EML-Q3
 
Quarterly Report
July 31, 2026
MFS®  Emerging Markets Debt Local Currency Fund  
 
Portfolio of Investments
7/31/26 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
 
Issuer
 
 
Shares/Par
Value ($)
Bonds – 90.2%
Brazil – 5.4%
Federative Republic of Brazil, 10%, 1/01/2029
 
BRL
108,571,000
$19,809,365
Federative Republic of Brazil, 10%, 1/01/2031
 
 
37,316,000
6,383,615
Federative Republic of Brazil, 10%, 1/01/2035
 
 
16,210,000
2,520,106
 
 
 
$28,713,086
Chile – 1.7%
AES Andes S.A., 6.25%, 3/14/2032 (n)
 
$
1,064,000
$1,094,216
Banco Santander Chile, 4.55%, 11/20/2030 (n)
 
 
929,000
907,540
Republic of Chile, 5.8%, 10/01/2029 (n)
 
CLP
6,550,000,000
7,149,181
 
 
 
$9,150,937
China – 7.3%
China Development Bank, 2%, 4/12/2027
 
CNY
23,920,000
$3,559,616
China Development Bank, 2.26%, 7/19/2034
 
 
77,310,000
11,895,726
People's Republic of China, 2.04%, 2/25/2027
 
 
81,740,000
12,180,052
People's Republic of China, 1.92%, 7/15/2045
 
 
77,300,000
11,104,402
 
 
 
$38,739,796
Colombia – 9.0%
Empresas Publicas de Medellin E.S.P. (Republic of Colombia), 8.375%, 11/08/2027 (n)
 
COP
4,009,000,000
$1,184,524
Republic of Colombia, 11%, 8/22/2029
 
 
17,799,300,000
5,423,133
Republic of Colombia, 7%, 3/26/2031
 
 
42,089,600,000
10,909,075
Republic of Colombia, 7.25%, 10/18/2034
 
 
27,151,600,000
6,459,630
Republic of Colombia, 6.25%, 7/09/2036
 
 
27,982,600,000
5,978,571
Republic of Colombia, 12.75%, 11/28/2040
 
 
9,807,000,000
3,248,919
Republic of Colombia, 11.5%, 7/25/2046
 
 
7,203,600,000
2,191,501
Republic of Colombia, 7.25%, 10/26/2050
 
 
16,631,000,000
3,312,157
Republic of Colombia, “B”, 7.75%, 9/18/2030
 
 
33,604,800,000
9,074,517
 
 
 
$47,782,027
Czech Republic – 3.8%
Czech Republic, 4.5%, 11/11/2032
 
CZK
112,470,000
$5,300,293
Czech Republic, 2%, 10/13/2033
 
 
191,230,000
7,573,712
Czech Republic, 3.5%, 5/30/2035
 
 
175,140,000
7,529,284
 
 
 
$20,403,289
Egypt – 0.8%
Arab Republic of Egypt, 0%, 8/04/2026
 
EGP
51,200,000
$1,000,977
Arab Republic of Egypt, 0%, 10/20/2026
 
 
119,275,000
2,215,652
Arab Republic of Egypt, 0%, 12/29/2026
 
 
45,500,000
807,510
 
 
 
$4,024,139
Guatemala – 0.2%
Central American Bottling Corp., 5.25%, 4/27/2029 (n)
 
$
626,000
$612,073
Central American Bottling Corp., 5.25%, 4/27/2029
 
 
550,000
537,764
 
 
 
$1,149,837
Hungary – 2.6%
Republic of Hungary, 6.75%, 7/23/2031
 
HUF
2,294,990,000
$7,619,414
Republic of Hungary, 6.25%, 9/23/2037
 
 
1,086,080,000
3,625,110
Republic of Hungary, 3%, 10/27/2038
 
 
1,135,760,000
2,781,589
 
 
 
$14,026,113
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
India – 4.3%
Republic of India, 7.18%, 7/24/2037
 
INR
377,700,000
$4,040,707
Republic of India, 7.23%, 4/15/2039
 
 
1,169,010,000
12,503,035
Republic of India, 7.36%, 9/12/2052
 
 
159,200,000
1,640,627
Republic of India, 7.3%, 6/19/2053
 
 
462,790,000
4,735,130
 
 
 
