# EDGAR Filing Document

**Accession Number:** 0000783740
**File Stem:** 0001193125-25-216475
**Filing Date:** 2025-9
**Character Count:** 290142
**Document Hash:** 06d497c96d8f5e90af4f203a018248fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-216475.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001193125-25-216475

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**EFFECTIVENESS DATE**: 20250925

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS SERIES TRUST X
- **CENTRAL INDEX KEY:** 0000783740

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04492
- **FILM NUMBER:** 251340358

**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 GOVERNMENT MORTGAGE FUND
- **DATE OF NAME CHANGE:** 19930408

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS GOVERNMENT INCOME PLUS FUND
- **DATE OF NAME CHANGE:** 19930312

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASSACHUSETTS MFS GOVERNMENT INCOME PLUS FUND
- **DATE OF NAME CHANGE:** 19921015

## Series and Classes Contracts Data

### MFS Emerging Markets Debt Fund (Series ID: S000002511)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006900 | A            | MEDAX           |
| C000006901 | B            | MEDBX           |
| C000006902 | C            | MEDCX           |
| C000006903 | I            | MEDIX           |
| C000034483 | R6           | MEDHX           |
| C000074224 | R1           | MEDDX           |
| C000074225 | R2           | MEDEX           |
| C000074226 | R3           | MEDFX           |
| C000074227 | R4           | MEDGX           |

?xml version='1.0' encoding='ASCII'? 8ddf53989021e79

#### 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

#### 811-04492

#### MFS SERIES TRUST X
(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:
&nbsp;&nbsp;&nbsp;&nbsp;(617) 954-5000

#### Date of fiscal year end:

#### July 31\*

#### Date of reporting period:

#### July 31, 2025
\*This Form N-CSR pertains only to the following series of the Registrant: MFS Emerging Markets Debt Fund. Each remaining series of the Registrant has a fiscal year end other than July 31.

#### ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):

![MFSLOGO_RED.EPS](images_1147.jpg)

MFS<sup>®</sup> Emerging Markets

Debt Fund

![TSR_Ribbon_red](images_1153.jpg)

Class A-MEDAX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Debt Fund for the period of August 1, 2024 to July 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| A | $111 | 1.07% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended July 31, 2025, Class A shares of the MFS Emerging Markets Debt Fund (fund) provided a total return of 7.96%, at net asset value. This compares with a return of 9.32% for the fund's benchmark, the JPMorgan Emerging Markets Bond Index Global Diversified.

* Global equity markets reached record levels during the period withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law while in Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period amid a volatile US policymaking environment as the Trump administration spent much of the April-July period finetuning its tariff strategy. Negotiations with China made progress with both sides easing export restrictions on strategic goods that cannot yet be produced domestically.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve stayed on the sidelines, awaiting greater clarity on the impact of tariffs.

* In fixed income markets, global bond yields initially declined but later rose to levels similar to the start of the reporting year. Credit spreads generally narrowed and stayed near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the US election and trade war.

* Top contributors to performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Yield curve positioning and a longer duration stance contributed to relative performance as interest rates generally declined over the reporting period.

The fund's underweight exposure to China, Saudi Arabia and Qatar-issued bonds, and its overweight exposure to Uzbekistan-issued debt, also supported relative performance. The fund's underweight exposure to Romania and no exposure to Bahrain were also additive. Favorable bond selection within Oman and Egypt was another contributor to the fund's relative returns.

* Top detractors from performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Having no exposure to defaulted credits, like Lebanon, and an underweight position in lower-rated segments of the asset class (e.g., El Salvador), detracted from relative returns. The fund's overweight country exposure to India also held back relative results. Corporate and sovereign security selection in Brazil and South Africa were additional factors that held back relative performance. The fund's exposure to US bonds, for which the benchmark has no exposure, also detracted from relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance. This graph includes the deduction of the maximum applicable sales charge.

![Fund Performance - Growth of 10K](chartimages_2120565.jpg)

#### Average Annual Total Returns through 7/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| A without sales charge | 7.96% | 1.72% | 3.34% |
| A with initial sales charge (4.25%) | 3.38% | 0.84% | 2.90% |
| **Comparative Benchmark(s)** |  |  |  |
| JPMorgan Emerging Markets Bond Index Global Diversified ∆ | 9.32% | 1.31% | 3.61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 7.71%.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/a for more recent performance information.

FUND STATISTICS AS OF 7/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7388571766 | Average Effective Maturity (yrs): | 9.6 |
| Total Number of Holdings: | 456 | Average Effective Duration (yrs): | 6.2 |
| Total Management Fee ($)#: | 47779638 |  |  |
| Portfolio Turnover Rate (%): | 69 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 7/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.9% |
| Money Market Funds | 4.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 8.5% |
| Mexico | 5.5% |
| India | 4.6% |
| Chile | 3.8% |
| Romania | 3.7% |
| Turkey | 3.5% |
| Hungary | 3.2% |
| Saudi Arabia | 3.0% |
| United Arab Emirates | 2.8% |
| Other Countries | 61.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AA | 2.4% |
| A | 11.0% |
| BBB | 28.3% |
| BB | 30.4% |
| B | 11.5% |
| CCC | 6.8% |
| C | 0.3% |
| D | 0.2% |
| U.S. Government | 4.3% |
| Not Rated | 0.7% |
| Money Market Funds | 4.1% |

---

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.

#### 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.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

EMDA-ANN

![MFSLOGO_RED.EPS](images_1147.jpg)

MFS<sup>®</sup> Emerging Markets

Debt Fund

![TSR_Ribbon_red](images_1153.jpg)

Class B-MEDBX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Debt Fund for the period of August 1, 2024 to July 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| B | $189 | 1.82% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended July 31, 2025, Class B shares of the MFS Emerging Markets Debt Fund (fund) provided a total return of 7.15%, at net asset value. This compares with a return of 9.32% for the fund's benchmark, the JPMorgan Emerging Markets Bond Index Global Diversified.

* Global equity markets reached record levels during the period withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law while in Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period amid a volatile US policymaking environment as the Trump administration spent much of the April-July period finetuning its tariff strategy. Negotiations with China made progress with both sides easing export restrictions on strategic goods that cannot yet be produced domestically.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve stayed on the sidelines, awaiting greater clarity on the impact of tariffs.

* In fixed income markets, global bond yields initially declined but later rose to levels similar to the start of the reporting year. Credit spreads generally narrowed and stayed near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the US election and trade war.

* Top contributors to performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Yield curve positioning and a longer duration stance contributed to relative performance as interest rates generally declined over the reporting period.

The fund's underweight exposure to China, Saudi Arabia and Qatar-issued bonds, and its overweight exposure to Uzbekistan-issued debt, also supported relative performance. The fund's underweight exposure to Romania and no exposure to Bahrain were also additive. Favorable bond selection within Oman and Egypt was another contributor to the fund's relative returns.

* Top detractors from performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Having no exposure to defaulted credits, like Lebanon, and an underweight position in lower-rated segments of the asset class (e.g., El Salvador), detracted from relative returns. The fund's overweight country exposure to India also held back relative results. Corporate and sovereign security selection in Brazil and South Africa were additional factors that held back relative performance. The fund's exposure to US bonds, for which the benchmark has no exposure, also detracted from relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2120659.jpg)

#### Average Annual Total Returns through 7/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| B without sales charge | 7.15% | 0.97% | 2.58% |
| B with CDSC (declining over six years from 4% to 0%)<sup>×</sup> | 3.15% | 0.65% | 2.58% |
| **Comparative Benchmark(s)** |  |  |  |
| JPMorgan Emerging Markets Bond Index Global Diversified ∆ | 9.32% | 1.31% | 3.61% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 2.94%.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/b for more recent performance information.

FUND STATISTICS AS OF 7/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7388571766 | Average Effective Maturity (yrs): | 9.6 |
| Total Number of Holdings: | 456 | Average Effective Duration (yrs): | 6.2 |
| Total Management Fee ($)#: | 47779638 |  |  |
| Portfolio Turnover Rate (%): | 69 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 7/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.9% |
| Money Market Funds | 4.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 8.5% |
| Mexico | 5.5% |
| India | 4.6% |
| Chile | 3.8% |
| Romania | 3.7% |
| Turkey | 3.5% |
| Hungary | 3.2% |
| Saudi Arabia | 3.0% |
| United Arab Emirates | 2.8% |
| Other Countries | 61.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AA | 2.4% |
| A | 11.0% |
| BBB | 28.3% |
| BB | 30.4% |
| B | 11.5% |
| CCC | 6.8% |
| C | 0.3% |
| D | 0.2% |
| U.S. Government | 4.3% |
| Not Rated | 0.7% |
| Money Market Funds | 4.1% |

---

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.

#### 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.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

EMDB-ANN

![MFSLOGO_RED.EPS](images_1147.jpg)

MFS<sup>®</sup> Emerging Markets

Debt Fund

![TSR_Ribbon_red](images_1153.jpg)

Class C-MEDCX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Debt Fund for the period of August 1, 2024 to July 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| C | $189 | 1.82% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended July 31, 2025, Class C shares of the MFS Emerging Markets Debt Fund (fund) provided a total return of 7.16%, at net asset value. This compares with a return of 9.32% for the fund's benchmark, the JPMorgan Emerging Markets Bond Index Global Diversified.

* Global equity markets reached record levels during the period withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law while in Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period amid a volatile US policymaking environment as the Trump administration spent much of the April-July period finetuning its tariff strategy. Negotiations with China made progress with both sides easing export restrictions on strategic goods that cannot yet be produced domestically.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve stayed on the sidelines, awaiting greater clarity on the impact of tariffs.

* In fixed income markets, global bond yields initially declined but later rose to levels similar to the start of the reporting year. Credit spreads generally narrowed and stayed near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the US election and trade war.

* Top contributors to performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Yield curve positioning and a longer duration stance contributed to relative performance as interest rates generally declined over the reporting period.

The fund's underweight exposure to China, Saudi Arabia and Qatar-issued bonds, and its overweight exposure to Uzbekistan-issued debt, also supported relative performance. The fund's underweight exposure to Romania and no exposure to Bahrain were also additive. Favorable bond selection within Oman and Egypt was another contributor to the fund's relative returns.

* Top detractors from performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Having no exposure to defaulted credits, like Lebanon, and an underweight position in lower-rated segments of the asset class (e.g., El Salvador), detracted from relative returns. The fund's overweight country exposure to India also held back relative results. Corporate and sovereign security selection in Brazil and South Africa were additional factors that held back relative performance. The fund's exposure to US bonds, for which the benchmark has no exposure, also detracted from relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2120753.jpg)

#### Average Annual Total Returns through 7/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| C without sales charge | 7.16% | 0.97% | 2.57% |
| C with CDSC (1% for 12 months)<sup>×</sup> | 6.16% | 0.97% | 2.57% |
| **Comparative Benchmark(s)** |  |  |  |
| JPMorgan Emerging Markets Bond Index Global Diversified ∆ | 9.32% | 1.31% | 3.61% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 6.79%.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/c for more recent performance information.

FUND STATISTICS AS OF 7/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7388571766 | Average Effective Maturity (yrs): | 9.6 |
| Total Number of Holdings: | 456 | Average Effective Duration (yrs): | 6.2 |
| Total Management Fee ($)#: | 47779638 |  |  |
| Portfolio Turnover Rate (%): | 69 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 7/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.9% |
| Money Market Funds | 4.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 8.5% |
| Mexico | 5.5% |
| India | 4.6% |
| Chile | 3.8% |
| Romania | 3.7% |
| Turkey | 3.5% |
| Hungary | 3.2% |
| Saudi Arabia | 3.0% |
| United Arab Emirates | 2.8% |
| Other Countries | 61.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AA | 2.4% |
| A | 11.0% |
| BBB | 28.3% |
| BB | 30.4% |
| B | 11.5% |
| CCC | 6.8% |
| C | 0.3% |
| D | 0.2% |
| U.S. Government | 4.3% |
| Not Rated | 0.7% |
| Money Market Funds | 4.1% |

---

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.

#### 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.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

EMDC-ANN

![MFSLOGO_RED.EPS](images_1147.jpg)

MFS<sup>®</sup> Emerging Markets

Debt Fund

![TSR_Ribbon_red](images_1153.jpg)

Class I-MEDIX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Debt Fund for the period of August 1, 2024 to July 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| I | $85 | 0.82% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended July 31, 2025, Class I shares of the MFS Emerging Markets Debt Fund (fund) provided a total return of 8.15%, at net asset value. This compares with a return of 9.32% for the fund's benchmark, the JPMorgan Emerging Markets Bond Index Global Diversified.

* Global equity markets reached record levels during the period withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law while in Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period amid a volatile US policymaking environment as the Trump administration spent much of the April-July period finetuning its tariff strategy. Negotiations with China made progress with both sides easing export restrictions on strategic goods that cannot yet be produced domestically.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve stayed on the sidelines, awaiting greater clarity on the impact of tariffs.

* In fixed income markets, global bond yields initially declined but later rose to levels similar to the start of the reporting year. Credit spreads generally narrowed and stayed near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the US election and trade war.

* Top contributors to performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Yield curve positioning and a longer duration stance contributed to relative performance as interest rates generally declined over the reporting period.

The fund's underweight exposure to China, Saudi Arabia and Qatar-issued bonds, and its overweight exposure to Uzbekistan-issued debt, also supported relative performance. The fund's underweight exposure to Romania and no exposure to Bahrain were also additive. Favorable bond selection within Oman and Egypt was another contributor to the fund's relative returns.

* Top detractors from performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Having no exposure to defaulted credits, like Lebanon, and an underweight position in lower-rated segments of the asset class (e.g., El Salvador), detracted from relative returns. The fund's overweight country exposure to India also held back relative results. Corporate and sovereign security selection in Brazil and South Africa were additional factors that held back relative performance. The fund's exposure to US bonds, for which the benchmark has no exposure, also detracted from relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2120847.jpg)

#### Average Annual Total Returns through 7/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| I without sales charge | 8.15% | 1.98% | 3.59% |
| **Comparative Benchmark(s)** |  |  |  |
| JPMorgan Emerging Markets Bond Index Global Diversified ∆ | 9.32% | 1.31% | 3.61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 8.24%.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/i for more recent performance information.

FUND STATISTICS AS OF 7/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7388571766 | Average Effective Maturity (yrs): | 9.6 |
| Total Number of Holdings: | 456 | Average Effective Duration (yrs): | 6.2 |
| Total Management Fee ($)#: | 47779638 |  |  |
| Portfolio Turnover Rate (%): | 69 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 7/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.9% |
| Money Market Funds | 4.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 8.5% |
| Mexico | 5.5% |
| India | 4.6% |
| Chile | 3.8% |
| Romania | 3.7% |
| Turkey | 3.5% |
| Hungary | 3.2% |
| Saudi Arabia | 3.0% |
| United Arab Emirates | 2.8% |
| Other Countries | 61.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AA | 2.4% |
| A | 11.0% |
| BBB | 28.3% |
| BB | 30.4% |
| B | 11.5% |
| CCC | 6.8% |
| C | 0.3% |
| D | 0.2% |
| U.S. Government | 4.3% |
| Not Rated | 0.7% |
| Money Market Funds | 4.1% |

---

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.

#### 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.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

EMDI-ANN

![MFSLOGO_RED.EPS](images_1147.jpg)

MFS<sup>®</sup> Emerging Markets

Debt Fund

![TSR_Ribbon_red](images_1153.jpg)

Class R1-MEDDX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Debt Fund for the period of August 1, 2024 to July 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R1 | $189 | 1.82% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended July 31, 2025, Class R1 shares of the MFS Emerging Markets Debt Fund (fund) provided a total return of 7.24%, at net asset value. This compares with a return of 9.32% for the fund's benchmark, the JPMorgan Emerging Markets Bond Index Global Diversified.

* Global equity markets reached record levels during the period withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law while in Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period amid a volatile US policymaking environment as the Trump administration spent much of the April-July period finetuning its tariff strategy. Negotiations with China made progress with both sides easing export restrictions on strategic goods that cannot yet be produced domestically.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve stayed on the sidelines, awaiting greater clarity on the impact of tariffs.

* In fixed income markets, global bond yields initially declined but later rose to levels similar to the start of the reporting year. Credit spreads generally narrowed and stayed near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the US election and trade war.

* Top contributors to performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Yield curve positioning and a longer duration stance contributed to relative performance as interest rates generally declined over the reporting period.

The fund's underweight exposure to China, Saudi Arabia and Qatar-issued bonds, and its overweight exposure to Uzbekistan-issued debt, also supported relative performance. The fund's underweight exposure to Romania and no exposure to Bahrain were also additive. Favorable bond selection within Oman and Egypt was another contributor to the fund's relative returns.

* Top detractors from performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Having no exposure to defaulted credits, like Lebanon, and an underweight position in lower-rated segments of the asset class (e.g., El Salvador), detracted from relative returns. The fund's overweight country exposure to India also held back relative results. Corporate and sovereign security selection in Brazil and South Africa were additional factors that held back relative performance. The fund's exposure to US bonds, for which the benchmark has no exposure, also detracted from relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2120941.jpg)

#### Average Annual Total Returns through 7/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R1 without sales charge | 7.24% | 0.99% | 2.58% |
| **Comparative Benchmark(s)** |  |  |  |
| JPMorgan Emerging Markets Bond Index Global Diversified ∆ | 9.32% | 1.31% | 3.61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 7.25%.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r1 for more recent performance information.

FUND STATISTICS AS OF 7/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7388571766 | Average Effective Maturity (yrs): | 9.6 |
| Total Number of Holdings: | 456 | Average Effective Duration (yrs): | 6.2 |
| Total Management Fee ($)#: | 47779638 |  |  |
| Portfolio Turnover Rate (%): | 69 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 7/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.9% |
| Money Market Funds | 4.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 8.5% |
| Mexico | 5.5% |
| India | 4.6% |
| Chile | 3.8% |
| Romania | 3.7% |
| Turkey | 3.5% |
| Hungary | 3.2% |
| Saudi Arabia | 3.0% |
| United Arab Emirates | 2.8% |
| Other Countries | 61.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AA | 2.4% |
| A | 11.0% |
| BBB | 28.3% |
| BB | 30.4% |
| B | 11.5% |
| CCC | 6.8% |
| C | 0.3% |
| D | 0.2% |
| U.S. Government | 4.3% |
| Not Rated | 0.7% |
| Money Market Funds | 4.1% |

---

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.

#### 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.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

EMDR1-ANN

![MFSLOGO_RED.EPS](images_1147.jpg)

MFS<sup>®</sup> Emerging Markets

Debt Fund

![TSR_Ribbon_red](images_1153.jpg)

Class R2-MEDEX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Debt Fund for the period of August 1, 2024 to July 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R2 | $137 | 1.32% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended July 31, 2025, Class R2 shares of the MFS Emerging Markets Debt Fund (fund) provided a total return of 7.69%, at net asset value. This compares with a return of 9.32% for the fund's benchmark, the JPMorgan Emerging Markets Bond Index Global Diversified.

* Global equity markets reached record levels during the period withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law while in Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period amid a volatile US policymaking environment as the Trump administration spent much of the April-July period finetuning its tariff strategy. Negotiations with China made progress with both sides easing export restrictions on strategic goods that cannot yet be produced domestically.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve stayed on the sidelines, awaiting greater clarity on the impact of tariffs.

* In fixed income markets, global bond yields initially declined but later rose to levels similar to the start of the reporting year. Credit spreads generally narrowed and stayed near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the US election and trade war.

* Top contributors to performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Yield curve positioning and a longer duration stance contributed to relative performance as interest rates generally declined over the reporting period.

The fund's underweight exposure to China, Saudi Arabia and Qatar-issued bonds, and its overweight exposure to Uzbekistan-issued debt, also supported relative performance. The fund's underweight exposure to Romania and no exposure to Bahrain were also additive. Favorable bond selection within Oman and Egypt was another contributor to the fund's relative returns.

* Top detractors from performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Having no exposure to defaulted credits, like Lebanon, and an underweight position in lower-rated segments of the asset class (e.g., El Salvador), detracted from relative returns. The fund's overweight country exposure to India also held back relative results. Corporate and sovereign security selection in Brazil and South Africa were additional factors that held back relative performance. The fund's exposure to US bonds, for which the benchmark has no exposure, also detracted from relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2121035.jpg)

#### Average Annual Total Returns through 7/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R2 without sales charge | 7.69% | 1.48% | 3.08% |
| **Comparative Benchmark(s)** |  |  |  |
| JPMorgan Emerging Markets Bond Index Global Diversified ∆ | 9.32% | 1.31% | 3.61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r2 for more recent performance information.

