# EDGAR Filing Document

**Accession Number:** 0000318874
**File Stem:** 0001752724-25-158179
**Filing Date:** 2025-6
**Character Count:** 53402
**Document Hash:** 07d1f6fe159a9e01f24480e279e76d3f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-158179.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-158179

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS SERIES TRUST VII
- **CENTRAL INDEX KEY:** 0000318874

**ORGANIZATION NAME:**
- **EIN:** 046452925
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03090
- **FILM NUMBER:** 251077287

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 18006372929

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS WORLDWIDE GOVERNMENTS FUND
- **DATE OF NAME CHANGE:** 19930408

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS WORLDWIDE GOVERNMENTS TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASSACHUSETTS FINANCIAL INTERNATIONAL TRUST BOND PORTFOLIO
- **DATE OF NAME CHANGE:** 19910225

## Series and Classes Contracts Data

### MFS Emerging Markets Equity Research Fund (Series ID: S000070557)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000224111 | R4           | EEMGX           |
| C000224112 | R3           | EEMFX           |
| C000224113 | R2           | EEMEX           |
| C000224114 | A            | EEMPX           |
| C000224115 | I            | EEMIX           |
| C000224116 | R6           | EEMHX           |
| C000224117 | C            | EEMRX           |
| C000224118 | R1           | EEMDX           |

## Nport-Ex

![](img601e10cb1.gif)

### Quarterly Report
April 30, 2025

MFS<sup>®</sup> Emerging Markets <br> Equity Research Fund

![](imgc71f48002.gif)