$22,919,499
Indonesia – 8.3%
Republic of Indonesia, 5.875%, 3/15/2031
 
IDR
472,850,000,000
$24,776,772
Republic of Indonesia, 6.375%, 4/15/2032
 
 
139,540,000,000
7,360,905
Republic of Indonesia, 6.75%, 7/15/2035
 
 
143,546,000,000
7,610,475
Republic of Indonesia, 7.125%, 6/15/2038
 
 
9,436,000,000
509,723
Republic of Indonesia, 8.375%, 4/15/2039
 
 
65,057,000,000
3,909,458
 
 
 
$44,167,333
Jamaica – 0.3%
Government of Jamaica, 9.625%, 11/03/2030
 
JMD
206,000,000
$1,355,949
Kazakhstan – 1.0%
Baiterek National Investment Holding JSC (Republic of Kazakhstan), 5.45%, 5/08/2028 (n)
 
$
1,647,000
$1,653,174
Development Bank of Kazakhstan JSC, 18.4%, 10/16/2028 (n)
 
KZT
391,500,000
855,920
Development Bank of Kazakhstan JSC, 16.95%, 5/08/2029 (n)
 
 
1,410,000,000
2,996,852
 
 
 
$5,505,946
Malaysia – 4.6%
Federation of Malaysia, 3.582%, 7/15/2032
 
MYR
66,129,000
$16,135,431
Federation of Malaysia, 4.065%, 6/15/2050
 
 
33,523,000
8,176,433
 
 
 
$24,311,864
Mexico – 11.0%
America Movil S.A.B. de C.V., 10.125%, 1/22/2029
 
MXN
33,690,000
$2,020,848
Eagle Funding LuxCo S.à r.l. (United Mexican States), 5.5%, 8/17/2030 (n)
 
$
895,000
893,434
Petroleos Mexicanos, 7.47%, 11/12/2026
 
MXN
10,559,900
607,775
Red de Carreteras de Occidente SAPIB de C.V., 9%, 6/10/2028 (n)
 
 
2,946,000
171,447
United Mexican States, 7.75%, 5/29/2031
 
 
552,300,000
30,971,786
United Mexican States, 7.5%, 5/26/2033
 
 
112,500,000
6,033,864
United Mexican States, 7.75%, 11/23/2034
 
 
336,600,000
17,945,651
 
 
 
$58,644,805
Nigeria – 1.3%
Federal Republic of Nigeria, 0%, 8/11/2026
 
NGN
2,475,746,000
$1,806,010
Federal Republic of Nigeria, 0%, 9/22/2026
 
 
2,852,493,000
2,031,889
Federal Republic of Nigeria, 0%, 10/20/2026
 
 
2,847,503,000
1,998,846
Federal Republic of Nigeria, 0%, 10/27/2026
 
 
1,465,861,000
1,025,372
 
 
 
$6,862,117
Paraguay – 0.5%
Republic of Paraguay, 8.5%, 3/04/2035 (n)
 
PYG
7,712,000,000
$1,247,020
Republic of Paraguay, 8.5%, 3/04/2035
 
 
9,673,000,000
1,564,110
 
 
 
$2,811,130
Peru – 3.2%
Corporacion Financiera de Desarrollo S.A. (Republic of Peru), 5.5%, 5/06/2030 (n)
 
$
996,000
$1,003,550
Kallpa Generacion S.A., 5.875%, 1/30/2032 (n)
 
 
896,000
909,664
Republic of Peru, 6.85%, 8/12/2035
 
PEN
36,699,000
11,338,705
Republic of Peru, 6.9%, 8/12/2037
 
 
8,656,000
2,606,124
San Miguel Industrias PET S.A., 3.75%, 8/02/2028 (n)
 
$
945,000
901,766
 
 
 
$16,759,809
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Poland – 7.6%
Republic of Poland, 4.5%, 7/25/2030
 
PLN
17,029,000
$4,487,815
Republic of Poland, 1.25%, 10/25/2030
 
 
44,875,000
10,336,655
Republic of Poland, 1.75%, 4/25/2032
 
 
52,805,000
11,708,899
Republic of Poland, 5%, 10/25/2034
 
 
15,905,000
4,094,382
Republic of Poland, 5%, 10/25/2035
 
 
37,814,000
9,635,819
 
 
 
$40,263,570
Romania – 3.1%
Republic of Romania, 6.3%, 4/25/2029
 
RON
5,445,000
$1,186,437
Republic of Romania, 8%, 4/29/2030
 
 
33,220,000
7,593,642
Republic of Romania, 7.5%, 7/27/2033
 
 
16,450,000
3,741,399
Republic of Romania, 7.1%, 7/31/2034
 
 
16,525,000
3,684,273
 
 
 
$16,205,751
Saudi Arabia – 0.2%
STC Sukuk Co. II Ltd. (Kingdom of Saudi Arabia), 4.489%, 1/15/2031 (n)
 
$
1,081,000
$1,051,112
South Africa – 7.2%
Republic of South Africa, 8.875%, 2/28/2035
 
ZAR
26,955,000
$1,658,341
Republic of South Africa, 8.5%, 1/31/2037
 
 
13,473,000
793,651
Republic of South Africa, 9%, 1/31/2040
 
 
198,394,000
11,806,764
Republic of South Africa, 8.75%, 1/31/2044
 
 
349,999,000
20,164,663
Republic of South Africa, 11.625%, 3/31/2053
 
 
40,263,849
3,006,593
Transnet SOC Ltd. (Republic of South Africa), 13.5%, 4/18/2028
 
 
14,800,000
930,707
 
 
 
$38,360,719
Supranational – 3.9%
African Development Bank, 0%, 4/05/2046
 
ZAR
64,700,000
$721,060
Asian Infrastructure Investment Bank, 7%, 1/23/2032
 
INR
94,400,000
955,625
Asian Infrastructure Investment Bank, 6.65%, 6/30/2033
 
 
339,800,000
3,387,589
European Bank for Reconstruction and Development, 6.875%, 7/30/2031
 
 
296,200,000
2,991,926
European Bank for Reconstruction and Development, 6.75%, 1/13/2032
 
 
94,000,000
941,201
European Investment Bank, 7.4%, 10/23/2033
 
 
298,200,000
3,131,082
Inter-American Development Bank, 7.35%, 10/06/2030
 
 
438,000,000
4,515,023
International Bank for Reconstruction & Development, 6.5%, 2/14/2033
 
 
224,500,000
2,241,047
International Bank for Reconstruction & Development, 0%, 5/29/2035
 
ZAR
59,140,000
1,725,680
 
 
 
$20,610,233
Thailand – 2.0%
Kingdom of Thailand, 2%, 6/17/2042
 
THB
41,119,000
$1,115,570
Kingdom of Thailand, 3.45%, 6/17/2043
 
 
302,406,000
9,649,684
 
 
 
$10,765,254
Uruguay – 0.7%
Oriental Republic of Uruguay, 8.5%, 3/15/2028
 
UYU
99,603,000
$2,540,859
Oriental Republic of Uruguay, 8.25%, 5/21/2031
 
 
49,248,000
1,273,563
 
 
 
$3,814,422
Uzbekistan – 0.2%
Navoi Mining & Metallurgical Co. (Republic of Uzbekistan), 6.7%, 10/17/2028 (n)
 
$
785,000
$800,498
Total Bonds
$479,199,235
 
3
Portfolio of Investments (unaudited) – continued
Underlying/Expiration Date/Exercise Price (Rate)
 
Counterparty
Notional
Amount
Par Amount/
Number of
Contracts
Value ($)
Purchased Options – 0.2%
Currency Options – 0.1%
Call - ZAR versus USD – 5/13/2027 @ ZAR 16.95
 
Citibank N.A.
ZAR
 97,349,000
—
$211,376
Put - PLN versus USD – 7/12/2027 @ PLN 4.11
 
Barclays Bank PLC
PLN
 16,521,000
—
30,441
Put - ZAR versus USD – 5/13/2027 @ ZAR 16.96
 
Citibank N.A.
ZAR
 97,349,000
—
229,195
 
 
 
$471,012
Equity ETFs – 0.1%
Put - iShares MSCI Emerging Markets ETF – 12/18/2026 @ $61
 
Goldman Sachs International
$10,895,300
1,700
$484,500
Total Purchased Options
 
 
$955,512
 
Issuer
 
 
Shares/Par
 
Mutual Funds (h) – 6.9%
Money Market Funds – 6.9%
MFS Institutional Money Market Portfolio, 3.73% (v)
 
 
36,465,493
$36,472,786
Written Options (see table below) – (0.0)%
$(202,300
)
 
Other Assets, Less Liabilities – 2.7%
14,746,246
Net Assets – 100.0%
$531,171,479
 
(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 $36,472,786 and
$480,154,747, respectively.
(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 $23,431,971,
representing 4.4% of net assets.
(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:
BUBOR
Budapest Interbank Offered Rate
BZDIOVRA
Brazil Interbank Deposit Rate
ETF
Exchange-Traded Fund
EURIBOR
Euro Interbank Offered Rate
MIBOR
Mumbai Inter-Bank Offer Rate
WIBOR
Warsaw Interbank Offered 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:
ARS
Argentine Peso
BRL
Brazilian Real
CAD
Canadian Dollar
CLP
Chilean Peso
CNH
Chinese Yuan Renminbi (Offshore)
CNY
China Yuan Renminbi
COP
Colombian Peso
CZK
Czech Koruna
EGP
Egypt Pound
EUR
Euro
HKD
Hong Kong Dollar
HUF
Hungarian Forint
IDR
Indonesian Rupiah
ILS
Israeli Shekel
INR
Indian Rupee
JMD
Jamaican Dollar
KZT
Kazakhstani Tenge
MXN
Mexican Peso
4
Portfolio of Investments (unaudited) – continued
MYR
Malaysian Ringgit
NGN
Nigerian Naira
PEN
Peruvian Nuevo Sol
PHP
Philippine Peso
PLN
Polish Zloty
PYG
Paraguayan Guarani
RON
Romanian New Leu
RSD
Serbian Dinar
SGD
Singapore Dollar
THB
Thai Baht
TRY
Turkish Lira
TWD
Taiwan Dollar
UYU
Uruguayan Peso
ZAR
South African Rand
 
Derivative Contracts at 7/31/26
Written Options
Underlying
 
Counterparty
Par Amount/
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
 
Liability Derivatives
Equity ETFs
 
 
 
 
 
Put - iShares MSCI Emerging Markets ETF
 
Goldman
Sachs
International
(1,700)
$(10,895,300)
$48.00
12/18/2026
$(202,300
)
 
Forward Foreign Currency Exchange Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
Asset Derivatives
BRL
9,787,997
USD
1,901,049
Barclays Bank PLC
8/04/2026
$29,846
BRL
116,027,689
USD
22,689,367
Barclays Bank PLC
8/06/2026
187,819
BRL
32,617,000
USD
6,385,139
Citibank N.A.
8/04/2026
49,273
BRL
3,253,459
USD
640,785
Deutsche Bank AG
8/04/2026
1,030
BRL
16,509,390
USD
3,220,716
Goldman Sachs International
8/04/2026
36,120
BRL
21,489,500
USD
4,232,466
JPMorgan Chase Bank N.A.
8/04/2026
6,805
BRL
80,771,688
USD
15,696,929
Merrill Lynch International
8/31/2026
125,636
CAD
1,926,340
USD
1,376,524
Barclays Bank PLC
10/16/2026
2,067
CAD
4,128,838
USD
2,947,960
JPMorgan Chase Bank N.A.
10/16/2026
6,854
CLP
8,703,405,000
USD
9,302,187
Citibank N.A.
10/28/2026
66,068
CNH
138,971,607
USD
20,651,436
Barclays Bank PLC
10/16/2026
34,481
COP
22,179,867,187
USD
6,400,384
Citibank N.A.
8/04/2026
629,640
COP
3,539,658,000
USD
1,083,458
Deutsche Bank AG
8/04/2026
38,455
COP
15,880,118,527
