
154,626
Pacific Life Insurance Co., 5.95%, 9/15/2055 (n)
 
 
147,000
143,632
Sammons Financial Group, Inc., 4.75%, 4/08/2032 (n)
 
 
136,000
130,314
 
 
 
$860,256
20
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Insurance - Health – 0.3%
Elevance Health, Inc., 5.65%, 6/15/2054 
 
$
89,000
$84,251
Humana, Inc., 5.375%, 4/15/2031 
 
 
62,000
62,847
Humana, Inc., 5.55%, 5/01/2035 
 
 
113,000
112,279
Humana, Inc., 4.95%, 10/01/2044 
 
 
46,000
38,803
UnitedHealth Group, Inc., 2.3%, 5/15/2031 
 
 
105,000
94,390
UnitedHealth Group, Inc., 5.5%, 7/15/2044 
 
 
80,000
77,627
UnitedHealth Group, Inc., 5.875%, 2/15/2053 
 
 
129,000
127,882
 
 
 
$598,079
Insurance - Property & Casualty – 0.5%
American International Group, Inc., 4.85%, 5/07/2030 
 
$
46,000
$46,456
American International Group, Inc., 5.125%, 3/27/2033 
 
 
146,000
147,661
Arthur J. Gallagher & Co., 6.5%, 2/15/2034 
 
 
106,000
114,314
Arthur J. Gallagher & Co., 6.75%, 2/15/2054 
 
 
140,000
150,906
Brown & Brown, Inc., 5.25%, 6/23/2032 
 
 
50,000
49,896
Brown & Brown, Inc., 6.25%, 6/23/2055 
 
 
26,000
25,851
Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031 
 
 
99,000
92,654
Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032 
 
 
63,000
64,916
Fairfax Financial Holdings Ltd., 6.5%, 5/20/2055 
 
 
130,000
135,691
Marsh & McLennan Cos., Inc., 4.85%, 11/15/2031 
 
 
79,000
79,681
Marsh & McLennan Cos., Inc., 4.9%, 3/15/2049 
 
 
35,000
30,774
Marsh & McLennan Cos., Inc., 2.9%, 12/15/2051 
 
 
83,000
50,827
Marsh & McLennan Cos., Inc., 5.4%, 3/15/2055 
 
 
75,000
69,923
Progressive Corp., 5.15%, 3/26/2036 
 
 
115,000
114,716
 
 
 
$1,174,266
International Market Quasi-Sovereign – 0.2%
NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n)
 
$
200,000
$206,102
Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n)
 
 
200,000
177,288
 
 
 
$383,390
International Market Sovereign – 0.1%
Government of Bermuda, 5%, 7/15/2032 (n)
 
$
200,000
$200,640
Machinery & Tools – 0.1%
Ashtead Capital, Inc., 5.55%, 5/30/2033 (n)
 
$
200,000
$202,905
CNH Industrial Capital LLC, 5.5%, 1/12/2029 
 
 
95,000
97,134
 
 
 
$300,039
Media – 0.2%
Walt Disney Co., 3.5%, 5/13/2040 
 
$
148,000
$121,462
Walt Disney Co., 3.8%, 5/13/2060 
 
 
93,000
66,401
WMG Acquisition Corp., 3.75%, 12/01/2029 (n)
 
 
137,000
130,056
WMG Acquisition Corp., 3.875%, 7/15/2030 (n)
 
 
79,000
74,473
 
 
 
$392,392
Medical & Health Technology & Services – 0.6%
Alcon Finance Corp., 2.75%, 9/23/2026 (n)
 
$
200,000
$198,797
Alcon Finance Corp., 2.6%, 5/27/2030 (n)
 
 
200,000
185,130
Baxter International, Inc., 4.9%, 12/15/2030 
 
 
39,000
38,597
Baxter International, Inc., 5.65%, 12/15/2035 
 
 
55,000
54,027
CommonSpirit Health, 5.662%, 9/01/2055 
 
 
66,000
62,866
HCA, Inc., 4.9%, 11/15/2035 
 
 
54,000
52,266
21
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Medical & Health Technology & Services – continued
HCA, Inc., 5.7%, 11/15/2055 
 
$
101,000
$93,942
ICON Investments Six DAC, 5.809%, 5/08/2027 
 
 
200,000
201,511
Marin General Hospital, 7.242%, 8/01/2045 
 
 
59,000
63,031
Thermo Fisher Scientific, Inc., 4.473%, 10/07/2032 
 
 
165,000
163,106
Thermo Fisher Scientific, Inc., 2.8%, 10/15/2041 
 
 
178,000
129,494
 
 
 
$1,242,767
Medical Equipment – 0.3%
Abbott Laboratories, 4.65%, 3/15/2036 
 
$
197,000
$191,307
Augusta SpinCo Corp., 4.945%, 3/23/2033 
 
 
77,000
76,625
Augusta SpinCo Corp., 5.245%, 3/23/2036 
 
 
84,000
83,660
Danaher Corp., 2.6%, 10/01/2050 
 
 
232,000
138,078
Stryker Corp., 4.625%, 9/11/2034 
 
 
198,000
193,674
 
 
 
$683,344
Metals & Mining – 0.1%
Glencore Finance (Canada) Ltd., 5.55%, 10/25/2042 (n)
 
$
10,000
$9,590
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n)
 
 
182,000
188,660
Rio Tinto Finance (USA) PLC, 5.75%, 3/14/2055 
 
 
54,000
54,116
 
 
 
$252,366
Midstream – 0.7%
Cheniere Energy Partners LP, 5.55%, 10/30/2035 
 
$
153,000
$156,159
Columbia Pipelines Holdings Co. LLC, 6.055%, 8/15/2026 (n)
 
 
22,000
22,074
Columbia Pipelines Operating Co. LLC, 6.497%, 8/15/2043 (n)
 
 
108,000
113,124
Columbia Pipelines Operating Co. LLC, 6.544%, 11/15/2053 (n)
 
 
77,000
80,969
Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054 
 
 
153,000
144,212
Energy Transfer LP, 4%, 10/01/2027 
 
 
77,000
76,557
Energy Transfer LP, 5.95%, 5/15/2054 
 
 
156,000
147,282
Enterprise Products Operating LLC, 4.85%, 1/31/2034 
 
 
164,000
163,852
Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/2027 (n)
 
 
51,555
50,270
Plains All American Pipeline LP, 5.95%, 6/15/2035 
 
 
236,000
243,366
Plains All American Pipeline LP, 5.6%, 1/15/2036 
 
 
64,000
64,109
Targa Resources Corp., 4.95%, 4/15/2052 
 
 
225,000
189,288
 
 
 
$1,451,262
Municipals – 0.1%
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B”, 2.746%, 6/01/2034 
 
$
40,000
$35,416
Kentucky Higher Education Student Loan Corp. Rev., Taxable, “A-2”, 6.195%, 6/01/2040 
 
 
90,000
92,626
New Hampshire National Finance Authority, Utility Refunding Rev., Taxable (Wheeling Power Co. Project), “A”, 6.89%, 4/01/2034 
 
 
100,000
106,076
 
 
 
$234,118
Natural Gas - Distribution – 0.1%
Boston Gas Co., 5.843%, 1/10/2035 (n)
 
$
193,000
$202,042
Network & Telecom – 0.2%
NTT Finance Corp., 5.171%, 7/16/2032 (n)
 
$
200,000
$202,095
NTT Finance Corp., 5.502%, 7/16/2035 (n)
 
 
200,000
203,495
 
 
 
$405,590
22
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Non-Global Systemically Important Banks – 1.3%
AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n)
 
$
200,000
$208,970
Bank Hapoalim B.M., 4.722%, 7/14/2029 (n)
 
 
202,000
199,723
CaixaBank S.A., 6.84% to 9/13/2033, FLR (SOFR - 1 day + 2.77%) to 9/13/2034 (n)
 
 
200,000
218,564
Commonwealth Bank of Australia, 3.61% to 9/12/2029, FLR (CMT - 1yr. + 2.05%) to 9/12/2034 (n)
 
 
200,000
192,076
Commonwealth Bank of Australia, 3.305%, 3/11/2041 (n)
 
 
200,000
152,666
Fifth Third Bancorp, 4.566% to 4/29/2031, FLR (SOFR - 1 day + 0.95%) to 4/29/2032 
 
 
232,000
228,504
Intesa Sanpaolo S.p.A., 7.2%, 11/28/2033 (n)
 
 
200,000
225,185
M&T Bank Corp., 4.553% to 8/16/2027, FLR (SOFR - 1 day + 1.78%) to 8/16/2028 
 
 
43,000
43,000
M&T Bank Corp., 7.413% to 10/30/2028, FLR (SOFR - 1 day + 2.80%) to 10/30/2029 
 
 
38,000
40,500
M&T Bank Corp., 5.053% to 1/27/2033, FLR (SOFR - 1 day + 1.850%) to 1/27/2034 
 
 
169,000
167,619
National Australia Bank Ltd., 3.347% to 1/12/2032, FLR (CMT - 5yr. + 1.7%) to 1/12/2037 (n)
 
 
250,000
226,554
Nationwide Building Society, 4.351%, 9/30/2030 (n)
 
 
200,000
197,673
Nordea Bank Abp, 1.5%, 9/30/2026 (n)
 
 
263,000
260,032
PNC Financial Services Group, Inc., 5.3% to 1/21/2027, FLR (SOFR - 1 day + 1.342%) to 1/21/2028 
 
 
53,000
53,339
PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%) to 1/22/2035 
 
 
93,000
95,860
PNC Financial Services Group, Inc., 5.575% to 1/29/2035, FLR (SOFR - 1 day + 1.394%) to 1/29/2036 
 
 
140,000
143,210
Truist Financial Corp., 7.161% to 10/30/2028, FLR (SOFR - 1 day + 2.446%) to 10/30/2029 
 
 
111,000
117,762
 
 
 