EEM-Q3

------

### Portfolio of Investments
4/30/25 (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** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Common Stocks – 100.4% | Common Stocks – 100.4% | Common Stocks – 100.4% |
| Alcoholic Beverages – 2.4% | Alcoholic Beverages – 2.4% |  |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9500 | $33563 |
| Kweichow Moutai Co. Ltd., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42601 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76164 |
| Automotive – 4.5% | Automotive – 4.5% |  |
| BYD Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1500 | $71600 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$142910 |
| Biotechnology – 0.9% | Biotechnology – 0.9% |  |
| Hugel, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | $30083 |
| Brokerage & Asset Managers – 1.5% | Brokerage & Asset Managers – 1.5% |  |
| B3 S.A. - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;19700 | $46827 |
| Business Services – 2.3% | Business Services – 2.3% |  |
| Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1304 | $23154 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$73641 |
| Chemicals – 1.8% | Chemicals – 1.8% |  |
| UPL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7296 | $57852 |
| Computer Software - Systems – 3.9% | Computer Software - Systems – 3.9% |  |
| EPAM Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | $37502 |
| Globant S.A. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9053 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$126242 |
| Construction – 4.1% | Construction – 4.1% |  |
| Anhui Conch Cement Co. Ltd. | &nbsp;&nbsp;&nbsp;13500 | $38121 |
| Midea Group Co. Ltd., "A" | &nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38519 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55598 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$132238 |
| Consumer Products – 0.5% | Consumer Products – 0.5% |  |
| Amorepacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | $15927 |
| Consumer Services – 1.3% | Consumer Services – 1.3% |  |
| Localiza Rent a Car S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3688 | $27918 |
| MakeMyTrip Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43012 |
| Electronics – 14.6% | Electronics – 14.6% |  |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5000 | $21183 |
| Globalwafers Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19291 |
| MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42210 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16384 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$468139 |
| Energy - Independent – 4.2% | Energy - Independent – 4.2% |  |
| PT United Tractors Tbk | &nbsp;&nbsp;&nbsp;28600 | $39110 |
| Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95475 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$134585 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Energy - Integrated – 2.2% | Energy - Integrated – 2.2% |  |
| Galp Energia SGPS S.A., "B" | &nbsp;&nbsp;&nbsp;&nbsp;2396 | $37121 |
| Petroleo Brasileiro S.A., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8851 |
| Petroleo Brasileiro S.A., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8216 |
| Petronet LNG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69552 |
| Engineering - Construction – 0.5% | Engineering - Construction – 0.5% |  |
| Doosan Bobcat, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | $15856 |
| Food & Beverages – 2.5% | Food & Beverages – 2.5% |  |
| Gruma S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;2507 | $47909 |
| Inner Mongolia Yili Industrial Group Co. Ltd., "A" | &nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$79461 |
| Food & Drug Stores – 3.4% | Food & Drug Stores – 3.4% |  |
| Jeronimo Martins, SGPS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1520 | $36833 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;&nbsp;5559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19434 |
| Walmart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;16144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$107431 |
| Gaming & Lodging – 0.4% | Gaming & Lodging – 0.4% |  |
| Sands China Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7600 | $13700 |
| Insurance – 2.7% | Insurance – 2.7% |  |
| AIA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6200 | $46446 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85174 |
| Leisure & Toys – 8.3% | Leisure & Toys – 8.3% |  |
| NetEase, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | $44216 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221507 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$265723 |
| Machinery & Tools – 1.3% | Machinery & Tools – 1.3% |  |
| Delta Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4000 | $41710 |
| Major Banks – 3.7% | Major Banks – 3.7% |  |
| Banco Bradesco S.A., ADR | &nbsp;&nbsp;&nbsp;20047 | $49315 |
| National Bank of Greece S.A. | &nbsp;&nbsp;&nbsp;&nbsp;6659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70111 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$119426 |
| Metals & Mining – 2.6% | Metals & Mining – 2.6% |  |
| Industries Qatar Q.S.C. | &nbsp;&nbsp;&nbsp;10996 | $37932 |
| Vale S.A., ADR | &nbsp;&nbsp;&nbsp;&nbsp;4851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45163 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$83095 |
| Natural Gas - Distribution – 1.4% | Natural Gas - Distribution – 1.4% |  |
| China Resources Gas Group Ltd. | &nbsp;&nbsp;&nbsp;16200 | $45327 |
| Other Banks & Diversified Financials – 18.5% | Other Banks & Diversified Financials – 18.5% |  |
| Bank of Cyprus Holdings PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;5243 | $33855 |
| China Construction Bank Corp. | &nbsp;&nbsp;&nbsp;87000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71569 |
| China Merchants Bank Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49261 |
| Credicorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44886 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;9797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54812 |
| HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118644 |
| Kasikornbank PLC | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35586 |
| KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55967 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Other Banks & Diversified Financials – continued | Other Banks & Diversified Financials – continued |  |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1984 | $51855 |
| PT Bank Negara Indonesia (Persero) Tbk | &nbsp;&nbsp;136800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34447 |
| Saudi Awwal Bank | &nbsp;&nbsp;&nbsp;&nbsp;4372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40795 |
| Sberbank of Russia PJSC (a)(u) | &nbsp;&nbsp;&nbsp;11152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$591677 |
| Pharmaceuticals – 0.8% | Pharmaceuticals – 0.8% |  |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1150 | $24941 |
| Precious Metals & Minerals – 0.7% | Precious Metals & Minerals – 0.7% |  |
| Gold Fields Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;1003 | $22608 |
| Specialty Stores – 3.3% | Specialty Stores – 3.3% |  |
| Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | $60910 |
| PDD Holdings, Inc., ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$105777 |
| Telecom Services – 4.6% | Telecom Services – 4.6% |  |
| Advanced Info Service Public Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6400 | $56518 |
| Hellenic Telecommunications Organization S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75309 |
| PT Telekom Indonesia | &nbsp;&nbsp;106800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$148812 |
| Tobacco – 1.2% | Tobacco – 1.2% |  |
| ITC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7811 | $39368 |
| Utilities - Water – 0.3% | Utilities - Water – 0.3% |  |
| Companhia de Saneamento Basico do Estado de Sao Paulo | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | $8027 |
| **Total Common Stocks** |  | &nbsp;&nbsp;**$3215285** |
| Mutual Funds (h) – 1.6% | Mutual Funds (h) – 1.6% | Mutual Funds (h) – 1.6% |
| Money Market Funds – 1.6% | Money Market Funds – 1.6% |  |
| MFS Institutional Money Market Portfolio, 4.36% (v) | &nbsp;&nbsp;50978 | &nbsp;&nbsp;&nbsp;$50978 |
| Other Assets, Less Liabilities – (2.0)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62676) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**$3203587** |

---

(a) Non-income producing security.

(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 $50,978 and $3,215,285, respectively.

(u) The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy.