USD
4,884,336
Goldman Sachs International
8/04/2026
148,950
COP
44,704,939,986
USD
13,937,367
JPMorgan Chase Bank N.A.
8/04/2026
232,097
COP
10,583,164,000
USD
3,044,639
Merrill Lynch International
8/04/2026
309,750
CZK
98,402,670
USD
4,640,103
Citibank N.A.
10/16/2026
48,309
EUR
2,905,294
USD
3,333,934
HSBC Bank
10/16/2026
25,963
INR
137,398,019
USD
1,430,931
Barclays Bank PLC
10/09/2026
830
MYR
1,875,470
USD
459,505
Barclays Bank PLC
10/15/2026
417
PLN
2,595,632
USD
684,203
Goldman Sachs International
10/16/2026
10,604
PLN
17,528,581
USD
4,628,817
HSBC Bank
10/16/2026
63,291
PYG
3,221,401,712
USD
527,234
Citibank N.A.
10/19/2026
8,920
RON
712,259
USD
154,779
Barclays Bank PLC
10/16/2026
1,099
RON
24,171,903
USD
5,253,573
Deutsche Bank AG
10/16/2026
36,446
RSD
170,477,107
USD
1,659,791
Deutsche Bank AG
10/16/2026
12,028
THB
186,248,000
USD
5,567,569
Barclays Bank PLC
10/15/2026
22,185
5
Portfolio of Investments (unaudited) – continued
Forward Foreign Currency Exchange Contracts − continued
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
Asset Derivatives − continued
TRY
367,139,107
USD
7,249,181
Merrill Lynch International
10/16/2026
$16,955
ZAR
24,794,072
USD
1,473,730
State Street Corp.
10/16/2026
18,485
USD
5,173,658
CLP
4,732,480,378
Citibank N.A.
8/14/2026
83,344
USD
2,849,511
CLP
2,575,129,351
Goldman Sachs International
8/14/2026
79,670
USD
2,696,242
CLP
2,485,735,174
JPMorgan Chase Bank N.A.
8/14/2026
22,554
USD
2,894,122
CLP
2,600,832,060
Merrill Lynch International
8/14/2026
96,636
USD
2,472,943
CLP
2,219,961,000
Merrill Lynch International
10/13/2026
83,850
USD
7,054,351
COP
22,179,867,187
Citibank N.A.
8/04/2026
24,328
USD
1,125,795
COP
3,539,658,000
Deutsche Bank AG
8/04/2026
3,882
USD
5,050,703
COP
15,880,118,527
Goldman Sachs International
8/04/2026
17,417
USD
14,218,495
COP
44,704,939,986
JPMorgan Chase Bank N.A.
8/04/2026
49,032
USD
3,365,996
COP
10,583,164,000
Merrill Lynch International
8/04/2026
11,608
USD
16,275,423
HKD
127,223,354
HSBC Bank
10/16/2026
13,784
USD
2,256,891
HUF
709,298,739
Deutsche Bank AG
10/16/2026
21,758
USD
5,312,057
HUF
1,665,443,952
Goldman Sachs International
10/16/2026
63,931
USD
2,661,020
ILS
8,073,910
Goldman Sachs International
10/16/2026
12,869
USD
286,340
MYR
1,166,551
Barclays Bank PLC
10/15/2026
267
USD
1,107,823
UYU
44,866,828
Citibank N.A.
10/19/2026
2,184
USD
531,532
ZAR
8,759,607
Barclays Bank PLC
10/16/2026
4,341
USD
2,645,548
ZAR
43,919,077
Deutsche Bank AG
10/16/2026
2,307
 
 
$2,764,185
Liability Derivatives
ARS
1,975,600,752
USD
1,272,939
Citibank N.A.
10/20/2026
$(5,650
)
CLP
2,522,874,962
USD
2,829,261
JPMorgan Chase Bank N.A.
8/14/2026
(115,626
)
COP
4,497,635,124
USD
1,430,482
Barclays Bank PLC
8/04/2026
(4,933
)
COP
12,756,969,670
USD
4,057,381
Citibank N.A.
8/04/2026
(13,992
)
COP
10,263,020,958
USD
3,264,174
Deutsche Bank AG
8/04/2026
(11,256
)
COP
69,370,121,947
USD
22,063,305
Goldman Sachs International
8/04/2026
(76,085
)
EUR
3,443,947
USD
3,983,908
JPMorgan Chase Bank N.A.
10/16/2026
(1,073
)
HKD
3,716,116
USD
475,152
State Street Corp.
10/16/2026
(159
)
HUF
203,031,255
USD
640,640
Goldman Sachs International
10/16/2026
(851
)
HUF
1,882,910,600
USD
5,955,124
HSBC Bank
10/16/2026
(21,720
)
IDR
83,900,649,754
USD
4,643,322
Goldman Sachs International
10/28/2026
(16,788
)
INR
2,110,209,876
USD
22,071,016
Merrill Lynch International
10/09/2026
(81,494
)
MYR
139,248,785
USD
34,280,843
Barclays Bank PLC
10/15/2026
(132,826
)
PHP
174,381,489
USD
2,861,293
Citibank N.A.
8/04/2026
(12,866
)
THB
993,009,596
USD
29,810,261
JPMorgan Chase Bank N.A.
10/15/2026
(7,635
)
TRY
119,900,375
USD
2,197,386
Citibank N.A.
1/15/2027
(1,060
)
TRY
36,908,288
USD
730,563
HSBC Bank
10/16/2026
(103
)
TWD
352,204,111
USD
10,986,466
Merrill Lynch International
10/15/2026
(41,538
)
UYU
73,500,791
USD
1,818,426
Citibank N.A.
10/19/2026
(7,170
)
ZAR
8,805,151
USD
535,560
Deutsche Bank AG
10/16/2026
(5,628
)
ZAR
11,910,578
USD
720,751
Merrill Lynch International
10/16/2026
(3,921
)
ZAR
8,723,859
USD
525,563
State Street Corp.
10/16/2026
(523
)
USD
1,900,322
BRL
9,787,997
Barclays Bank PLC
8/04/2026
(30,573
)
USD
2,622,786
BRL
13,399,000
Barclays Bank PLC
8/06/2026
(19,096
)
USD
6,354,830
BRL
32,617,000
Citibank N.A.
8/04/2026
(79,582
)
USD
635,908
BRL
3,253,459
Deutsche Bank AG
8/04/2026
(5,907
)
USD
3,251,608
BRL
16,509,390
Goldman Sachs International
8/04/2026
(5,228
)
USD
3,200,735
BRL
16,509,390
Goldman Sachs International
8/31/2026
(33,330
)
USD
4,116,486
BRL
21,489,500
JPMorgan Chase Bank N.A.
8/04/2026
(122,784
)
USD
20,090,381
BRL
102,628,688
Merrill Lynch International
8/06/2026
(144,922
)
6
Portfolio of Investments (unaudited) – continued
Forward Foreign Currency Exchange Contracts − continued
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
Liability Derivatives − continued
USD
7,004,557
CAD
9,816,649
Merrill Lynch International
10/16/2026
$(20,755
)
USD
1,030,463
CNH
6,938,172
State Street Corp.
10/16/2026
(2,284
)
USD
1,303,160
COP
4,497,635,124
Barclays Bank PLC
8/04/2026
(122,389
)
USD
3,534,671
COP
12,756,969,670
Citibank N.A.
8/04/2026
(508,718
)
USD
2,733,977
COP
10,263,020,958
Deutsche Bank AG
8/04/2026
(518,941
)
USD
18,868,737
COP
69,370,121,947
Goldman Sachs International
8/04/2026
(3,118,484
)
USD
3,373,840
COP
11,060,629,527
Goldman Sachs International
10/30/2026
(63,459
)
USD
13,635,541
COP
44,704,939,986
JPMorgan Chase Bank N.A.
10/30/2026
(257,361
)
USD
1,671,980
CZK
35,146,760
State Street Corp.
10/16/2026
(2,594
)
USD
309,157
EGP
16,317,281
Citibank N.A.
10/19/2026
(154
)
USD
2,490,886
EUR
2,180,560
Goldman Sachs International
10/16/2026
(30,874
)
USD
12,781,362
EUR
11,131,922
Merrill Lynch International
10/16/2026
(92,417
)
USD
1,238,764
EUR
1,085,494
NatWest Markets PLC
10/16/2026
(16,581
)
USD
1,310,473
IDR
23,847,888,358
Citibank N.A.
10/28/2026
(4,572
)
USD
4,789,954
IDR
87,223,775,620
Goldman Sachs International
10/28/2026
(19,827
)
USD
522,203
INR
50,705,926
JPMorgan Chase Bank N.A.
10/09/2026
(6,180
)
USD
7,748,162
INR
747,876,750
Merrill Lynch International
10/09/2026
(45,116
)
USD
1,287,372
KZT
665,056,276
Citibank N.A.
10/13/2026
(80,032
)
USD
2,240,918
KZT
1,157,449,023
Goldman Sachs International
10/13/2026
(138,881
)
USD
502,035
MXN
8,761,505
State Street Corp.
10/16/2026
(777
)
USD
9,958,466
MXN
175,445,741
UBS AG
10/16/2026
(110,150
)
USD
459,398
MYR
1,877,789
Barclays Bank PLC
10/15/2026
(1,093
)
USD
2,016,120
PEN
6,899,929
Citibank N.A.
10/22/2026
(7,714
)
USD
2,825,961
PHP
174,381,489
Citibank N.A.
8/04/2026
(22,465
)
USD
10,843,590
SGD
13,925,989
HSBC Bank
10/16/2026
(72,104
)
USD
14,701,207
THB
489,850,090
Barclays Bank PLC
10/15/2026
(382
)
USD
397,044
THB
13,299,158
JPMorgan Chase Bank N.A.
10/15/2026
(2,096
)
USD
533,184
TWD
17,213,859
Merrill Lynch International
10/15/2026
(1,745
)
USD
1,046,978
UYU
42,523,000
Citibank N.A.
10/19/2026
(903
)
USD
664,907
ZAR
11,066,069
Goldman Sachs International
10/16/2026
(1,097
)
USD
3,770,362
ZAR
63,867,166
State Street Corp.
10/16/2026
(73,440
)
 
 
$(6,347,904
)
 
Futures Contracts
Description
Long/
Short
Currency
Contracts
Notional
Amount
Expiration
Date
Value/Unrealized
Appreciation
(Depreciation)
Asset Derivatives
Interest Rate Futures 
Euro-Bobl 5 yr
Short
EUR
49
$6,432,455
September – 2026
$60,906
U.S. Treasury Note 5 yr
Short
USD
166
17,592,109
September – 2026
108,934
U.S. Treasury Ultra Note 10 yr
Short
USD
86
9,434,469
September – 2026
113,230
 
 
$283,070
 
7
Portfolio of Investments (unaudited) – continued
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 
12/20/33
HUF
2,205,927,000
centrally cleared
6.05% / Annually
BUBOR /
Semi-annually
$263,150
$—
$263,150
9/16/31
INR
676,460,000
centrally cleared
6.61% /
Semi-annually
MIBOR /
Semi-annually
54,756
—
54,756
12/17/31
PLN
25,387,000
centrally cleared
WIBOR /
Semi-annually
3.9678% / Annually
143,797
—
143,797
 
 
 
 
 
 
$461,703
$—
$461,703
Liability Derivatives
Interest Rate Swaps 
1/02/29
BRL
24,545,000
centrally cleared
13.03% / At
Maturity
Daily BZDIOVRA / At
Maturity
$(66,670
)
$—
$(66,670
)
1/02/29
BRL
30,348,000
centrally cleared
12.98% / At
Maturity
Daily BZDIOVRA / At
Maturity
(88,785
)
2,353
(86,432
)
1/02/31
BRL
124,670,000
centrally cleared
12.96% / At
Maturity
Daily BZDIOVRA / At
Maturity
(666,746
)
(4,716
)
(671,462
)
12/17/31
EUR
5,860,000
centrally cleared
2.9435% / Annually
EURIBOR 6M /
Semi-anually
(55,459
)
—
(55,459
)
 
 
 
 
 
 
$(877,660
)
$(2,363
)
$(880,023
)
At July 31, 2026, the fund had cash collateral of $6,722,520 to cover any collateral or margin obligations for certain derivative contracts.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
8
Supplemental Information
7/31/26 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, 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 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. 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
9
Supplemental Information (unaudited) – continued
investments. Other financial instruments are derivative instruments, such as futures contracts, forward foreign currency exchange contracts, swap agreements, and written options. The following is a summary of the levels used as of July 31, 2026 in valuing the fund's assets and liabilities: 
Financial Instruments
Level 1
Level 2
Level 3
Total
Non - U.S. Sovereign Debt
$—
$470,859,394
$—
$470,859,394
Foreign Bonds
—
8,339,841
—
8,339,841
Purchased Options
—
955,512
—
955,512
Investment Companies
36,472,786
—
—
36,472,786
Total
$36,472,786
$480,154,747
$—
$516,627,533
Other Financial Instruments
Futures Contracts – Assets
$283,070
$—
$—
$283,070
Forward Foreign Currency Exchange Contracts – Assets
—
2,764,185
—
2,764,185
Forward Foreign Currency Exchange Contracts – Liabilities
—
(6,347,904
)
—
(6,347,904
)
Swap Agreements – Assets
—
461,703
—
461,703
Swap Agreements – Liabilities
—
(880,023
)
—
(880,023
)
Written Options - Liabilities
—
(202,300
)
—
(202,300
)
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the period ended July 31, 2026:
 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
MFS Institutional Money Market Portfolio
$26,170,367
$278,756,181
$268,451,673
$(4,152
)
$2,063
$36,472,786
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$1,189,302
$—
(3) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of July 31, 2026, are as follows: 
Mexico
11.2%
Brazil
9.7%
Colombia
9.5%
Indonesia
8.5%
China
7.3%
South Africa
7.3%
Poland
6.4%
India
5.7%
Supranational
5.3%
Other Countries
29.1%
The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative holdings, if applicable.
10