$2,771,237
Pharmaceuticals & Biotechnology – 0.4%
AbbVie, Inc., 4.75%, 3/15/2036 
 
$
76,000
$74,316
AbbVie, Inc., 5.35%, 3/15/2044 
 
 
198,000
192,089
AbbVie, Inc., 5.4%, 3/15/2054 
 
 
83,000
78,771
Eli Lilly & Co., 4.7%, 2/09/2034 
 
 
196,000
195,744
Eli Lilly & Co., 5.5%, 2/12/2055 
 
 
24,000
23,362
Merck & Co., Inc., 4.75%, 12/04/2035 
 
 
159,000
155,634
Pfizer Investment Enterprises Pte. Ltd., 5.3%, 5/19/2053 
 
 
123,000
113,947
Pfizer, Inc., 2.55%, 5/28/2040 
 
 
58,000
42,119
 
 
 
$875,982
Railroads – 0.2%
Burlington Northern Santa Fe LLC, 5.2%, 4/15/2054 
 
$
196,000
$180,732
Burlington Northern Santa Fe LLC, 5.5%, 3/15/2055 
 
 
66,000
63,592
Canadian Pacific Railway Co., 3.1%, 12/02/2051 
 
 
237,000
154,404
 
 
 
$398,728
Real Estate - Apartment – 0.1%
American Homes 4 Rent LP, REIT, 5.25%, 3/15/2035 
 
$
217,000
$214,812
Real Estate - Other – 0.1%
Prologis LP, REIT, 5.125%, 1/15/2034 
 
$
97,000
$97,952
Public Storage Operating Co., 5%, 12/15/2035 
 
 
78,000
77,127
 
 
 
$175,079
Real Estate - Retail – 0.2%
NNN REIT, Inc., 5.6%, 10/15/2033 
 
$
85,000
$87,171
Realty Income Corp., REIT, 5.375%, 9/01/2054 
 
 
182,000
173,420
STORE Capital Corp., REIT, 4.625%, 3/15/2029 
 
 
65,000
64,361
STORE Capital Corp., REIT, 2.75%, 11/18/2030 
 
 
199,000
179,614
 
 
 
$504,566
23
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Real Estate - Storage & Office – 0.2%
Boston Properties LP, REIT, 2.75%, 10/01/2026 
 
$
127,000
$126,166
COPT Defense Properties, REIT, 2%, 1/15/2029 
 
 
85,000
79,484
COPT Defense Properties, REIT, 4.5%, 10/15/2030 
 
 
64,000
63,270
COPT Defense Properties, REIT, 2.75%, 4/15/2031 
 
 
50,000
45,385
Highwoods Realty LP, 5.35%, 1/15/2033 
 
 
213,000
210,977
 
 
 
$525,282
Refining – 0.0%
Raizen Fuels Finance S.A., 6.25%, 7/08/2032 (a)(n)
 
$
200,000
$109,500
Retail & E-commerce – 0.3%
Alimentation Couche-Tard, Inc., 5.077%, 9/29/2035 (n)
 
$
100,000
$98,961
Amazon.com, Inc., 5.65%, 3/13/2046 
 
 
193,000
190,336
DICK'S Sporting Goods, 4.1%, 1/15/2052 
 
 
192,000
136,299
Home Depot, Inc., 3.9%, 6/15/2047 
 
 
190,000
147,639
O'Reilly Automotive, Inc., 5.1%, 3/12/2036 
 
 
77,000
76,193
 
 
 
$649,428
Semiconductor & Electronic Components – 0.2%
Broadcom, Inc., 5.05%, 7/12/2029 
 
$
90,000
$91,745
Broadcom, Inc., 5.2%, 7/15/2035 
 
 
118,000
119,018
Broadcom, Inc., 4.8%, 2/15/2036 
 
 
134,000
130,770
Broadcom, Inc., 5.7%, 1/15/2056 
 
 
85,000
84,503
Intel Corp., 5.7%, 2/10/2053 
 
 
79,000
73,896
 
 
 
$499,932
Software – 0.4%
Microsoft Corp., 2.525%, 6/01/2050 
 
$
180,000
$106,251
Microsoft Corp., 2.5%, 9/15/2050 
 
 
113,000
66,397
Oracle Corp., 4.95%, 2/04/2031 
 
 
120,000
117,382
Oracle Corp., 4.8%, 9/26/2032 
 
 
46,000
43,740
Oracle Corp., 5.35%, 5/04/2033 
 
 
154,000
149,745
Oracle Corp., 5.7%, 2/04/2036 
 
 
95,000
91,233
Oracle Corp., 4%, 7/15/2046 
 
 
98,000
65,412
Salesforce, Inc., 4.9%, 9/15/2031 
 
 
101,000
100,703
Salesforce, Inc., 5.55%, 3/15/2036 
 
 
99,000
98,727
 
 
 
$839,590
Supermarkets – 0.0%
Kroger Co., 5.5%, 9/15/2054 
 
$
78,000
$72,392
Telecommunications - Wireless – 0.5%
American Tower Corp., 5.2%, 2/15/2029 
 
$
90,000
$91,589
American Tower Corp., 5.45%, 2/15/2034 
 
 
115,000
117,290
American Tower Corp., 3.7%, 10/15/2049 
 
 
101,000
72,986
Cellnex Finance Co. S.A., 3.875%, 7/07/2041 (n)
 
 
200,000
156,530
Crown Castle, Inc., REIT, 3.7%, 6/15/2026 
 
 
100,000
99,919
Rogers Communications, Inc., 4.5%, 3/15/2042 
 
 
150,000
126,661
Rogers Communications, Inc., 4.55%, 3/15/2052 
 
 
20,000
15,768
T-Mobile USA, Inc., 5.05%, 7/15/2033 
 
 
149,000
149,690
T-Mobile USA, Inc., 5.75%, 1/15/2054 
 
 
60,000
57,103
Vodafone Group PLC, 5.625%, 2/10/2053 
 
 
169,000
158,411
 
 
 
$1,045,947
24
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Tobacco – 0.1%
B.A.T. Capital Corp., 6.343%, 8/02/2030 
 
$
112,000
$119,402
Japan Tobacco, Inc., 5.25%, 6/15/2030 (n)
 
 
150,000
153,717
 
 
 
$273,119
Transportation & Logistics – 0.2%
Element Fleet Management Corp., 6.319%, 12/04/2028 (n)
 
$
133,000
$138,650
Element Fleet Management Corp., 5.037%, 3/25/2030 (n)
 
 
98,000
99,041
ERAC USA Finance LLC, 4.7%, 4/30/2031 (n)
 
 
117,000
116,737
ERAC USA Finance LLC, 5.25%, 4/30/2036 (n)
 
 
87,000
86,781
 
 
 
$441,209
Travel, Gaming, & Lodging – 0.2%
Flutter Treasury DAC, 6.375%, 4/29/2029 (n)
 
$
200,000
$202,926
Las Vegas Sands Corp., 5.9%, 6/01/2027 
 
 
31,000
31,323
Las Vegas Sands Corp., 6.2%, 8/15/2034 
 
 
91,000
93,518
Marriott International, Inc., 2.85%, 4/15/2031 
 
 
28,000
25,667
Marriott International, Inc., 3.5%, 10/15/2032 
 
 
95,000
87,564
VICI Properties LP/VICI Note Co., Inc., 4.25%, 12/01/2026 (n)
 
 
84,000
83,804
 
 
 
$524,802
U.S. Treasury Obligations – 0.3%
U.S. Treasury Bonds, 5%, 5/15/2045 (f)
 
$
89,000
$89,348
U.S. Treasury Bonds, 4.875%, 8/15/2045 (f)
 
 
260,000
256,790
U.S. Treasury Bonds, 4.625%, 11/15/2045 (f)
 
 
190,000
181,539
U.S. Treasury Bonds, 4.75%, 2/15/2056 (f)
 
 
128,000
123,240
 
 
 
$650,917
Utilities – 1.8%
Adani Electricity Mumbai Ltd., 3.949%, 2/12/2030 (n)
 
$
200,000
$188,306
AEP Texas, Inc., 5.7%, 5/15/2034 
 
 
175,000
180,697
AEP Transmission Co. LLC, 5.375%, 6/15/2035 
 
 
67,000
68,109
AEP Transmission Co. LLC, 5.4%, 3/15/2053 
 
 
163,000
153,412
Algonquin Power & Utilities Corp., 5.365%, 6/15/2026 
 
 
35,000
34,999
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n)
 
 
95,000
85,158
Berkshire Hathaway Energy Co., 5.15%, 11/15/2043 
 
 
65,000
61,039
Berkshire Hathaway Energy Co., 4.6%, 5/01/2053 
 
 
21,000
17,273
Duke Energy Carolinas LLC, 2.85%, 3/15/2032 
 
 
64,000
58,194
Duke Energy Florida LLC, 3.4%, 10/01/2046 
 
 
85,000
60,639
Duke Energy Florida LLC, 6.2%, 11/15/2053 
 
 
150,000
156,854
Enel Finance International N.V., 5.5%, 6/15/2052 (n)
 
 
400,000
361,437
Eversource Energy, 4.45%, 12/15/2030 
 
 
57,000
56,166
Eversource Energy, 5.5%, 1/01/2034 
 
 
154,000
156,800
FirstEnergy Corp., 2.65%, 3/01/2030 
 
 
125,000
116,086
Florida Power & Light Co., 3.95%, 3/01/2048 
 
 
297,000
231,865
Georgia Power Co., 4.7%, 5/15/2032 
 
 
72,000
72,228
Georgia Power Co., 5.125%, 5/15/2052 
 
 
124,000
113,228
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n)
 
 
183,000
164,430
MidAmerican Energy Co., 5.85%, 9/15/2054 
 
 
131,000
130,986
NextEra Energy Capital Holdings, Inc., 2.44%, 1/15/2032 
 
 
149,000
131,639
Northern States Power Co. of Minnesota, 5.05%, 5/15/2035 
 
 
99,000
99,561
Oncor Electric Delivery Co. LLC, 5.35%, 4/01/2035 
 
 
106,000
108,138
Pacific Gas & Electric Co., 2.5%, 2/01/2031 
 
 
49,000
44,078
Pacific Gas & Electric Co., 4%, 12/01/2046 
 
 
89,000
65,531
25
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Utilities – continued
PPL Electric Utilities Corp., 4.85%, 2/15/2034 
 
$
171,000
$170,825
PSEG Power LLC, 5.2%, 5/15/2030 (n)
 
 
125,000
126,956
PSEG Power LLC, 5.75%, 5/15/2035 (n)
 
 
104,000
105,942
Public Service Electric & Gas Co., 5.5%, 3/01/2055 
 
 
79,000
76,082
Southern California Edison Co., 4.5%, 9/01/2040 
 
 
39,000
33,567
Vistra Operations Co. LLC, 4.7%, 1/31/2031 (n)
 
 
139,000
136,846
Vistra Operations Co. LLC, 5.35%, 1/31/2036 (n)
 
 
122,000
119,148
Xcel Energy, Inc., 4.6%, 6/01/2032 
 
 
143,000
140,766
 
 
 
$3,826,985
Utilities - Gas – 0.2%
APA Infrastructure Ltd., 5%, 3/23/2035 (n)
 
$
43,000
$42,202
APA Infrastructure Ltd., 5.75%, 9/16/2044 (n)
 
 
81,000
79,473
Spire, Inc., 4.6%, 9/01/2031 
 
 
222,000
219,812
Spire, Inc., 6.25%, 6/01/2056 
 
 
159,000
158,455
 
 
 
$499,942
Total Bonds (Identified Cost, $42,568,488)
$42,007,459
Convertible Preferred Stocks – 0.0%
Aerospace & Defense – 0.0%
Boeing Co., 6%, 10/15/2027 (Identified Cost, $53,655)
 
883
$63,753
Contingent Value Rights – 0.0%
Pharmaceuticals & Biotechnology – 0.0%
Sanofi S.A. (a)(u) (Identified Cost, $0)
 
 
101
$0
 
 
Strike
Price
First
Exercise
 
 
Warrants – 0.0%
 
 
Medical Equipment – 0.0%
OptiNose, Inc. (1 share for 15 warrants, Expiration 11/23/2027) (a)
$ 2.565
11/23/27
1
$0
Software – 0.0%
Constellation Software, Inc. (CAD 100 principal amount of Series 2 Debentures for 1 warrant, Expiration 3/31/2040) (a)
CAD 11.5
3/31/40
149
$0
Total Warrants (Identified Cost, $0)
$0
 
 
 
 
 
 
Mutual Funds (h) – 3.5%
Money Market Funds – 3.5%
MFS Institutional Money Market Portfolio, 3.7% (v) (Identified Cost, $7,613,365)
 
 
7,612,607
$7,613,368
 
26
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Underlying/Expiration Date/Exercise Price (Rate)
Put/Call
Counterparty
Notional
Amount
Par Amount/
Number of
Contracts
Value ($)
Purchased Options – 0.0%
Market Index Securities – 0.0%
Euro Stoxx 50 Index – 6/19/2026 @ EUR 5,350
Put
Goldman Sachs International
$5,246,154
76
$42,101
Ishares MSCI Emerging Market ETF – 6/18/2026 @ $43
Put
Merrill Lynch International
6,399,000
1,000
1,000
Standard & Poor's 500 Index – 9/18/2026 @ $6,050
Put
Merrill Lynch International
2,883,604
4
25,280
Total Purchased Options
(Premiums Paid, $316,944)
$68,381
 
Issuer
 
 
Shares/Par
 
Collateral for Securities Loaned – 0.2%
JPMorgan U.S. Government Money Market Fund - Class IM Shares, 3.6% (j) (Identified Cost, $501,034)
 
 
501,034
$501,034
Other Assets, Less Liabilities – 1.0%
2,116,874
Net Assets – 100.0%
$216,976,551
 
(a)
Non-income producing security.
(f)
All or a portion of the security has been segregated as collateral for open futures contracts and cleared swap agreements.
(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 $7,613,368 and
$207,246,309, respectively.
(i)
Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not
reflect the cost of the security.
(j)
The rate quoted is the annualized seven-day yield of the fund at period end.
(l)
A portion of this security is on loan. See Note 2 for additional information.
(n)
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in
transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $14,066,440,
representing 6.5% of net assets.
(s)
Security or a portion of the security was pledged to cover collateral requirements for certain derivative transactions.
(u)
The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the
fund’s level 3 holdings, please see Note 2 in the Notes to Financial Statements.
(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:
ADR
American Depositary Receipt
CMT
Constant Maturity Treasury
ETF
Exchange-Traded Fund
FLR
Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate
reported may not be the current rate. All reference rates are USD unless otherwise noted.
GDR
Global Depositary Receipt
ICE
Intercontinental Exchange
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financing Rate
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of
abbreviations is shown below:
AUD
Australian Dollar
BRL
Brazilian Real
CAD
Canadian Dollar
CHF
Swiss Franc
CNY
China Yuan Renminbi
DKK
Danish Krone
EUR
Euro
GBP
British Pound
HKD
Hong Kong Dollar
27
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
IDR
Indonesian Rupiah
ILS
Israeli Shekel
INR
Indian Rupee
JPY
Japanese Yen
KRW
South Korean Won
MXN
Mexican Peso
NOK
Norwegian Krone
NZD
New Zealand Dollar
SEK
Swedish Krona
SGD
Singapore Dollar
THB
Thai Baht
TRY
Turkish Lira
TWD
Taiwan Dollar
ZAR
South African Rand
 
Derivative Contracts at 4/30/26
Forward Foreign Currency Exchange Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
Asset Derivatives
AUD
10,854,000
USD
7,698,970
Barclays Bank PLC
5/15/2026
$113,786
AUD
1,179,000
USD
818,417
Merrill Lynch International
5/15/2026
30,233
BRL
909,113
USD
181,781
Barclays Bank PLC
5/05/2026
1,762
BRL
909,113
USD
182,238
Goldman Sachs International
5/05/2026
1,305
CAD
523,000
USD
381,074
Merrill Lynch International
5/15/2026
4,131
GBP
321,000
USD
436,162
Goldman Sachs International
5/15/2026
634
GBP
2,832
USD
3,847
HSBC Bank
7/17/2026
6
GBP
2,599,000
USD
3,513,552
JPMorgan Chase Bank N.A.
5/15/2026
22,996
JPY
142,058,000
USD
897,186
Barclays Bank PLC
5/15/2026
11,083
NOK
90,452,893
USD
9,430,102
Citibank N.A.
5/15/2026
332,058
NOK
7,725,000
USD
798,597
Goldman Sachs International
5/15/2026
35,126
NZD
2,213,000
USD
1,277,471
State Street Corp.
5/15/2026
30,363
USD
2,137,135
CAD
2,892,431
State Street Corp.
5/15/2026
6,774
USD
1,021,426
CHF
784,000
HSBC Bank
5/15/2026
16,819
USD
13,825,137
CHF
10,505,619
State Street Corp.
5/15/2026
363,377
USD
921,412
DKK
5,750,287
State Street Corp.
5/13/2026
17,817
USD
26,466,384
EUR
22,193,334
JPMorgan Chase Bank N.A.
5/15/2026
405,537
USD
7,668,093
GBP
5,610,795
HSBC Bank
5/15/2026
33,292
USD
2,326,370
HKD
18,125,902
Goldman Sachs International
5/15/2026
11,173
USD
71,946
IDR
1,212,682,000
Deutsche Bank AG
5/13/2026
1,922
USD
775,263
INR
70,741,252
Goldman Sachs International
5/15/2026
30,571
USD
15,379,486
JPY
2,382,531,584
NatWest Markets PLC
5/15/2026
146,416
USD
971,882
KRW
1,406,808,800
Goldman Sachs International
5/15/2026
23,099
USD
129,390
MXN
2,241,897
JPMorgan Chase Bank N.A.
5/15/2026
1,169
USD
1,456,209
NZD
2,429,000
State Street Corp.
5/15/2026
20,723
USD
1,555,486
SEK
14,088,000
Merrill Lynch International
5/15/2026
28,700
USD
644,629
SGD
811,841
HSBC Bank
5/15/2026
6,293
USD
103,276
THB
3,204,240
Barclays Bank PLC
5/15/2026
4,708
USD
1,249,022
TWD
39,408,323
Citibank N.A.
5/15/2026
4,387
USD
129,239
ZAR
2,078,796
NatWest Markets PLC
5/15/2026
4,549
 
 
 
 
 
$1,710,809
Liability Derivatives
CHF
926,000
USD
1,191,861
Citibank N.A.
5/15/2026
$(5,297
)
DKK
1,144,000
USD
181,056
JPMorgan Chase Bank N.A.
5/13/2026
(1,289
)
EUR
1,865,000
USD
2,205,646
Goldman Sachs International
5/15/2026
(15,642
)
EUR
18,151
USD
21,498
State Street Corp.
7/17/2026
(123
)
HKD
1,123,000
USD
143,558
Goldman Sachs International
5/15/2026
(119
)
28
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Forward Foreign Currency Exchange Contracts - continued
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
Liability Derivatives - continued
HKD
967,000
USD
123,611
State Street Corp.
5/15/2026
$(98
)
JPY
489,632,000
USD
3,147,645
JPMorgan Chase Bank N.A.
5/15/2026
(17,110
)
NZD
528,159
USD
319,852
HSBC Bank
5/15/2026
(7,722
)
SEK
52,100,068
USD
5,859,063
Deutsche Bank AG
5/15/2026
(212,719
)
USD
1,500,638
AUD
2,128,423
JPMorgan Chase Bank N.A.
5/15/2026
(31,410
)
USD
639,977
AUD
896,000
Merrill Lynch International
5/15/2026
(4,967
)
USD
182,238
BRL
909,113
Barclays Bank PLC
5/05/2026
(1,305
)
USD
177,723
BRL
909,113
Barclays Bank PLC
8/06/2026
(1,586
)
USD
170,770
BRL
909,113
Goldman Sachs International
5/05/2026
(12,773
)
USD
568,310
CAD
776,000
Citibank N.A.
5/15/2026
(3,237
)
USD
2,561,825
CAD
3,553,000
State Street Corp.
5/15/2026
(55,064
)
USD
204,455
CNY
1,409,000
Merrill Lynch International
5/15/2026
(1,904
)
USD
1,181,696
EUR
1,016,000
Goldman Sachs International
5/15/2026
(11,356
)
USD
1,126,895
GBP
847,000
Goldman Sachs International
5/15/2026
(25,647
)
USD
356,704
ILS
1,099,381
Barclays Bank PLC
5/15/2026
(16,251
)
USD
2,951,787
JPY
466,392,000
JPMorgan Chase Bank N.A.
5/15/2026
(30,160
)
USD
333,124
NOK
3,200,000
Goldman Sachs International
5/15/2026
(12,238
)
USD
872,139
NOK
8,231,000
JPMorgan Chase Bank N.A.
5/15/2026
(16,195
)
USD
703,413
SEK
6,586,000
Merrill Lynch International
5/15/2026
(10,345
)
USD
162,642
SGD
208,000
Merrill Lynch International
5/15/2026
(905
)
USD
195,803
TWD
6,280,000
Citibank N.A.
5/15/2026
(2,538
)
 
 
 
 
 
$(498,000
)
 
Futures Contracts
Description
Long/
Short
Currency
Contracts
Notional
Amount
Expiration
Date
Value/Unrealized
Appreciation
(Depreciation)
Asset Derivatives
Equity Futures
BIST 30 Index
Long
TRY
1,332
$5,142,049
June – 2026
$4,772
CAC 40 Index
Short
EUR
48
4,552,804
May – 2026
9,259
FTSE 100 Index
Long
GBP
7
989,857
June – 2026
2,930
FTSE/JSE Top 40 Index
Long
ZAR
30
1,945,961
June – 2026
31,967
Hang Seng Index
Long
HKD
47
7,747,116
May – 2026
20,941
Mini Ibovespa
Short
BRL
515
3,965,161
June – 2026
219,435
OMX 30 Index
Short
SEK
23
764,387
May – 2026
1,503
S&P/TSX 60 Index
Long
CAD
10
2,921,486
June – 2026
133,834
 
$424,641
Interest Rate Futures
Australian Bond 10 yr
Short
AUD
171
$13,180,683
June – 2026
$152,289
Euro-Bund 10 yr
Short
EUR
105
15,448,520
June – 2026
122,518
U.S. Treasury Note 10 yr
Short
USD
3
331,781
June – 2026
7,395
U.S. Treasury Ultra Note 10 yr
Short
USD
14
1,580,031
June – 2026
30,112
 
$312,314
 
$736,955
Liability Derivatives
Equity Futures
DAX Index
Short
EUR
6
$4,286,933
June – 2026
$(110,615
)
29
MFS Global Alternative Strategy Fund
Portfolio of Investments (unaudited) – continued
Description
Long/
Short
Currency
Contracts
Notional
Amount
Expiration
Date
Value/Unrealized
Appreciation
(Depreciation)
Liability Derivatives - continued
Equity Futures - continued
FTSE MIB Index
Short
EUR
7
$1,962,126
June – 2026
$(176,497
)
FTSE Taiwan Index
Short
USD
18
2,370,060
May – 2026
(44,554
)
IBEX 35 Index
Long
EUR
20
4,184,341
May – 2026
(11,541
)
KOSPI 200 Index
Short
KRW
29
4,971,120
June – 2026
(1,214,958
)
Mexbol Index
Short
MXN
12
465,959
June – 2026
(4,439
)
MSCI Singapore Index
Short
SGD
33
1,148,568
May – 2026
(5,468
)
NSE IFSC NIFTY 50 Index
Long
USD
41
1,979,726
May – 2026
(8,322
)
Russell 2000 Index
Short
USD
148
20,777,720
June – 2026
(2,226,466
)
S&P 500 E-Mini Index
Short
USD
154
55,776,875
June – 2026
(3,978,541
)
S&P MidCap 400 Index
Short
USD
49
17,890,880
June – 2026
(1,368,916
)
S&P/ASX 200 Index
Short
AUD
47
7,345,825
June – 2026
(71,855
)
Topix Index
Short
JPY
2
480,797
June – 2026
(18,865
)
 
$(9,241,037
)
Interest Rate Futures
Canadian Treasury Bond 10 yr
Long
CAD
114
$9,998,027
June – 2026
$(60,633
)
Japan Government Bond 10 yr
Long
JPY
20
16,513,047
June – 2026
(311,904
)
Long Gilt 10 yr
Long
GBP
13
1,531,755
June – 2026
(108,936
)
U.S. Treasury Bond 30 yr
Long
USD
3
338,531
June – 2026
(5,691
)
U.S. Treasury Note 2 yr
Long
USD
11
2,278,375
June – 2026
(20,922
)
 
$(508,086
)
 
$(9,749,123
)
 
Cleared Swap Agreements
Maturity
Date
Notional
Amount
Counterparty
Cash Flows
to Receive/
Frequency
Cash Flows
to Pay/
Frequency
Unrealized
Appreciation
(Depreciation)
Net
Unamortized
Upfront
Payments
(Receipts)
Value
Asset Derivatives
Interest Rate Swaps
6/18/36
USD
5,600,000
centrally cleared
1-day SOFR / Annually
3.776% / Annually
$107,461
$5,080
$112,541
6/21/56
USD
8,100,000
centrally cleared
1-day SOFR / Annually
4.06% / Annually
226,848
21,100
247,948
 
 
 
 
 
$334,309
$26,180
$360,489
Liability Derivatives
Interest Rate Swaps
6/21/28
USD
24,400,000
centrally cleared
3.441% / Annually
1-day SOFR / Annually
$(225,840
)
$(13,683
)
$(239,523
)
6/18/31
USD
30,900,000
centrally cleared
3.492% / Annually
1-day SOFR / Annually
(442,679
)
(36,726
)
(479,405
)
 
 
 
 
 
$(668,519
)
$(50,409
)
$(718,928
)
At April 30, 2026, the fund had cash collateral of $2,015,975 and other liquid securities collateral with an aggregate value of $23,697,767 to cover any collateral or margin obligations for certain derivative contracts. Cash collateral posted and/or cash pledged in the Statement of Assets and Liabilities are comprised of cash collateral.                                                                                                 
See Notes to Financial Statements
30
MFS Global Alternative Strategy Fund
Financial Statements | Statement of Assets and Liabilities
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund. 
At 4/30/26 (unaudited)
Assets
Investments in unaffiliated issuers, at value, including $2,515,688 of securities on loan (identified cost, $152,382,401)
$207,246,309
Investments in affiliated issuers, at value (identified cost, $7,613,365)
7,613,368
Cash
34,286
Foreign currency, at value (identified cost, $10)
31
Cash collateral posted for
Forward foreign currency exchange contracts
250,000
Cash pledged for
Futures contracts
1,760,885
Exchange-traded options
5,090
Receivables for
Forward foreign currency exchange contracts
1,710,809
Investments sold
45,497
Fund shares sold
448,641
Interest and dividends
837,666
Receivable from investment adviser
10,881
Other assets
538
Total assets
$219,964,001
Liabilities
Payables for
Net daily variation margin on open cleared swap agreements
$117,252
Forward foreign currency exchange contracts
498,000
Net daily variation margin on open futures contracts
1,377,896
Investments purchased
67,535
Fund shares reacquired
197,888
Collateral for securities loaned, at value (c)
501,034
Payable to affiliates
Administrative services fee
219
Shareholder servicing costs
68,405
Distribution and service fees
469
Payable for independent Trustees' compensation
978
Deferred foreign capital gains tax expense payable
11,025
Accrued expenses and other liabilities
146,749
Total liabilities
$2,987,450
Net assets
$216,976,551
Net assets consist of
Paid-in capital
$198,108,686
Total distributable earnings (loss)
18,867,865
Net assets
$216,976,551
Shares of beneficial interest outstanding
15,036,755
 
(c)
Non-cash collateral is not included.
 
See Notes to Financial Statements
31
MFS Global Alternative Strategy Fund
Statement of Assets and Liabilities - continued
 
Net assets
Shares
outstanding
Net asset value
per share (a)
Class A
$25,461,163
1,774,781
$14.35
Class B
48,922
3,493
14.01
Class C
1,744,145
125,018
13.95
Class I
171,267,513
11,860,330
14.44
Class R1
159,567
11,657
13.69
Class R2
71,475
5,023
14.23
Class R3
796,565
55,316
14.40
Class R4
648,106
44,740
14.49
Class R6
16,779,095
1,156,397
14.51
 
(a)
Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum
offering price per share was $15.23 [100 / 94.25 x $14.35]. On sales of $50,000 or more, the maximum offering price of Class A shares is
reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per
share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6.
See Notes to Financial Statements
32
MFS Global Alternative Strategy Fund
Financial Statements | Statement of Operations
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations. 
Six months ended 4/30/26 (unaudited)
Net investment income (loss)
 
Income
Dividends from unaffiliated issuers
$1,367,829
Interest
1,125,816
Dividends from affiliated issuers
241,630
Other
32,325
Income on securities loaned
4,148
Foreign taxes withheld
(53,895
)
Total investment income
$2,717,853
Expenses
Management fee
$900,141
Distribution and service fees
43,145
Shareholder servicing costs
115,554
Administrative services fee
20,179
Independent Trustees' compensation
3,137
Custodian fee
87,286
Shareholder communications
10,487
Audit and tax fees
55,373
Legal fees
422
Registration fees
76,186
Miscellaneous
49,808
Total expenses
$1,361,718
Fees paid indirectly
(173
)
Reduction of expenses by investment adviser and distributor
(143,303
)
Net expenses
$1,218,242
Net investment income (loss)
$1,499,611
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Unaffiliated issuers (includes $2,570 foreign capital gains tax)
$3,507,970
Affiliated issuers
(865
)
Futures contracts
1,412,999
Swap agreements
(211,893
)
Forward foreign currency exchange contracts
838,986
Foreign currency
(70,876
)
Net realized gain (loss)
$5,476,321
Change in unrealized appreciation or depreciation
Unaffiliated issuers (includes $10,877 decrease in deferred foreign capital gains tax)
$6,837,274
Affiliated issuers
(1,913
)
Futures contracts
(7,906,122
)
Swap agreements
(242,424
)
Forward foreign currency exchange contracts
(13,480
)
Translation of assets and liabilities in foreign currencies
38,737
Net unrealized gain (loss)
$(1,287,928
)
Net realized and unrealized gain (loss)
$4,188,393
Change in net assets from operations
$5,688,004
See Notes to Financial Statements
33
MFS Global Alternative Strategy Fund
Financial Statements | Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions. 
 