(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: <br> ADR American Depositary Receipt

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

------

### Supplemental Information
4/30/25 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

(1) Investment Valuations

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

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund's net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund's foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other

------

Supplemental Information (unaudited) – continued

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. The following is a summary of the levels used as of April 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;$793613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$793613 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563544 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509849 |
| &nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236248 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213751 |
| &nbsp;&nbsp;&nbsp;Greece | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75309 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145420 |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115744 |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99073 |
| &nbsp;&nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56518 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92104 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445939 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50978 |
| Total | &nbsp;&nbsp;&nbsp;$3060482 | &nbsp;&nbsp;&nbsp;$205781 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;$3266263 |

---

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

The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The table presents the activity of level 3 securities held at the beginning and the end of the period.

---

| | |
|:---|:---|
|  | **Equity<br> Securities** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of 7/31/24 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) | (59893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation or depreciation | 77135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | (17242) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of 4/30/25 | $0 |

---

The net change in unrealized appreciation or depreciation from investments held as level 3 at April 30, 2025 is $0. At April 30, 2025, the fund held one level 3 security.

(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. For the purposes of this report, the following were affiliated issuers for the period ended April 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$66958 | &nbsp;&nbsp;$612503 | &nbsp;&nbsp;$628475 | &nbsp;&nbsp;$(1) | &nbsp;&nbsp;$(7) | &nbsp;&nbsp;$50978 |

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| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$1562 | &nbsp;&nbsp;$— |

---

------

Supplemental Information (unaudited) – continued

(3) Issuer Country Weightings

Issuer country weighting percentages of portfolio holdings based on net assets, as of April 30, 2025, are as follows:

---

| | |
|:---|:---|
| China | 24.3% |
| India | 17.2% |
| Taiwan | 15.6% |
| South Korea | 7.2% |
| Brazil | 6.5% |
| Greece | 4.5% |
| Hong Kong | 3.5% |
| Mexico | 3.0% |
| Thailand | 2.8% |
| Other Countries | 15.4% |

---

(4) Russia and Ukraine Conflict

The fund invests in securities and/or derivative instruments that are economically tied to Russia and/or Ukraine. Escalation of the conflict between Russia and Ukraine in late February 2022 caused market volatility and disruption in the tradability of Russian securities, including closure of the local securities market, temporary restriction on securities sales by non-residents, and disruptions to clearance and payment systems. To the extent that the fund is unable to sell securities, whether due to market constraints or to the sanctions imposed on Russia by the United States and other countries, those securities are considered illiquid and the value of those securities reflects their illiquid classification. Additionally, since there is no assurance on collectability of dividends declared by certain Russian issuers, all such dividends, related receivables, and/or currency denominated in Rubles, if applicable, have been valued at $0. Management continues to monitor these events and to evaluate the related impacts on fund performance.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** MFS Series Trust VII

- **b. Investment Company Act file number:** 811-03090

- **c. CIK number of Registrant:** 0000318874

- **d. LEI of Registrant:** TH94BZR3W0ANP6ZLMJ19

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 111 Huntington Avenue

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

  - **Telephone number:** 617-954-5000

**Item A.2. Information about the Series.**

- **a. Name of Series:** MFS Emerging Markets Equity Research Fund

- **b. EDGAR series identifier (if any):** S000070557

- **c. LEI of Series:** 549300VKL8UNWLZGEH27

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $4242232.33

**Total Liabilities:** $1038854.38

**Net Assets:** $3203377.95

**Cash Not Reported:** $470.04

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224114 | -0.87%               | 1.00%                | 1.74%                |
| Class ID C000224118 | -1.00%               | 1.14%                | 1.63%                |
| Class ID C000224117 | -1.00%               | 1.01%                | 1.75%                |
| Class ID C000224115 | -0.99%               | 1.13%                | 1.73%                |
| Class ID C000224116 | -0.87%               | 1.13%                | 1.73%                |
| Class ID C000224112 | -0.99%               | 1.13%                | 1.74%                |
| Class ID C000224113 | -0.87%               | 1.01%                | 1.74%                |
| Class ID C000224111 | -0.87%               | 1.13%                | 1.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-39146.53               | $5544.88                                   |
| Month 2  | $7931.95                 | $23706.16                                  |
| Month 3  | $-5768.31                | $59127.77                                  |