FUND STATISTICS AS OF 7/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7388571766 | Average Effective Maturity (yrs): | 9.6 |
| Total Number of Holdings: | 456 | Average Effective Duration (yrs): | 6.2 |
| Total Management Fee ($)#: | 47779638 |  |  |
| Portfolio Turnover Rate (%): | 69 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 7/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.9% |
| Money Market Funds | 4.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 8.5% |
| Mexico | 5.5% |
| India | 4.6% |
| Chile | 3.8% |
| Romania | 3.7% |
| Turkey | 3.5% |
| Hungary | 3.2% |
| Saudi Arabia | 3.0% |
| United Arab Emirates | 2.8% |
| Other Countries | 61.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AA | 2.4% |
| A | 11.0% |
| BBB | 28.3% |
| BB | 30.4% |
| B | 11.5% |
| CCC | 6.8% |
| C | 0.3% |
| D | 0.2% |
| U.S. Government | 4.3% |
| Not Rated | 0.7% |
| Money Market Funds | 4.1% |

---

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.

#### 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.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

EMDR2-ANN

![MFSLOGO_RED.EPS](images_1147.jpg)

MFS<sup>®</sup> Emerging Markets

Debt Fund

![TSR_Ribbon_red](images_1153.jpg)

Class R3-MEDFX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Debt Fund for the period of August 1, 2024 to July 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R3 | $111 | 1.07% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended July 31, 2025, Class R3 shares of the MFS Emerging Markets Debt Fund (fund) provided a total return of 7.96%, at net asset value. This compares with a return of 9.32% for the fund's benchmark, the JPMorgan Emerging Markets Bond Index Global Diversified.

* Global equity markets reached record levels during the period withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law while in Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period amid a volatile US policymaking environment as the Trump administration spent much of the April-July period finetuning its tariff strategy. Negotiations with China made progress with both sides easing export restrictions on strategic goods that cannot yet be produced domestically.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve stayed on the sidelines, awaiting greater clarity on the impact of tariffs.

* In fixed income markets, global bond yields initially declined but later rose to levels similar to the start of the reporting year. Credit spreads generally narrowed and stayed near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the US election and trade war.

* Top contributors to performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Yield curve positioning and a longer duration stance contributed to relative performance as interest rates generally declined over the reporting period.

The fund's underweight exposure to China, Saudi Arabia and Qatar-issued bonds, and its overweight exposure to Uzbekistan-issued debt, also supported relative performance. The fund's underweight exposure to Romania and no exposure to Bahrain were also additive. Favorable bond selection within Oman and Egypt was another contributor to the fund's relative returns.

* Top detractors from performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Having no exposure to defaulted credits, like Lebanon, and an underweight position in lower-rated segments of the asset class (e.g., El Salvador), detracted from relative returns. The fund's overweight country exposure to India also held back relative results. Corporate and sovereign security selection in Brazil and South Africa were additional factors that held back relative performance. The fund's exposure to US bonds, for which the benchmark has no exposure, also detracted from relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2121129.jpg)

#### Average Annual Total Returns through 7/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R3 without sales charge | 7.96% | 1.73% | 3.34% |
| **Comparative Benchmark(s)** |  |  |  |
| JPMorgan Emerging Markets Bond Index Global Diversified ∆ | 9.32% | 1.31% | 3.61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 7.97%.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r3 for more recent performance information.

FUND STATISTICS AS OF 7/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7388571766 | Average Effective Maturity (yrs): | 9.6 |
| Total Number of Holdings: | 456 | Average Effective Duration (yrs): | 6.2 |
| Total Management Fee ($)#: | 47779638 |  |  |
| Portfolio Turnover Rate (%): | 69 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 7/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.9% |
| Money Market Funds | 4.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 8.5% |
| Mexico | 5.5% |
| India | 4.6% |
| Chile | 3.8% |
| Romania | 3.7% |
| Turkey | 3.5% |
| Hungary | 3.2% |
| Saudi Arabia | 3.0% |
| United Arab Emirates | 2.8% |
| Other Countries | 61.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AA | 2.4% |
| A | 11.0% |
| BBB | 28.3% |
| BB | 30.4% |
| B | 11.5% |
| CCC | 6.8% |
| C | 0.3% |
| D | 0.2% |
| U.S. Government | 4.3% |
| Not Rated | 0.7% |
| Money Market Funds | 4.1% |

---

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.

#### 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.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

EMDR3-ANN

![MFSLOGO_RED.EPS](images_1147.jpg)

MFS<sup>®</sup> Emerging Markets

Debt Fund

![TSR_Ribbon_red](images_1153.jpg)

Class R4-MEDGX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Debt Fund for the period of August 1, 2024 to July 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R4 | $85 | 0.82% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended July 31, 2025, Class R4 shares of the MFS Emerging Markets Debt Fund (fund) provided a total return of 8.23%, at net asset value. This compares with a return of 9.32% for the fund's benchmark, the JPMorgan Emerging Markets Bond Index Global Diversified.

* Global equity markets reached record levels during the period withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law while in Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period amid a volatile US policymaking environment as the Trump administration spent much of the April-July period finetuning its tariff strategy. Negotiations with China made progress with both sides easing export restrictions on strategic goods that cannot yet be produced domestically.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve stayed on the sidelines, awaiting greater clarity on the impact of tariffs.

* In fixed income markets, global bond yields initially declined but later rose to levels similar to the start of the reporting year. Credit spreads generally narrowed and stayed near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the US election and trade war.

* Top contributors to performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Yield curve positioning and a longer duration stance contributed to relative performance as interest rates generally declined over the reporting period.

The fund's underweight exposure to China, Saudi Arabia and Qatar-issued bonds, and its overweight exposure to Uzbekistan-issued debt, also supported relative performance. The fund's underweight exposure to Romania and no exposure to Bahrain were also additive. Favorable bond selection within Oman and Egypt was another contributor to the fund's relative returns.

* Top detractors from performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Having no exposure to defaulted credits, like Lebanon, and an underweight position in lower-rated segments of the asset class (e.g., El Salvador), detracted from relative returns. The fund's overweight country exposure to India also held back relative results. Corporate and sovereign security selection in Brazil and South Africa were additional factors that held back relative performance. The fund's exposure to US bonds, for which the benchmark has no exposure, also detracted from relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2121223.jpg)

#### Average Annual Total Returns through 7/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R4 without sales charge | 8.23% | 1.99% | 3.60% |
| **Comparative Benchmark(s)** |  |  |  |
| JPMorgan Emerging Markets Bond Index Global Diversified ∆ | 9.32% | 1.31% | 3.61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r4 for more recent performance information.

FUND STATISTICS AS OF 7/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7388571766 | Average Effective Maturity (yrs): | 9.6 |
| Total Number of Holdings: | 456 | Average Effective Duration (yrs): | 6.2 |
| Total Management Fee ($)#: | 47779638 |  |  |
| Portfolio Turnover Rate (%): | 69 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 7/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.9% |
| Money Market Funds | 4.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 8.5% |
| Mexico | 5.5% |
| India | 4.6% |
| Chile | 3.8% |
| Romania | 3.7% |
| Turkey | 3.5% |
| Hungary | 3.2% |
| Saudi Arabia | 3.0% |
| United Arab Emirates | 2.8% |
| Other Countries | 61.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AA | 2.4% |
| A | 11.0% |
| BBB | 28.3% |
| BB | 30.4% |
| B | 11.5% |
| CCC | 6.8% |
| C | 0.3% |
| D | 0.2% |
| U.S. Government | 4.3% |
| Not Rated | 0.7% |
| Money Market Funds | 4.1% |

---

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.

#### 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.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

EMDR4-ANN

![MFSLOGO_RED.EPS](images_1147.jpg)

MFS<sup>®</sup> Emerging Markets

Debt Fund

![TSR_Ribbon_red](images_1153.jpg)

Class R6-MEDHX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Debt Fund for the period of August 1, 2024 to July 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R6 | $74 | 0.71% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended July 31, 2025, Class R6 shares of the MFS Emerging Markets Debt Fund (fund) provided a total return of 8.35%, at net asset value. This compares with a return of 9.32% for the fund's benchmark, the JPMorgan Emerging Markets Bond Index Global Diversified.

* Global equity markets reached record levels during the period withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law while in Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period amid a volatile US policymaking environment as the Trump administration spent much of the April-July period finetuning its tariff strategy. Negotiations with China made progress with both sides easing export restrictions on strategic goods that cannot yet be produced domestically.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve stayed on the sidelines, awaiting greater clarity on the impact of tariffs.

* In fixed income markets, global bond yields initially declined but later rose to levels similar to the start of the reporting year. Credit spreads generally narrowed and stayed near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the US election and trade war.

* Top contributors to performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Yield curve positioning and a longer duration stance contributed to relative performance as interest rates generally declined over the reporting period.

The fund's underweight exposure to China, Saudi Arabia and Qatar-issued bonds, and its overweight exposure to Uzbekistan-issued debt, also supported relative performance. The fund's underweight exposure to Romania and no exposure to Bahrain were also additive. Favorable bond selection within Oman and Egypt was another contributor to the fund's relative returns.

* Top detractors from performance relative to the JPMorgan Emerging Markets Bond Index Global Diversified:

Having no exposure to defaulted credits, like Lebanon, and an underweight position in lower-rated segments of the asset class (e.g., El Salvador), detracted from relative returns. The fund's overweight country exposure to India also held back relative results. Corporate and sovereign security selection in Brazil and South Africa were additional factors that held back relative performance. The fund's exposure to US bonds, for which the benchmark has no exposure, also detracted from relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2121317.jpg)

#### Average Annual Total Returns through 7/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R6 without sales charge | 8.35% | 2.09% | 3.70% |
| **Comparative Benchmark(s)** |  |  |  |
| JPMorgan Emerging Markets Bond Index Global Diversified ∆ | 9.32% | 1.31% | 3.61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r6 for more recent performance information.

FUND STATISTICS AS OF 7/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7388571766 | Average Effective Maturity (yrs): | 9.6 |
| Total Number of Holdings: | 456 | Average Effective Duration (yrs): | 6.2 |
| Total Management Fee ($)#: | 47779638 |  |  |
| Portfolio Turnover Rate (%): | 69 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 7/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.9% |
| Money Market Funds | 4.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 8.5% |
| Mexico | 5.5% |
| India | 4.6% |
| Chile | 3.8% |
| Romania | 3.7% |
| Turkey | 3.5% |
| Hungary | 3.2% |
| Saudi Arabia | 3.0% |
| United Arab Emirates | 2.8% |
| Other Countries | 61.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AA | 2.4% |
| A | 11.0% |
| BBB | 28.3% |
| BB | 30.4% |
| B | 11.5% |
| CCC | 6.8% |
| C | 0.3% |
| D | 0.2% |
| U.S. Government | 4.3% |
| Not Rated | 0.7% |
| Money Market Funds | 4.1% |

---

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.

#### 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.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

EMDR6-ANN

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1(b):
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 2. CODE OF ETHICS.
The Registrant has adopted a Code of Ethics (the "Code") pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant's principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in 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. A copy of the Code is attached hereto as EX-99.COE.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Messrs. Steven E. Buller, Clarence Otis, Jr., and Darrell A. Williams, members of the Audit Committee, have been determined by the Board of Trustees in their reasonable business judgment to meet the definition of "audit committee financial expert" as such term is defined in Form N-CSR. In addition, Messrs. Buller, Otis, and Williams are "independent" members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002). The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

------

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

**Items 4(a) through 4(d) and 4(g):**

The Board of Trustees has appointed Ernst & Young LLP ("E&Y") to serve as independent accountants to each series of the Registrant. The tables below set forth the audit fees billed to the series of the Registrant with a fiscal year end of July 31<sup>st</sup> (the "Fund") as well as fees for non-audit services provided to the Fund and/or to the Fund's investment adviser, Massachusetts Financial Services Company ("MFS"), and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Fund ("MFS Related Entities").

For the fiscal years ended July 31, 2025 and 2024, audit fees billed to the Fund by E&Y were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fees billed by E&Y:** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;&nbsp;&nbsp;**Audit Fees** |
|  | **2025** |  | **2024** |
| &nbsp;&nbsp;MFS Emerging Markets Debt Fund | 80,994 |  | 75,557 |

---

For the fiscal years ended July 31, 2025 and 2024, fees billed by E&Y for audit-related, tax and other services provided to the Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fees billed by E&Y:** | &nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** |
|  | **2025** | **2024** |  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;To MFS Emerging Markets | 0 | 0 |  | 259 | 267 | 0 | 0 |
| &nbsp;&nbsp;Debt Fund |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Fees billed by E&Y:** | &nbsp;&nbsp;&nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** |
|  | **2025** | **2024** |  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;To MFS and MFS Related |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Entities of MFS Emerging | 0 | 0 |  | 0 | 0 | 78600 | 3600 |
| &nbsp;&nbsp;Markets Debt Fund<sup>\*</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Fees billed by E&Y:** |  |  | **Aggregate Fees for Non-audit Services** | **Aggregate Fees for Non-audit Services** | **Aggregate Fees for Non-audit Services** | **Aggregate Fees for Non-audit Services** |  |
|  |  |  |  | **2025** |  | **2024** |  |
| &nbsp;&nbsp;To MFS Emerging Markets Debt Fund, MFS | &nbsp;&nbsp;To MFS Emerging Markets Debt Fund, MFS |  |  | 412910 |  | 229807 |  |
| &nbsp;&nbsp;and MFS Related Entities<sup>#</sup> |  |  |  |  |  |  |  |

---

\*This amount reflects the fees billed to MFS and MFS Related Entities for non-audit services relating directly to the operations and financial reporting of the Funds (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds complex).

# This amount reflects the aggregate fees billed by E&Y for non-audit services rendered to the Funds and for non-audit services rendered to MFS and the MFS Related Entities.

<sup>1</sup> The fees included under "Audit-Related Fees" are fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under ''Audit Fees,'' including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews.

<sup>2</sup> The fees included under "Tax Fees" are fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis.

<sup>3</sup> The fees included under "All Other Fees" are fees for products and services provided by E&Y other than those reported under "Audit Fees," "Audit-Related Fees" and "Tax Fees".

**Item 4(e)(1):**

Set forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre-approval of audit and non-audit related services:

To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for all audit and permissible non-audit services rendered to the Fund and all permissible non-audit services rendered to MFS or MFS Related Entities if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by-engagement basis. In the event pre-approval of such services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for approval; provided that the Chair may not pre-approve any individual engagement for such services exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 in each period between regular meetings of the Audit Committee. Any engagement pre-approved by the Chair between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.

**Item 4(e)(2):**

None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

**Item 4(f):**

Not applicable.

**Item 4(h):**

The Registrant's Audit Committee has considered whether the provision by a Registrant's independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre-approved by the Committee (because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent registered public accounting firm as the Registrant's principal auditors.

**Item 4(i):**

Not applicable.

**Item 4(j):**

Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 Emerging Markets Debt Fund

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Emerging Markets Debt Fund

**Portfolio of Investments - 7/31/25** 

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 95.7% | Bonds – 95.7% | Bonds – 95.7% |
| Albania – 0.5% | Albania – 0.5% | Albania – 0.5% |
| Republic of Albania, 5.9%, 6/09/2028 | 13773000 | &nbsp;&nbsp; $16685586 |
| Republic of Albania, 4.75%, 2/14/2035 (n) | 18655000 | &nbsp;&nbsp; 21407665 |
|  |  | &nbsp;&nbsp; $38093251 |
| Angola – 1.2% | Angola – 1.2% | Angola – 1.2% |
| Republic of Angola, 8.75%, 4/14/2032 (n) | $23482000 | &nbsp;&nbsp; $21343506 |
| Republic of Angola, 8.75%, 4/14/2032 | 500000 | &nbsp;&nbsp; 454465 |
| Republic of Angola, 9.375%, 5/08/2048 | 15746000 | &nbsp;&nbsp; 12746057 |
| Republic of Angola, 9.125%, 11/26/2049 | 67282000 | &nbsp;&nbsp; 53221163 |
|  |  | &nbsp;&nbsp; $87765191 |
| Argentina – 2.5% | Argentina – 2.5% | Argentina – 2.5% |
| Republic of Argentina, 4.125%, 7/09/2035 | $76528000 | &nbsp;&nbsp; $50508480 |
| Republic of Argentina, 5%, 1/09/2038 | 93016000 | &nbsp;&nbsp; 65343740 |
| Republic of Argentina, 3.5%, 7/09/2041 | 116945000 | &nbsp;&nbsp; 71161033 |
|  |  | &nbsp;&nbsp; $187013253 |
| Azerbaijan – 0.3% | Azerbaijan – 0.3% | Azerbaijan – 0.3% |
| Republic of Azerbaijan, 3.5%, 9/01/2032 | $23853000 | &nbsp;&nbsp; $21700946 |
| Bahamas – 0.3% | Bahamas – 0.3% | Bahamas – 0.3% |
| Commonwealth of Bahamas, 8.25%, 6/24/2036 (n) | $22212000 | &nbsp;&nbsp; $22556286 |
| Barbados – 0.2% | Barbados – 0.2% | Barbados – 0.2% |
| Republic of Barbados, 8%, 6/26/2035 (n) | $17471000 | &nbsp;&nbsp; $17420858 |
| Benin – 0.4% | Benin – 0.4% | Benin – 0.4% |
| Republic of Benin, 7.96%, 2/13/2038 (n) | $15301000 | &nbsp;&nbsp; $14817631 |
| Republic of Benin, 7.96%, 2/13/2038 | 1600000 | &nbsp;&nbsp; 1549455 |
| Republic of Benin, 8.375%, 1/23/2041 | 600000 | &nbsp;&nbsp; 591211 |
| Republic of Benin, 8.375%, 1/23/2041 (n) | 10873000 | &nbsp;&nbsp; 10713724 |
|  |  | &nbsp;&nbsp; $27672021 |
| Bermuda – 0.8% | Bermuda – 0.8% | Bermuda – 0.8% |
| Government of Bermuda, 2.375%, 8/20/2030 (n) | $16826000 | &nbsp;&nbsp; $14955958 |
| Government of Bermuda, 2.375%, 8/20/2030 | 10733000 | &nbsp;&nbsp; 9540135 |
| Government of Bermuda, 5%, 7/15/2032 (n) | 15892000 | &nbsp;&nbsp; 15744681 |
| Government of Bermuda, 5%, 7/15/2032 | 2100000 | &nbsp;&nbsp; 2080533 |
| Government of Bermuda, 3.375%, 8/20/2050 (n) | 15484000 | &nbsp;&nbsp; 10336654 |
| Government of Bermuda, 3.375%, 8/20/2050 | 4300000 | &nbsp;&nbsp; 2870551 |
|  |  | &nbsp;&nbsp; $55528512 |
| Brazil – 2.3% | Brazil – 2.3% | Brazil – 2.3% |
| Ambipar Lux S.à r.l., 10.875%, 2/05/2033 (n) | $11424000 | &nbsp;&nbsp; $10265675 |
| Arcos Dorados B.V., 6.375%, 1/29/2032 (n) | 7255000 | &nbsp;&nbsp; 7472650 |
| Federative Republic of Brazil, 10%, 1/01/2029 | 128698000 | &nbsp;&nbsp; 20869857 |
| Federative Republic of Brazil, 10%, 1/01/2031 | 178255000 | &nbsp;&nbsp; 27437758 |
| Federative Republic of Brazil, 6.625%, 3/15/2035 | $16644000 | &nbsp;&nbsp; 16718277 |

---

EMDFS-ANN

------

MFS Emerging Markets Debt Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Brazil – continued | Brazil – continued | Brazil – continued |
| Federative Republic of Brazil, 7.125%, 5/13/2054 | $6580000 | &nbsp;&nbsp; $6316799 |
| MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031 (n) | 10489489 | &nbsp;&nbsp; 8545787 |
| MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031 | 9503392 | &nbsp;&nbsp; 7742413 |
| Raizen Fuels Finance S.A., 6.25%, 7/08/2032 (n) | 16184000 | &nbsp;&nbsp; 15916964 |
| Samarco Mineracao S.A., 9% PIK to 12/30/2025, (4% Cash + 5% PIK) to 12/30/2026, (5.5% Cash + 3.5% PIK) to <br> 12/30/2027, 9.25% Cash to 12/30/2029, 9.5% Cash to 6/30/2031 (p)<br>| 26478689 | &nbsp;&nbsp; 26223311 |
| Yinson Bergenia Production B.V., 8.498%, 1/31/2045 (n) | 19353000 | &nbsp;&nbsp; 19971182 |
|  |  | &nbsp;&nbsp; $167480673 |
| Bulgaria – 1.3% | Bulgaria – 1.3% | Bulgaria – 1.3% |
| Bulgarian Energy Holdings, 2.45%, 7/22/2028 | 23817000 | &nbsp;&nbsp; $26279356 |
| Bulgarian Energy Holdings EAD, 4.25%, 6/19/2030 | 15596000 | &nbsp;&nbsp; 17702687 |
| Republic of Bulgaria, 3.375%, 7/18/2035 | 12531000 | &nbsp;&nbsp; 14123611 |
| Republic of Bulgaria, 5%, 3/05/2037 | $25616000 | &nbsp;&nbsp; 24964596 |
| Republic of Bulgaria, 4.125%, 7/18/2045 | 12531000 | &nbsp;&nbsp; 14017393 |
|  |  | &nbsp;&nbsp; $97087643 |
| Canada – 0.1% | Canada – 0.1% | Canada – 0.1% |
| Capstone Copper Corp., 6.75%, 3/31/2033 (n) | $10700000 | &nbsp;&nbsp; $10904884 |
| Chile – 3.8% | Chile – 3.8% | Chile – 3.8% |
| AES Andes S.A., 6.25%, 3/14/2032 (n) | $10688000 | &nbsp;&nbsp; $10865592 |
| AES Andes S.A., 8.15% to 6/10/2030, FLR (CMT - 5yr. + 3.835%) to 6/10/2035, FLR (CMT - 5yr. + 4.085%) to 6/10/2050, <br> FLR (CMT - 5yr. + 4.835%) to 6/10/2055 (n)<br>| 9776000 | &nbsp;&nbsp; 10235785 |
| Alfa Desarrollo S.p.A., 4.55%, 9/27/2051 (n) | 12185574 | &nbsp;&nbsp; 9175347 |
| Alfa Desarrollo S.p.A., 4.55%, 9/27/2051 | 16474682 | &nbsp;&nbsp; 12404908 |
| Chile Electricity Lux MPC II S.à r.l., 6.01%, 1/20/2033 (n) | 9388550 | &nbsp;&nbsp; 9736302 |
| Chile Electricity Lux MPC II S.à r.l., 5.58%, 10/20/2035 (n) | 14008624 | &nbsp;&nbsp; 14148710 |
| Chile Electricity Lux MPC S.à r.l., 6.01%, 1/20/2033 | 7390910 | &nbsp;&nbsp; 7664669 |
| Chile Electricity Lux MPC S.à r.l., 5.672%, 10/20/2035 (n) | 16968000 | &nbsp;&nbsp; 17269182 |
| Chile Electricity PEC S.p.A., 0%, 1/25/2028 | 7427735 | &nbsp;&nbsp; 6554977 |
| Codelco, Inc. (Republic of Chile), 5.95%, 1/08/2034 (n) | 26903000 | &nbsp;&nbsp; 27487597 |
| Codelco, Inc. (Republic of Chile), 5.95%, 1/08/2034 | 1900000 | &nbsp;&nbsp; 1941287 |
| Codelco, Inc. (Republic of Chile), 6.33%, 1/13/2035 (n) | 16439000 | &nbsp;&nbsp; 17037215 |
| Compania Cervecerias Unidas S.A., 3.35%, 1/19/2032 (n) | 10096000 | &nbsp;&nbsp; 8878724 |
| Compania Cervecerias Unidas S.A., 3.35%, 1/19/2032 | 3096000 | &nbsp;&nbsp; 2722715 |
| Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029 | 16094000 | &nbsp;&nbsp; 16219742 |
| Empresa Nacional del Petroleo (Republic of Chile), 6.15%, 5/10/2033 (n) | 14277000 | &nbsp;&nbsp; 14718987 |
| Empresa Nacional del Petroleo (Republic of Chile), 5.95%, 7/30/2034 (n) | 18987000 | &nbsp;&nbsp; 19380031 |
| ENGIE Energia Chile S.A., 6.375%, 4/17/2034 (n) | 8185000 | &nbsp;&nbsp; 8586270 |
| ENGIE Energía Chile S.A., 3.4%, 1/28/2030 (n) | 12882000 | &nbsp;&nbsp; 11969926 |
| ENGIE Energía Chile S.A., 3.4%, 1/28/2030 | 2551000 | &nbsp;&nbsp; 2370384 |
| Republic of Chile, 2.55%, 7/27/2033 | 17826000 | &nbsp;&nbsp; 14991666 |
| Republic of Chile, 5.65%, 1/13/2037 | 33857000 | &nbsp;&nbsp; 34904874 |
|  |  | &nbsp;&nbsp; $279264890 |
| China – 0.8% | China – 0.8% | China – 0.8% |
| CFMAC II Co. Ltd. (People's Republic of China), 4.5%, 5/29/2029 | $6111000 | &nbsp;&nbsp; $5962014 |
| Huarong Finance 2019 Co. Ltd. (People's Republic of China), 4.25%, 11/07/2027 | 20007000 | &nbsp;&nbsp; 19682086 |
| Huarong Finance II Co. Ltd. (People's Republic of China), 4.625%, 6/03/2026 | 7424000 | &nbsp;&nbsp; 7407742 |
| Melco Resorts Finance Ltd., 7.625%, 4/17/2032 (n) | 14047000 | &nbsp;&nbsp; 14437900 |
| Prosus N.V., 3.061%, 7/13/2031 (n) | 16680000 | &nbsp;&nbsp; 14854760 |
|  |  | &nbsp;&nbsp; $62344502 |

---

------

MFS Emerging Markets Debt Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Colombia – 1.5% | Colombia – 1.5% | Colombia – 1.5% |
| Banco GNB Sudameris S.A., 7.5% to 4/16/2026, FLR (CMT - 5yr. + 6.66%) to 4/16/2031 (n) | $7710000 | &nbsp;&nbsp; $7700755 |
| Republic of Colombia, 7.375%, 4/25/2030 | 14077000 | &nbsp;&nbsp; 14745657 |
| Republic of Colombia, 3.125%, 4/15/2031 | 18378000 | &nbsp;&nbsp; 15451487 |
| Republic of Colombia, 3.25%, 4/22/2032 | 14819000 | &nbsp;&nbsp; 12025619 |
| Republic of Colombia, 8%, 11/14/2035 | 16791000 | &nbsp;&nbsp; 17210775 |
| Republic of Colombia, 7.75%, 11/07/2036 | 16437000 | &nbsp;&nbsp; 16387689 |
| Sierracol Energy Andina LLC, 6%, 6/15/2028 (n) | 20073000 | &nbsp;&nbsp; 18833595 |
| Termocandelaria Power S.A., 7.75%, 9/17/2031 (n) | 10459000 | &nbsp;&nbsp; 10769946 |
|  |  | &nbsp;&nbsp; $113125523 |
| Costa Rica – 1.4% | Costa Rica – 1.4% | Costa Rica – 1.4% |
| Liberty Costa Rica Senior Secured Finance, 10.875%, 1/15/2031 (n) | $9385000 | &nbsp;&nbsp; $9995025 |
| Liberty Costa Rica Senior Secured Finance, 10.875%, 1/15/2031 | 1200000 | &nbsp;&nbsp; 1278000 |
| Republic of Costa Rica, 6.55%, 4/03/2034 (n) | 11734000 | &nbsp;&nbsp; 12257454 |
| Republic of Costa Rica, 6.55%, 4/03/2034 | 5563000 | &nbsp;&nbsp; 5811165 |
| Republic of Costa Rica, 7%, 4/04/2044 | 7521000 | &nbsp;&nbsp; 7652618 |
| Republic of Costa Rica, 7.158%, 3/12/2045 | 6907000 | &nbsp;&nbsp; 7146535 |
| Republic of Costa Rica, 7.3%, 11/13/2054 (n) | 44671000 | &nbsp;&nbsp; 46402001 |
| Republic of Costa Rica, 7.3%, 11/13/2054 | 15259000 | &nbsp;&nbsp; 15850286 |
|  |  | &nbsp;&nbsp; $106393084 |
| Cote d'Ivoire – 1.0% | Cote d'Ivoire – 1.0% | Cote d'Ivoire – 1.0% |
| Republic of Cote d'Ivoire, 7.625%, 1/30/2033 (n) | $17377000 | &nbsp;&nbsp; $17366711 |
| Republic of Cote d'Ivoire, 8.075%, 4/01/2036 (n) | 18322000 | &nbsp;&nbsp; 18045183 |
| Republic of Cote d'Ivoire, 8.25%, 1/30/2037 (n) | 28863000 | &nbsp;&nbsp; 28525839 |
| Republic of Cote d'Ivoire, 8.25%, 1/30/2037 | 10823000 | &nbsp;&nbsp; 10696572 |
|  |  | &nbsp;&nbsp; $74634305 |
| Croatia – 0.2% | Croatia – 0.2% | Croatia – 0.2% |
| Republic of Croatia, 3.25%, 2/11/2037 | 14313000 | &nbsp;&nbsp; $16054885 |
| Czech Republic – 2.1% | Czech Republic – 2.1% | Czech Republic – 2.1% |
| CEZ A.S. (Czech Republic), 2.375%, 4/06/2027 | 6995000 | &nbsp;&nbsp; $7960426 |
| CEZ A.S. (Czech Republic), 4.125%, 9/05/2031 | 6691000 | &nbsp;&nbsp; 7904975 |
| CEZ A.S. (Czech Republic), 4.25%, 6/11/2032 | 13195000 | &nbsp;&nbsp; 15496625 |
| CEZ A.S. (Czech Republic), 4.125%, 4/30/2033 | 9274000 | &nbsp;&nbsp; 10815597 |
| Czech Republic, 2.75%, 7/23/2029 | 623200000 | &nbsp;&nbsp; 27811206 |
| Czech Republic, 3.75%, 7/28/2030 | 8699000 | &nbsp;&nbsp; 10146409 |
| Czech Republic, 5%, 9/30/2030 | 208590000 | &nbsp;&nbsp; 10140714 |
| Czech Republic, 2%, 10/13/2033 | 258450000 | &nbsp;&nbsp; 10152211 |
| Czechoslovak Group A.S., 6.5%, 1/10/2031 (n) | $15068000 | &nbsp;&nbsp; 15257865 |
| EP Infrastructure A.S., 2.045%, 10/09/2028 | 4891000 | &nbsp;&nbsp; 5385980 |
| EP Infrastructure A.S., 1.816%, 3/02/2031 | 9884000 | &nbsp;&nbsp; 10140016 |
| EPH Financing International A.S., 6.651%, 11/13/2028 | 12475000 | &nbsp;&nbsp; 15565213 |
| EPH Financing International A.S., 5.875%, 11/30/2029 | 6458000 | &nbsp;&nbsp; 7960396 |
|  |  | &nbsp;&nbsp; $154737633 |
| Dominican Republic – 2.8% | Dominican Republic – 2.8% | Dominican Republic – 2.8% |
| Aeropuertos Dominicanos Siglo XXI S.A., 7%, 6/30/2034 (n) | $13976000 | &nbsp;&nbsp; $14421834 |
| Dominican Republic, 5.5%, 2/22/2029 (n) | 11357000 | &nbsp;&nbsp; 11336557 |
| Dominican Republic, 4.5%, 1/30/2030 (n) | 7378000 | &nbsp;&nbsp; 7030496 |
| Dominican Republic, 4.5%, 1/30/2030 | 1000000 | &nbsp;&nbsp; 952900 |
| Dominican Republic, 7.05%, 2/03/2031 (n) | 24234000 | &nbsp;&nbsp; 25490533 |

---

------

MFS Emerging Markets Debt Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Dominican Republic – continued | Dominican Republic – continued | Dominican Republic – continued |
| Dominican Republic, 7.05%, 2/03/2031 | $4634000 | &nbsp;&nbsp; $4874273 |
| Dominican Republic, 4.875%, 9/23/2032 (n) | 27009000 | &nbsp;&nbsp; 24964419 |
| Dominican Republic, 4.875%, 9/23/2032 | 58882000 | &nbsp;&nbsp; 54424633 |
| Dominican Republic, 6%, 2/22/2033 | 10861000 | &nbsp;&nbsp; 10775741 |
| Dominican Republic, 6.6%, 6/01/2036 (n) | 20389000 | &nbsp;&nbsp; 20684641 |
| Dominican Republic, 6.6%, 6/01/2036 | 900000 | &nbsp;&nbsp; 913050 |
| Dominican Republic, 6.95%, 3/15/2037 (n) | 16780000 | &nbsp;&nbsp; 17191110 |
| Dominican Republic, 6.95%, 3/15/2037 | 700000 | &nbsp;&nbsp; 717150 |
| Dominican Republic, 5.3%, 1/21/2041 | 13200000 | &nbsp;&nbsp; 11437800 |
|  |  | &nbsp;&nbsp; $205215137 |
| Ecuador – 1.3% | Ecuador – 1.3% | Ecuador – 1.3% |
| Republic of Ecuador, 5.5%, 7/31/2035 | $74546772 | &nbsp;&nbsp; $55649165 |
| Republic of Ecuador, 5%, 7/31/2040 | 58533000 | &nbsp;&nbsp; 36612392 |
|  |  | &nbsp;&nbsp; $92261557 |
| Egypt – 1.8% | Egypt – 1.8% | Egypt – 1.8% |
| Arab Republic of Egypt, 0%, 8/26/2025 | 1061075000 | &nbsp;&nbsp; $21402660 |
| Arab Republic of Egypt, 0%, 9/09/2025 | 828800000 | &nbsp;&nbsp; 16532870 |
| Arab Republic of Egypt, 5.875%, 2/16/2031 | $37194000 | &nbsp;&nbsp; 32846975 |
| Arab Republic of Egypt, 8.5%, 1/31/2047 | 52277000 | &nbsp;&nbsp; 42457528 |
| Arab Republic of Egypt, 7.903%, 2/21/2048 | 4713000 | &nbsp;&nbsp; 3643604 |
| Arab Republic of Egypt, 8.7%, 3/01/2049 | 9051000 | &nbsp;&nbsp; 7438450 |
| Arab Republic of Egypt, 7.5%, 2/16/2061 (n) | 14083000 | &nbsp;&nbsp; 10265980 |
|  |  | &nbsp;&nbsp; $134588067 |
| El Salvador – 0.3% | El Salvador – 0.3% | El Salvador – 0.3% |
| Republic of El Salvador, 8.625%, 2/28/2029 | $2527000 | &nbsp;&nbsp; $2620499 |
| Republic of El Salvador, 8.65%, 1/24/2033 (n) | 14596000 | &nbsp;&nbsp; 14727364 |
| Republic of El Salvador, 7.65%, 6/15/2035 | 1697000 | &nbsp;&nbsp; 1624029 |
| Republic of El Salvador, 9.65%, 11/21/2054 (n) | 5955000 | &nbsp;&nbsp; 6133650 |
|  |  | &nbsp;&nbsp; $25105542 |
| Ghana – 1.1% | Ghana – 1.1% | Ghana – 1.1% |
| Kosmos Energy Ltd., 7.5%, 3/01/2028 | $7585000 | &nbsp;&nbsp; $6511989 |
| Kosmos Energy Ltd., 8.75%, 10/01/2031 | 7460000 | &nbsp;&nbsp; 5750311 |
| Republic of Ghana, 5%, 7/03/2029 (n) | 13296272 | &nbsp;&nbsp; 12635557 |
| Republic of Ghana, 5%, 7/03/2035 (n) | 67177203 | &nbsp;&nbsp; 53936815 |
|  |  | &nbsp;&nbsp; $78834672 |
| Guatemala – 2.4% | Guatemala – 2.4% | Guatemala – 2.4% |
| Central American Bottling Corp., 5.25%, 4/27/2029 (n) | $12764000 | &nbsp;&nbsp; $12400322 |
| Central American Bottling Corp., 5.25%, 4/27/2029 | 12508000 | &nbsp;&nbsp; 12151616 |
| Energuate Trust, 5.875%, 5/03/2027 | 15360000 | &nbsp;&nbsp; 15276288 |
| Republic of Guatemala, 6.05%, 8/06/2031 (n) | 24382000 | &nbsp;&nbsp; 24849891 |
| Republic of Guatemala, 6.05%, 8/06/2031 (n) | 900000 | &nbsp;&nbsp; 917271 |
| Republic of Guatemala, 3.7%, 10/07/2033 | 26218000 | &nbsp;&nbsp; 22319383 |
| Republic of Guatemala, 6.6%, 6/13/2036 | 16448000 | &nbsp;&nbsp; 16843903 |
| Republic of Guatemala, 6.25%, 8/15/2036 (n) | 24786000 | &nbsp;&nbsp; 24911417 |
| Republic of Guatemala, 6.55%, 2/06/2037 (n) | 24332000 | &nbsp;&nbsp; 24759757 |
| Republic of Guatemala, 6.55%, 2/06/2037 | 6483000 | &nbsp;&nbsp; 6596971 |
| Republic of Guatemala, 6.875%, 8/15/2055 (n) | 16898000 | &nbsp;&nbsp; 16767209 |
|  |  | &nbsp;&nbsp; $177794028 |

---

------

MFS Emerging Markets Debt Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Honduras – 0.1% | Honduras – 0.1% | Honduras – 0.1% |
| Government of Honduras, 8.625%, 11/27/2034 | $6972000 | &nbsp;&nbsp; $7278768 |
| Hungary – 3.2% | Hungary – 3.2% | Hungary – 3.2% |
| Hungarian Development Bank PLC, 6.5%, 6/29/2028 | $12181000 | &nbsp;&nbsp; $12626103 |
| Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n) | 14288000 | &nbsp;&nbsp; 14626442 |
| MVM Energetika Zartkoruen Mukodo Reszvenytarsasag (Republic of Hungary), 0.875%, 11/18/2027 | 17900000 | &nbsp;&nbsp; 19375251 |
| MVM Energetika Zartkoruen Mukodo Reszvenytarsasag (Republic of Hungary), 6.5%, 3/13/2031 | $17644000 | &nbsp;&nbsp; 18253985 |
| OTP Bank Nyrt., 7.3% to 7/30/2030, FLR (CMT - 5yr. + 2.861%) to 7/30/2035 | 13701000 | &nbsp;&nbsp; 14248119 |
| Republic of Hungary, 6.125%, 5/22/2028 (n) | 6025000 | &nbsp;&nbsp; 6224959 |
| Republic of Hungary, 6.125%, 5/22/2028 | 1000000 | &nbsp;&nbsp; 1033188 |
| Republic of Hungary, 5.25%, 6/16/2029 (n) | 12477000 | &nbsp;&nbsp; 12600788 |
| Republic of Hungary, 5.25%, 6/16/2029 | 500000 | &nbsp;&nbsp; 504961 |
| Republic of Hungary, 4.375%, 6/27/2030 | 12152000 | &nbsp;&nbsp; 14207732 |
| Republic of Hungary, 5.375%, 9/26/2030 (n) | $16896000 | &nbsp;&nbsp; 17107704 |
| Republic of Hungary, 6.25%, 9/22/2032 (n) | 6828000 | &nbsp;&nbsp; 7153387 |
| Republic of Hungary, 5.5%, 6/16/2034 (n) | 28898000 | &nbsp;&nbsp; 28560329 |
| Republic of Hungary, 5.5%, 6/16/2034 | 4600000 | &nbsp;&nbsp; 4546249 |
| Republic of Hungary, 6%, 9/26/2035 (n) | 11625000 | &nbsp;&nbsp; 11705777 |
| Republic of Hungary, 5.5%, 3/26/2036 (n) | 22486000 | &nbsp;&nbsp; 21753515 |
| Republic of Hungary, 5.5%, 3/26/2036 | 9120000 | &nbsp;&nbsp; 8822915 |
| Republic of Hungary, 6.75%, 9/25/2052 (n) | 5061000 | &nbsp;&nbsp; 5204261 |
| Republic of Hungary, 6.75%, 9/23/2055 (n) | 16896000 | &nbsp;&nbsp; 17084933 |
|  |  | &nbsp;&nbsp; $235640598 |
| India – 4.5% | India – 4.5% | India – 4.5% |
| Adani Electricity Mumbai Ltd., 3.949%, 2/12/2030 | $16610000 | &nbsp;&nbsp; $15254029 |
| Adani Electricity Mumbai Ltd., 3.867%, 7/22/2031 | 8000000 | &nbsp;&nbsp; 7031965 |
| Adani Ports & Special Economic Zone Ltd., 4.375%, 7/03/2029 | 10387000 | &nbsp;&nbsp; 9872451 |
| Adani Transmission Ltd., 4%, 8/03/2026 | 6220000 | &nbsp;&nbsp; 6143996 |
| Adani Transmission Ltd., 4.25%, 5/21/2036 (n) | 10600835 | &nbsp;&nbsp; 9152025 |
| Adani Transmission Ltd., 4.25%, 5/21/2036 | 12230610 | &nbsp;&nbsp; 10559060 |
| Biocon Biologics Global PLC, 6.67%, 10/09/2029 (n) | 18277000 | &nbsp;&nbsp; 17208887 |
| Export-Import Bank of India, 2.25%, 1/13/2031 (n) | 28790000 | &nbsp;&nbsp; 25337432 |
| Export-Import Bank of India, 2.25%, 1/13/2031 | 5240000 | &nbsp;&nbsp; 4611606 |
| Export-Import Bank of India, 5.5%, 1/18/2033 (n) | 18604000 | &nbsp;&nbsp; 19230565 |
| Export-Import Bank of India, 5.5%, 1/13/2035 (n) | 21708000 | &nbsp;&nbsp; 22272278 |
| IIFL Finance Ltd., 8.75%, 7/24/2028 (n) | 6973000 | &nbsp;&nbsp; 7083531 |
| Indian Railway Finance Corp., 2.8%, 2/10/2031 (n) | 19986000 | &nbsp;&nbsp; 18012461 |
| Indian Railway Finance Corp., 2.8%, 2/10/2031 | 8699000 | &nbsp;&nbsp; 7840008 |
| IRB Infrastructure Developers Ltd., 7.11%, 3/11/2032 (n) | 17616000 | &nbsp;&nbsp; 17745622 |
| JSW Hydro Energy Ltd., 4.125%, 5/18/2031 | 11749790 | &nbsp;&nbsp; 10845383 |
| Muthoot Finance Ltd., 7.125%, 2/14/2028 (n) | 24564000 | &nbsp;&nbsp; 25135687 |
| Muthoot Finance Ltd., 7.125%, 2/14/2028 | 800000 | &nbsp;&nbsp; 818619 |
| Muthoot Finance Ltd., 6.375%, 4/23/2029 (n) | 8637000 | &nbsp;&nbsp; 8643730 |
| REC Ltd. (Republic of India), 4.75%, 9/27/2029 (n) | 19337000 | &nbsp;&nbsp; 19332243 |
| ReNew Power, 4.5%, 7/14/2028 | 11247000 | &nbsp;&nbsp; 10650469 |
| Republic of India, 7.18%, 8/14/2033 | 2618860000 | &nbsp;&nbsp; 31163085 |
| Republic of India, 7.1%, 4/08/2034 | 1764470000 | &nbsp;&nbsp; 20910813 |
| Varanasi Aurangabad NH-2 Tollway Private Ltd., 5.9%, 2/28/2034 (n) | $10789000 | &nbsp;&nbsp; 11090004 |
|  |  | &nbsp;&nbsp; $335945949 |

---

------

MFS Emerging Markets Debt Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Indonesia – 2.3% | Indonesia – 2.3% | Indonesia – 2.3% |
| PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031 | $15269000 | &nbsp;&nbsp; $14119540 |
| PT Pertamina Hulu Energi (Republic of Indonesia), 5.25%, 5/21/2030 (n) | 20274000 | &nbsp;&nbsp; 20536751 |
| PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049 (n) | 6353000 | &nbsp;&nbsp; 5257842 |
| PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049 | 2800000 | &nbsp;&nbsp; 2317324 |
| PT Sorik Marapi Geothermal Power, 7.75%, 8/05/2031 (n) | 13568464 | &nbsp;&nbsp; 13704159 |
| PT Sorik Marapi Geothermal Power, 7.75%, 8/05/2031 | 691110 | &nbsp;&nbsp; 698158 |
| Republic of Indonesia, 6.5%, 7/15/2030 | 558863000000 | &nbsp;&nbsp; 34438595 |
| Republic of Indonesia, 3.55%, 3/31/2032 | $11722000 | &nbsp;&nbsp; 10901099 |
| Republic of Indonesia, 4.65%, 9/20/2032 | 8670000 | &nbsp;&nbsp; 8584301 |
| Republic of Indonesia, 4.85%, 1/11/2033 | 19004000 | &nbsp;&nbsp; 18987928 |
| Republic of Indonesia, 6.75%, 7/15/2035 | 355483000000 | &nbsp;&nbsp; 21871440 |
| Republic of Indonesia, 6.5%, 4/15/2036 | 64837000000 | &nbsp;&nbsp; 3918984 |
| Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 (n) | $8283134 | &nbsp;&nbsp; 8481464 |
| Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 | 6953836 | &nbsp;&nbsp; 7120337 |
|  |  | &nbsp;&nbsp; $170937922 |
| Jamaica – 0.4% | Jamaica – 0.4% | Jamaica – 0.4% |
| Kingston Airport Revenue Finance, 6.75%, 12/15/2036 (n) | $9725000 | &nbsp;&nbsp; $9769249 |
| Montego Bay Airport Revenue Finance Ltd., 6.6%, 6/15/2035 (n) | 18292000 | &nbsp;&nbsp; 18285963 |
|  |  | &nbsp;&nbsp; $28055212 |
| Kazakhstan – 2.1% | Kazakhstan – 2.1% | Kazakhstan – 2.1% |
| Baiterek National Managing Holding JSC (Republic of Kazakhstan), 5.45%, 5/08/2028 (n) | $15026000 | &nbsp;&nbsp; $15152065 |
| Baiterek National Managing Holding JSC (Republic of Kazakhstan), 5.45%, 5/08/2028 | 500000 | &nbsp;&nbsp; 504195 |
| Development Bank of Kazakhstan JSC, 5.5%, 4/15/2027 (n) | 18101000 | &nbsp;&nbsp; 18322016 |
| Development Bank of Kazakhstan JSC, 5.5%, 4/15/2027 | 1300000 | &nbsp;&nbsp; 1315873 |
| Development Bank of Kazakhstan JSC, 5.625%, 4/07/2030 (n) | 13915000 | &nbsp;&nbsp; 14175695 |
| Development Bank of Kazakhstan JSC, 2.95%, 5/06/2031 | 4329000 | &nbsp;&nbsp; 3789848 |
| ForteBank JSC, 7.75%, 2/04/2030 (n) | 6995000 | &nbsp;&nbsp; 7113537 |
| JSC Kaspi, 6.25%, 3/26/2030 (n) | 25039000 | &nbsp;&nbsp; 25503537 |
| KazMunayGas National Co. JSC (Republic of Kazakhstan), 5.75%, 4/19/2047 | 8441000 | &nbsp;&nbsp; 7404476 |
| KazTransGas JSC (Republic of Kazakhstan), 4.375%, 9/26/2027 | 7127000 | &nbsp;&nbsp; 7012953 |
| Republic of Kazakhstan, 5%, 7/01/2032 (n) | 24442000 | &nbsp;&nbsp; 24520203 |
| Republic of Kazakhstan, 5.5%, 7/01/2037 (n) | 17688000 | &nbsp;&nbsp; 17708084 |
| Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 (n) | 16205000 | &nbsp;&nbsp; 14687397 |
|  |  | &nbsp;&nbsp; $157209879 |
| Kuwait – 0.6% | Kuwait – 0.6% | Kuwait – 0.6% |
| Boubyan Sukuk Ltd., 4.973%, 6/04/2030 | $14454000 | &nbsp;&nbsp; $14628529 |
| KFH Sukuk Co. (State of Kuwait), 5.376%, 1/14/2030 | 4290000 | &nbsp;&nbsp; 4408508 |
| NBK SPC Ltd. (State of Kuwait), 1.625% to 9/15/2026, FLR (SOFR - 1 day + 1.05%) to 9/15/2027 (n) | 12571000 | &nbsp;&nbsp; 12137992 |
| NBK SPC Ltd. (State of Kuwait), 5.5% to 6/06/2029, FLR (SOFR - 1 day + 1.16%) to 6/06/2030 (n) | 13454000 | &nbsp;&nbsp; 13845215 |
|  |  | &nbsp;&nbsp; $45020244 |
| Luxembourg – 0.5% | Luxembourg – 0.5% | Luxembourg – 0.5% |
| Maxam Prill S.à r.l., 7.75%, 7/15/2030 (n) | $17931000 | &nbsp;&nbsp; $17531659 |
| PLT VII Finance S.à r.l., 6%, 6/15/2031 (n) | 16287000 | &nbsp;&nbsp; 19378954 |
|  |  | &nbsp;&nbsp; $36910613 |
| Macau – 0.3% | Macau – 0.3% | Macau – 0.3% |
| Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | $11237000 | &nbsp;&nbsp; $11113892 |
| Wynn Macau Ltd., 5.125%, 12/15/2029 | 7534000 | &nbsp;&nbsp; 7248989 |
|  |  | &nbsp;&nbsp; $18362881 |

---

------

MFS Emerging Markets Debt Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Malaysia – 1.3% | Malaysia – 1.3% | Malaysia – 1.3% |
| Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031 | $14829000 | &nbsp;&nbsp; $13450200 |
| PETRONAS Capital Ltd. (Federation of Malaysia), 4.95%, 1/03/2031 (n) | 31939000 | &nbsp;&nbsp; 32457220 |
| PETRONAS Capital Ltd. (Federation of Malaysia), 5.34%, 4/03/2035 (n) | 35044000 | &nbsp;&nbsp; 35579194 |
| PETRONAS Capital Ltd. (Federation of Malaysia), 5.848%, 4/03/2055 (n) | 14235000 | &nbsp;&nbsp; 14349264 |
|  |  | &nbsp;&nbsp; $95835878 |
| Mexico – 5.5% | Mexico – 5.5% | Mexico – 5.5% |
| Banco Nacional de Comercio Exterior, S.N.C. (United Mexican States), 5.875%, 5/07/2030 (n) | $17542000 | &nbsp;&nbsp; $17848985 |
| Banco Santander Mexico S.A., 5.621%, 12/10/2029 (n) | 5162000 | &nbsp;&nbsp; 5296212 |
| BBVA Bancomer S.A. (Texas), 8.45% to 6/29/2033, FLR (CMT - 5yr. + 4.661%) to 6/29/2038 (n) | 12140000 | &nbsp;&nbsp; 12942121 |
| BBVA Bancomer S.A. (Texas), 8.45%, 6/29/2038 | 1300000 | &nbsp;&nbsp; 1385894 |
| BBVA Bancomer S.A. (Texas), 8.125%, 1/08/2039 (n) | 7287000 | &nbsp;&nbsp; 7614410 |
| BBVA Mexico S.A., 7.625%, 2/11/2035 (n) | 11107000 | &nbsp;&nbsp; 11410714 |
| Coca-Cola Femsa S.A.B. de C.V., 5.1%, 5/06/2035 | 2424000 | &nbsp;&nbsp; 2409044 |
| Eagle Funding LuxCo. S.à r.l. (United Mexican States), 5.5%, 8/17/2030 (n) | 36901000 | &nbsp;&nbsp; 37067054 |
| Gruma S.A.B. de C.V., 5.39%, 12/09/2034 (n) | 16846000 | &nbsp;&nbsp; 16972345 |
| Petroleos Mexicanos, 6.49%, 1/23/2027 | 11215000 | &nbsp;&nbsp; 11235366 |
| Petroleos Mexicanos, 8.75%, 6/02/2029 | 8065000 | &nbsp;&nbsp; 8499357 |
| Petroleos Mexicanos, 6.84%, 1/23/2030 | 8538000 | &nbsp;&nbsp; 8401893 |
| Petroleos Mexicanos, 5.95%, 1/28/2031 | 39812000 | &nbsp;&nbsp; 36953383 |
| Petroleos Mexicanos, 6.7%, 2/16/2032 | 38285000 | &nbsp;&nbsp; 36493201 |
| Petroleos Mexicanos, 6.75%, 9/21/2047 | 23460000 | &nbsp;&nbsp; 18172670 |
| Petroleos Mexicanos, 6.35%, 2/12/2048 | 20291000 | &nbsp;&nbsp; 15565094 |
| Petroleos Mexicanos, 7.69%, 1/23/2050 | 44150000 | &nbsp;&nbsp; 37428764 |
| Saavi Energia S.à r.l., 8.875%, 2/10/2035 (n) | 20379000 | &nbsp;&nbsp; 21210463 |
| United Mexican States, 5.85%, 7/02/2032 | 11023000 | &nbsp;&nbsp; 11089138 |
| United Mexican States, 6.875%, 5/13/2037 | 18260000 | &nbsp;&nbsp; 18844320 |
| United Mexican States, 6.625%, 1/29/2038 | 17004000 | &nbsp;&nbsp; 17089020 |
| United Mexican States, 6.338%, 5/04/2053 | 27309000 | &nbsp;&nbsp; 24946772 |
| United Mexican States, 6.4%, 5/07/2054 | 14063000 | &nbsp;&nbsp; 12888740 |
| United Mexican States, 7.375%, 5/13/2055 | 16198000 | &nbsp;&nbsp; 16683940 |
|  |  | &nbsp;&nbsp; $408448900 |
| Montenegro – 0.3% | Montenegro – 0.3% | Montenegro – 0.3% |
| Republic of Montenegro, 7.25%, 3/12/2031 | $6904000 | &nbsp;&nbsp; $7170068 |
| Republic of Montenegro, 4.875%, 4/01/2032 (n) | 13310000 | &nbsp;&nbsp; 15009067 |
| Republic of Montenegro, 4.875%, 4/01/2032 | 600000 | &nbsp;&nbsp; 676592 |
|  |  | &nbsp;&nbsp; $22855727 |
| Morocco – 1.2% | Morocco – 1.2% | Morocco – 1.2% |
| Kingdom of Morocco, 6.5%, 9/08/2033 (n) | $10173000 | &nbsp;&nbsp; $10772250 |
| Kingdom of Morocco, 4.75%, 4/02/2035 (n) | 18540000 | &nbsp;&nbsp; 21295087 |
| OCP S.A. (Kingdom of Morocco), 6.1%, 4/30/2030 (n) | $13660000 | &nbsp;&nbsp; 13895117 |
| OCP S.A. (Kingdom of Morocco), 6.75%, 5/02/2034 (n) | 6957000 | &nbsp;&nbsp; 7235777 |
| OCP S.A. (Kingdom of Morocco), 6.7%, 3/01/2036 (n) | 17264000 | &nbsp;&nbsp; 17470489 |
| OCP S.A. (Kingdom of Morocco), 7.5%, 5/02/2054 (n) | 10787000 | &nbsp;&nbsp; 10900479 |
| Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 | 9590000 | &nbsp;&nbsp; 7363087 |
|  |  | &nbsp;&nbsp; $88932286 |
| Nigeria – 1.5% | Nigeria – 1.5% | Nigeria – 1.5% |
| Federal Republic of Nigeria, 0%, 1/06/2026 | 43939721000 | &nbsp;&nbsp; $25775006 |
| Federal Republic of Nigeria, 9.625%, 6/09/2031 (n) | $4945000 | &nbsp;&nbsp; 5278028 |
| Federal Republic of Nigeria, 7.875%, 2/16/2032 | 7487000 | &nbsp;&nbsp; 7276277 |

---

------

MFS Emerging Markets Debt Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Nigeria – continued | Nigeria – continued | Nigeria – continued |
| Federal Republic of Nigeria, 7.375%, 9/28/2033 (n) | $3825000 | &nbsp;&nbsp; $3522419 |
| Federal Republic of Nigeria, 7.375%, 9/28/2033 | 39249000 | &nbsp;&nbsp; 36144164 |
| Federal Republic of Nigeria, 7.696%, 2/23/2038 | 33749000 | &nbsp;&nbsp; 29903479 |
|  |  | &nbsp;&nbsp; $107899373 |
| Oman – 2.0% | Oman – 2.0% | Oman – 2.0% |
| Sultanate of Oman, 6.5%, 3/08/2047 | $31482000 | &nbsp;&nbsp; $33056866 |
| Sultanate of Oman, 6.75%, 1/17/2048 | 62025000 | &nbsp;&nbsp; 66469211 |
| Sultanate of Oman, 7%, 1/25/2051 | 46181000 | &nbsp;&nbsp; 51154173 |
|  |  | &nbsp;&nbsp; $150680250 |
| Pakistan – 0.4% | Pakistan – 0.4% | Pakistan – 0.4% |
| Islamic Republic of Pakistan, 6.875%, 12/05/2027 | $18864000 | &nbsp;&nbsp; $18496172 |
| Islamic Republic of Pakistan, 7.375%, 4/08/2031 | 8530000 | &nbsp;&nbsp; 7987484 |
|  |  | &nbsp;&nbsp; $26483656 |
| Panama – 1.2% | Panama – 1.2% | Panama – 1.2% |
| Republic of Panama, 2.252%, 9/29/2032 | $22120000 | &nbsp;&nbsp; $16934187 |
| Republic of Panama, 3.298%, 1/19/2033 | 13209000 | &nbsp;&nbsp; 10864403 |
| Republic of Panama, 6.4%, 2/14/2035 | 10973000 | &nbsp;&nbsp; 10794689 |
| Republic of Panama, 6.875%, 1/31/2036 | 10744000 | &nbsp;&nbsp; 10721760 |
| Republic of Panama, 8%, 3/01/2038 | 16131000 | &nbsp;&nbsp; 17461807 |
| Republic of Panama, 3.87%, 7/23/2060 | 16751000 | &nbsp;&nbsp; 9746067 |
| Republic of Panama, 4.5%, 1/19/2063 | 18446000 | &nbsp;&nbsp; 12105187 |
|  |  | &nbsp;&nbsp; $88628100 |
| Paraguay – 1.7% | Paraguay – 1.7% | Paraguay – 1.7% |
| Banco Continental S.A.E.C.A., 2.75%, 12/10/2025 (n) | $6079000 | &nbsp;&nbsp; $6005225 |
| Republic of Paraguay, 3.849%, 6/28/2033 | 13643000 | &nbsp;&nbsp; 12353737 |
| Republic of Paraguay, 5.6%, 3/13/2048 | 33911000 | &nbsp;&nbsp; 30485989 |
| Republic of Paraguay, 5.4%, 3/30/2050 | 68984000 | &nbsp;&nbsp; 60016080 |
| Republic of Paraguay, 6.65%, 3/04/2055 (n) | 14418000 | &nbsp;&nbsp; 14560738 |
| Telefónica Celular del Paraguay S.A., 5.875%, 4/15/2027 | 5330000 | &nbsp;&nbsp; 5345990 |
|  |  | &nbsp;&nbsp; $128767759 |
| Peru – 2.5% | Peru – 2.5% | Peru – 2.5% |
| Banco De Credito del Peru, 6.45%, 7/30/2035 (n) | $19476000 | &nbsp;&nbsp; $20040804 |
| Corporacion Financiera de Desarrollo S.A. (Republic of Peru), 5.95%, 4/30/2029 (n) | 20118000 | &nbsp;&nbsp; 20657967 |
| Corporacion Financiera de Desarrollo S.A. (Republic of Peru), 5.95%, 4/30/2029 | 700000 | &nbsp;&nbsp; 718788 |
| Corporacion Financiera de Desarrollo S.A. (Republic of Peru), 5.5%, 5/06/2030 (n) | 14108000 | &nbsp;&nbsp; 14261777 |
| Kallpa Generacion S.A., 5.875%, 1/30/2032 (n) | 10311000 | &nbsp;&nbsp; 10562588 |
| Republic of Peru, 6.15%, 8/12/2032 | 49355000 | &nbsp;&nbsp; 14276806 |
| Republic of Peru, 5.375%, 2/08/2035 | $16084000 | &nbsp;&nbsp; 16012748 |
| Republic of Peru, 6.85%, 8/12/2035 | 52904000 | &nbsp;&nbsp; 15118103 |
| Republic of Peru, 6.9%, 8/12/2037 | 75256000 | &nbsp;&nbsp; 21203522 |
| Republic of Peru, 5.875%, 8/08/2054 | $19636000 | &nbsp;&nbsp; 18899061 |
| San Miguel Industrias PET S.A., 3.75%, 8/02/2028 (n) | 25055000 | &nbsp;&nbsp; 23720070 |
| San Miguel Industrias PET S.A., 3.75%, 8/02/2028 | 700000 | &nbsp;&nbsp; 662704 |
| Scotiabank Peru S.A., 6.1%, 10/01/2035 (n) | 11259000 | &nbsp;&nbsp; 11466166 |
|  |  | &nbsp;&nbsp; $187601104 |

---

------

MFS Emerging Markets Debt Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Philippines – 0.7% | Philippines – 0.7% | Philippines – 0.7% |
| Republic of Philippines, 6.375%, 7/27/2030 | 1196980000 | &nbsp;&nbsp; $20882625 |
| Republic of Philippines, 8%, 7/19/2031 | 546315000 | &nbsp;&nbsp; 10258529 |
| Republic of Philippines, 3.556%, 9/29/2032 | $7354000 | &nbsp;&nbsp; 6816337 |
| Republic of Philippines, 5.609%, 4/13/2033 | 8598000 | &nbsp;&nbsp; 8964691 |
| Republic of Philippines, 5%, 7/17/2033 | 5959000 | &nbsp;&nbsp; 5992492 |
|  |  | &nbsp;&nbsp; $52914674 |
| Poland – 2.6% | Poland – 2.6% | Poland – 2.6% |
| Bank Gospodarstwa Krajowego (Republic of Poland), 3.25%, 3/18/2030 | 17139000 | &nbsp;&nbsp; $19809140 |
| Bank Gospodarstwa Krajowego (Republic of Poland), 5.375%, 5/22/2033 (n) | $9601000 | &nbsp;&nbsp; 9711658 |
| Bank Gospodarstwa Krajowego (Republic of Poland), 5.75%, 7/09/2034 (n) | 14258000 | &nbsp;&nbsp; 14762728 |
| Bank Gospodarstwa Krajowego (Republic of Poland), 3.875%, 3/13/2035 | 6757000 | &nbsp;&nbsp; 7754298 |
| Bank Gospodarstwa Krajowego (Republic of Poland), 6.25%, 7/09/2054 (n) | $10585000 | &nbsp;&nbsp; 10617041 |
| Bank Hospodarates Krajowego (Republic of Poland), 4.25%, 3/18/2037 | 21753000 | &nbsp;&nbsp; 25053630 |
| Orlen S.A., 6%, 1/30/2035 (n) | $10263000 | &nbsp;&nbsp; 10543017 |
| Republic of Poland, 4.875%, 2/12/2030 | 17522000 | &nbsp;&nbsp; 17906864 |
| Republic of Poland, 5.125%, 9/18/2034 | 12287000 | &nbsp;&nbsp; 12342568 |
| Republic of Poland, 5%, 10/25/2034 | 80230000 | &nbsp;&nbsp; 20836321 |
| Republic of Poland, 3.625%, 1/16/2035 | 6012000 | &nbsp;&nbsp; 6953258 |
| Republic of Poland, 5.375%, 2/12/2035 | $27991000 | &nbsp;&nbsp; 28536031 |
| Republic of Poland, 5.5%, 3/18/2054 | 7712000 | &nbsp;&nbsp; 7209322 |
|  |  | &nbsp;&nbsp; $192035876 |
| Qatar – 0.6% | Qatar – 0.6% | Qatar – 0.6% |
| CBQ Finance Ltd., 5.375%, 3/28/2029 | $10680000 | &nbsp;&nbsp; $10962321 |
| Ooredoo International Finance Ltd. (State of Qatar), 4.625%, 10/10/2034 (n) | 13959000 | &nbsp;&nbsp; 13730561 |
| QIB Sukuk Ltd., 4.803%, 6/12/2030 | 8444000 | &nbsp;&nbsp; 8482132 |
| QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027 | 11978000 | &nbsp;&nbsp; 11642616 |
|  |  | &nbsp;&nbsp; $44817630 |
| Romania – 3.7% | Romania – 3.7% | Romania – 3.7% |
| Republic of Romania, 8%, 4/29/2030 | 45275000 | &nbsp;&nbsp; $10425755 |
| Republic of Romania, 5.75%, 9/16/2030 (n) | $28552000 | &nbsp;&nbsp; 28679770 |
| Republic of Romania, 2%, 1/28/2032 | 15183000 | &nbsp;&nbsp; 14406221 |
| Republic of Romania, 3.625%, 3/27/2032 | $21120000 | &nbsp;&nbsp; 18441689 |
| Republic of Romania, 7.125%, 1/17/2033 | 10130000 | &nbsp;&nbsp; 10748095 |
| Republic of Romania, 7.5%, 7/27/2033 | 58695000 | &nbsp;&nbsp; 13284001 |
| Republic of Romania, 6.375%, 1/30/2034 (n) | $31488000 | &nbsp;&nbsp; 31390828 |
| Republic of Romania, 6.375%, 1/30/2034 | 500000 | &nbsp;&nbsp; 498457 |
| Republic of Romania, 3.75%, 2/07/2034 | 5341000 | &nbsp;&nbsp; 5342154 |
| Republic of Romania, 3.75%, 2/07/2034 (n) | 9024000 | &nbsp;&nbsp; 9025950 |
| Republic of Romania, 6%, 5/25/2034 (n) | $22656000 | &nbsp;&nbsp; 22054250 |
| Republic of Romania, 6%, 5/25/2034 | 500000 | &nbsp;&nbsp; 486720 |
| Republic of Romania, 7.1%, 7/31/2034 | 29725000 | &nbsp;&nbsp; 6632612 |
| Republic of Romania, 5.75%, 3/24/2035 | $23088000 | &nbsp;&nbsp; 21876847 |
| Republic of Romania, 6.625%, 5/16/2036 (n) | 30280000 | &nbsp;&nbsp; 30242150 |
| Republic of Romania, 7.5%, 2/10/2037 (n) | 14430000 | &nbsp;&nbsp; 15312374 |
| Republic of Romania, 4.125%, 3/11/2039 | 15653000 | &nbsp;&nbsp; 14610898 |
| Republic of Romania, 6.75%, 7/11/2039 (n) | 15776000 | &nbsp;&nbsp; 18551777 |
| Republic of Romania, 6.75%, 7/11/2039 | 600000 | &nbsp;&nbsp; 703942 |
|  |  | &nbsp;&nbsp; $272714490 |

---

------

MFS Emerging Markets Debt Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Saudi Arabia – 3.0% | Saudi Arabia – 3.0% | Saudi Arabia – 3.0% |
| Al Rajhi Bank, 4.865%, 5/19/2030 | $14628000 | &nbsp;&nbsp; $14672653 |
| BSF Finance, 5.5%, 11/23/2027 | 11422000 | &nbsp;&nbsp; 11617015 |
| Kingdom of Saudi Arabia, 4.625%, 10/04/2047 | 40629000 | &nbsp;&nbsp; 34107369 |
| Kingdom of Saudi Arabia, 3.25%, 11/17/2051 (n) | 14710000 | &nbsp;&nbsp; 9543997 |
| Kingdom of Saudi Arabia, 5%, 1/18/2053 (n) | 16634000 | &nbsp;&nbsp; 14317077 |
| Kingdom of Saudi Arabia, 3.75%, 1/21/2055 | 7979000 | &nbsp;&nbsp; 5465964 |
| Ma'aden Sukuk Ltd. (Saudi Arabia), 5.25%, 2/13/2030 (n) | 28054000 | &nbsp;&nbsp; 28605261 |
| Ma'aden Sukuk Ltd. (Saudi Arabia), 5.5%, 2/13/2035 (n) | 6980000 | &nbsp;&nbsp; 7214409 |
| Saudi Arabian Oil Co., 5.75%, 7/17/2054 (n) | 7430000 | &nbsp;&nbsp; 6982595 |
| Saudi Arabian Oil Co., 6.375%, 6/02/2055 (n) | 29321000 | &nbsp;&nbsp; 29737329 |
| Saudi Arabian Oil Co., 5.875%, 7/17/2064 (n) | 12001000 | &nbsp;&nbsp; 11167411 |
| Saudi Aramco (Kingdom of Saudi Arabia), 4.5%, 10/26/2046 | 33770000 | &nbsp;&nbsp; 28051954 |
| Saudi Electricity Sukuk Programme Co., 5.225%, 2/18/2030 | 17452000 | &nbsp;&nbsp; 17769752 |
|  |  | &nbsp;&nbsp; $219252786 |
| Serbia – 1.3% | Serbia – 1.3% | Serbia – 1.3% |
| Republic of Serbia, 6.25%, 5/26/2028 (n) | $12636000 | &nbsp;&nbsp; $13043440 |
| Republic of Serbia, 6.25%, 5/26/2028 | 5000000 | &nbsp;&nbsp; 5161222 |
| Republic of Serbia, 2.125%, 12/01/2030 | 13612000 | &nbsp;&nbsp; 11641809 |
| Republic of Serbia, 1.65%, 3/03/2033 | 15464000 | &nbsp;&nbsp; 14698253 |
| Republic of Serbia, 6%, 6/12/2034 (n) | $24200000 | &nbsp;&nbsp; 24679939 |
| Republic of Serbia, 6%, 6/12/2034 | 3211000 | &nbsp;&nbsp; 3274681 |
| Telecommunications Co. (Republic of Serbia), 7%, 10/28/2029 (n) | 21636000 | &nbsp;&nbsp; 21621074 |
|  |  | &nbsp;&nbsp; $94120418 |
| Singapore – 0.4% | Singapore – 0.4% | Singapore – 0.4% |
| United Overseas Bank Ltd., 2% to 10/14/2026, FLR (CMT - 5yr. + 1.23%) to 10/14/2031 (n) | $18169000 | &nbsp;&nbsp; $17596349 |
| United Overseas Bank Ltd., 2% to 10/14/2026, FLR (CMT - 1yr. + 1.23%) to 10/14/2031 | 1300000 | &nbsp;&nbsp; 1259027 |
| United Overseas Bank Ltd., 3.863% to 10/07/2027, FLR (CMT - 5yr. + 1.45%) to 10/07/2032 (n) | 9368000 | &nbsp;&nbsp; 9212331 |
| United Overseas Bank Ltd., 3.863% to 10/07/2027, FLR (CMT - 5yr. + 1.45%) to 10/07/2032 | 1500000 | &nbsp;&nbsp; 1475074 |
|  |  | &nbsp;&nbsp; $29542781 |
| Slovakia – 0.3% | Slovakia – 0.3% | Slovakia – 0.3% |
| Eustream A.S. (Slovak Republic), 1.625%, 6/25/2027 | 19412000 | &nbsp;&nbsp; $21636174 |
| Slovenia – 0.2% | Slovenia – 0.2% | Slovenia – 0.2% |
| United Group B.V., 6.5%, 10/31/2031 (n) | 10157000 | &nbsp;&nbsp; $11851646 |
| South Africa – 2.2% | South Africa – 2.2% | South Africa – 2.2% |
| Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 | $12354000 | &nbsp;&nbsp; $12554656 |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (z) | 9560024 | &nbsp;&nbsp; 5233908 |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 | 368260 | &nbsp;&nbsp; 201614 |
| Republic of South Africa, 8.25%, 3/31/2032 | 613153000 | &nbsp;&nbsp; 32602592 |
| Republic of South Africa, 7.1%, 11/19/2036 (n) | $30796000 | &nbsp;&nbsp; 30584070 |
| Republic of South Africa, 5.75%, 9/30/2049 | 14206000 | &nbsp;&nbsp; 10525140 |
| Republic of South Africa, 7.3%, 4/20/2052 | 42218000 | &nbsp;&nbsp; 38097441 |
| Republic of South Africa, 7.95%, 11/19/2054 (n) | 25481000 | &nbsp;&nbsp; 24215736 |
| Sasol Financing (USA) LLC, 5.5%, 3/18/2031 | 8562000 | &nbsp;&nbsp; 7126009 |
|  |  | &nbsp;&nbsp; $161141166 |
| South Korea – 0.2% | South Korea – 0.2% | South Korea – 0.2% |
| Hanwha Life Insurance Co. Ltd., 6.3%, 6/24/2055 (n) | $16335000 | &nbsp;&nbsp; $16816085 |

---

------

MFS Emerging Markets Debt Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Sri Lanka – 1.0% | Sri Lanka – 1.0% | Sri Lanka – 1.0% |
| Republic of Sri Lanka, 4%, 4/15/2028 (n) | $3683554 | &nbsp;&nbsp; $3490167 |
| Republic of Sri Lanka, 3.1%, 1/15/2030 (n) | 4339176 | &nbsp;&nbsp; 3894410 |
| Republic of Sri Lanka, 3.35%, 3/15/2033 (n) | 39613898 | &nbsp;&nbsp; 32406911 |
| Republic of Sri Lanka, 3.6%, 6/15/2035 (n) | 20599032 | &nbsp;&nbsp; 14606200 |
| Republic of Sri Lanka, 3.6%, 5/15/2036 (n) | 13042609 | &nbsp;&nbsp; 10951879 |
| Republic of Sri Lanka, 3.6%, 2/15/2038 (n) | 7380500 | &nbsp;&nbsp; 6186464 |
|  |  | &nbsp;&nbsp; $71536031 |
| Thailand – 1.0% | Thailand – 1.0% | Thailand – 1.0% |
| Bangkok Bank Public Co. Ltd., 5.5%, 9/21/2033 | $7013000 | &nbsp;&nbsp; $7204175 |
| Bangkok Bank Public Co. Ltd., 5.65%, 7/05/2034 | 500000 | &nbsp;&nbsp; 519348 |
| Bangkok Bank Public Co. Ltd., 3.733% to 9/25/2029, FLR (CMT - 5yr. + 1.9%) to 9/25/2034 | 30912000 | &nbsp;&nbsp; 28738540 |
| Bangkok Bank Public Co. Ltd. (Hong Kong), 5.65%, 7/05/2034 (n) | 10508000 | &nbsp;&nbsp; 10914628 |
| Export-Import Bank of Thailand, 5.354%, 5/16/2029 | 9999000 | &nbsp;&nbsp; 10278738 |
| Muangthai Capital PCL, 7.55%, 7/21/2030 (n) | 14567000 | &nbsp;&nbsp; 14784587 |
|  |  | &nbsp;&nbsp; $72440016 |
| Turkey – 3.5% | Turkey – 3.5% | Turkey – 3.5% |
| Hazine Mustesarligi Varlik Kiralama A.S. (Republic of Turkey), 6.5%, 4/26/2030 (n) | $13850000 | &nbsp;&nbsp; $13871824 |
| Hazine Mustesarligi Varlik Kiralama A.S. (Republic of Turkey), 6.75%, 9/01/2030 (n) | 16608000 | &nbsp;&nbsp; 16683956 |
| Republic of Turkey, 8.509%, 1/14/2029 (n) | 13629000 | &nbsp;&nbsp; 14531857 |
| Republic of Turkey, 5.25%, 3/13/2030 | 15056000 | &nbsp;&nbsp; 14385776 |
| Republic of Turkey, 5.95%, 1/15/2031 | 23897000 | &nbsp;&nbsp; 23168569 |
| Republic of Turkey, 5.875%, 6/26/2031 | 44390000 | &nbsp;&nbsp; 42569172 |
| Republic of Turkey, 5.2%, 8/17/2031 | 14043000 | &nbsp;&nbsp; 15972091 |
| Republic of Turkey, 7.25%, 5/29/2032 | $13762000 | &nbsp;&nbsp; 13990812 |
| Republic of Turkey, 6.5%, 1/03/2035 | 7759000 | &nbsp;&nbsp; 7429434 |
| Republic of Turkey, 5.75%, 5/11/2047 | 42553000 | &nbsp;&nbsp; 32499477 |
| T.C. Ziraat Bankasi A.S., 7.25%, 2/04/2030 (n) | 13890000 | &nbsp;&nbsp; 13933026 |
| Turkiye Ihracat Kredi Bankasi A.S., 7.5%, 2/06/2028 (n) | 9289000 | &nbsp;&nbsp; 9527669 |
| Turkiye Ihracat Kredi Bankasi A.S., 6.875%, 7/03/2028 (n) | 10719000 | &nbsp;&nbsp; 10799331 |
| Turkiye Vakiflar Bankasi T.A.O., 6.875%, 1/07/2030 (n) | 15303000 | &nbsp;&nbsp; 15212297 |
| Turkiye Vakiflar Bankasi T.A.O., 7.25%, 7/31/2030 (n) | 11276000 | &nbsp;&nbsp; 11253465 |
|  |  | &nbsp;&nbsp; $255828756 |
| Ukraine – 0.6% | Ukraine – 0.6% | Ukraine – 0.6% |
| Government of Ukraine, 0%, 2/01/2034 (n) | $47816067 | &nbsp;&nbsp; $18050565 |
| Government of Ukraine, 1.75%, 2/01/2036 (n) | 15610527 | &nbsp;&nbsp; 7883316 |
| Government of Ukraine, GDP Linked Bond, 0%, 8/01/2041 (a) | 19675000 | &nbsp;&nbsp; 14657875 |
|  |  | &nbsp;&nbsp; $40591756 |
| United Arab Emirates – 2.8% | United Arab Emirates – 2.8% | United Arab Emirates – 2.8% |
| Abu Dhabi Crude Oil Pipeline, 4.6%, 11/02/2047 | $24636000 | &nbsp;&nbsp; $22304591 |
| Abu Dhabi Developmental Holding Co. PJSC, 5.375%, 5/08/2029 (n) | 6940000 | &nbsp;&nbsp; 7156674 |
| Abu Dhabi Developmental Holding Co. PJSC, 4.5%, 5/06/2030 (n) | 15121000 | &nbsp;&nbsp; 15078784 |
| Abu Dhabi Developmental Holding Co. PJSC, 4.375%, 10/02/2031 (n) | 14205000 | &nbsp;&nbsp; 13970893 |
| Abu Dhabi Developmental Holding Co. PJSC, 5.5%, 5/08/2034 (n) | 24398000 | &nbsp;&nbsp; 25461344 |
| Abu Dhabi Developmental Holding Co. PJSC, 5%, 5/06/2035 (n) | 20435000 | &nbsp;&nbsp; 20434868 |
| Abu Dhabi Developmental Holding Co. PJSC, 5.25%, 10/02/2054 (n) | 15309000 | &nbsp;&nbsp; 14430367 |
| Abu Dhabi National Energy Co. PJSC, 4.75%, 3/09/2037 (n) | 11260000 | &nbsp;&nbsp; 10834632 |
| DP World Crescent Ltd. (United Arab Emirates), 5.5%, 5/08/2035 (n) | 26444000 | &nbsp;&nbsp; 27037747 |
| Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035 (n) | 1430000 | &nbsp;&nbsp; 1348812 |
| Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035 | 2400000 | &nbsp;&nbsp; 2263740 |

---

------

MFS Emerging Markets Debt Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| United Arab Emirates – continued | United Arab Emirates – continued | United Arab Emirates – continued |
| First Abu Dhabi Bank PJSC, 6.32% to 4/04/2029, FLR (CMT - 5yr. + 1.7%) to 4/04/2034 | $14569000 | &nbsp;&nbsp; $15024296 |
| First Abu Dhabi Bank PJSC, 5.804% to 1/16/2030, FLR (CMT - 5yr. + 1.55%) to 1/16/2035 | 7112000 | &nbsp;&nbsp; 7261779 |
| National Central Cooling Co. PJSC, 5.279%, 3/05/2030 | 16815000 | &nbsp;&nbsp; 17151530 |
| National Central Cooling Co. PJSC, 2.5%, 10/21/2027 | 6892000 | &nbsp;&nbsp; 6556876 |
|  |  | &nbsp;&nbsp; $206316933 |
| United Kingdom – 0.2% | United Kingdom – 0.2% | United Kingdom – 0.2% |
| ContourGlobal Power Holdings S.A., 6.75%, 2/28/2030 (n) | $14637000 | &nbsp;&nbsp; $15002925 |
| United States – 4.4% | United States – 4.4% | United States – 4.4% |
| Las Vegas Sands Corp., 6.2%, 8/15/2034 | $8391000 | &nbsp;&nbsp; $8603980 |
| U.S. Treasury Bonds, 3.5%, 2/15/2039 (f) | 17977000 | &nbsp;&nbsp; 16077477 |
| U.S. Treasury Notes, 3.875%, 9/30/2029 | 9549000 | &nbsp;&nbsp; 9531469 |
| U.S. Treasury Notes, 2.75%, 8/15/2032 | 318075000 | &nbsp;&nbsp; 291125599 |
|  |  | &nbsp;&nbsp; $325338525 |
| Uruguay – 1.3% | Uruguay – 1.3% | Uruguay – 1.3% |
| Oriental Republic of Uruguay, 8.25%, 5/21/2031 | 1190892000 | &nbsp;&nbsp; $29435115 |
| Oriental Republic of Uruguay, 9.75%, 7/20/2033 | 303380000 | &nbsp;&nbsp; 8121598 |
| Oriental Republic of Uruguay, 5.442%, 2/14/2037 | $22045000 | &nbsp;&nbsp; 22463855 |
| Oriental Republic of Uruguay, 4.975%, 4/20/2055 | 19989000 | &nbsp;&nbsp; 17557738 |
| Oriental Republic of Uruguay, 5.25%, 9/10/2060 | 19276997 | &nbsp;&nbsp; 17310743 |
|  |  | &nbsp;&nbsp; $94889049 |
| Uzbekistan – 2.4% | Uzbekistan – 2.4% | Uzbekistan – 2.4% |
| JSCB Agrobank (Republic of Uzbekistan), 9.25%, 10/02/2029 (n) | $16889000 | &nbsp;&nbsp; $18005202 |
| JSCB Agrobank (Republic of Uzbekistan), 9.25%, 10/02/2029 | 700000 | &nbsp;&nbsp; 746263 |
| National Bank of Uzbekistan, 8.5%, 7/05/2029 | 10697000 | &nbsp;&nbsp; 11331645 |
| National Bank of Uzbekistan, 7.2%, 7/17/2030 | 14567000 | &nbsp;&nbsp; 14725677 |
| Navoi Mining & Metallurgical Co. (Republic of Uzbekistan), 6.75%, 5/14/2030 (n) | 29151000 | &nbsp;&nbsp; 29856022 |
| Navoi Mining & Metallurgical Co. (Republic of Uzbekistan), 6.95%, 10/17/2031 (n) | 15934000 | &nbsp;&nbsp; 16432882 |
| Navoi Mining & Metallurgical Co. (Republic of Uzbekistan), 6.95%, 10/17/2031 | 600000 | &nbsp;&nbsp; 618786 |
| Republic of Uzbekistan, 5.1%, 2/25/2029 (n) | 8975000 | &nbsp;&nbsp; 10527471 |
| Republic of Uzbekistan, 3.9%, 10/19/2031 | $17611000 | &nbsp;&nbsp; 15613714 |
| Republic of Uzbekistan, 6.9%, 2/28/2032 (n) | 19072000 | &nbsp;&nbsp; 19739074 |
| Republic of Uzbekistan, 6.947%, 5/25/2032 (n) | 6991000 | &nbsp;&nbsp; 7264157 |
| Uzbek Industrial and Construction Bank ATB (Republic of Uzbekistan), 8.95%, 7/24/2029 (n) | 18284000 | &nbsp;&nbsp; 19342132 |
| Uzbekneftegaz JSC (Republic of Uzbekistan), 4.75%, 11/16/2028 (n) | 13746000 | &nbsp;&nbsp; 12849773 |
| Uzbekneftegaz JSC (Republic of Uzbekistan), 4.75%, 11/16/2028 | 1400000 | &nbsp;&nbsp; 1308721 |
|  |  | &nbsp;&nbsp; $178361519 |
| Venezuela – 0.6% | Venezuela – 0.6% | Venezuela – 0.6% |
| Corporacion Andina de Fomento, 6.75%, 12/17/2173 (n) | $14865000 | &nbsp;&nbsp; $15125350 |
| Republic of Venezuela, 9%, 5/07/2023 (a)(d) | 10104000 | &nbsp;&nbsp; 1819730 |
| Republic of Venezuela, 8.25%, 10/13/2024 (a)(d) | 17593000 | &nbsp;&nbsp; 3212482 |
| Republic of Venezuela, 7.65%, 4/21/2025 (a)(d) | 29188000 | &nbsp;&nbsp; 5256759 |
| Republic of Venezuela, 9.25%, 9/15/2027 (a)(d) | 43779000 | &nbsp;&nbsp; 9526310 |
| Republic of Venezuela, 9.375%, 1/13/2034 (a)(d) | 1253000 | &nbsp;&nbsp; 316508 |
| Republic of Venezuela, 7%, 3/31/2038 (a)(d) | 64697500 | &nbsp;&nbsp; 12622482 |
|  |  | &nbsp;&nbsp; $47879621 |
| Vietnam – 0.1% | Vietnam – 0.1% | Vietnam – 0.1% |
| Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 | $6280680 | &nbsp;&nbsp; $6183134 |

---

------

MFS Emerging Markets Debt Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Zambia – 0.6% | Zambia – 0.6% | Zambia – 0.6% |
| First Quantum Minerals Ltd., 8%, 3/01/2033 (n) | $17608000 | &nbsp;&nbsp; $18143673 |
| Republic of Zambia, 5.75%, 6/30/2033 | 20921831 | &nbsp;&nbsp; 19472273 |
| Republic of Zambia, 0.5%, 12/31/2053 | 7037733 | &nbsp;&nbsp; 5141629 |
|  |  | &nbsp;&nbsp; $42757575 |
| **Total Bonds (Identified Cost, $6,880,813,880)** |  | &nbsp;&nbsp; **$7069042008** |
| Mutual Funds (h) – 4.0% | Mutual Funds (h) – 4.0% | Mutual Funds (h) – 4.0% |
| Money Market Funds – 4.0% | Money Market Funds – 4.0% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $299,996,556) | 300018364 | &nbsp;&nbsp; $300018364 |
| Other Assets, Less Liabilities – 0.3% |  | &nbsp;&nbsp; 19511394 |
| **Net Assets – 100.0%** |  | &nbsp;&nbsp; **$7388571766** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) In default.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security has been segregated as collateral for open futures
 contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $300,018,364 and $7,069,042,008, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $3,047,466,081, representing 41.2% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Payment-in-kind (PIK) security for which interest income may be received in additional
 securities and/or cash.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Restricted securities are not registered under the Securities Act of 1933 and are
 subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities
 are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult.
 The fund holds the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Cost** | **Value** |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 | 3/09/21-10/15/21 | $9399597 | $5233908 |
| % of Net assets |  |  | 0.1% |

---

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| CMT | Constant Maturity Treasury |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| 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 <br> abbreviations is shown below: | 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 <br> abbreviations is shown below: |
| BRL | Brazilian Real |
| CZK | Czech Koruna |
| EGP | Egypt Pound |
| EUR | Euro |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NGN | Nigerian Naira |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |

---

------

MFS Emerging Markets Debt Fund

*Portfolio of Investments – continued*

---

| | |
|:---|:---|
| PLN | Polish Zloty |
| RON | Romanian New Leu |
| TRY | Turkish Lira |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 7/31/25** | **Derivative Contracts at 7/31/25** | **Derivative Contracts at 7/31/25** | **Derivative Contracts at 7/31/25** | **Derivative Contracts at 7/31/25** | **Derivative Contracts at 7/31/25** | **Derivative Contracts at 7/31/25** |
| **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** |
| **Currency** <br>**Purchased** | **Currency** <br>**Purchased** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold** | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| BRL | &nbsp;&nbsp; 55038007 | USD | 9720595 | Barclays Bank PLC | 9/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $33665 |
| IDR | &nbsp;&nbsp; 289983056702 | USD | 17472016 | Barclays Bank PLC | 8/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150386 |
| TRY | &nbsp;&nbsp; 841094603 | USD | 19198613 | Goldman Sachs International | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 211981 |
| TRY | &nbsp;&nbsp; 317589435 | USD | 7247551 | Merrill Lynch International | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 81707 |
| USD | &nbsp;&nbsp; 13932708 | CZK | 295080823 | HSBC Bank | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 204956 |
| USD | &nbsp;&nbsp; 30856167 | EUR | 26349358 | Citibank N.A. | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 639133 |
| USD | &nbsp;&nbsp; 412628692 | EUR | 352193839 | HSBC Bank | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8738266 |
| USD | &nbsp;&nbsp; 69267455 | EUR | 59136445 | Morgan Stanley Capital Services LLC | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1450699 |
| USD | &nbsp;&nbsp; 1553698 | EUR | 1321024 | State Street Corp. | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 38769 |
| USD | &nbsp;&nbsp; 708687 | EUR | 602484 | UBS AG | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17767 |
| USD | &nbsp;&nbsp; 44604365 | IDR | 728127017130 | Barclays Bank PLC | 8/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 355754 |
| USD | &nbsp;&nbsp; 4520390 | IDR | 74132134000 | Barclays Bank PLC | 8/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 18191 |
| USD | &nbsp;&nbsp; 17899026 | IDR | 294267152000 | Barclays Bank PLC | 10/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 56264 |
| USD | &nbsp;&nbsp; 17797464 | IDR | 290810558862 | Goldman Sachs International | 8/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 124773 |
| USD | &nbsp;&nbsp; 3993014 | IDR | 65764947000 | Goldman Sachs International | 10/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5385 |
| USD | &nbsp;&nbsp; 17121948 | IDR | 278923886000 | JPMorgan Chase Bank N.A. | 8/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 171616 |
| USD | &nbsp;&nbsp; 9539592 | IDR | 156000950000 | Morgan Stanley Capital Services LLC | 8/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 59343 |
| USD | &nbsp;&nbsp; 23423063 | INR | 2033500289 | Barclays Bank PLC | 8/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 213800 |
| USD | &nbsp;&nbsp; 4076423 | INR | 358401937 | Barclays Bank PLC | 10/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1759 |
| USD | &nbsp;&nbsp; 13982988 | JPY | 2031275050 | Goldman Sachs International | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 401843 |
| USD | &nbsp;&nbsp; 14609102 | MYR | 61789195 | Barclays Bank PLC | 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 83490 |
| USD | &nbsp;&nbsp; 10706195 | PHP | 613465000 | Barclays Bank PLC | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 206401 |
| USD | &nbsp;&nbsp; 21960233 | PHP | 1246353000 | Goldman Sachs International | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 628207 |
| USD | &nbsp;&nbsp; 7421246 | PLN | 27502357 | BNP Paribas | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 90812 |
| USD | &nbsp;&nbsp; 14887093 | PLN | 54358804 | Morgan Stanley Capital Services LLC | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 398384 |
| USD | &nbsp;&nbsp; 17373492 | ZAR | 311566398 | Citibank N.A. | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 356836 |
| USD | &nbsp;&nbsp; 16397568 | ZAR | 294097536 | Goldman Sachs International | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $15075187 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| BRL | &nbsp;&nbsp; 39845825 | USD | 7155075 | Goldman Sachs International | 9/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(93290)<br>|
| BRL | &nbsp;&nbsp; 77539537 | USD | 13871116 | JPMorgan Chase Bank N.A. | 9/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (128961)<br>|
| CZK | &nbsp;&nbsp; 317216451 | USD | 15096760 | Goldman Sachs International | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (339215)<br>|
| EUR | &nbsp;&nbsp; 6121729 | USD | 7164891 | JPMorgan Chase Bank N.A. | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (144587)<br>|
| EUR | &nbsp;&nbsp; 670 | USD | 791 | Morgan Stanley Capital Services LLC | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (22)<br>|
| IDR | &nbsp;&nbsp; 872664649302 | USD | 53401150 | Barclays Bank PLC | 8/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (368921)<br>|
| IDR | &nbsp;&nbsp; 291214705988 | USD | 17871415 | Morgan Stanley Capital Services LLC | 8/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (174164)<br>|
| INR | &nbsp;&nbsp; 2165048058 | USD | 25181321 | Barclays Bank PLC | 8/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (470644)<br>|
| INR | &nbsp;&nbsp; 5119946063 | USD | 59452671 | JPMorgan Chase Bank N.A. | 8/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1016401)<br>|
| JPY | &nbsp;&nbsp; 734482565 | USD | 5033768 | HSBC Bank | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (123003)<br>|
| JPY | &nbsp;&nbsp; 1296792485 | USD | 8887138 | JPMorgan Chase Bank N.A. | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (216758)<br>|
| MXN | &nbsp;&nbsp; 269722894 | USD | 14338135 | Goldman Sachs International | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (153394)<br>|
| MXN | &nbsp;&nbsp; 2217175 | USD | 116927 | JPMorgan Chase Bank N.A. | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (325)<br>|
| MYR | &nbsp;&nbsp; 61789195 | USD | 14591851 | Barclays Bank PLC | 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (66240)<br>|
| USD | &nbsp;&nbsp; 20413410 | BRL | 117895604 | Citibank N.A. | 9/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (480959)<br>|
| USD | &nbsp;&nbsp; 17918133 | BRL | 101377939 | JPMorgan Chase Bank N.A. | 9/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (48847)<br>|
| USD | &nbsp;&nbsp; 10304963 | BRL | 58171515 | Morgan Stanley Capital Services LLC | 9/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (4642)<br>|

---

------

MFS Emerging Markets Debt Fund

*Portfolio of Investments – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** |
| **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Sold** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Sold** | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Settlement**<br> **Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** |
| USD | &nbsp;&nbsp; 31383552 | INR | 2769791855 | Barclays Bank PLC | 8/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(229341)<br>|
| USD | &nbsp;&nbsp; 17338735 | INR | 1519219977 | Citibank N.A. | 8/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (813)<br>|
| USD | &nbsp;&nbsp; 10873660 | INR | 962482000 | Deutsche Bank AG | 8/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (111585)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(4172112)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp; **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value/Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| U.S. Treasury Bond 30 yr | &nbsp;&nbsp;&nbsp; Long | USD | &nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp; $27975938 | September – 2025 | &nbsp;&nbsp;&nbsp; $749130 |
| U.S. Treasury Note 10 yr | &nbsp;&nbsp;&nbsp; Long | USD | &nbsp;&nbsp;&nbsp; 939 | &nbsp;&nbsp;&nbsp; 104287687 | September – 2025 | &nbsp;&nbsp;&nbsp; 480569 |
| U.S. Treasury Note 5 yr | &nbsp;&nbsp;&nbsp; Long | USD | &nbsp;&nbsp;&nbsp; 1049 | &nbsp;&nbsp;&nbsp; 113472297 | September – 2025 | &nbsp;&nbsp;&nbsp; 200234 |
| U.S. Treasury Ultra Note 10 yr | &nbsp;&nbsp;&nbsp; Long | USD | &nbsp;&nbsp;&nbsp; 536 | &nbsp;&nbsp;&nbsp; 60609875 | September – 2025 | &nbsp;&nbsp;&nbsp; 528736 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $1958669 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** |
| **Maturity** <br>**Date** | **Maturity** <br>**Date** | **Notional** <br>**Amount**<br>| **Counterparty** | **Cash Flows** <br>**to Receive/** <br>**Frequency**<br>| **Cash Flows** <br>**to Pay/** <br>**Frequency**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net Unamortized** <br>**Upfront Payments** <br>**(Receipts)**<br>| **Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |  |
| ***Credit Default Swaps*** | ***Credit Default Swaps*** | ***Credit Default Swaps*** | ***Credit Default Swaps*** | ***Credit Default Swaps*** | ***Credit Default Swaps*** |  |  |  |
| 12/20/29 | USD | 14868000 | Barclays Bank PLC | (1) | 1.00%/Quarterly | $(410442)<br>| $608696 | $198254 |

---

(1) Fund, as protection buyer, to receive notional amount upon a defined credit event by Federative Republic of Brazil, 5.625%, 1/07/2041, a BB rated bond. The fund entered into the contract to buy issuer protection.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

At July 31, 2025, the fund had cash collateral of $1,430,000 and other liquid securities with an aggregate value of $6,044,844 to cover any collateral or margin obligations for certain derivative contracts. Restricted cash and/or deposits with brokers in the Statement of Assets and Liabilities are comprised of cash collateral.

**See Notes to Financial Statements**

------

MFS Emerging Markets Debt 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 7/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $6,880,813,880) | &nbsp;&nbsp; $7069042008 |
| Investments in affiliated issuers, at value (identified cost, $299,996,556) | &nbsp;&nbsp; 300018364 |
| Cash | &nbsp;&nbsp; 48615206 |
| Foreign currency, at value (identified cost, $475,141) | &nbsp;&nbsp; 474324 |
| Restricted cash for |  |
| Uncleared derivatives | &nbsp;&nbsp; 1430000 |
| Receivables for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 15075187 |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; 194300 |
| Investments sold | &nbsp;&nbsp; 43513914 |
| Fund shares sold | &nbsp;&nbsp; 9790230 |
| Interest | &nbsp;&nbsp; 92891310 |
| Uncleared swaps, at value (net of unamortized premiums paid, $608,696) | &nbsp;&nbsp; 198254 |
| Other assets | &nbsp;&nbsp; 5200 |
| Total assets | &nbsp;&nbsp; $7581248297 |
| **Liabilities** |  |
| Payables for |  |
| Distributions | &nbsp;&nbsp; $3437302 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 4172112 |
| Investments purchased | &nbsp;&nbsp; 163037160 |
| Fund shares reacquired | &nbsp;&nbsp; 9280252 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 266350 |
| Administrative services fee | &nbsp;&nbsp; 3003 |
| Shareholder servicing costs | &nbsp;&nbsp; 1572994 |
| Distribution and service fees | &nbsp;&nbsp; 4525 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 24934 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 9782332 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 1095567 |
| Total liabilities | &nbsp;&nbsp; $192676531 |
| Net assets | &nbsp;&nbsp; $7388571766 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $9330630890 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (1942059124)<br>|
| Net assets | &nbsp;&nbsp; $7388571766 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 604130904 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share (a)**<br>|
| Class A | &nbsp;&nbsp;&nbsp; $216319832 | &nbsp;&nbsp;&nbsp; 17738581 | &nbsp;&nbsp;&nbsp; $12.19 |
| Class B | &nbsp;&nbsp;&nbsp; 347728 | &nbsp;&nbsp;&nbsp; 30925 | &nbsp;&nbsp;&nbsp;&nbsp;11.24 |
| Class C | &nbsp;&nbsp;&nbsp; 9658098 | &nbsp;&nbsp;&nbsp; 808345 | &nbsp;&nbsp;&nbsp;&nbsp;11.95 |
| Class I | &nbsp;&nbsp;&nbsp; 4145514009 | &nbsp;&nbsp;&nbsp; 339279244 | &nbsp;&nbsp;&nbsp;&nbsp;12.22 |
| Class R1 | &nbsp;&nbsp;&nbsp; 511558 | &nbsp;&nbsp;&nbsp; 41562 | &nbsp;&nbsp;&nbsp;&nbsp;12.31 |
| Class R2 | &nbsp;&nbsp;&nbsp; 9569696 | &nbsp;&nbsp;&nbsp; 778600 | &nbsp;&nbsp;&nbsp;&nbsp;12.29 |
| Class R3 | &nbsp;&nbsp;&nbsp; 51193834 | &nbsp;&nbsp;&nbsp; 4174705 | &nbsp;&nbsp;&nbsp;&nbsp;12.26 |
| Class R4 | &nbsp;&nbsp;&nbsp; 43112970 | &nbsp;&nbsp;&nbsp; 3518100 | &nbsp;&nbsp;&nbsp;&nbsp;12.25 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2912344041 | &nbsp;&nbsp;&nbsp; 237760842 | &nbsp;&nbsp;&nbsp;&nbsp;12.25 |

---

**See Notes to Financial Statements**

------

MFS Emerging Markets Debt Fund

*Statement of Assets and Liabilities - continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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 $12.73 [100 / 95.75 x $12.19]. On sales of $100,000 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**

------

MFS Emerging Markets Debt 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.

---

| | |
|:---|:---|
| **Year ended 7/31/25** <br> **Net investment income (loss)**<br>|  |
| Income |  |
| Interest | &nbsp;&nbsp; $453817202 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 22369768 |
| Other | &nbsp;&nbsp; 1498021 |
| Foreign taxes withheld | &nbsp;&nbsp; (2472251)<br>|
| Total investment income | &nbsp;&nbsp; $475212740 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $48773991 |
| Distribution and service fees | &nbsp;&nbsp; 925735 |
| Shareholder servicing costs | &nbsp;&nbsp; 5095126 |
| Administrative services fee | &nbsp;&nbsp; 586940 |
| Independent Trustees' compensation | &nbsp;&nbsp; 141009 |
| Custodian fee | &nbsp;&nbsp; 400210 |
| Shareholder communications | &nbsp;&nbsp; 1884209 |
| Audit and tax fees | &nbsp;&nbsp; 97710 |
| Legal fees | &nbsp;&nbsp; 39252 |
| Miscellaneous | &nbsp;&nbsp; 401527 |
| Total expenses | &nbsp;&nbsp; $58345709 |
| Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp; (994489)<br>|
| Net expenses | &nbsp;&nbsp; $57351220 |
| Net investment income (loss) | &nbsp;&nbsp; $417861520 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(105405389)<br>|
| Affiliated issuers | &nbsp;&nbsp; (54049)<br>|
| Futures contracts | &nbsp;&nbsp; (6877918)<br>|
| Swap agreements | &nbsp;&nbsp; (210782)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (29736653)<br>|
| Foreign currency | &nbsp;&nbsp; (3265134)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; $(145549925)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers (includes $704,085 increase in deferred foreign capital gains tax) | &nbsp;&nbsp; $304573484 |
| Affiliated issuers | &nbsp;&nbsp; (41926)<br>|
| Futures contracts | &nbsp;&nbsp; (11672872)<br>|
| Swap agreements | &nbsp;&nbsp; (377130)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 7140097 |
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 130559 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $299752212 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $154202287 |
| Change in net assets from operations | &nbsp;&nbsp; $572063807 |

---

**See Notes to Financial Statements**

------

MFS Emerging Markets Debt 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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **7/31/25** | **7/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $417861520 | &nbsp;&nbsp; $377390990 |
| Net realized gain (loss) | (145549925)<br>| &nbsp;&nbsp; (370248460)<br>|
| Net unrealized gain (loss) | 299752212 | &nbsp;&nbsp; 614971634 |
| Change in net assets from operations | $572063807 | &nbsp;&nbsp; $622114164 |
| Total distributions to shareholders | $(433681941)<br>| &nbsp;&nbsp; $(462825942)<br>|
| Change in net assets from fund share transactions | $84841846 | &nbsp;&nbsp; $320006668 |
| Total change in net assets | $223223712 | &nbsp;&nbsp; $479294890 |
| **Net assets** |  |  |
| At beginning of period | 7165348054 | &nbsp;&nbsp; 6686053164 |
| At end of period | $7388571766 | &nbsp;&nbsp; $7165348054 |

---

**See Notes to Financial Statements**

------

MFS Emerging Markets Debt Fund

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **7/31/25** | **7/31/24** | **7/31/23** | **7/31/22** | **7/31/21** |
| Net asset value, beginning of period | $11.98 | &nbsp;&nbsp; $11.69 | &nbsp;&nbsp; $11.69 | &nbsp;&nbsp; $14.93 | &nbsp;&nbsp; $14.73 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.67 | &nbsp;&nbsp; $0.63 | &nbsp;&nbsp; $0.60 | &nbsp;&nbsp; $0.54 | &nbsp;&nbsp; $0.51 |
| Net realized and unrealized gain (loss) | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Total from investment operations | $0.90 | &nbsp;&nbsp; $1.06 | &nbsp;&nbsp; $0.79 | &nbsp;&nbsp; $(2.64)<br>| &nbsp;&nbsp; $0.75 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.69)<br>| &nbsp;&nbsp; $(0.77)<br>| &nbsp;&nbsp; $(0.79)<br>| &nbsp;&nbsp; $(0.60)<br>| &nbsp;&nbsp; $(0.55)<br>|
| Net asset value, end of period (x) | $12.19 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $11.69 | &nbsp;&nbsp; $11.69 | &nbsp;&nbsp; $14.93 |
| Total return (%) (r)(s)(t)(x) | 7.71 | &nbsp;&nbsp;&nbsp;&nbsp;9.46 | &nbsp;&nbsp;&nbsp;&nbsp;7.07 | &nbsp;&nbsp; (18.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.19 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Expenses after expense reductions | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Net investment income (loss) | 5.52 | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 |
| Portfolio turnover rate | 69 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 56 |
| Net assets at end of period (000 omitted) | $216320 | &nbsp;&nbsp; $307936 | &nbsp;&nbsp; $282355 | &nbsp;&nbsp; $315618 | &nbsp;&nbsp; $431359 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class B**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **7/31/25** | **7/31/24** | **7/31/23** | **7/31/22** | **7/31/21** |
| Net asset value, beginning of period | $11.48 | &nbsp;&nbsp; $11.46 | &nbsp;&nbsp; $11.56 | &nbsp;&nbsp; $14.87 | &nbsp;&nbsp; $14.75 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.58 | &nbsp;&nbsp; $0.55 | &nbsp;&nbsp; $0.52 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $0.41 |
| Net realized and unrealized gain (loss) | (0.22)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> (g)<br>| &nbsp;&nbsp; (3.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (g)<br>|
| Total from investment operations | $0.36 | &nbsp;&nbsp; $0.71 | &nbsp;&nbsp; $0.60 | &nbsp;&nbsp; $(2.81)<br>| &nbsp;&nbsp; $0.56 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.60)<br>| &nbsp;&nbsp; $(0.69)<br>| &nbsp;&nbsp; $(0.70)<br>| &nbsp;&nbsp; $(0.50)<br>| &nbsp;&nbsp; $(0.44)<br>|
| Net asset value, end of period (x) | $11.24 | &nbsp;&nbsp; $11.48 | &nbsp;&nbsp; $11.46 | &nbsp;&nbsp; $11.56 | &nbsp;&nbsp; $14.87 |
| Total return (%) (r)(s)(t)(x) | 2.94 | &nbsp;&nbsp;&nbsp;&nbsp;6.25 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp; (19.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.84 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Expenses after expense reductions | 1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Net investment income (loss) | 4.79 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 |
| Portfolio turnover rate | 69 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 56 |
| Net assets at end of period (000 omitted) | $348 | &nbsp;&nbsp; $716 | &nbsp;&nbsp; $1480 | &nbsp;&nbsp; $2183 | &nbsp;&nbsp; $4286 |

---

**See Notes to Financial Statements**

------

MFS Emerging Markets Debt Fund

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **7/31/25** | **7/31/24** | **7/31/23** | **7/31/22** | **7/31/21** |
| Net asset value, beginning of period | $11.76 | &nbsp;&nbsp; $11.50 | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp; $14.83 | &nbsp;&nbsp; $14.73 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.58 | &nbsp;&nbsp; $0.54 | &nbsp;&nbsp; $0.52 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $0.41 |
| Net realized and unrealized gain (loss) | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> (g)<br>| &nbsp;&nbsp; (3.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (g)<br>|
| Total from investment operations | $0.79 | &nbsp;&nbsp; $0.95 | &nbsp;&nbsp; $0.66 | &nbsp;&nbsp; $(2.79)<br>| &nbsp;&nbsp; $0.54 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.60)<br>| &nbsp;&nbsp; $(0.69)<br>| &nbsp;&nbsp; $(0.70)<br>| &nbsp;&nbsp; $(0.50)<br>| &nbsp;&nbsp; $(0.44)<br>|
| Net asset value, end of period (x) | $11.95 | &nbsp;&nbsp; $11.76 | &nbsp;&nbsp; $11.50 | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp; $14.83 |
| Total return (%) (r)(s)(t)(x) | 6.79 | &nbsp;&nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.92 | &nbsp;&nbsp; (19.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.70 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Expenses after expense reductions | 1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Net investment income (loss) | 4.76 | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 |
| Portfolio turnover rate | 69 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 56 |
| Net assets at end of period (000 omitted) | $9658 | &nbsp;&nbsp; $12478 | &nbsp;&nbsp; $14780 | &nbsp;&nbsp; $18289 | &nbsp;&nbsp; $31537 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **7/31/25** | **7/31/24** | **7/31/23** | **7/31/22** | **7/31/21** |
| Net asset value, beginning of period | $11.98 | &nbsp;&nbsp; $11.70 | &nbsp;&nbsp; $11.69 | &nbsp;&nbsp; $14.93 | &nbsp;&nbsp; $14.74 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.69 | &nbsp;&nbsp; $0.65 | &nbsp;&nbsp; $0.63 | &nbsp;&nbsp; $0.57 | &nbsp;&nbsp; $0.55 |
| Net realized and unrealized gain (loss) | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Total from investment operations | $0.96 | &nbsp;&nbsp; $1.08 | &nbsp;&nbsp; $0.82 | &nbsp;&nbsp; $(2.61)<br>| &nbsp;&nbsp; $0.78 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.72)<br>| &nbsp;&nbsp; $(0.80)<br>| &nbsp;&nbsp; $(0.81)<br>| &nbsp;&nbsp; $(0.63)<br>| &nbsp;&nbsp; $(0.59)<br>|
| Net asset value, end of period (x) | $12.22 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $11.70 | &nbsp;&nbsp; $11.69 | &nbsp;&nbsp; $14.93 |
| Total return (%) (r)(s)(t)(x) | 8.24 | &nbsp;&nbsp;&nbsp;&nbsp;9.63 | &nbsp;&nbsp;&nbsp;&nbsp;7.42 | &nbsp;&nbsp; (17.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.38 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Expenses after expense reductions | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net investment income (loss) | 5.75 | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 |
| Portfolio turnover rate | 69 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 56 |
| Net assets at end of period (000 omitted) | $4145514 | &nbsp;&nbsp; $4212646 | &nbsp;&nbsp; $4032436 | &nbsp;&nbsp; $4294440 | &nbsp;&nbsp; $5960448 |

---

**See Notes to Financial Statements**

------

MFS Emerging Markets Debt Fund

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R1**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **7/31/25** | **7/31/24** | **7/31/23** | **7/31/22** | **7/31/21** |
| Net asset value, beginning of period | $12.06 | &nbsp;&nbsp; $11.76 | &nbsp;&nbsp; $11.75 | &nbsp;&nbsp; $15.00 | &nbsp;&nbsp; $14.82 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.57 | &nbsp;&nbsp; $0.54 | &nbsp;&nbsp; $0.52 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $0.40 |
| Net realized and unrealized gain (loss) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Total from investment operations | $0.85 | &nbsp;&nbsp; $0.99 | &nbsp;&nbsp; $0.71 | &nbsp;&nbsp; $(2.75)<br>| &nbsp;&nbsp; $0.62 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.60)<br>| &nbsp;&nbsp; $(0.69)<br>| &nbsp;&nbsp; $(0.70)<br>| &nbsp;&nbsp; $(0.50)<br>| &nbsp;&nbsp; $(0.44)<br>|
| Net asset value, end of period (x) | $12.31 | &nbsp;&nbsp; $12.06 | &nbsp;&nbsp; $11.76 | &nbsp;&nbsp; $11.75 | &nbsp;&nbsp; $15.00 |
| Total return (%) (r)(s)(t)(x) | 7.25 | &nbsp;&nbsp;&nbsp;&nbsp;8.72 | &nbsp;&nbsp;&nbsp;&nbsp;6.36 | &nbsp;&nbsp; (18.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.25 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Expenses after expense reductions | 1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Net investment income (loss) | 4.73 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 |
| Portfolio turnover rate | 69 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 56 |
| Net assets at end of period (000 omitted) | $512 | &nbsp;&nbsp; $386 | &nbsp;&nbsp; $325 | &nbsp;&nbsp; $305 | &nbsp;&nbsp; $333 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R2**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **7/31/25** | **7/31/24** | **7/31/23** | **7/31/22** | **7/31/21** |
| Net asset value, beginning of period | $12.05 | &nbsp;&nbsp; $11.76 | &nbsp;&nbsp; $11.75 | &nbsp;&nbsp; $15.00 | &nbsp;&nbsp; $14.81 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.64 | &nbsp;&nbsp; $0.60 | &nbsp;&nbsp; $0.58 | &nbsp;&nbsp; $0.50 | &nbsp;&nbsp; $0.48 |
| Net realized and unrealized gain (loss) | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Total from investment operations | $0.90 | &nbsp;&nbsp; $1.04 | &nbsp;&nbsp; $0.77 | &nbsp;&nbsp; $(2.68)<br>| &nbsp;&nbsp; $0.71 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.66)<br>| &nbsp;&nbsp; $(0.75)<br>| &nbsp;&nbsp; $(0.76)<br>| &nbsp;&nbsp; $(0.57)<br>| &nbsp;&nbsp; $(0.52)<br>|
| Net asset value, end of period (x) | $12.29 | &nbsp;&nbsp; $12.05 | &nbsp;&nbsp; $11.76 | &nbsp;&nbsp; $11.75 | &nbsp;&nbsp; $15.00 |
| Total return (%) (r)(s)(t)(x) | 7.69 | &nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp;&nbsp;6.89 | &nbsp;&nbsp; (18.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.84 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Expenses after expense reductions | 1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Net investment income (loss) | 5.25 | &nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 |
| Portfolio turnover rate | 69 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 56 |
| Net assets at end of period (000 omitted) | $9570 | &nbsp;&nbsp; $9847 | &nbsp;&nbsp; $9327 | &nbsp;&nbsp; $9831 | &nbsp;&nbsp; $12688 |

---

**See Notes to Financial Statements**

------

MFS Emerging Markets Debt Fund

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R3**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **7/31/25** | **7/31/24** | **7/31/23** | **7/31/22** | **7/31/21** |
| Net asset value, beginning of period | $12.02 | &nbsp;&nbsp; $11.73 | &nbsp;&nbsp; $11.72 | &nbsp;&nbsp; $14.96 | &nbsp;&nbsp; $14.75 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.66 | &nbsp;&nbsp; $0.63 | &nbsp;&nbsp; $0.61 | &nbsp;&nbsp; $0.54 | &nbsp;&nbsp; $0.51 |
| Net realized and unrealized gain (loss) | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Total from investment operations | $0.93 | &nbsp;&nbsp; $1.06 | &nbsp;&nbsp; $0.80 | &nbsp;&nbsp; $(2.64)<br>| &nbsp;&nbsp; $0.77 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.69)<br>| &nbsp;&nbsp; $(0.77)<br>| &nbsp;&nbsp; $(0.79)<br>| &nbsp;&nbsp; $(0.60)<br>| &nbsp;&nbsp; $(0.56)<br>|
| Net asset value, end of period (x) | $12.26 | &nbsp;&nbsp; $12.02 | &nbsp;&nbsp; $11.73 | &nbsp;&nbsp; $11.72 | &nbsp;&nbsp; $14.96 |
| Total return (%) (r)(s)(t)(x) | 7.97 | &nbsp;&nbsp;&nbsp;&nbsp;9.45 | &nbsp;&nbsp;&nbsp;&nbsp;7.16 | &nbsp;&nbsp; (18.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.25 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Expenses after expense reductions | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Net investment income (loss) | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 |
| Portfolio turnover rate | 69 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 56 |
| Net assets at end of period (000 omitted) | $51194 | &nbsp;&nbsp; $47044 | &nbsp;&nbsp; $37811 | &nbsp;&nbsp; $32029 | &nbsp;&nbsp; $36080 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R4**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **7/31/25** | **7/31/24** | **7/31/23** | **7/31/22** | **7/31/21** |
| Net asset value, beginning of period | $12.01 | &nbsp;&nbsp; $11.73 | &nbsp;&nbsp; $11.71 | &nbsp;&nbsp; $14.96 | &nbsp;&nbsp; $14.76 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.70 | &nbsp;&nbsp; $0.65 | &nbsp;&nbsp; $0.64 | &nbsp;&nbsp; $0.57 | &nbsp;&nbsp; $0.55 |
| Net realized and unrealized gain (loss) | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Total from investment operations | $0.96 | &nbsp;&nbsp; $1.08 | &nbsp;&nbsp; $0.84 | &nbsp;&nbsp; $(2.61)<br>| &nbsp;&nbsp; $0.79 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.72)<br>| &nbsp;&nbsp; $(0.80)<br>| &nbsp;&nbsp; $(0.82)<br>| &nbsp;&nbsp; $(0.64)<br>| &nbsp;&nbsp; $(0.59)<br>|
| Net asset value, end of period (x) | $12.25 | &nbsp;&nbsp; $12.01 | &nbsp;&nbsp; $11.73 | &nbsp;&nbsp; $11.71 | &nbsp;&nbsp; $14.96 |
| Total return (%) (r)(s)(t)(x) | 8.23 | &nbsp;&nbsp;&nbsp;&nbsp;9.63 | &nbsp;&nbsp;&nbsp;&nbsp;7.52 | &nbsp;&nbsp; (17.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.45 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Expenses after expense reductions | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net investment income (loss) | 5.76 | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp;&nbsp;3.68 |
| Portfolio turnover rate | 69 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 56 |
| Net assets at end of period (000 omitted) | $43113 | &nbsp;&nbsp; $45574 | &nbsp;&nbsp; $50981 | &nbsp;&nbsp; $36790 | &nbsp;&nbsp; $40988 |

---

**See Notes to Financial Statements**

------

MFS Emerging Markets Debt Fund

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **7/31/25** | **7/31/24** | **7/31/23** | **7/31/22** | **7/31/21** |
| Net asset value, beginning of period | $12.01 | &nbsp;&nbsp; $11.72 | &nbsp;&nbsp; $11.72 | &nbsp;&nbsp; $14.96 | &nbsp;&nbsp; $14.77 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.71 | &nbsp;&nbsp; $0.67 | &nbsp;&nbsp; $0.65 | &nbsp;&nbsp; $0.59 | &nbsp;&nbsp; $0.56 |
| Net realized and unrealized gain (loss) | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Total from investment operations | $0.97 | &nbsp;&nbsp; $1.10 | &nbsp;&nbsp; $0.83 | &nbsp;&nbsp; $(2.59)<br>| &nbsp;&nbsp; $0.80 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.73)<br>| &nbsp;&nbsp; $(0.81)<br>| &nbsp;&nbsp; $(0.83)<br>| &nbsp;&nbsp; $(0.65)<br>| &nbsp;&nbsp; $(0.61)<br>|
| Net asset value, end of period (x) | $12.25 | &nbsp;&nbsp; $12.01 | &nbsp;&nbsp; $11.72 | &nbsp;&nbsp; $11.72 | &nbsp;&nbsp; $14.96 |
| Total return (%) (r)(s)(t)(x) | 8.35 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp; (17.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.49 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Expenses after expense reductions | 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Net investment income (loss) | 5.85 | &nbsp;&nbsp;&nbsp;&nbsp;5.71 | &nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 |
| Portfolio turnover rate | 69 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 56 |
| Net assets at end of period (000 omitted) | $2912344 | &nbsp;&nbsp; $2528722 | &nbsp;&nbsp; $2256558 | &nbsp;&nbsp; $2322980 | &nbsp;&nbsp; $3043561 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The per share amount varies from the net realized and unrealized gain/loss for the
 period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(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**

------

MFS Emerging Markets Debt Fund

**Notes to Financial Statements**

**(1) Business and Organization**

MFS Emerging Markets Debt Fund (the fund) is a diversified series of MFS Series Trust X (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 high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments. The fund invests in foreign securities, including securities of emerging market issuers. 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. Investments tied economically to emerging markets, especially frontier markets, can involve additional and greater risks than the risks associated with investments in developed markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, greater government involvement in the economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, geopolitical, and economic instability than developed markets.

In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. An operating segment is 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, 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.

------

MFS Emerging Markets Debt Fund

*Notes to Financial Statements - continued* 

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 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 July 31, 2025 in valuing the fund's assets and liabilities:

------

MFS Emerging Markets Debt Fund

*Notes to Financial Statements - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government <br> Agencies & Equivalents<br>| $— | $316734545 | $— | $316734545 |
| Non - U.S. Sovereign Debt |  | 5543650174 |  | 5543650174 |
| U.S. Corporate Bonds |  | 8603980 |  | 8603980 |
| Foreign Bonds |  | 1200053309 |  | 1200053309 |
| Investment Companies | 300018364 |  |  | 300018364 |
| Total | $300018364 | $7069042008 | $— | $7369060372 |

---

---

| | | |
|:---|:---|:---|
| **Other Financial Instruments** |  |  |
| Futures Contracts – Assets | $— | $1958669 |
| Forward Foreign Currency Exchange <br> Contracts – Assets<br>| 15075187 | 15075187 |
| Forward Foreign Currency Exchange <br> Contracts – Liabilities<br>| (4172112)<br>| (4172112)<br>|
| Swap Agreements – Assets | 198254 | 198254 |

---

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

**Inflation-Adjusted Debt Securities** — The fund invests in inflation-adjusted debt securities issued by foreign corporations and/or foreign governments. The principal value of these debt securities is adjusted through income according to changes in an inflation index or another general price or wage index. These debt securities typically pay a fixed rate of interest, but this fixed rate is applied to the inflation-adjusted principal amount. The principal paid at maturity of the debt security is typically equal to the inflation-adjusted principal amount, or the security's original par value, whichever is greater. Other types of inflation-adjusted securities may use other methods to adjust for other measures of inflation.

**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 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 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 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 July 31, 2025 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value (a)** | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Interest Rate | Futures Contracts | $1958669 | $— |
| Foreign Exchange | Forward Foreign Currency Exchange Contracts | 15075187 | (4172112) |
| Credit | Uncleared Swap Agreements | 198254 |  |
| Total |  | $17232110 | $(4172112) |

---

(a) Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is reported separately within the Statement of Assets and Liabilities.

------

MFS Emerging Markets Debt Fund

*Notes to Financial Statements - continued* 

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the year ended July 31, 2025 as reported in the Statement of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>| **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>| **Unaffiliated Issuers** <br>**(Purchased** <br>**Options)**<br>|
| Interest Rate | $(6877918)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (29736653)<br>| &nbsp;&nbsp; — |
| Equity |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4390491)<br>|
| Credit |  | &nbsp;&nbsp; (210782)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | $(6877918)<br>| &nbsp;&nbsp; $(210782)<br>| &nbsp;&nbsp; $(29736653)<br>| &nbsp;&nbsp; $(4390491)<br>|

---

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 year ended July 31, 2025 as reported in the Statement of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>| **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>| **Unaffiliated Issuers** <br>**(Purchased** <br>**Options)**<br>|
| Interest Rate | $(11672872)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 7140097 | &nbsp;&nbsp; — |
| Equity |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3760565 |
| Credit |  | &nbsp;&nbsp; (377130)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | $(11672872)<br>| &nbsp;&nbsp; $(377130)<br>| &nbsp;&nbsp; $7140097 | &nbsp;&nbsp; $3760565 |

---

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 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 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 restricted cash for uncleared derivatives and/or deposits with brokers 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.

**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.

------

MFS Emerging Markets Debt Fund

*Notes to Financial Statements - continued* 

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 call and 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 counterparty 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 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.

**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 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.

------

MFS Emerging Markets Debt Fund

*Notes to Financial Statements - continued* 

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 credit default swap agreements in order to manage its exposure to the market or certain sectors of the market, to reduce its credit risk exposure to defaults of corporate and sovereign issuers or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. A credit default swap's reference obligation may be either a single security or a basket of securities issued by corporate or sovereign issuers. At the inception of the agreement, the protection buyer may make an upfront payment to or receive an upfront payment from the protection seller. Over the term of the agreement, the protection buyer will make a series of periodic payments to the protection seller based on a fixed percentage applied to the agreement's notional amount in exchange for a promise from the protection seller to make a specific payment should a defined credit event occur with respect to the reference obligation. Although agreement-specific, credit events generally consist of a combination of the following: bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. If a defined credit event occurs, the protection buyer will either (i) receive from the protection seller an amount equal to the agreement's notional amount and deliver the reference obligation (i.e., physical settlement) or (ii) receive from the protection seller a net settlement of cash equal to the agreement's notional amount less the recovery value of the reference obligation. Upon determination of the final price for the reference obligation (or upon delivery of the reference obligation in the case of physical settlement), the difference between the recovery value of the reference obligation and the agreement's notional amount is recorded as realized gain or loss on swap agreements in the Statement of Operations.

Credit default swap agreements are considered to have credit-risk-related contingent features since they trigger payment by the protection seller to the protection buyer upon the occurrence of a defined credit event. The maximum amount of future, undiscounted payments that the fund, as protection seller, could be required to make is equal to the swap agreement's notional amount. The protection seller's payment obligation would be offset to the extent of the value of the agreement's deliverable obligation. At July 31, 2025, the fund did not hold any credit default swap agreements at an unrealized loss where it is the protection seller. The fund's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the agreement.

**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. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted upward or downward based on the rate of inflation. Interest is accrued based on the principal amount, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond is generally recorded as an increase or decrease in interest income, respectively, even though the adjusted principal is not received until maturity. Debt obligations may be placed on non-accrual status or set to accrue at a rate of interest less than the contractual coupon when the collection of all or a portion of interest has become doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.

------

MFS Emerging Markets Debt Fund

*Notes to Financial Statements - continued* 

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.

**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 defaulted bonds, amortization of premium and accretion of discount of debt securities, wash sale loss deferrals, derivative transactions, and foreign taxes.

The tax character of distributions declared to shareholders for the last two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**7/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**7/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $433681941 | &nbsp;&nbsp; $462825942 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 7/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $7363279548 |
| Gross appreciation | &nbsp;&nbsp; 212912256 |
| Gross depreciation | &nbsp;&nbsp; (194071434)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $18840822 |
| Undistributed ordinary income | &nbsp;&nbsp; 4499832 |
| Capital loss carryforwards | &nbsp;&nbsp; (1921890807)<br>|
| Other temporary differences | &nbsp;&nbsp; (43508971)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $(1942059124)<br>|

---

As of July 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 | $(397335459)<br>|
| Long-Term | (1524555348)<br>|
| Total | $(1921890807)<br>|

---

**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 and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. The fund's realized and unrealized gain (loss) 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:

------

MFS Emerging Markets Debt Fund

*Notes to Financial Statements - continued* 

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br>**7/31/25**<br>| **Year ended** <br>**7/31/24**<br>|
| Class A | $14772718 | &nbsp;&nbsp; $18470847 |
| Class B | 27393 | &nbsp;&nbsp; 63296 |
| Class C | 576651 | &nbsp;&nbsp; 795909 |
| Class I | 247097841 | &nbsp;&nbsp; 275219068 |
| Class R1 | 21661 | &nbsp;&nbsp; 20438 |
| Class R2 | 513606 | &nbsp;&nbsp; 593675 |
| Class R3 | 2758554 | &nbsp;&nbsp; 2953492 |
| Class R4 | 2642185 | &nbsp;&nbsp; 2973035 |
| Class R6 | 165271332 | &nbsp;&nbsp; 161736182 |
| Total | $433681941 | &nbsp;&nbsp; $462825942 |

---

**(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 | 0.75% |
| In excess of $1 billion and up to $2.5 billion | 0.70% |
| In excess of $2.5 billion and up to $7.5 billion | 0.65% |
| In excess of $7.5 billion and up to $12.5 billion | 0.60% |
| In excess of $12.5 billion | 0.55% |

---

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 November 30, 2026. For the year ended July 31, 2025, this management fee reduction amounted to $994,353, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended July 31, 2025 was equivalent to an annual effective rate of 0.66% of the fund's average daily net assets.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $4,185 for the year ended July 31, 2025, 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.

------

MFS Emerging Markets Debt Fund

*Notes to Financial Statements - continued* 

**Distribution Plan Fee Table:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Class A |  | 0.25% | 0.25% | 0.25% | $633596 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | 5347 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 114531 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 4433 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 46968 |
| Class R3 |  | 0.25% | 0.25% | 0.25% | 120860 |
| Total Distribution and Service Fees  |  |  |  |  | $925735 |

---

(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 year ended July 31, 2025 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 year ended July 31, 2025, this rebate amounted to $134 and $2 for Class A and Class C shares, respectively, 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 year ended July 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $7541 |
| Class B | 341 |
| Class C | 654 |

---

**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 year ended July 31, 2025, the fee was $175,165, which equated to 0.0024% 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 year ended July 31, 2025, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $4,919,961.

**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 year ended July 31, 2025 was equivalent to an annual effective rate of 0.0081% 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.

MFS purchased or redeemed fund shares on the dates indicated:

------

MFS Emerging Markets Debt Fund

*Notes to Financial Statements - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Transaction** | **Class** | **Shares** | **Amount** |
| 8/19/2024 | Redemption | Class I | 5 | $65 |
| 8/19/2024 | Redemption | Class R2 | 3 | 36 |
| 8/19/2024 | Redemption | Class R3 | 3 | 35 |
| 8/19/2024 | Redemption | Class R4 | 5 | 61 |

---

**(4) Portfolio Securities**

For the year ended July 31, 2025, purchases and sales of investments, other than purchased options with an expiration date of less than one year from the time of purchase and short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $112973529 | &nbsp;&nbsp; $106395786 |
| Non-U.S. Government securities | 4722884268 | &nbsp;&nbsp; 4528321359 |

---

**(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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**7/31/25** | **Year ended** <br>**7/31/25** | **Year ended** <br>**7/31/24** | **Year ended** <br>**7/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Class A | 7622784 | &nbsp;&nbsp; $92095508 | &nbsp;&nbsp; 8826626 | &nbsp;&nbsp; $103914649 |
| Class B | 675 | &nbsp;&nbsp; 8141 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 257 |
| Class C | 107190 | &nbsp;&nbsp; 1303124 | &nbsp;&nbsp; 108154 | &nbsp;&nbsp; 1268216 |
| Class I | 81406269 | &nbsp;&nbsp; 979825577 | &nbsp;&nbsp; 94012189 | &nbsp;&nbsp; 1098921081 |
| Class R1 | 16558 | &nbsp;&nbsp; 195216 | &nbsp;&nbsp; 14273 | &nbsp;&nbsp; 168248 |
| Class R2 | 128385 | &nbsp;&nbsp; 1555440 | &nbsp;&nbsp; 132473 | &nbsp;&nbsp; 1555476 |
| Class R3 | 755628 | &nbsp;&nbsp; 9155754 | &nbsp;&nbsp; 1281864 | &nbsp;&nbsp; 14698636 |
| Class R4 | 416413 | &nbsp;&nbsp; 5031124 | &nbsp;&nbsp; 283413 | &nbsp;&nbsp; 3327663 |
| Class R6 | 60634180 | &nbsp;&nbsp; 732808933 | &nbsp;&nbsp; 34235952 | &nbsp;&nbsp; 399943780 |
|  | 151088082 | &nbsp;&nbsp; $1821978817 | &nbsp;&nbsp; 138894966 | &nbsp;&nbsp; $1623798006 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Class A | 993948 | &nbsp;&nbsp; $12038375 | &nbsp;&nbsp; 1183737 | &nbsp;&nbsp; $13855658 |
| Class B | 2243 | &nbsp;&nbsp; 27325 | &nbsp;&nbsp; 5381 | &nbsp;&nbsp; 63005 |
| Class C | 45813 | &nbsp;&nbsp; 556799 | &nbsp;&nbsp; 65647 | &nbsp;&nbsp; 770479 |
| Class I | 19491826 | &nbsp;&nbsp; 235446402 | &nbsp;&nbsp; 22707049 | &nbsp;&nbsp; 265147454 |
| Class R1 | 1782 | &nbsp;&nbsp; 21661 | &nbsp;&nbsp; 1736 | &nbsp;&nbsp; 20437 |
| Class R2 | 42232 | &nbsp;&nbsp; 513579 | &nbsp;&nbsp; 50482 | &nbsp;&nbsp; 593561 |
| Class R3 | 227452 | &nbsp;&nbsp; 2756400 | &nbsp;&nbsp; 251981 | &nbsp;&nbsp; 2952769 |
| Class R4 | 217826 | &nbsp;&nbsp; 2640356 | &nbsp;&nbsp; 253798 | &nbsp;&nbsp; 2972998 |
| Class R6 | 11542564 | &nbsp;&nbsp; 139645731 | &nbsp;&nbsp; 11859590 | &nbsp;&nbsp; 138800053 |
|  | 32565686 | &nbsp;&nbsp; $393646628 | &nbsp;&nbsp; 36379401 | &nbsp;&nbsp; $425176414 |

---

------

MFS Emerging Markets Debt Fund

*Notes to Financial Statements - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended**<br> **7/31/25** | **Year ended**<br> **7/31/25** | **Year ended**<br> **7/31/24** | **Year ended**<br> **7/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares reacquired |  |  |  |  |
| Class A | (16590610)<br>| &nbsp;&nbsp; $(199734948)<br>| &nbsp;&nbsp; (8454550)<br>| &nbsp;&nbsp; $(98806021)<br>|
| Class B | (34323)<br>| &nbsp;&nbsp; (418297)<br>| &nbsp;&nbsp; (72225)<br>| &nbsp;&nbsp; (848123)<br>|
| Class C | (405361)<br>| &nbsp;&nbsp; (4918141)<br>| &nbsp;&nbsp; (398713)<br>| &nbsp;&nbsp; (4652423)<br>|
| Class I | (113292242)<br>| &nbsp;&nbsp; (1362257624)<br>| &nbsp;&nbsp; (109806026)<br>| &nbsp;&nbsp; (1276342114)<br>|
| Class R1 | (8754)<br>| &nbsp;&nbsp; (105122)<br>| &nbsp;&nbsp; (11671)<br>| &nbsp;&nbsp; (137525)<br>|
| Class R2 | (209492)<br>| &nbsp;&nbsp; (2538660)<br>| &nbsp;&nbsp; (158905)<br>| &nbsp;&nbsp; (1862590)<br>|
| Class R3 | (721925)<br>| &nbsp;&nbsp; (8720064)<br>| &nbsp;&nbsp; (842754)<br>| &nbsp;&nbsp; (9760396)<br>|
| Class R4 | (909987)<br>| &nbsp;&nbsp; (11020399)<br>| &nbsp;&nbsp; (1089646)<br>| &nbsp;&nbsp; (12434718)<br>|
| Class R6 | (45000266)<br>| &nbsp;&nbsp; (541070344)<br>| &nbsp;&nbsp; (27968242)<br>| &nbsp;&nbsp; (324123842)<br>|
|  | (177172960)<br>| &nbsp;&nbsp; $(2130783599)<br>| &nbsp;&nbsp; (148802732)<br>| &nbsp;&nbsp; $(1728967752)<br>|
| Net change |  |  |  |  |
| Class A | (7973878)<br>| &nbsp;&nbsp; $(95601065)<br>| &nbsp;&nbsp; 1555813 | &nbsp;&nbsp; $18964286 |
| Class B | (31405)<br>| &nbsp;&nbsp; (382831)<br>| &nbsp;&nbsp; (66822)<br>| &nbsp;&nbsp; (784861)<br>|
| Class C | (252358)<br>| &nbsp;&nbsp; (3058218)<br>| &nbsp;&nbsp; (224912)<br>| &nbsp;&nbsp; (2613728)<br>|
| Class I | (12394147)<br>| &nbsp;&nbsp; (146985645)<br>| &nbsp;&nbsp; 6913212 | &nbsp;&nbsp; 87726421 |
| Class R1 | 9586 | &nbsp;&nbsp; 111755 | &nbsp;&nbsp; 4338 | &nbsp;&nbsp; 51160 |
| Class R2 | (38875)<br>| &nbsp;&nbsp; (469641)<br>| &nbsp;&nbsp; 24050 | &nbsp;&nbsp; 286447 |
| Class R3 | 261155 | &nbsp;&nbsp; 3192090 | &nbsp;&nbsp; 691091 | &nbsp;&nbsp; 7891009 |
| Class R4 | (275748)<br>| &nbsp;&nbsp; (3348919)<br>| &nbsp;&nbsp; (552435)<br>| &nbsp;&nbsp; (6134057)<br>|
| Class R6 | 27176478 | &nbsp;&nbsp; 331384320 | &nbsp;&nbsp; 18127300 | &nbsp;&nbsp; 214619991 |
|  | 6480808 | &nbsp;&nbsp; $84841846 | &nbsp;&nbsp; 26471635 | &nbsp;&nbsp; $320006668 |

---

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 Moderate Allocation Fund, the MFS Growth Allocation Fund, and the MFS Conservative Allocation Fund were the owners of record of approximately 3%, 3%, and 1%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Lifetime 2025 Fund, the MFS Lifetime 2030 Fund, the MFS Lifetime 2035 Fund, the MFS Lifetime 2040 Fund, the MFS Lifetime 2045 Fund, and the MFS Lifetime Income 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) plus 0.10%, 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 12, 2026 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 year ended July 31, 2025, the fund's commitment fee and interest expense were $34,579 and $0, respectively, and are included in "Miscellaneous" expense in the 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. For the purposes of this report, the following were affiliated issuers for the year ended July 31, 2025:

------

MFS Emerging Markets Debt Fund

*Notes to Financial Statements - continued* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $473442204 | &nbsp;&nbsp; $2549290403 | &nbsp;&nbsp; $2722618268 | &nbsp;&nbsp; $(54049)<br>| &nbsp;&nbsp; $(41926)<br>| &nbsp;&nbsp; $300018364 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $22369768 | $— |

---

------

MFS Emerging Markets Debt Fund

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of MFS Emerging Markets Debt Fund and the Board of Trustees of MFS Series Trust X

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of MFS Emerging Markets Debt Fund (the "Fund") (one of the funds constituting MFS Series Trust X (the "Trust")), including the portfolio of investments, as of July 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting MFS Series Trust X) at July 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more MFS investment companies since 1993.

Boston, Massachusetts

September 15, 2025

------

MFS Emerging Markets Debt Fund

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2025 income tax forms in January 2026. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Emerging Markets Debt Fund.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Emerging Markets Debt 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 Emerging Markets Debt 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.**

------

MFS Emerging Markets Debt Fund

**Board Review of Investment Advisory Agreement**

**MFS Emerging Markets Debt Fund**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Class I shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Class I shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 2nd quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

------

MFS Emerging Markets Debt Fund

*Board Review of Investment Advisory Agreement - continued*

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $1 billion, $2.5 billion, $7.5 billion, and $12.5 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

------

MFS Emerging Markets Debt Fund

*Board Review of Investment Advisory Agreement - continued*

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. 

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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: Attached hereto as [EX-99.COE](Code_of_Ethics.htm).

* 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](99.302.htm).

* 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](99.906.htm).

------

#### 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 X

By (Signature and Title)\*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President

Date: September 15, 2025

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: September 15, 2025

By (Signature and Title)\*

/S/ KASEY L. PHILLIPS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Date: September 15, 2025

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

------

## Exhibit 99.906

**<u>EX-99.906CERT</u>**

**MFS SERIES TRUST X**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

I, David L. DiLorenzo, certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Form N-CSR (the "Report") of MFS Series Trust X (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: September 15, 2025

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

**<u>EX-99.906CERT</u>**

**MFS SERIES TRUST X**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

I, Kasey L. Phillips, certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Form N-CSR (the "Report") of MFS Series Trust X (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: September 15, 2025

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

------

## Ex-99

**<u>EX-99.302CERT</u>**

**MFS SERIES TRUST X**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, David L. DiLorenzo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of MFS Series Trust X;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 15, 2025

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

**<u>EX-99.302CERT</u>**

**MFS SERIES TRUST X**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Kasey L. Phillips, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of MFS Series Trust X;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 15, 2025

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

------

## Ex-99.Code

![Image is missing](gnnttq5rr5mswmaxqvec5.jpg)

<u>EX-99.COE</u>

**Code of Ethics for Principal Executive and Principal Financial Officers**

**Effective April 1, 2024**

**Policy Purpose and Summary**

Section 406 of the Sarbanes-Oxley Act requires that each MFS Fund registered under the Investment Company Act of 1940 disclose whether or not it has adopted a code of ethics for senior financial officers, applicable to its principal financial officer and principal accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Covered Officers/Purpose of the Code

This code of ethics (this "Code") has been adopted by the funds (collectively, "Funds" and each, "Fund") under supervision of the MFS Funds Board (the "Board") and applies to the Funds' Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•compliance by the Funds with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Conduct Guidelines

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. In addition, each Covered Officer should not place his or her personal interests ahead of the Funds' interests and should endeavor to act honestly and ethically. In furtherance of the foregoing, each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting for any Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund.

The following activities, which could create the appearance of a conflict of interest, are permitted only with the approval of the Funds' Chief Legal Officer ("CLO"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•service as a director on the board of any "for profit" company other than the board of the Funds' investment adviser or its subsidiaries or board of a pooled investment vehicle sponsored by the Funds' investment adviser or its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•running for political office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the receipt of any Fund business-related gift or any entertainment from any company with which a Fund has current or prospective business dealings unless such gift or entertainment is permitted by the gifts and entertainment policy of the Funds' investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any material ownership interest in, or any consulting or employment relationship with, any Fund service providers (e.g., custodian banks, audit firms), other than the Funds' investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's employment or securities ownership.

**C.Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside the Fund, including to the Fund's trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each Covered Officer should, to the extent appropriate within his or her area of Fund responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•it is the responsibility of each Covered Officer to promote compliance within his or her area of Fund responsibility with the standards and restrictions imposed by applicable laws, rules and regulations.

**D.Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•annually report to the CLO affiliations and relationships which are or may raise the appearance of a conflict of interest with the Covered Officer's duties to the Funds, as identified in the annual Trustee and Officer Questionnaire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not retaliate against any other Covered Officer or any officer or employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•notify the CLO promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CLO is responsible for applying this Code to specific situations in which questions are presented under it, granting waivers upon consultation with the Board or its designee, investigating violations, and has the authority to interpret this Code in any particular situation. The CLO will report requests for waivers to the Board (or a designee thereof) promptly upon receipt of a waiver request and will periodically report to the Board any approvals granted since the last report.

The CLO will take all appropriate action to investigate any potential violations reported to him or her and to report any violations to the Board. If the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer.

Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Confidentiality

All reports and records prepared or maintained pursuant to this Code and under the direction of the CLO will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Funds' Board, its counsel, counsel to the Board's independent trustees and senior management and the board of directors of the Fund's investment adviser and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

**II.Supervision**

The Board of Trustees of the Funds, including a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of the Funds, shall review no less frequently than annually, a report from the CLO regarding the affirmations of the principal executive officer and the principal financial officer as to compliance with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.Interpretation and Escalation**

Breaches of the Code are reviewed by the CLO and communicated to the Board of Trustees of the affected Fund(s). Interpretations of this Policy shall be made from time to time by the CLO, as needed, and questions regarding the application of this Policy to a specific set of facts are escalated to the CLO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Authority

Section 406 of the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.Monitoring**

Adherence to this policy is monitored by the CLO.

---

| | |
|:---|:---|
| VI. | **Related Policies** |
|  | This Code shall be the sole code of ethics adopted by the Funds for purposes of |
|  | Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to |
|  | registered investment companies thereunder. Insofar as other policies or procedures |
|  | of the Funds, the Funds' adviser, principal underwriter, or other service providers |
|  | govern or purport to govern the behavior or activities of the Covered Officers who |
|  | are subject to this Code, they are superseded by this Code to the extent that they |
|  | overlap or conflict with the provisions of this Code. The Funds' and their investment |
|  | adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and |
|  | any other codes or policies or procedures adopted by the Funds or their investment |
|  | adviser or other service providers are separate requirements and are not part of this |
|  | Code. |
| VII. | **Amendment** |
|  | Any amendments to this Code, other than amendments to Exhibit A, must be |
|  | approved or ratified by a majority vote of the Board, including a majority of |
|  | independent trustees. |
| VIII. | **Recordkeeping** |
|  | All required books, records and other documentation shall be retained in accordance |
|  | with MFS' related record retention policy. |

---

**Additional procedures may need to be implemented by departments to properly comply with this policy.**

**<u>Exhibit A</u>**

**<u>As of April 1, 2024</u>**

**Persons Covered by this Code of Ethics**

Funds' Principal Executive Officer: David L. DiLorenzo

Funds' Principal Financial Officer: Kasey L. Phillips

------