Six months ended
Year ended
 

4/30/26
(unaudited)

10/31/25
Change in net assets
 
 
From operations
Net investment income (loss)
$1,499,611
$2,303,950
Net realized gain (loss)
5,476,321
527,756
Net unrealized gain (loss)
(1,287,928
)
12,256,708
Change in net assets from operations
$5,688,004
$15,088,414
Total distributions to shareholders
$(2,500,202
)
$(2,102,033
)
Change in net assets from fund share transactions
$7,105,191
$58,156,777
Total change in net assets
$10,292,993
$71,143,158
Net assets
At beginning of period
206,683,558
135,540,400
At end of period
$216,976,551
$206,683,558
See Notes to Financial Statements
34
MFS Global Alternative Strategy Fund
Financial Statements | Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period. 
Class A 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$14.13
$13.00
$11.58
$10.86
$11.82
$10.99
Income (loss) from investment operations
Net investment income (loss) (d)
$0.08
$0.17
$0.17
$0.12
$0.06
$0.05
Net realized and unrealized gain (loss)
0.26
1.14
1.36
0.64
(0.98
)
0.83
Total from investment operations
$0.34
$1.31
$1.53
$0.76
$(0.92
)
$0.88
Less distributions declared to shareholders
From net investment income
$(0.12
)
$(0.18
)
$(0.11
)
$(0.04
)
$(0.04
)
$(0.05
)
Net asset value, end of period (x)
$14.35
$14.13
$13.00
$11.58
$10.86
$11.82
Total return (%) (r)(s)(t)(x)
2.42
(n)
10.22
13.33
6.99
(7.79
)
7.98
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f)
1.43
(a)
1.51
1.56
1.57
1.46
1.43
Expenses after expense reductions (f)
1.30
(a)
1.30
1.34
1.37
1.30
1.30
Net investment income (loss)
1.11
(a)
1.26
1.32
1.03
0.53
0.40
Portfolio turnover rate
34
(n)
47
38
44
58
44
Net assets at end of period (000 omitted)
$25,461
$26,422
$28,167
$25,608
$25,783
$31,120
Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions
excluding short sale expenses and interest expense and fees (f)
N/A
N/A
1.30
1.30
1.30
1.30
 
See Notes to Financial Statements
35
MFS Global Alternative Strategy Fund
Financial Highlights - continued
Class B 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$13.72
$12.57
$11.17
$10.53
$11.49
$10.73
Income (loss) from investment operations
Net investment income (loss) (d)
$0.02
$0.06
$0.07
$0.03
$(0.03
)
$(0.04
)
Net realized and unrealized gain (loss)
0.27
1.11
1.33
0.61
(0.93
)
0.80
Total from investment operations
$0.29
$1.17
$1.40
$0.64
$(0.96
)
$0.76
Less distributions declared to shareholders
From net investment income
$—
$(0.02
)
$—
$—
$—
$—
Net asset value, end of period (x)
$14.01
$13.72
$12.57
$11.17
$10.53
$11.49
Total return (%) (r)(s)(t)(x)
2.11
(n)
9.32
12.53
6.08
(8.36
)
7.08
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f)
2.18
(a)
2.26
2.31
2.31
2.21
2.18
Expenses after expense reductions (f)
2.05
(a)
2.05
2.10
2.12
2.05
2.05
Net investment income (loss)
0.31
(a)
0.49
0.58
0.28
(0.24
)
(0.36
)
Portfolio turnover rate
34
(n)
47
38
44
58
44
Net assets at end of period (000 omitted)
$49
$112
$394
$893
$1,693
$3,129
Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions
excluding short sale expenses and interest expense and fees (f)
N/A
N/A
2.05
2.05
2.05
2.05
 
See Notes to Financial Statements
36
MFS Global Alternative Strategy Fund
Financial Highlights - continued
Class C 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$13.71
$12.61
$11.21
$10.56
$11.53
$10.77
Income (loss) from investment operations
Net investment income (loss) (d)
$0.03
$0.07
$0.07
$0.03
$(0.03
)
$(0.04
)
Net realized and unrealized gain (loss)
0.25
1.11
1.33
0.62
(0.94
)
0.80
Total from investment operations
$0.28
$1.18
$1.40
$0.65
$(0.97
)
$0.76
Less distributions declared to shareholders
From net investment income
$(0.04
)
$(0.08
)
$—
$—
$—
$—
Net asset value, end of period (x)
$13.95
$13.71
$12.61
$11.21
$10.56
$11.53
Total return (%) (r)(s)(t)(x)
2.01
(n)
9.41
12.49
6.16
(8.41
)
7.06
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f)
2.18
(a)
2.26
2.31
2.31
2.21
2.18
Expenses after expense reductions (f)
2.05
(a)
2.05
2.10
2.12
2.05
2.05
Net investment income (loss)
0.36
(a)
0.50
0.56
0.27
(0.24
)
(0.36
)
Portfolio turnover rate
34
(n)
47
38
44
58
44
Net assets at end of period (000 omitted)
$1,744
$1,610
$1,357
$1,761
$3,725
$5,966
Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions
excluding short sale expenses and interest expense and fees (f)
N/A
N/A
2.05
2.05
2.05
2.05
 
See Notes to Financial Statements
37
MFS Global Alternative Strategy Fund
Financial Highlights - continued
Class I 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$14.24
$13.11
$11.67
$10.95
$11.91
$11.08
Income (loss) from investment operations
Net investment income (loss) (d)
$0.10
$0.20
$0.20
$0.15
$0.09
$0.08
Net realized and unrealized gain (loss)
0.26
1.14
1.38
0.64
(0.98
)
0.82
Total from investment operations
$0.36
$1.34
$1.58
$0.79
$(0.89
)
$0.90
Less distributions declared to shareholders
From net investment income
$(0.16
)
$(0.21
)
$(0.14
)
$(0.07
)
$(0.07
)
$(0.07
)
Net asset value, end of period (x)
$14.44
$14.24
$13.11
$11.67
$10.95
$11.91
Total return (%) (r)(s)(t)(x)
2.57
(n)
10.42
13.64
7.21
(7.51
)
8.19
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f)
1.18
(a)
1.26
1.32
1.32
1.21
1.18
Expenses after expense reductions (f)
1.05
(a)
1.05
1.09
1.12
1.05
1.05
Net investment income (loss)
1.36
(a)
1.49
1.57
1.27
0.79
0.66
Portfolio turnover rate
34
(n)
47
38
44
58
44
Net assets at end of period (000 omitted)
$171,268
$160,943
$91,222
$80,226
$94,555
$112,743
Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions
excluding short sale expenses and interest expense and fees (f)
N/A
N/A
1.05
1.05
1.05
1.05
 
See Notes to Financial Statements
38
MFS Global Alternative Strategy Fund
Financial Highlights - continued
Class R1 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$13.44
$12.39
$11.05
$10.41
$11.36
$10.61
Income (loss) from investment operations
Net investment income (loss) (d)
$0.02
$0.07
$0.07
$0.03
$(0.02
)
$(0.04
)
Net realized and unrealized gain (loss)
0.26
1.07
1.31
0.61
(0.93
)
0.79
Total from investment operations
$0.28
$1.14
$1.38
$0.64
$(0.95
)
$0.75
Less distributions declared to shareholders
From net investment income
$(0.03
)
$(0.09
)
$(0.04
)
$—
$—
$—
Net asset value, end of period (x)
$13.69
$13.44
$12.39
$11.05
$10.41
$11.36
Total return (%) (r)(s)(t)(x)
2.09
(n)
9.30
12.50
6.15
(8.36
)
7.07
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f)
2.18
(a)
2.26
2.32
2.32
2.21
2.18
Expenses after expense reductions (f)
2.05
(a)
2.05
2.09
2.12
2.05
2.05
Net investment income (loss)
0.37
(a)
0.51
0.57
0.29
(0.21
)
(0.35
)
Portfolio turnover rate
34
(n)
47
38
44
58
44
Net assets at end of period (000 omitted)
$160
$155
$141
$125
$111
$122
Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions
excluding short sale expenses and interest expense and fees (f)
N/A
N/A
2.05
2.05
2.05
2.05
 
See Notes to Financial Statements
39
MFS Global Alternative Strategy Fund
Financial Highlights - continued
Class R2 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$13.91
$12.84
$11.44
$10.73
$11.69
$10.86
Income (loss) from investment operations
Net investment income (loss) (d)
$0.06
$0.14
$0.13
$0.09
$0.03
$0.02
Net realized and unrealized gain (loss)
0.26
1.09
1.36
0.63
(0.97
)
0.81
Total from investment operations
$0.32
$1.23
$1.49
$0.72
$(0.94
)
$0.83
Less distributions declared to shareholders
From net investment income
$—
$(0.16
)
$(0.09
)
$(0.01
)
$(0.02
)
$—
Net asset value, end of period (x)
$14.23
$13.91
$12.84
$11.44
$10.73
$11.69
Total return (%) (r)(s)(t)(x)
2.30
(n)
9.68
13.13
6.69
(8.02
)
7.64
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f)
1.68
(a)
1.75
1.82
1.82
1.71
1.68
Expenses after expense reductions (f)
1.55
(a)
1.55
1.59
1.62
1.55
1.55
Net investment income (loss)
0.86
(a)
1.07
1.06
0.79
0.28
0.13
Portfolio turnover rate
34
(n)
47
38
44
58
44
Net assets at end of period (000 omitted)
$71
$75
$681
$406
$499
$611
Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions
excluding short sale expenses and interest expense and fees (f)
N/A
N/A
1.55
1.55
1.55
1.55
 
See Notes to Financial Statements
40
MFS Global Alternative Strategy Fund
Financial Highlights - continued
Class R3 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$14.18
$13.04
$11.62
$10.88
$11.83
$11.00
Income (loss) from investment operations
Net investment income (loss) (d)
$0.08
$0.17
$0.17
$0.12
$0.06
$0.05
Net realized and unrealized gain (loss)
0.26
1.15
1.36
0.64
(0.97
)
0.82
Total from investment operations
$0.34
$1.32
$1.53
$0.76
$(0.91
)
$0.87
Less distributions declared to shareholders
From net investment income
$(0.12
)
$(0.18
)
$(0.11
)
$(0.02
)
$(0.04
)
$(0.04
)
Net asset value, end of period (x)
$14.40
$14.18
$13.04
$11.62
$10.88
$11.83
Total return (%) (r)(s)(t)(x)
2.42
(n)
10.22
13.28
6.98
(7.71
)
7.92
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f)
1.43
(a)
1.51
1.56
1.57
1.46
1.43
Expenses after expense reductions (f)
1.30
(a)
1.30
1.35
1.37
1.30
1.30
Net investment income (loss)
1.11
(a)
1.26
1.33
1.03
0.54
0.40
Portfolio turnover rate
34
(n)
47
38
44
58
44
Net assets at end of period (000 omitted)
$797
$857
$883
$931
$854
$1,593
Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions
excluding short sale expenses and interest expense and fees (f)
N/A
N/A
1.30
1.30
1.30
1.30
 
See Notes to Financial Statements
41
MFS Global Alternative Strategy Fund
Financial Highlights - continued
Class R4 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$14.29
$13.14
$11.69
$10.98
$11.94
$11.11
Income (loss) from investment operations
Net investment income (loss) (d)
$0.11
$0.21
$0.20
$0.13
$0.11
$0.07
Net realized and unrealized gain (loss)
0.25
1.15
1.38
0.65
(1.00
)
0.84
Total from investment operations
$0.36
$1.36
$1.58
$0.78
$(0.89
)
$0.91
Less distributions declared to shareholders
From net investment income
$(0.16
)
$(0.21
)
$(0.13
)
$(0.07
)
$(0.07
)
$(0.08
)
Net asset value, end of period (x)
$14.49
$14.29
$13.14
$11.69
$10.98
$11.94
Total return (%) (r)(s)(t)(x)
2.55
(n)
10.54
13.60
7.16
(7.49
)
8.20
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f)
1.17
(a)
1.26
1.31
1.31
1.24
1.18
Expenses after expense reductions (f)
1.05
(a)
1.05
1.10
1.12
1.05
1.05
Net investment income (loss)
1.49
(a)
1.54
1.56
1.17
0.94
0.64
Portfolio turnover rate
34
(n)
47
38
44
58
44
Net assets at end of period (000 omitted)
$648
$237
$129
$145
$554
$57
Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions
excluding short sale expenses and interest expense and fees (f)
N/A
N/A
1.05
1.05
1.05
1.05
 
See Notes to Financial Statements
42
MFS Global Alternative Strategy Fund
Financial Highlights - continued
Class R6 
Six months
ended
Year ended
 
4/30/26
(unaudited)
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Net asset value, beginning of period
$14.31
$13.17
$11.73
$11.01
$11.97
$11.13
Income (loss) from investment operations
Net investment income (loss) (d)
$0.10
$0.22
$0.20
$0.16
$0.10
$0.08
Net realized and unrealized gain (loss)
0.27
1.15
1.39
0.64
(0.98
)
0.84
Total from investment operations
$0.37
$1.37
$1.59
$0.80
$(0.88
)
$0.92
Less distributions declared to shareholders
From net investment income
$(0.17
)
$(0.23
)
$(0.15
)
$(0.08
)
$(0.08
)
$(0.08
)
Net asset value, end of period (x)
$14.51
$14.31
$13.17
$11.73
$11.01
$11.97
Total return (%) (r)(s)(t)(x)
2.62
(n)
10.55
13.68
7.28
(7.38
)
8.35
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f)
1.08
(a)
1.17
1.22
1.23
1.11
1.08
Expenses after expense reductions (f)
0.95
(a)
0.96
1.00
1.03
0.95
0.95
Net investment income (loss)
1.46
(a)
1.59
1.58
1.38
0.87
0.71
Portfolio turnover rate
34
(n)
47
38
44
58
44
Net assets at end of period (000 omitted)
$16,779
$16,272
$12,566
$28,036
$27,108
$35,052
Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions
excluding short sale expenses and interest expense and fees (f)
N/A
N/A
0.95
0.96
0.95
0.95
 
(a)
Annualized.
(d)
Per share data is based on average shares outstanding.
(f)
Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(n)
Not annualized.
(r)
Certain expenses have been reduced without which performance would have been lower.
(s)
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t)
Total returns do not include any applicable sales charges.
(x)
The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted
accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
43
MFS Global Alternative Strategy Fund
Notes to Financial Statements (unaudited)
(1) Business and Organization
MFS Global Alternative Strategy Fund (the fund) is a diversified series of MFS Series Trust XV (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in derivatives as part of its principal investment strategy. Derivatives can be highly volatile and involve risks in addition to the risks of the underlying indicators on which the derivative is based. Derivatives can involve leverage. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.
Segment Reporting — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity’s chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman’s Committee of the fund's adviser acts as the segment’s CODM. The fund’s total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund’s financial statements.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — 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. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their
44
MFS Global Alternative Strategy Fund
Notes to Financial Statements (unaudited) - continued 
primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. 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. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent’s institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. 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 futures contracts, forward foreign currency exchange contracts, and swap agreements. The following is a summary of the levels used as of April 30, 2026 in valuing the fund's assets and liabilities:
45
MFS Global Alternative Strategy Fund
Notes to Financial Statements (unaudited) - continued 
 
Financial Instruments
Level 1
Level 2
Level 3
Total
Equity Securities:
United States
$113,159,072
$0
$—
$113,159,072
Japan
1,902,590
6,027,201
—
7,929,791
France
4,467,171
2,169,350
0
6,636,521
United Kingdom
883,860
5,114,689
—
5,998,549
Canada
4,892,263
—
—
4,892,263
Germany
2,690,871
2,119,165
—
4,810,036
Taiwan
1,925,479
1,537,947
—
3,463,426
Switzerland
321,849
2,697,385
—
3,019,234
Sweden
461,733
1,266,588
—
1,728,321
Other Countries
4,892,384
8,139,838
—
13,032,222
U.S. Treasury Bonds & U.S. Government
Agencies & Equivalents
—
650,917
—
650,917
Non - U.S. Sovereign Debt
—
1,496,130
—
1,496,130
Municipal Bonds
—
234,118
—
234,118
U.S. Corporate Bonds
—
27,715,534
—
27,715,534
Residential Mortgage-Backed Securities
—
573,794
—
573,794
Commercial Mortgage-Backed Securities
—
197,939
—
197,939
Asset-Backed Securities (including CDOs)
—
223,219
—
223,219
Foreign Bonds
—
10,915,808
—
10,915,808
Purchased Options
—
68,381
—
68,381
Investment Companies
8,114,402
—
—
8,114,402
Total
$143,711,674
$71,148,003
$0
$214,859,677
 
Other Financial Instruments
 
 
 
 
Futures Contracts – Assets
$665,583
$71,372
$—
$736,955
Futures Contracts – Liabilities
(8,139,324
)
(1,609,799
)
—
(9,749,123
)
Forward Foreign Currency Exchange
Contracts – Assets
—
1,710,809
—
1,710,809
Forward Foreign Currency Exchange
Contracts – Liabilities
—
(498,000
)
—
(498,000
)
Swap Agreements – Assets
—
360,489
—
360,489
Swap Agreements – Liabilities
—
(718,928
)
—
(718,928
)
For further information regarding security characteristics, see the Portfolio of Investments. At April 30, 2026, the fund held one level 3 security valued at $0, which was also held and valued at $0 at October 31, 2025.
Foreign Currency Translation — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
Derivatives — The fund uses derivatives in an attempt to reduce volatility compared to the overall equity markets and to generate positive returns by adjusting the fund’s exposure to markets, asset classes, and currencies resulting from the fund’s individual security selections. Derivatives are used to increase the fund’s exposure to markets, asset classes, or currencies to which the fund’s individual security selections have resulted in no or little exposure. Alternatively, the fund uses derivatives to decrease its exposure to markets or currencies to which the fund’s individual security selections have resulted in exposure. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase or decrease market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.
The derivative instruments used by the fund during the period were purchased options, futures contracts, forward foreign currency exchange contracts, and swap agreements. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or
46
MFS Global Alternative Strategy Fund
Notes to Financial Statements (unaudited) - continued 
novating the position to a third party. The fund may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.
The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at April 30, 2026 as reported in the Statement of Assets and Liabilities: 
 
 
Fair Value (a)
Risk
Derivative Contracts
Asset Derivatives
Liability Derivatives
Equity
Purchased Option Contracts
$68,381
$—
Equity
Futures Contracts
424,641
(9,241,037)
Interest Rate
Futures Contracts
312,314
(508,086)
Foreign Exchange
Forward Foreign Currency Exchange Contracts
1,710,809
(498,000)
Interest Rate
Cleared Swap Agreements
360,489
(718,928)
Total
 
$2,876,634
$(10,966,051)
(a)  Values presented in this table for futures contracts and cleared swap agreements correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts and cleared swap agreements is reported separately within the Statement of Assets and Liabilities.
The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended April 30, 2026 as reported in the Statement of Operations: 
Risk
Futures
Contracts
Swap
Agreements
Forward Foreign
Currency
Exchange
Contracts
Unaffiliated Issuers
(Purchased
Options)
Interest Rate
$97,667
$(211,893
)
$—
$—
Foreign Exchange
—
—
838,986
—
Equity
1,315,332
—
—
(185,257
)
Total
$1,412,999
$(211,893
)
$838,986
$(185,257
)
The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the six months ended April 30, 2026 as reported in the Statement of Operations: 
Risk
Futures
Contracts
Swap
Agreements
Forward Foreign
Currency
Exchange
Contracts
Unaffiliated Issuers
(Purchased
Options)
Interest Rate
$(416,264
)
$(242,424
)
$—
$—
Foreign Exchange
—
—
(13,480
)
—
Equity
(7,489,858
)
—
—
(19,589
)
Total
$(7,906,122
)
$(242,424
)
$(13,480
)
$(19,589
)
Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.
Collateral and margin requirements differ by type of derivative. For exchange-traded and cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the exchange or clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the exchange or clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options). Collateral, in the form of cash and securities, is held in segregated accounts with the fund's
47
MFS Global Alternative Strategy Fund
Notes to Financial Statements (unaudited) - continued 
custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to brokers to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as cash collateral posted for uncleared derivatives and/or cash pledged for exchange-traded or cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in “Miscellaneous” expense in the Statement of Operations.
The following table presents the fund's derivative assets and liabilities (by type) on a gross basis as of April 30, 2026: 
Gross Amounts of:
Derivative Assets
Derivative Liabilities
Futures Contracts (a)
$—
$(1,377,896)
Cleared Swap Agreements (a)
—
(117,252)
Forward Foreign Currency Exchange Contracts
1,710,809
(498,000)
Purchased Options (a)
68,381
—
Total Gross Amount of Derivative Assets
and Liabilities Presented in the
Statement of Assets & Liabilities
$1,779,190
$(1,993,148)
Less: Derivative Assets and Liabilities Not Subject
to a Master Netting Agreement or
Similar Arrangement
672,709
(1,558,155)
Total Gross Amount of Derivative Assets and
Liabilities Subject to a Master Netting Agreement or
Similar Arrangement
$1,106,481
$(434,993)
(a) The value of purchased options outstanding is included in investments in unaffiliated issuers, at value, within the Statement of Assets and Liabilities. The amount presented here represents the fund's current day net variation margin for futures contracts and for cleared swap agreements. This amount, which is recognized within the Statement of Assets and Liabilities, differs from the fair value of the futures contracts and cleared swap agreements which is presented in the tables that follow the Portfolio of Investments.
The following table presents (by counterparty) the fund's derivative assets net of amounts available for offset under Master Netting Agreements (or similar arrangements) and net of the related collateral posted by the counterparty at April 30, 2026: 
 
 
Amounts Not Offset in the
Statement of Assets & Liabilities
 
Gross Amount
of Derivative
Assets Subject
to a Master
Netting
Agreement (or
Similar
Arrangement)
by Counterparty
Financial
Instruments
Available
for Offset
Financial
Instruments
Collateral
Posted by
Counterparty (b)
Cash
Collateral
Posted by
Counterparty (b)
Net Amount
of Derivative
Assets by
Counterparty
Barclays Bank PLC
$131,339
$(19,142)
$—
$—
$112,197
Citibank N.A.
336,445
(11,072)
(258,695)
—
66,678
Deutsche Bank AG
1,922
(1,922)
—
—
—
Goldman Sachs International
144,009
(77,775)
—
(66,234)
—
JPMorgan Chase Bank N.A.
429,702
(96,164)
(328,196)
—
5,342
Merrill Lynch International
63,064
(18,121)
—
—
44,943
Total
$1,106,481
$(224,196)
$(586,891)
$(66,234)
$229,160
The following table presents (by counterparty) the fund's derivative liabilities net of amounts available for offset under Master Netting Agreements (or similar arrangements) and net of the related collateral posted by the fund at April 30, 2026: 
48
MFS Global Alternative Strategy Fund
Notes to Financial Statements (unaudited) - continued 
 
 
Amounts Not Offset in the
Statement of Assets & Liabilities
 
Gross Amount
of Derivative
Liabilities Subject
to a Master
Netting
Agreement (or
Similar
Arrangement)
by Counterparty
Financial
Instruments
Available
for Offset
Financial
Instruments
Collateral
Posted by
Fund (b)
Cash
Collateral
Posted by
Fund (b)
Net Amount
of Derivative
Liabilities by
Counterparty
Barclays Bank PLC
$(19,142)
$19,142
$—
$—
$—
Citibank N.A.
(11,072)
11,072
—
—
—
Deutsche Bank AG
(212,719)
1,922
—
210,797
—
Goldman Sachs International
(77,775)
77,775
—
—
—
JPMorgan Chase Bank N.A.
(96,164)
96,164
—
—
—
Merrill Lynch International
(18,121)
18,121
—
—
—
Total
$(434,993)
$224,196
$—
$210,797
$—
(b) The amount presented here may be less than the total amount of collateral posted by the counterparty/by the fund. Excess collateral is not shown for purposes of this presentation.
Purchased Options — The fund purchased put options for a premium. Purchased put options entitle the holder to sell a specified number of shares or units of a particular security, currency or index at a specified price at a specified date or within a specified period of time. Purchasing put options may hedge against an anticipated decline in the value of portfolio securities or currency or decrease the fund’s exposure to an underlying instrument.
The premium paid is initially recorded as an investment in the Statement of Assets and Liabilities. That investment is subsequently marked-to-market daily with the difference between the premium paid and the market value of the purchased option being recorded as unrealized appreciation or depreciation. Premiums paid for purchased put options which have expired are treated as realized losses on investments in the Statement of Operations. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments.
Whether or not the option is exercised, the fund’s maximum risk of loss from purchasing an option is the amount of premium paid. All option contracts involve credit risk if the counter party to the option contract fails to perform. For uncleared options, this risk is mitigated in cases where there is an ISDA Master Agreement between the fund and the counter party providing for netting as described above and, where applicable, by the posting of collateral by the counter party to the fund to cover the fund’s exposure to the counter party under such ISDA Master Agreement.
Futures Contracts — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, currency exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
Upon entering into a futures contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a specified percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures contracts is realized.
The fund bears the risk of interest rates, exchange rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures contracts may present less counterparty risk to the fund since the contracts are exchange traded and the exchange’s clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund’s maximum risk of loss due to counterparty credit risk is equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.
Forward Foreign Currency Exchange Contracts — The fund entered into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. These contracts may be used to hedge the fund’s currency risk or for non-hedging purposes. For hedging purposes, the fund may enter into contracts to deliver or receive foreign currency that the fund will receive from or use in its normal investment activities. The fund may also use contracts to hedge against
49
MFS Global Alternative Strategy Fund
Notes to Financial Statements (unaudited) - continued 
declines in the value of foreign currency denominated securities due to unfavorable exchange rate movements. For non-hedging purposes, the fund may enter into contracts with the intent of changing the relative exposure of the fund’s portfolio of securities to different currencies to take advantage of anticipated exchange rate changes.
Forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any unrealized gains or losses are recorded as a receivable or payable for forward foreign currency exchange contracts until the contract settlement date. On contract settlement date, any gain or loss on the contract is recorded as realized gains or losses on forward foreign currency exchange contracts.
Risks may arise upon entering into these contracts from unanticipated movements in the value of the contract and from the potential inability of counterparties to meet the terms of their contracts. Generally, the fund’s maximum risk due to counterparty credit risk is the unrealized gain on the contract due to the use of Continuous Linked Settlement, a multicurrency cash settlement system for the centralized settlement of foreign transactions. This risk is mitigated in cases where there is an ISDA Master Agreement between the fund and the counterparty providing for netting as described above and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund’s exposure to the counterparty under such ISDA Master Agreement.
Swap Agreements — The fund entered into swap agreements which generally involve a periodic exchange of cash payments on a net basis, at specified intervals or upon the occurrence of specified events, between the fund and a counterparty. Certain swap agreements may be entered into as a bilateral contract (“uncleared swaps”) while others are required to be centrally cleared (“cleared swaps”). 
Both cleared and uncleared swap agreements are marked to market daily.  The value of uncleared swap agreements is reported in the Statement of Assets and Liabilities as “Uncleared swaps, at value” which includes any related interest accruals to be paid or received by the fund.  For cleared swaps, payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the cleared swap, such that only the current day net receivable or payable for variation margin is reported in the Statement of Assets and Liabilities.
For both cleared and uncleared swaps, premiums paid or received at the inception of the agreements are amortized over the term of the agreement as realized gain or loss on swap agreements in the Statement of Operations. The periodic exchange of net cash payments, as well as any liquidation payment received or made upon early termination, are recorded as a realized gain or loss on swap agreements in the Statement of Operations. The change in unrealized appreciation or depreciation on swap agreements in the Statement of Operations reflects the aggregate change over the reporting period in the value of swaps net of any unamortized premiums paid or received.
Risks related to swap agreements include the possible lack of a liquid market, unfavorable market and interest rate movements of the underlying instrument and the failure of the counterparty to perform under the terms of the agreements. The fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. To address counterparty risk, uncleared swap agreements are limited to only highly-rated counterparties.  Risk is further reduced by having an ISDA Master Agreement (“ISDA”) between the fund and the counterparty and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund’s exposure to the counterparty under such ISDA. The fund's counterparty risk due to cleared swaps is mitigated by the fact that the clearinghouse is the counterparty to the transaction and the regulatory requirement safeguards in the event of a clearing broker bankruptcy.
The fund entered into interest rate swap agreements in order to manage its exposure to interest rate fluctuations.  Interest rate swap agreements involve the periodic exchange of cash flows, between the fund and a counterparty, based on the difference between two interest rates applied to a notional principal amount. The two interest rates exchanged may either be a fixed rate and a floating rate or two floating rates based on different indices.
Security Loans — Under its Securities Lending Agency Agreement with the fund, JPMorgan Chase and Co., as lending agent, loans the securities of the fund to certain qualified institutions (the “Borrowers”) approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within three business days. The loans are collateralized by cash and/or U.S. Treasury and federal agency obligations in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or, when such purchase is commercially impracticable, pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities, the lending agent is responsible for the shortfall, but only to the
50
MFS Global Alternative Strategy Fund
Notes to Financial Statements (unaudited) - continued 
extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. At period end, the fund had investment securities on loan, all of which were classified as equity securities in the fund's Portfolio of Investments, with a fair value of $2,515,688. The fair value of the fund's investment securities on loan and a related liability of $501,034 for the obligation to return cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. Additionally, these loans were collateralized by U.S. Treasury Obligations of $2,101,983 held by the custodian or a triparty custodian. The collateral on securities loaned exceeded the value of securities on loan at period end. The liability for cash collateral for securities loaned is carried at fair value, which is categorized as level 2 within the fair value hierarchy. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. Treasury and/or federal agency obligations, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income —  Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
Investment transactions are recorded on the trade date.  In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
Fees Paid Indirectly — The fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by the fund. The amount of the credit, for the six months ended April 30, 2026, is shown as a reduction of total expenses in the Statement of Operations.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to passive foreign investment companies, wash sale loss deferrals, and derivative transactions.
The tax character of distributions made during the six months ended April 30, 2026 will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows: 
 
Year ended
10/31/25
Ordinary income (including any short-term capital gains)
$2,102,033
51
MFS Global Alternative Strategy Fund
Notes to Financial Statements (unaudited) - continued 
The federal tax cost and the tax basis components of distributable earnings were as follows: 
As of 4/30/26
Cost of investments
$162,820,112
Gross appreciation
56,521,308
Gross depreciation
(4,481,743
)
Net unrealized appreciation (depreciation)
$52,039,565
As of 10/31/25
Undistributed ordinary income
3,724,104
Capital loss carryforwards
(33,625,086
)
Other temporary differences
(9,226
)
Net unrealized appreciation (depreciation)
45,590,271
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
As of October 31, 2025, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows: 
Short-Term
$(33,625,086
)
Multiple Classes of Shares of Beneficial Interest — The fund offers multiple classes of shares, which differ in their respective distribution and service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class C shares will convert to Class A shares approximately eight years after purchase. The fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows: 
 
Six months ended
4/30/26
Year ended
10/31/25
Class A
$220,976
$385,163
Class B
—
594
Class C
4,269
8,691
Class I
2,062,752
1,470,665
Class R1
345
1,058
Class R2
—
9,048
Class R3
7,332
11,773
Class R4
2,669
2,100
Class R6
201,859
212,941
Total
$2,500,202
$2,102,033
(3) Transactions with Affiliates
Investment Adviser — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets: 
Up to $1 billion
0.80%
In excess of $1 billion and up to $2.5 billion
0.70%
In excess of $2.5 billion
0.65%
MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until February 28, 2027. For the six months ended April 30, 2026, this management fee reduction amounted to $15,323, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended April 30, 2026 was equivalent to an annual effective rate of 0.79% of the fund's average daily net assets.
52
MFS Global Alternative Strategy Fund
Notes to Financial Statements (unaudited) - continued 
The investment adviser has agreed in writing to pay a portion of the fund’s total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses (such as short sale dividend and interest expenses incurred in connection with the fund’s investment activity), such that total fund operating expenses do not exceed the following rates annually of each class’s average daily net assets: 
 
 
 
 
Classes
 
 
 
 
A
B
C
I
R1
R2
R3
R4
R6
1.30%
2.05%
2.05%
1.05%
2.05%
1.55%
1.30%
1.05%
0.97%
This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until February 28, 2027. For the six months ended April 30, 2026, this reduction amounted to $127,979, which is included in the reduction of total expenses in the Statement of Operations.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $1,649 for the six months ended April 30, 2026, as its portion of the initial sales charge on sales of Class A shares of the fund.
The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
The fund's distribution plan provides that the fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and service fees are computed daily and paid monthly.
Distribution Plan Fee Table: 
 
Distribution
Fee Rate (d)
Service
Fee Rate (d)
Total
Distribution
Plan (d)
Annual
Effective
Rate (e)
Distribution
and Service
Fee
Class A
—
0.25%
0.25%
0.25%
$32,124
Class B
0.75%
0.25%
1.00%
1.00%
421
Class C
0.75%
0.25%
1.00%
1.00%
8,556
Class R1
0.75%
0.25%
1.00%
1.00%
781
Class R2
0.25%
0.25%
0.50%
0.50%
180
Class R3
—
0.25%
0.25%
0.25%
1,083
Total Distribution and Service Fees
$43,145
(d)
 In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each
class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting
period. Any rate changes, if applicable, are detailed below.
(e)
 The annual effective rates represent actual fees incurred under the distribution plan for the six months ended April 30, 2026 based on each class's average daily net assets.  MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended April 30, 2026, this rebate amounted to $1 for Class A and is included in the reduction of total expenses in the Statement of Operations.
Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended April 30, 2026, were as follows: 
 
Amount
Class A
$79
Class B
18
Class C
150
Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the six months ended April 30, 2026, the fee was $7,013, which equated to 0.0062% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for
53
MFS Global Alternative Strategy Fund
Notes to Financial Statements (unaudited) - continued 
out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended April 30, 2026, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $108,541.
Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended April 30, 2026 was equivalent to an annual effective rate of 0.0179% of the fund's average daily net assets.
Trustees’ and Officers’ Compensation — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees’ compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.
Other — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.
During the six months ended April 30, 2026, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the “Act”) and relevant guidance, the fund engaged in purchase and sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser (“cross-trades”) which amounted to $89,677 and $16,373, respectively. The sales transactions resulted in net realized gains (losses) of $3,926.
(4) Portfolio Securities
For the six months ended April 30, 2026, purchases and sales of investments, other than short-term obligations and purchased options with an expiration date of less than one year from the time of purchase, were as follows: 
 
Purchases
Sales
U.S. Government securities
$1,201,009
$1,568,254
Non-U.S. Government securities
74,366,289
70,020,537
(5) Shares of Beneficial Interest
The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows: 
 
Six months ended
4/30/26
Year ended
10/31/25
 
Shares
Amount
Shares
Amount
Shares sold
Class A
90,274
$1,290,841
163,264
$2,209,113
Class C
23,092
319,796
35,474
473,988
Class I
3,886,607
55,844,729
6,857,548
95,086,303
Class R1
283
3,856
235
3,056
Class R2
183
2,580
4,871
63,934
Class R3
3,120
44,652
11,104
151,617
Class R4
27,988
401,063
6,596
89,845
Class R6
83,507
1,204,281
345,688
4,843,427
 
4,115,054
$59,111,798
7,424,780
$102,921,283
54
MFS Global Alternative Strategy Fund
Notes to Financial Statements (unaudited) - continued 
 
Six months ended
4/30/26
Year ended
10/31/25
 
Shares
Amount
Shares
Amount
Shares issued to shareholders
in reinvestment of distributions
Class A
14,550
$205,593
27,875
$358,755
Class B
—
—
47
594
Class C
310
4,269
688
8,652
Class I
143,415
2,037,923
111,095
1,438,675
Class R1
25
345
86
1,058
Class R2
—
—
711
9,048
Class R3
517
7,332
911
11,773
Class R4
187
2,669
162
2,100
Class R6
12,222
174,524
12,464
162,039
 
171,226
$2,432,655
154,039
$1,992,694
Shares reacquired
Class A
(200,509
)
$(2,862,696
)
(487,446
)
$(6,621,763
)
Class B
(4,653
)
(64,928
)
(23,271
)
(304,940
)
Class C
(15,859
)
(219,715
)
(26,249
)
(350,922
)
Class I
(3,469,369
)
(50,054,020
)
(2,628,452
)
(36,071,375
)
Class R1
(181
)
(2,453
)
(199
)
(2,508
)
Class R2
(538
)
(7,566
)
(53,243
)
(738,076
)
Class R3
(8,763
)
(126,215
)
(19,249
)
(264,958
)
Class R6
(76,269
)
(1,101,669
)
(175,390
)
(2,402,658
)
 
(3,776,141
)
$(54,439,262
)
(3,413,499
)
$(46,757,200
)
Net change
Class A
(95,685
)
$(1,366,262
)
(296,307
)
$(4,053,895
)
Class B
(4,653
)
(64,928
)
(23,224
)
(304,346
)
Class C
7,543
104,350
9,913
131,718
Class I
560,653
7,828,632
4,340,191
60,453,603
Class R1
127
1,748
122
1,606
Class R2
(355
)
(4,986
)
(47,661
)
(665,094
)
Class R3
(5,126
)
(74,231
)
(7,234
)
(101,568
)
Class R4
28,175
403,732
6,758
91,945
Class R6
19,460
277,136
182,762
2,602,808
 
510,139
$7,105,191
4,165,320
$58,156,777
Effective June 1, 2019, purchases of the fund’s Class B shares were closed to new and existing investors subject to certain exceptions. Effective September 29, 2023, purchases of the fund's Class R1 and Class R2 shares were closed to new eligible investors.
(6) Line of Credit
The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate), 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended April 30, 2026, the fund’s commitment fee and interest expense were $451 and $0, respectively, and are included in “Miscellaneous” expense in the Statement of Operations.
55
MFS Global Alternative Strategy Fund
Notes to Financial Statements (unaudited) - continued 
(7) 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. The following were affiliated issuers for the six months ended April 30, 2026: 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
or
Depreciation
Ending
Value
MFS Institutional Money Market
Portfolio
$11,916,784
$93,917,425
$98,218,063
$(865
)
$(1,913
)
$7,613,368
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$241,630
$—
56
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Global Alternative Strategy Fund.
ITEM 9.  PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Global Alternative Strategy Fund.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
This information is disclosed as part of the financial statements included in Item 7 above for MFS Global Alternative Strategy Fund. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Not Applicable.
57


ITEM 12.  DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.


ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. 

Not applicable to the Registrant.


ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the Registrant.


ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.


ITEM 16.  CONTROLS AND PROCEDURES.

  • Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

  • There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. 


ITEM 17.  DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.


ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable to the Registrant.


ITEM 19.  EXHIBITS.

  • Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit:  Not applicable.

  • Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.

  • A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2):  Attached hereto as EX-99.302CERT.

  • Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.  Not applicable.

  • Change in the registrant's independent public accountant.  Not applicable.

  • If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit.  A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section.  Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.


Notice

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

SIGNATURES

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

(Registrant)  MFS SERIES TRUST XV                                                          

By (Signature and Title)*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President

Date:   June 12, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President (Principal Executive Officer)

Date:  June 12, 2026

By (Signature and Title)*

/S/ KASEY L. PHILLIPS                                           

Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer)

Date:  June 12, 2026

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


ATTACHMENTS / EXHIBITS

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