### Schedule of Portfolio Investments

| Name                                                   | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| China Resources Beer Holdings Co. Ltd.                 | China Resources Beer Holdings Co. Ltd.                 | CUSIP: N/A<br>LEI: 254900OH02Y7OS7RNG48       | Long             | EC               | CORP              | HK        |      9500 | NS      | $33562.84     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco SA                                      | Banco Bradesco SA                                      | CUSIP: 059460303<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |     20047 | NS      | $49315.62     | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank of Greece SA                             | National Bank of Greece SA                             | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               | CORP              | GR        |      6659 | NS      | $70110.67     | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Kasikornbank PCL                                       | Kasikornbank PCL                                       | CUSIP: N/A<br>LEI: 5493004COSQ54937AW41       | Long             | EC               | CORP              | TH        |      7500 | NS      | $35585.99     | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS Institutional Money Market Portfolio               | MFS Institutional Money Market Portfolio, Class A      | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |     50825 | NS      | $50825.08     | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Inner Mongolia Yili Industrial Group Co. Ltd.          | Inner Mongolia Yili Industrial Group Co. Ltd., Class A | CUSIP: N/A<br>LEI: 3003002Q2A863JPQFH06       | Long             | EC               | CORP              | CN        |      7700 | NS      | $31551.47     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Jeronimo Martins SGPS SA                               | Jeronimo Martins SGPS SA                               | CUSIP: N/A<br>LEI: 259400A8SZP10GB5IB19       | Long             | EC               | CORP              | PT        |      1720 | NS      | $41679.73     | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale SA                                                | Vale SA                                                | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |      4851 | NS      | $45162.81     | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Amorepacific Corp.                                     | Amorepacific Corp.                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       182 | NS      | $15927.40     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Raia Drogasil SA                                       | Raia Drogasil SA                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |      5559 | NS      | $19433.95     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Cyprus Holdings plc                            | Bank of Cyprus Holdings plc                            | CUSIP: N/A<br>LEI: 635400L14KNHZXPUZM19       | Long             | EC               | CORP              | IE        |      5243 | NS      | $33855.34     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Kweichow Moutai Co. Ltd.                               | Kweichow Moutai Co. Ltd., Class A                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |       200 | NS      | $42600.65     | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                 | Petroleo Brasileiro SA                                 | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |       784 | NS      | $8851.36      | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd.            | Taiwan Semiconductor Manufacturing Co. Ltd.            | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |     13000 | NS      | $369071.07    | 11.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Info Service PCL                              | Advanced Info Service PCL                              | CUSIP: N/A<br>LEI: 529900DU2YW1NO5RMU78       | Long             | EC               | CORP              | TH        |      6400 | NS      | $56518.49     | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| EPAM Systems, Inc.                                     | EPAM Systems, Inc.                                     | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |       239 | NS      | $37501.49     | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Bank Co. Ltd.                          | China Merchants Bank Co. Ltd., Class H                 | CUSIP: N/A<br>LEI: 549300MKO5B60FFIHF58       | Long             | EC               | CORP              | CN        |      9000 | NS      | $49261.18     | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd.                                         | HDFC Bank Ltd.                                         | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |      5207 | NS      | $118643.82    | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Realtek Semiconductor Corp.                            | Realtek Semiconductor Corp.                            | CUSIP: N/A<br>LEI: 5299002E7F36O00MYY75       | Long             | EC               | CORP              | TW        |      1000 | NS      | $16383.70     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC Ltd.                                               | ITC Ltd.                                               | CUSIP: N/A<br>LEI: 335800WLOU3OFWFTMP43       | Long             | EC               | CORP              | IN        |      7811 | NS      | $39367.62     | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd.                                       | Gold Fields Ltd.                                       | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |      1003 | NS      | $22607.62     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                           | Wal-Mart de Mexico SAB de CV                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     16144 | NS      | $51163.90     | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Gruma SAB de CV                                        | Gruma SAB de CV, Class B                               | CUSIP: N/A<br>LEI: 5493000XJLJ6C4T0PG82       | Long             | EC               | CORP              | MX        |      2507 | NS      | $47909.20     | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Industries Qatar QSC                                   | Industries Qatar QSC                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | QA        |     10996 | NS      | $37931.82     | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                                  | Tencent Holdings Ltd.                                  | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |      3600 | NS      | $221507.04    | 6.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ASE Technology Holding Co. Ltd.                        | ASE Technology Holding Co. Ltd.                        | CUSIP: N/A<br>LEI: 300300GO8QHPMV87NZ73       | Long             | EC               | CORP              | TW        |      5000 | NS      | $21183.13     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Group Co. Ltd.                                   | Midea Group Co. Ltd., Class A                          | CUSIP: N/A<br>LEI: 3003003TRPHLHZD2IF61       | Long             | EC               | CORP              | CN        |      3800 | NS      | $38519.03     | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Hugel, Inc.                                            | Hugel, Inc.                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       117 | NS      | $30083.36     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Kotak Mahindra Bank Ltd.                               | Kotak Mahindra Bank Ltd.                               | CUSIP: N/A<br>LEI: 335800E6GTTXKHXE2I75       | Long             | EC               | CORP              | IN        |      1984 | NS      | $51854.59     | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek, Inc.                                         | MediaTek, Inc.                                         | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |      1000 | NS      | $42209.92     | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia PJSC                                | Sberbank of Russia PJSC                                | CUSIP: N/A<br>LEI: 549300WE6TAF5EEWQS81       | Long             | EC               | CORP              | RU        |     11152 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PDD Holdings, Inc.                                     | PDD Holdings, Inc.                                     | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |       425 | NS      | $44867.25     | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Globalwafers Co. Ltd.                                  | Globalwafers Co. Ltd.                                  | CUSIP: N/A<br>LEI: 529900V6RTNF3U5EGX67       | Long             | EC               | CORP              | TW        |      2000 | NS      | $19291.50     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Petronet LNG Ltd.                                      | Petronet LNG Ltd.                                      | CUSIP: N/A<br>LEI: 335800KIIKNA7GRD9351       | Long             | EC               | CORP              | IN        |      4137 | NS      | $15363.71     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| China Resources Gas Group Ltd.                         | China Resources Gas Group Ltd.                         | CUSIP: N/A<br>LEI: 529900A0E1J5JSOKEK83       | Long             | EC               | CORP              | BM        |     16200 | NS      | $45327.25     | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant SA                                             | Globant SA                                             | CUSIP: N/A<br>LEI: 2221008DCMSPYS42DS88       | Long             | EC               | CORP              | LU        |        77 | NS      | $9052.89      | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Fire & Marine Insurance Co. Ltd.               | Samsung Fire & Marine Insurance Co. Ltd.               | CUSIP: N/A<br>LEI: 988400JMBDK47EW0Z936       | Long             | EC               | CORP              | KR        |       147 | NS      | $38727.75     | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                             | Alibaba Group Holding Ltd.                             | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |       510 | NS      | $60909.30     | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd.                               | Reliance Industries Ltd.                               | CUSIP: N/A<br>LEI: 5493003UOETFYRONLG31       | Long             | EC               | CORP              | IN        |      5741 | NS      | $95475.22     | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Consultancy Services Ltd.                         | Tata Consultancy Services Ltd.                         | CUSIP: N/A<br>LEI: 335800ZJKU9GPQRE2U66       | Long             | EC               | CORP              | IN        |      1235 | NS      | $50486.86     | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               | CORP              | BR        |       400 | NS      | $8027.28      | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group, Inc.                               | KB Financial Group, Inc.                               | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |       882 | NS      | $55966.51     | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp.                          | China Construction Bank Corp., Class H                 | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | CN        |     87000 | NS      | $71568.93     | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| United Tractors Tbk. PT                                | United Tractors Tbk. PT                                | CUSIP: N/A<br>LEI: 529900N9ELYOWQV4FW14       | Long             | EC               | CORP              | ID        |     28600 | NS      | $39109.64     | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Localiza Rent a Car SA                                 | Localiza Rent a Car SA                                 | CUSIP: N/A<br>LEI: 984500C442A7E0CD4D11       | Long             | EC               | CORP              | BR        |      3688 | NS      | $27917.58     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics, Inc.                                | Delta Electronics, Inc.                                | CUSIP: N/A<br>LEI: 529900UVZWNWGDLJSM52       | Long             | EC               | CORP              | TW        |      4000 | NS      | $41709.66     | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Sands China Ltd.                                       | Sands China Ltd.                                       | CUSIP: N/A<br>LEI: 549300EVO6UZDGY05787       | Long             | EC               | CORP              | KY        |      7600 | NS      | $13699.52     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Galp Energia SGPS SA                                   | Galp Energia SGPS SA                                   | CUSIP: N/A<br>LEI: 2138003319Y7NM75FG53       | Long             | EC               | CORP              | PT        |      2396 | NS      | $37121.07     | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Negara Indonesia Persero Tbk. PT                  | Bank Negara Indonesia Persero Tbk. PT                  | CUSIP: N/A<br>LEI: 549300HZ8J3MLVXQ8F85       | Long             | EC               | CORP              | ID        |    136800 | NS      | $34447.23     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Techtronic Industries Co. Ltd.                         | Techtronic Industries Co. Ltd.                         | CUSIP: N/A<br>LEI: 549300HZW2SBE758OK89       | Long             | EC               | CORP              | HK        |      5500 | NS      | $55598.54     | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd.                                         | AIA Group Ltd.                                         | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |      6200 | NS      | $46446.44     | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Emirates NBD Bank PJSC                                 | Emirates NBD Bank PJSC                                 | CUSIP: N/A<br>LEI: 54930029BCN8HF3B1286       | Long             | EC               | CORP              | AE        |      9797 | NS      | $54812.31     | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                 | Petroleo Brasileiro SA                                 | CUSIP: 71654V101<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |       778 | NS      | $8215.68      | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co. Ltd.                                           | BYD Co. Ltd., Class H                                  | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | CN        |      1500 | NS      | $71599.88     | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Anhui Conch Cement Co. Ltd.                            | Anhui Conch Cement Co. Ltd., Class H                   | CUSIP: N/A<br>LEI: 300300JVKW56SSAEQZ33       | Long             | EC               | CORP              | CN        |     13500 | NS      | $38120.84     | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase, Inc.                                          | NetEase, Inc.                                          | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |       413 | NS      | $44215.78     | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Pharmaceutical Industries Ltd.                     | Sun Pharmaceutical Industries Ltd.                     | CUSIP: N/A<br>LEI: 335800KJ7GE29LB4SS73       | Long             | EC               | CORP              | IN        |      1150 | NS      | $24941.42     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Doosan Bobcat, Inc.                                    | Doosan Bobcat, Inc.                                    | CUSIP: N/A<br>LEI: 9884007K6X0Q0112FX44       | Long             | EC               | CORP              | KR        |       460 | NS      | $15856.49     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Awwal Bank                                       | Saudi Awwal Bank                                       | CUSIP: N/A<br>LEI: 558600TQS0WENZUC5190       | Long             | EC               | CORP              | SA        |      4372 | NS      | $40795.00     | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd.                                         | Credicorp Ltd.                                         | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | BM        |       222 | NS      | $44886.18     | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                            | B3 SA - Brasil Bolsa Balcao                            | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |     19700 | NS      | $46827.48     | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MakeMyTrip Ltd.                                        | MakeMyTrip Ltd.                                        | CUSIP: N/A<br>LEI: 529900DNT8HNJ7RYUO60       | Long             | EC               | CORP              | MU        |       144 | NS      | $15094.08     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd.                                           | Infosys Ltd.                                           | CUSIP: N/A<br>LEI: 335800TYLGG93MM7PR89       | Long             | EC               | CORP              | IN        |      1304 | NS      | $23153.92     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| UPL Ltd.                                               | UPL Ltd.                                               | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |      7296 | NS      | $57852.43     | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Hellenic Telecommunications Organization SA            | Hellenic Telecommunications Organization SA            | CUSIP: N/A<br>LEI: ELPUFM0XZRZO4LFXW404       | Long             | EC               | CORP              | GR        |      3943 | NS      | $75308.75     | 2.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                           | Samsung Electronics Co. Ltd.                           | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |      2041 | NS      | $79687.30     | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Mahindra & Mahindra Ltd.                               | Mahindra & Mahindra Ltd.                               | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |      2057 | NS      | $71310.06     | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** MFS Series Trust VII

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer