# EDGAR Filing Document

**Accession Number:** 0000225604
**File Stem:** 0001193125-26-130475
**Filing Date:** 2026-3
**Character Count:** 1068109
**Document Hash:** 04ac29f63c0b07680ee0fb920aabb7ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-130475.hdr.sgml**: 20260330

**ACCESSION NUMBER**: 0001193125-26-130475

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260330

**DATE AS OF CHANGE**: 20260330

**EFFECTIVENESS DATE**: 20260330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS SERIES TRUST III
- **CENTRAL INDEX KEY:** 0000225604

**ORGANIZATION NAME:**
- **EIN:** 046414785
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02794
- **FILM NUMBER:** 26810080

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS SERIES TRUST III /MA
- **DATE OF NAME CHANGE:** 19940411

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS HIGH INCOME FUND
- **DATE OF NAME CHANGE:** 19930408

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASSACHUSETTS FINANCIAL HIGH INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### MFS High Income Fund (Series ID: S000002427)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006471 | A            | MHITX           |
| C000006472 | R4           | MHIJX           |
| C000006476 | B            | MHIBX           |
| C000006477 | C            | MHICX           |
| C000006478 | I            | MHIIX           |
| C000006480 | R1           | MHIGX           |
| C000006482 | R2           | MIHRX           |
| C000006483 | R3           | MHIHX           |
| C000116932 | R6           | MHIKX           |

### MFS Global High Yield Fund (Series ID: S000002428)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006484 | A            | MHOAX           |
| C000006485 | B            | MHOBX           |
| C000006486 | C            | MHOCX           |
| C000006487 | I            | MHOIX           |
| C000064677 | R1           | MHORX           |
| C000064678 | R2           | MHOSX           |
| C000064679 | R3           | MHOTX           |
| C000064680 | R4           | MHOUX           |
| C000064681 | R6           | MHOVX           |

### MFS Municipal High Income Fund (Series ID: S000002429)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006488 | A            | MMHYX           |
| C000006489 | B            | MMHBX           |
| C000006490 | C            | MMHCX           |
| C000103072 | I            | MMIIX           |
| C000191232 | R6           | MMHKX           |

### MFS High Yield Pooled Portfolio (Series ID: S000038262)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000118060 | Fund Shares  | HYPPX           |

?xml version='1.0' encoding='ASCII'? a80130b9-af8a-4f00-8df2-3c0187d5f773

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-02794

#### MFS SERIES TRUST III
(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:

#### January 31

#### Date of reporting period:

#### January 31, 2026

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

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> Global High Yield Fund
![TSR_Ribbon_red](images_1210.jpg)

#### Class A-MHOAX
Annual Shareholder Report

This annual shareholder report contains important information about MFS Global High Yield Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

**This report describes certain changes to the Fund that occurred during the reporting period.** 

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 | $107 | 1.03% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class A shares of the MFS Global High Yield Fund (fund) provided a total return of 7.85%, at net asset value. This compares with a return of 8.56% for the fund's benchmark, the Bloomberg Global Aggregate Index. The fund's other benchmark, the ICE BofA Global High Yield - Constrained Index (USD Hedged), generated a return of 7.91%.

* In addition to investing directly in portfolio securities, the fund also invests indirectly in portfolio securities through investment in the MFS High Yield Pooled Portfolio, a mutual fund also advised by MFS. The discussion below reflects both the fund's direct and indirect investments.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

Bond selection within the North America, Europe/UK and EM regions, particularly within CCC, BB and B-rated bonds, benefited relative performance. From a sector perspective, favorable bond selection within the basic industry, consumer cyclicals, capital goods, and technology sectors strengthened relative returns.

The fund's yield curve positioning also contributed to relative performance.

* Top detractors from performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

The fund's overweight allocation to the capital goods sector held back relative performance.

The fund's holding of cash 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.

![Fund Performance - Growth of 10K](chartimages_2285875.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| A without sales charge | 7.85% | 4.21% | 5.65% |
| A with initial sales charge (4.25%) | 3.27% | 3.31% | 5.20% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Global Aggregate Index ∆ | 8.56% | (1.79)% | 1.27% |
| ICE BofA Global High Yield - Constrained Index (USD Hedged) ∆ | 7.91% | 4.19% | 6.49% |

---

<sup>∆</sup> 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/a for more recent performance information.

FUND STATISTICS AS OF 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 206952691 | Average Effective Maturity (yrs): | 3.5 |
| Total Number of Holdings: | 137 | Average Effective Duration (yrs): | 2.8 |
| Total Management Fee ($)#: | 1200687 |  |  |
| Portfolio Turnover Rate (%): | 38 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 95.8% |
| Money Market Funds | 4.1% |
| Equities | 0.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 59.0% |
| Canada | 4.1% |
| United Kingdom | 4.0% |
| France | 3.3% |
| Italy | 2.3% |
| Brazil | 2.0% |
| Mexico | 1.9% |
| Luxembourg | 1.8% |
| India | 1.5% |
| Other Countries | 20.1% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.8% |
| B | 38.8% |
| CCC | 9.2% |
| CC | 0.5% |
| C | 0.0% |
| D | 0.1% |
| Not Rated | 1.0% |
| Non-Fixed Income | 0.1% |
| 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.

The fund invests a portion of its assets in the MFS High Yield Pooled Portfolio. Percentages include the indirect exposure to the underlying holdings of the MFS High Yield Pooled Portfolio and not the direct exposure from investing in the MFS High Yield Pooled Portfolio itself.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since February 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1-800-225-2606.

Effective August 1, 2025, for Class A shares, the investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), such that total operating expenses do not exceed 1.00% annually of the class's average daily net assets. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until May 31, 2027.

#### 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.

HYOA-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> Global High Yield Fund
![TSR_Ribbon_red](images_1210.jpg)

Class B-MHOBX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Global High Yield Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

**This report describes certain changes to the Fund that occurred during the reporting period.** 

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 | $184 | 1.78% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class B shares of the MFS Global High Yield Fund (fund) provided a total return of 6.86%, at net asset value. This compares with a return of 8.56% for the fund's benchmark, the Bloomberg Global Aggregate Index. The fund's other benchmark, the ICE BofA Global High Yield - Constrained Index (USD Hedged), generated a return of 7.91%.

* In addition to investing directly in portfolio securities, the fund also invests indirectly in portfolio securities through investment in the MFS High Yield Pooled Portfolio, a mutual fund also advised by MFS. The discussion below reflects both the fund's direct and indirect investments.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

Bond selection within the North America, Europe/UK and EM regions, particularly within CCC, BB and B-rated bonds, benefited relative performance. From a sector perspective, favorable bond selection within the basic industry, consumer cyclicals, capital goods, and technology sectors strengthened relative returns.

The fund's yield curve positioning also contributed to relative performance.

* Top detractors from performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

The fund's overweight allocation to the capital goods sector held back relative performance.

The fund's holding of cash 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2285969.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| B without sales charge | 6.86% | 3.40% | 4.87% |
| B with CDSC (declining over six years from 4% to 0%)<sup>×</sup> | 2.86% | 3.08% | 4.87% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Global Aggregate Index ∆ | 8.56% | (1.79)% | 1.27% |
| ICE BofA Global High Yield - Constrained Index (USD Hedged) ∆ | 7.91% | 4.19% | 6.49% |

---

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

CDSC – Contingent Deferred Sales Charge.

#### 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 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 206952691 | Average Effective Maturity (yrs): | 3.5 |
| Total Number of Holdings: | 137 | Average Effective Duration (yrs): | 2.8 |
| Total Management Fee ($)#: | 1200687 |  |  |
| Portfolio Turnover Rate (%): | 38 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 95.8% |
| Money Market Funds | 4.1% |
| Equities | 0.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 59.0% |
| Canada | 4.1% |
| United Kingdom | 4.0% |
| France | 3.3% |
| Italy | 2.3% |
| Brazil | 2.0% |
| Mexico | 1.9% |
| Luxembourg | 1.8% |
| India | 1.5% |
| Other Countries | 20.1% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.8% |
| B | 38.8% |
| CCC | 9.2% |
| CC | 0.5% |
| C | 0.0% |
| D | 0.1% |
| Not Rated | 1.0% |
| Non-Fixed Income | 0.1% |
| 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.

The fund invests a portion of its assets in the MFS High Yield Pooled Portfolio. Percentages include the indirect exposure to the underlying holdings of the MFS High Yield Pooled Portfolio and not the direct exposure from investing in the MFS High Yield Pooled Portfolio itself.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since February 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1-800-225-2606.

Effective August 1, 2025, for Class B shares, the investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), such that total operating expenses do not exceed 1.75% annually of the class's average daily net assets. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until May 31, 2027.

#### 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.

HYOB-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> Global High Yield Fund
![TSR_Ribbon_red](images_1210.jpg)

#### Class C-MHOCX

#### Annual Shareholder Report
This annual shareholder report contains important information about MFS Global High Yield Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

**This report describes certain changes to the Fund that occurred during the reporting period.** 

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 | $184 | 1.78% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class C shares of the MFS Global High Yield Fund (fund) provided a total return of 6.86%, at net asset value. This compares with a return of 8.56% for the fund's benchmark, the Bloomberg Global Aggregate Index. The fund's other benchmark, the ICE BofA Global High Yield - Constrained Index (USD Hedged), generated a return of 7.91%.

* In addition to investing directly in portfolio securities, the fund also invests indirectly in portfolio securities through investment in the MFS High Yield Pooled Portfolio, a mutual fund also advised by MFS. The discussion below reflects both the fund's direct and indirect investments.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

Bond selection within the North America, Europe/UK and EM regions, particularly within CCC, BB and B-rated bonds, benefited relative performance. From a sector perspective, favorable bond selection within the basic industry, consumer cyclicals, capital goods, and technology sectors strengthened relative returns.

The fund's yield curve positioning also contributed to relative performance.

* Top detractors from performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

The fund's overweight allocation to the capital goods sector held back relative performance.

The fund's holding of cash 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2286063.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| C without sales charge | 6.86% | 3.39% | 4.87% |
| C with CDSC (1% for 12 months)<sup>×</sup> | 5.86% | 3.39% | 4.87% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Global Aggregate Index ∆ | 8.56% | (1.79)% | 1.27% |
| ICE BofA Global High Yield - Constrained Index (USD Hedged) ∆ | 7.91% | 4.19% | 6.49% |

---

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

CDSC – Contingent Deferred Sales Charge.

#### 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 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 206952691 | Average Effective Maturity (yrs): | 3.5 |
| Total Number of Holdings: | 137 | Average Effective Duration (yrs): | 2.8 |
| Total Management Fee ($)#: | 1200687 |  |  |
| Portfolio Turnover Rate (%): | 38 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 95.8% |
| Money Market Funds | 4.1% |
| Equities | 0.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 59.0% |
| Canada | 4.1% |
| United Kingdom | 4.0% |
| France | 3.3% |
| Italy | 2.3% |
| Brazil | 2.0% |
| Mexico | 1.9% |
| Luxembourg | 1.8% |
| India | 1.5% |
| Other Countries | 20.1% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.8% |
| B | 38.8% |
| CCC | 9.2% |
| CC | 0.5% |
| C | 0.0% |
| D | 0.1% |
| Not Rated | 1.0% |
| Non-Fixed Income | 0.1% |
| 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.

The fund invests a portion of its assets in the MFS High Yield Pooled Portfolio. Percentages include the indirect exposure to the underlying holdings of the MFS High Yield Pooled Portfolio and not the direct exposure from investing in the MFS High Yield Pooled Portfolio itself.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since February 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1-800-225-2606.

Effective August 1, 2025, for Class C shares, the investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), such that total operating expenses do not exceed 1.75% annually of the class's average daily net assets. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until May 31, 2027.

#### 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.

HYOC-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> Global High Yield Fund
![TSR_Ribbon_red](images_1210.jpg)

Class I-MHOIX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Global High Yield Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

**This report describes certain changes to the Fund that occurred during the reporting period.** 

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 | $81 | 0.78% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class I shares of the MFS Global High Yield Fund (fund) provided a total return of 7.93%, at net asset value. This compares with a return of 8.56% for the fund's benchmark, the Bloomberg Global Aggregate Index. The fund's other benchmark, the ICE BofA Global High Yield - Constrained Index (USD Hedged), generated a return of 7.91%.

* In addition to investing directly in portfolio securities, the fund also invests indirectly in portfolio securities through investment in the MFS High Yield Pooled Portfolio, a mutual fund also advised by MFS. The discussion below reflects both the fund's direct and indirect investments.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

Bond selection within the North America, Europe/UK and EM regions, particularly within CCC, BB and B-rated bonds, benefited relative performance. From a sector perspective, favorable bond selection within the basic industry, consumer cyclicals, capital goods, and technology sectors strengthened relative returns.

The fund's yield curve positioning also contributed to relative performance.

* Top detractors from performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

The fund's overweight allocation to the capital goods sector held back relative performance.

The fund's holding of cash 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2286157.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| I without sales charge | 7.93% | 4.43% | 5.90% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Global Aggregate Index ∆ | 8.56% | (1.79)% | 1.27% |
| ICE BofA Global High Yield - Constrained Index (USD Hedged) ∆ | 7.91% | 4.19% | 6.49% |

---

<sup>∆</sup> 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/i for more recent performance information.

FUND STATISTICS AS OF 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 206952691 | Average Effective Maturity (yrs): | 3.5 |
| Total Number of Holdings: | 137 | Average Effective Duration (yrs): | 2.8 |
| Total Management Fee ($)#: | 1200687 |  |  |
| Portfolio Turnover Rate (%): | 38 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 95.8% |
| Money Market Funds | 4.1% |
| Equities | 0.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 59.0% |
| Canada | 4.1% |
| United Kingdom | 4.0% |
| France | 3.3% |
| Italy | 2.3% |
| Brazil | 2.0% |
| Mexico | 1.9% |
| Luxembourg | 1.8% |
| India | 1.5% |
| Other Countries | 20.1% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.8% |
| B | 38.8% |
| CCC | 9.2% |
| CC | 0.5% |
| C | 0.0% |
| D | 0.1% |
| Not Rated | 1.0% |
| Non-Fixed Income | 0.1% |
| 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.

The fund invests a portion of its assets in the MFS High Yield Pooled Portfolio. Percentages include the indirect exposure to the underlying holdings of the MFS High Yield Pooled Portfolio and not the direct exposure from investing in the MFS High Yield Pooled Portfolio itself.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since February 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1-800-225-2606.

Effective August 1, 2025, for Class I shares, the investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), such that total operating expenses do not exceed 0.75% annually of the class's average daily net assets. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until May 31, 2027.

#### 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.

HYOI-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> Global High Yield Fund
![TSR_Ribbon_red](images_1210.jpg)

Class R1-MHORX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Global High Yield Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

**This report describes certain changes to the Fund that occurred during the reporting period.** 

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 | $184 | 1.78% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class R1 shares of the MFS Global High Yield Fund (fund) provided a total return of 7.05%, at net asset value. This compares with a return of 8.56% for the fund's benchmark, the Bloomberg Global Aggregate Index. The fund's other benchmark, the ICE BofA Global High Yield - Constrained Index (USD Hedged), generated a return of 7.91%.

* In addition to investing directly in portfolio securities, the fund also invests indirectly in portfolio securities through investment in the MFS High Yield Pooled Portfolio, a mutual fund also advised by MFS. The discussion below reflects both the fund's direct and indirect investments.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

Bond selection within the North America, Europe/UK and EM regions, particularly within CCC, BB and B-rated bonds, benefited relative performance. From a sector perspective, favorable bond selection within the basic industry, consumer cyclicals, capital goods, and technology sectors strengthened relative returns.

The fund's yield curve positioning also contributed to relative performance.

* Top detractors from performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

The fund's overweight allocation to the capital goods sector held back relative performance.

The fund's holding of cash 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2286251.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R1 without sales charge | 7.05% | 3.43% | 4.85% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Global Aggregate Index ∆ | 8.56% | (1.79)% | 1.27% |
| ICE BofA Global High Yield - Constrained Index (USD Hedged) ∆ | 7.91% | 4.19% | 6.49% |

---

<sup>∆</sup> 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/r1 for more recent performance information.

FUND STATISTICS AS OF 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 206952691 | Average Effective Maturity (yrs): | 3.5 |
| Total Number of Holdings: | 137 | Average Effective Duration (yrs): | 2.8 |
| Total Management Fee ($)#: | 1200687 |  |  |
| Portfolio Turnover Rate (%): | 38 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 95.8% |
| Money Market Funds | 4.1% |
| Equities | 0.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 59.0% |
| Canada | 4.1% |
| United Kingdom | 4.0% |
| France | 3.3% |
| Italy | 2.3% |
| Brazil | 2.0% |
| Mexico | 1.9% |
| Luxembourg | 1.8% |
| India | 1.5% |
| Other Countries | 20.1% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.8% |
| B | 38.8% |
| CCC | 9.2% |
| CC | 0.5% |
| C | 0.0% |
| D | 0.1% |
| Not Rated | 1.0% |
| Non-Fixed Income | 0.1% |
| 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.

The fund invests a portion of its assets in the MFS High Yield Pooled Portfolio. Percentages include the indirect exposure to the underlying holdings of the MFS High Yield Pooled Portfolio and not the direct exposure from investing in the MFS High Yield Pooled Portfolio itself.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since February 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1-800-225-2606.

Effective August 1, 2025, for Class R1 shares, the investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), such that total operating expenses do not exceed 1.75% annually of the class's average daily net assets. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until May 31, 2027.

#### 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.

HYOR1-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> Global High Yield Fund
![TSR_Ribbon_red](images_1210.jpg)

Class R2-MHOSX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Global High Yield Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

**This report describes certain changes to the Fund that occurred during the reporting period.** 

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 | $133 | 1.28% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class R2 shares of the MFS Global High Yield Fund (fund) provided a total return of 7.58%, at net asset value. This compares with a return of 8.56% for the fund's benchmark, the Bloomberg Global Aggregate Index. The fund's other benchmark, the ICE BofA Global High Yield - Constrained Index (USD Hedged), generated a return of 7.91%.

* In addition to investing directly in portfolio securities, the fund also invests indirectly in portfolio securities through investment in the MFS High Yield Pooled Portfolio, a mutual fund also advised by MFS. The discussion below reflects both the fund's direct and indirect investments.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

Bond selection within the North America, Europe/UK and EM regions, particularly within CCC, BB and B-rated bonds, benefited relative performance. From a sector perspective, favorable bond selection within the basic industry, consumer cyclicals, capital goods, and technology sectors strengthened relative returns.

The fund's yield curve positioning also contributed to relative performance.

* Top detractors from performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

The fund's overweight allocation to the capital goods sector held back relative performance.

The fund's holding of cash 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2286345.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R2 without sales charge | 7.58% | 3.95% | 5.39% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Global Aggregate Index ∆ | 8.56% | (1.79)% | 1.27% |
| ICE BofA Global High Yield - Constrained Index (USD Hedged) ∆ | 7.91% | 4.19% | 6.49% |

---

<sup>∆</sup> 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 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 206952691 | Average Effective Maturity (yrs): | 3.5 |
| Total Number of Holdings: | 137 | Average Effective Duration (yrs): | 2.8 |
| Total Management Fee ($)#: | 1200687 |  |  |
| Portfolio Turnover Rate (%): | 38 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 95.8% |
| Money Market Funds | 4.1% |
| Equities | 0.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 59.0% |
| Canada | 4.1% |
| United Kingdom | 4.0% |
| France | 3.3% |
| Italy | 2.3% |
| Brazil | 2.0% |
| Mexico | 1.9% |
| Luxembourg | 1.8% |
| India | 1.5% |
| Other Countries | 20.1% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.8% |
| B | 38.8% |
| CCC | 9.2% |
| CC | 0.5% |
| C | 0.0% |
| D | 0.1% |
| Not Rated | 1.0% |
| Non-Fixed Income | 0.1% |
| 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.

The fund invests a portion of its assets in the MFS High Yield Pooled Portfolio. Percentages include the indirect exposure to the underlying holdings of the MFS High Yield Pooled Portfolio and not the direct exposure from investing in the MFS High Yield Pooled Portfolio itself.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since February 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1-800-225-2606.

Effective August 1, 2025, for Class R2 shares, the investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), such that total operating expenses do not exceed 1.25% annually of the class's average daily net assets. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until May 31, 2027.

#### 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.

HYOR2-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> Global High Yield Fund
![TSR_Ribbon_red](images_1210.jpg)

Class R3-MHOTX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Global High Yield Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

**This report describes certain changes to the Fund that occurred during the reporting period.** 

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 | $107 | 1.03% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class R3 shares of the MFS Global High Yield Fund (fund) provided a total return of 7.84%, at net asset value. This compares with a return of 8.56% for the fund's benchmark, the Bloomberg Global Aggregate Index. The fund's other benchmark, the ICE BofA Global High Yield - Constrained Index (USD Hedged), generated a return of 7.91%.

* In addition to investing directly in portfolio securities, the fund also invests indirectly in portfolio securities through investment in the MFS High Yield Pooled Portfolio, a mutual fund also advised by MFS. The discussion below reflects both the fund's direct and indirect investments.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

Bond selection within the North America, Europe/UK and EM regions, particularly within CCC, BB and B-rated bonds, benefited relative performance. From a sector perspective, favorable bond selection within the basic industry, consumer cyclicals, capital goods, and technology sectors strengthened relative returns.

The fund's yield curve positioning also contributed to relative performance.

* Top detractors from performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

The fund's overweight allocation to the capital goods sector held back relative performance.

The fund's holding of cash 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2286439.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R3 without sales charge | 7.84% | 4.18% | 5.71% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Global Aggregate Index ∆ | 8.56% | (1.79)% | 1.27% |
| ICE BofA Global High Yield - Constrained Index (USD Hedged) ∆ | 7.91% | 4.19% | 6.49% |

---

<sup>∆</sup> 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/r3 for more recent performance information.

FUND STATISTICS AS OF 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 206952691 | Average Effective Maturity (yrs): | 3.5 |
| Total Number of Holdings: | 137 | Average Effective Duration (yrs): | 2.8 |
| Total Management Fee ($)#: | 1200687 |  |  |
| Portfolio Turnover Rate (%): | 38 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 95.8% |
| Money Market Funds | 4.1% |
| Equities | 0.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 59.0% |
| Canada | 4.1% |
| United Kingdom | 4.0% |
| France | 3.3% |
| Italy | 2.3% |
| Brazil | 2.0% |
| Mexico | 1.9% |
| Luxembourg | 1.8% |
| India | 1.5% |
| Other Countries | 20.1% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.8% |
| B | 38.8% |
| CCC | 9.2% |
| CC | 0.5% |
| C | 0.0% |
| D | 0.1% |
| Not Rated | 1.0% |
| Non-Fixed Income | 0.1% |
| 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.

The fund invests a portion of its assets in the MFS High Yield Pooled Portfolio. Percentages include the indirect exposure to the underlying holdings of the MFS High Yield Pooled Portfolio and not the direct exposure from investing in the MFS High Yield Pooled Portfolio itself.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since February 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1-800-225-2606.

Effective August 1, 2025, for Class R3 shares, the investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), such that total operating expenses do not exceed 1.00% annually of the class's average daily net assets. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until May 31, 2027.

#### 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.

HYOR3-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> Global High Yield Fund
![TSR_Ribbon_red](images_1210.jpg)

Class R4-MHOUX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Global High Yield Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

**This report describes certain changes to the Fund that occurred during the reporting period.** 

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 | $81 | 0.78% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class R4 shares of the MFS Global High Yield Fund (fund) provided a total return of 8.11%, at net asset value. This compares with a return of 8.56% for the fund's benchmark, the Bloomberg Global Aggregate Index. The fund's other benchmark, the ICE BofA Global High Yield - Constrained Index (USD Hedged), generated a return of 7.91%.

* In addition to investing directly in portfolio securities, the fund also invests indirectly in portfolio securities through investment in the MFS High Yield Pooled Portfolio, a mutual fund also advised by MFS. The discussion below reflects both the fund's direct and indirect investments.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

Bond selection within the North America, Europe/UK and EM regions, particularly within CCC, BB and B-rated bonds, benefited relative performance. From a sector perspective, favorable bond selection within the basic industry, consumer cyclicals, capital goods, and technology sectors strengthened relative returns.

The fund's yield curve positioning also contributed to relative performance.

* Top detractors from performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

The fund's overweight allocation to the capital goods sector held back relative performance.

The fund's holding of cash 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2286533.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R4 without sales charge | 8.11% | 4.48% | 5.91% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Global Aggregate Index ∆ | 8.56% | (1.79)% | 1.27% |
| ICE BofA Global High Yield - Constrained Index (USD Hedged) ∆ | 7.91% | 4.19% | 6.49% |

---

<sup>∆</sup> 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 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 206952691 | Average Effective Maturity (yrs): | 3.5 |
| Total Number of Holdings: | 137 | Average Effective Duration (yrs): | 2.8 |
| Total Management Fee ($)#: | 1200687 |  |  |
| Portfolio Turnover Rate (%): | 38 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 95.8% |
| Money Market Funds | 4.1% |
| Equities | 0.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 59.0% |
| Canada | 4.1% |
| United Kingdom | 4.0% |
| France | 3.3% |
| Italy | 2.3% |
| Brazil | 2.0% |
| Mexico | 1.9% |
| Luxembourg | 1.8% |
| India | 1.5% |
| Other Countries | 20.1% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.8% |
| B | 38.8% |
| CCC | 9.2% |
| CC | 0.5% |
| C | 0.0% |
| D | 0.1% |
| Not Rated | 1.0% |
| Non-Fixed Income | 0.1% |
| 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.

The fund invests a portion of its assets in the MFS High Yield Pooled Portfolio. Percentages include the indirect exposure to the underlying holdings of the MFS High Yield Pooled Portfolio and not the direct exposure from investing in the MFS High Yield Pooled Portfolio itself.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since February 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1-800-225-2606.

Effective August 1, 2025, for Class R4 shares, the investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), such that total operating expenses do not exceed 0.75% annually of the class's average daily net assets. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until May 31, 2027.

#### 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.

HYOR4-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

MFS<sup>®</sup> Global High Yield Fund

![TSR_Ribbon_red](images_1210.jpg)

Class R6-MHOVX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Global High Yield Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

**This report describes certain changes to the Fund that occurred during the reporting period.** 

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 | $71 | 0.68% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class R6 shares of the MFS Global High Yield Fund (fund) provided a total return of 8.23%, at net asset value. This compares with a return of 8.56% for the fund's benchmark, the Bloomberg Global Aggregate Index. The fund's other benchmark, the ICE BofA Global High Yield - Constrained Index (USD Hedged), generated a return of 7.91%.

* In addition to investing directly in portfolio securities, the fund also invests indirectly in portfolio securities through investment in the MFS High Yield Pooled Portfolio, a mutual fund also advised by MFS. The discussion below reflects both the fund's direct and indirect investments.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

Bond selection within the North America, Europe/UK and EM regions, particularly within CCC, BB and B-rated bonds, benefited relative performance. From a sector perspective, favorable bond selection within the basic industry, consumer cyclicals, capital goods, and technology sectors strengthened relative returns.

The fund's yield curve positioning also contributed to relative performance.

* Top detractors from performance relative to the ICE BofA Global High Yield - Constrained Index (USD Hedged):

The fund's overweight allocation to the capital goods sector held back relative performance.

The fund's holding of cash 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2286627.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R6 without sales charge | 8.23% | 4.57% | 6.02% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Global Aggregate Index ∆ | 8.56% | (1.79)% | 1.27% |
| ICE BofA Global High Yield - Constrained Index (USD Hedged) ∆ | 7.91% | 4.19% | 6.49% |

---

<sup>∆</sup> 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 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 206952691 | Average Effective Maturity (yrs): | 3.5 |
| Total Number of Holdings: | 137 | Average Effective Duration (yrs): | 2.8 |
| Total Management Fee ($)#: | 1200687 |  |  |
| Portfolio Turnover Rate (%): | 38 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 95.8% |
| Money Market Funds | 4.1% |
| Equities | 0.1% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 59.0% |
| Canada | 4.1% |
| United Kingdom | 4.0% |
| France | 3.3% |
| Italy | 2.3% |
| Brazil | 2.0% |
| Mexico | 1.9% |
| Luxembourg | 1.8% |
| India | 1.5% |
| Other Countries | 20.1% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.8% |
| B | 38.8% |
| CCC | 9.2% |
| CC | 0.5% |
| C | 0.0% |
| D | 0.1% |
| Not Rated | 1.0% |
| Non-Fixed Income | 0.1% |
| 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.

The fund invests a portion of its assets in the MFS High Yield Pooled Portfolio. Percentages include the indirect exposure to the underlying holdings of the MFS High Yield Pooled Portfolio and not the direct exposure from investing in the MFS High Yield Pooled Portfolio itself.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since February 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1-800-225-2606.

Effective August 1, 2025, for Class R6 shares, the investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), such that total operating expenses do not exceed 0.67% annually of the class's average daily net assets. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until May 31, 2027.

#### 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.

HYOR6-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

MFS<sup>®</sup> High Yield Pooled Portfolio

![TSR_Ribbon_red](images_1210.jpg)

HYPPX

Annual Shareholder Report

This annual shareholder report contains important information about MFS High Yield Pooled Portfolio for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| MFS High Yield Pooled Portfolio | $3 | 0.03% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, shares of the MFS High Yield Pooled Portfolio (fund) provided a total return of 8.64%, at net asset value. This compares with a return of 6.85% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index, generated a return of 7.70%.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a quality perspective, security selection in CCC-rated bonds, particularly within the consumer cyclical, capital goods, and technology sectors, strengthened relative returns. Favorable security selection in BB-rated bonds also helped, most notably within the basic industry, consumer cyclicals, finance companies, and energy sectors.

* Top detractors from performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

Security selection within the communications sector held back relative performance.

During the reporting period, the fund's cash position weakened relative performance.

#### 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 the fund over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2287567.jpg)

#### Average Annual Total Returns through 1/31/26
This table shows the average annual total returns of the fund for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **1-yr** | **5-yr** | **10-yr** |
| MFS High Yield Pooled Portfolio | 8.64% | 4.77% | 6.43% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 6.85% | (0.20)% | 1.88% |
| Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index ∆ | 7.70% | 4.54% | 6.75% |

---

<sup>∆</sup> 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.

FUND STATISTICS AS OF 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 553158062 | Average Effective Maturity (yrs): | 3.4 |
| Total Number of Holdings: | 364 | Average Effective Duration (yrs): | 2.8 |
| Total Management Fee ($)#: | 0 |  |  |
| Portfolio Turnover Rate (%): | 50 |  |  |

---

*#* The fund does not pay a management fee.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 97.6% |
| Money Market Funds | 2.3% |
| Equities | 0.1% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.0% |
| B | 39.0% |
| CCC | 11.4% |
| CC | 0.3% |
| Not Rated | 1.5% |
| Non-Fixed Income | 0.1% |
| Money Market Funds | 2.3% |

---

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.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### ADDITIONAL INFORMATION
You can find the fund's financial information and portfolio holdings 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.

HYP-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> High Income Fund
![TSR_Ribbon_red](images_1210.jpg)

Class A-MHITX

Annual Shareholder Report

This annual shareholder report contains important information about MFS High Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last 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 | $88 | 0.85% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class A shares of the MFS High Income Fund (fund) provided a total return of 7.67%, at net asset value. This compares with a return of 6.85% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index, generated a return of 7.70%.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a quality perspective, security selection within CCC, BB and B-rated bonds benefited relative performance.

From a sector perspective, favorable bond selection within the capital goods, consumer cyclicals, technology, and basic industry sectors strengthened relative returns.

* Top detractors from performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a sector perspective, bond selection within the communications sector held back relative results.

During the reporting period, the fund's cash position weighed on relative performance.

#### 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.

![Fund Performance - Growth of 10K](chartimages_2286721.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| A without sales charge | 7.67% | 3.80% | 5.45% |
| A with initial sales charge (4.25%) | 3.10% | 2.90% | 5.00% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 6.85% | (0.20)% | 1.88% |
| Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index ∆ | 7.70% | 4.54% | 6.75% |

---

<sup>∆</sup> 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/a for more recent performance information.

FUND STATISTICS AS OF 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2001593093 | Average Effective Maturity (yrs): | 3.4 |
| Total Number of Holdings: | 367 | Average Effective Duration (yrs): | 2.7 |
| Total Management Fee ($)#: | 8553745 |  |  |
| Portfolio Turnover Rate (%): | 51 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 97.0% |
| Money Market Funds | 3.0% |
| Equities | 0.0% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.4% |
| B | 38.4% |
| CCC | 11.0% |
| CC | 0.3% |
| Not Rated | 1.5% |
| Non-Fixed Income | 0.0% |
| Money Market Funds | 3.0% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### 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.

MFHA-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> High Income Fund
![TSR_Ribbon_red](images_1210.jpg)

Class B-MHIBX

Annual Shareholder Report

This annual shareholder report contains important information about MFS High Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last 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 | $165 | 1.60% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class B shares of the MFS High Income Fund (fund) provided a total return of 6.87%, at net asset value. This compares with a return of 6.85% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index, generated a return of 7.70%.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a quality perspective, security selection within CCC, BB and B-rated bonds benefited relative performance.

From a sector perspective, favorable bond selection within the capital goods, consumer cyclicals, technology, and basic industry sectors strengthened relative returns.

* Top detractors from performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a sector perspective, bond selection within the communications sector held back relative results.

During the reporting period, the fund's cash position weighed on relative performance.

#### 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2286815.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| B without sales charge | 6.87% | 3.03% | 4.67% |
| B with CDSC (declining over six years from 4% to 0%)<sup>×</sup> | 2.87% | 2.70% | 4.67% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 6.85% | (0.20)% | 1.88% |
| Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index ∆ | 7.70% | 4.54% | 6.75% |

---

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

CDSC – Contingent Deferred Sales Charge.

#### 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 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2001593093 | Average Effective Maturity (yrs): | 3.4 |
| Total Number of Holdings: | 367 | Average Effective Duration (yrs): | 2.7 |
| Total Management Fee ($)#: | 8553745 |  |  |
| Portfolio Turnover Rate (%): | 51 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 97.0% |
| Money Market Funds | 3.0% |
| Equities | 0.0% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.4% |
| B | 38.4% |
| CCC | 11.0% |
| CC | 0.3% |
| Not Rated | 1.5% |
| Non-Fixed Income | 0.0% |
| Money Market Funds | 3.0% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### 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.

MFHB-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> High Income Fund
![TSR_Ribbon_red](images_1210.jpg)

Class C-MHICX

Annual Shareholder Report

This annual shareholder report contains important information about MFS High Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last 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 | $165 | 1.60% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class C shares of the MFS High Income Fund (fund) provided a total return of 6.87%, at net asset value. This compares with a return of 6.85% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index, generated a return of 7.70%.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a quality perspective, security selection within CCC, BB and B-rated bonds benefited relative performance.

From a sector perspective, favorable bond selection within the capital goods, consumer cyclicals, technology, and basic industry sectors strengthened relative returns.

* Top detractors from performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a sector perspective, bond selection within the communications sector held back relative results.

During the reporting period, the fund's cash position weighed on relative performance.

#### 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2286909.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| C without sales charge | 6.87% | 3.03% | 4.67% |
| C with CDSC (1% for 12 months)<sup>×</sup> | 5.87% | 3.03% | 4.67% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 6.85% | (0.20)% | 1.88% |
| Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index ∆ | 7.70% | 4.54% | 6.75% |

---

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

CDSC – Contingent Deferred Sales Charge.

#### 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 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2001593093 | Average Effective Maturity (yrs): | 3.4 |
| Total Number of Holdings: | 367 | Average Effective Duration (yrs): | 2.7 |
| Total Management Fee ($)#: | 8553745 |  |  |
| Portfolio Turnover Rate (%): | 51 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 97.0% |
| Money Market Funds | 3.0% |
| Equities | 0.0% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.4% |
| B | 38.4% |
| CCC | 11.0% |
| CC | 0.3% |
| Not Rated | 1.5% |
| Non-Fixed Income | 0.0% |
| Money Market Funds | 3.0% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### 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.

MFHC-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> High Income Fund
![TSR_Ribbon_red](images_1210.jpg)

Class I-MHIIX

Annual Shareholder Report

This annual shareholder report contains important information about MFS High Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last 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 | $62 | 0.60% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class I shares of the MFS High Income Fund (fund) provided a total return of 7.94%, at net asset value. This compares with a return of 6.85% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index, generated a return of 7.70%.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a quality perspective, security selection within CCC, BB and B-rated bonds benefited relative performance.

From a sector perspective, favorable bond selection within the capital goods, consumer cyclicals, technology, and basic industry sectors strengthened relative returns.

* Top detractors from performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a sector perspective, bond selection within the communications sector held back relative results.

During the reporting period, the fund's cash position weighed on relative performance.

#### 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2287003.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| I without sales charge | 7.94% | 4.05% | 5.72% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 6.85% | (0.20)% | 1.88% |
| Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index ∆ | 7.70% | 4.54% | 6.75% |

---

<sup>∆</sup> 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/i for more recent performance information.

FUND STATISTICS AS OF 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2001593093 | Average Effective Maturity (yrs): | 3.4 |
| Total Number of Holdings: | 367 | Average Effective Duration (yrs): | 2.7 |
| Total Management Fee ($)#: | 8553745 |  |  |
| Portfolio Turnover Rate (%): | 51 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 97.0% |
| Money Market Funds | 3.0% |
| Equities | 0.0% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.4% |
| B | 38.4% |
| CCC | 11.0% |
| CC | 0.3% |
| Not Rated | 1.5% |
| Non-Fixed Income | 0.0% |
| Money Market Funds | 3.0% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### 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.

MFHI-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> High Income Fund
![TSR_Ribbon_red](images_1210.jpg)

Class R1-MHIGX

Annual Shareholder Report

This annual shareholder report contains important information about MFS High Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last 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 | $165 | 1.60% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class R1 shares of the MFS High Income Fund (fund) provided a total return of 6.87%, at net asset value. This compares with a return of 6.85% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index, generated a return of 7.70%.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a quality perspective, security selection within CCC, BB and B-rated bonds benefited relative performance.

From a sector perspective, favorable bond selection within the capital goods, consumer cyclicals, technology, and basic industry sectors strengthened relative returns.

* Top detractors from performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a sector perspective, bond selection within the communications sector held back relative results.

During the reporting period, the fund's cash position weighed on relative performance.

#### 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2287097.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R1 without sales charge | 6.87% | 3.03% | 4.67% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 6.85% | (0.20)% | 1.88% |
| Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index ∆ | 7.70% | 4.54% | 6.75% |

---

<sup>∆</sup> 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/r1 for more recent performance information.

FUND STATISTICS AS OF 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2001593093 | Average Effective Maturity (yrs): | 3.4 |
| Total Number of Holdings: | 367 | Average Effective Duration (yrs): | 2.7 |
| Total Management Fee ($)#: | 8553745 |  |  |
| Portfolio Turnover Rate (%): | 51 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 97.0% |
| Money Market Funds | 3.0% |
| Equities | 0.0% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.4% |
| B | 38.4% |
| CCC | 11.0% |
| CC | 0.3% |
| Not Rated | 1.5% |
| Non-Fixed Income | 0.0% |
| Money Market Funds | 3.0% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### 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.

MFHR1-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> High Income Fund
![TSR_Ribbon_red](images_1210.jpg)

Class R2-MIHRX

Annual Shareholder Report

This annual shareholder report contains important information about MFS High Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last 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 | $114 | 1.10% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class R2 shares of the MFS High Income Fund (fund) provided a total return of 7.41%, at net asset value. This compares with a return of 6.85% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index, generated a return of 7.70%.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a quality perspective, security selection within CCC, BB and B-rated bonds benefited relative performance.

From a sector perspective, favorable bond selection within the capital goods, consumer cyclicals, technology, and basic industry sectors strengthened relative returns.

* Top detractors from performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a sector perspective, bond selection within the communications sector held back relative results.

During the reporting period, the fund's cash position weighed on relative performance.

#### 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2287191.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R2 without sales charge | 7.41% | 3.47% | 5.12% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 6.85% | (0.20)% | 1.88% |
| Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index ∆ | 7.70% | 4.54% | 6.75% |

---

<sup>∆</sup> 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 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2001593093 | Average Effective Maturity (yrs): | 3.4 |
| Total Number of Holdings: | 367 | Average Effective Duration (yrs): | 2.7 |
| Total Management Fee ($)#: | 8553745 |  |  |
| Portfolio Turnover Rate (%): | 51 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 97.0% |
| Money Market Funds | 3.0% |
| Equities | 0.0% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.4% |
| B | 38.4% |
| CCC | 11.0% |
| CC | 0.3% |
| Not Rated | 1.5% |
| Non-Fixed Income | 0.0% |
| Money Market Funds | 3.0% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### 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.

MFHR2-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

MFS<sup>®</sup> High Income Fund

![TSR_Ribbon_red](images_1210.jpg)

Class R3-MHIHX

Annual Shareholder Report

This annual shareholder report contains important information about MFS High Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last 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 | $88 | 0.85% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class R3 shares of the MFS High Income Fund (fund) provided a total return of 7.67%, at net asset value. This compares with a return of 6.85% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index, generated a return of 7.70%.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a quality perspective, security selection within CCC, BB and B-rated bonds benefited relative performance.

From a sector perspective, favorable bond selection within the capital goods, consumer cyclicals, technology, and basic industry sectors strengthened relative returns.

* Top detractors from performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a sector perspective, bond selection within the communications sector held back relative results.

During the reporting period, the fund's cash position weighed on relative performance.

#### 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2287285.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R3 without sales charge | 7.67% | 3.80% | 5.42% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 6.85% | (0.20)% | 1.88% |
| Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index ∆ | 7.70% | 4.54% | 6.75% |

---

<sup>∆</sup> 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/r3 for more recent performance information.

FUND STATISTICS AS OF 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2001593093 | Average Effective Maturity (yrs): | 3.4 |
| Total Number of Holdings: | 367 | Average Effective Duration (yrs): | 2.7 |
| Total Management Fee ($)#: | 8553745 |  |  |
| Portfolio Turnover Rate (%): | 51 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 97.0% |
| Money Market Funds | 3.0% |
| Equities | 0.0% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.4% |
| B | 38.4% |
| CCC | 11.0% |
| CC | 0.3% |
| Not Rated | 1.5% |
| Non-Fixed Income | 0.0% |
| Money Market Funds | 3.0% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### 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.

MFHR3-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

MFS<sup>®</sup> High Income Fund

![TSR_Ribbon_red](images_1210.jpg)

Class R4-MHIJX

Annual Shareholder Report

This annual shareholder report contains important information about MFS High Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last 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 | $62 | 0.60% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class R4 shares of the MFS High Income Fund (fund) provided a total return of 7.93%, at net asset value. This compares with a return of 6.85% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index, generated a return of 7.70%.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a quality perspective, security selection within CCC, BB and B-rated bonds benefited relative performance.

From a sector perspective, favorable bond selection within the capital goods, consumer cyclicals, technology, and basic industry sectors strengthened relative returns.

* Top detractors from performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a sector perspective, bond selection within the communications sector held back relative results.

During the reporting period, the fund's cash position weighed on relative performance.

#### 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2287379.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R4 without sales charge | 7.93% | 4.12% | 5.75% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 6.85% | (0.20)% | 1.88% |
| Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index ∆ | 7.70% | 4.54% | 6.75% |

---

<sup>∆</sup> 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 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2001593093 | Average Effective Maturity (yrs): | 3.4 |
| Total Number of Holdings: | 367 | Average Effective Duration (yrs): | 2.7 |
| Total Management Fee ($)#: | 8553745 |  |  |
| Portfolio Turnover Rate (%): | 51 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 97.0% |
| Money Market Funds | 3.0% |
| Equities | 0.0% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.4% |
| B | 38.4% |
| CCC | 11.0% |
| CC | 0.3% |
| Not Rated | 1.5% |
| Non-Fixed Income | 0.0% |
| Money Market Funds | 3.0% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### 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.

MFHR4-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> High Income Fund
![TSR_Ribbon_red](images_1210.jpg)

Class R6-MHIKX

Annual Shareholder Report

This annual shareholder report contains important information about MFS High Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last 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 | $52 | 0.50% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class R6 shares of the MFS High Income Fund (fund) provided a total return of 8.04%, at net asset value. This compares with a return of 6.85% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index, generated a return of 7.70%.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a quality perspective, security selection within CCC, BB and B-rated bonds benefited relative performance.

From a sector perspective, favorable bond selection within the capital goods, consumer cyclicals, technology, and basic industry sectors strengthened relative returns.

* Top detractors from performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a sector perspective, bond selection within the communications sector held back relative results.

During the reporting period, the fund's cash position weighed on relative performance.

#### 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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2287473.jpg)

#### Average Annual Total Returns through 1/31/26
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 (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R6 without sales charge | 8.04% | 4.17% | 5.83% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 6.85% | (0.20)% | 1.88% |
| Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index ∆ | 7.70% | 4.54% | 6.75% |

---

<sup>∆</sup> 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 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2001593093 | Average Effective Maturity (yrs): | 3.4 |
| Total Number of Holdings: | 367 | Average Effective Duration (yrs): | 2.7 |
| Total Management Fee ($)#: | 8553745 |  |  |
| Portfolio Turnover Rate (%): | 51 |  |  |

---

*#* 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 1/31/26)

#### Portfolio structure

---

| | |
|:---|:---|
| Fixed Income ~ | 97.0% |
| Money Market Funds | 3.0% |
| Equities | 0.0% |

---

#### Composition including fixed income credit quality

---

| | |
|:---|:---|
| BBB | 0.4% |
| BB | 45.4% |
| B | 38.4% |
| CCC | 11.0% |
| CC | 0.3% |
| Not Rated | 1.5% |
| Non-Fixed Income | 0.0% |
| Money Market Funds | 3.0% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

#### 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.

MFHR6-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> Municipal High Income Fund
![TSR_Ribbon_red](images_1210.jpg)

Class A-MMHYX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Municipal High Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last 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 | $67 | 0.66% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class A shares of the MFS Municipal High Income Fund (fund) provided a total return of 3.79%, at net asset value. This compares with a return of 4.70% for the fund's benchmark, the Bloomberg Municipal Bond Index.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December..

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* The municipal bond market produced positive returns over the trailing year, particularly benefiting from positive performance over the second half of the period. Following a spike in April 2025, bond yield volatility generally trended lower, and the resumption of Fed rate cuts bolstered the outlook for fixed income assets, including municipals. The investment grade and high yield municipal markets delivered 4.7% and 2.7% returns, respectively, over the period. Bonds with maturities in the seven to 15-year range performed best while the longest maturity bonds lagged as the municipal yield curve steepened during the year. The yields (yield-to-worst) of the investment grade index and the high yield index ended the period at 3.45% and 5.52%, respectively, well above the five-year averages of 3.07% and 5.09%, respectively, a positive for income-oriented investors.

* Top contributors to performance relative to the Bloomberg Municipal Bond Index:

The fund's longer duration stance benefited relative performance as interest rates generally declined during the reporting period.

* Top detractors from performance relative to the Bloomberg Municipal Bond Index:

Yield curve positioning detracted from relative performance.

The fund's greater exposure to both the education and industrial revenue sectors held back relative returns. Security selection within AA and A-rated bonds further weakened relative results.

#### 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_2287661.jpg)

#### Average Annual Total Returns through 1/31/26
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 | 3.79% | 1.11% | 3.04% |
| A with initial sales charge (4.25%) | (0.62)% | 0.23% | 2.59% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Municipal Bond Index ∆ | 4.70% | 0.86% | 2.32% |

---

<sup>∆</sup> 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/a for more recent performance information.

FUND STATISTICS AS OF 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 5330889257 | Average Effective Maturity (yrs): | 20.5 |
| Total Number of Holdings: | 2013 | Average Effective Duration (yrs): | 8.5 |
| Total Management Fee ($)#: | 25434682 |  |  |
| Portfolio Turnover Rate (%): | 9 |  |  |

---

*#* 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 1/31/26)

#### Portfolio structure

---

| | |
|:---|:---|
| Fixed Income | 97.5% |
| Money Market Funds | 2.5% |
| Equities | 0.0% |

---

#### Composition including fixed income credit quality

---

| | |
|:---|:---|
| AAA | 0.9% |
| AA | 12.0% |
| A | 14.0% |
| BBB | 19.1% |
| BB | 12.5% |
| B | 2.5% |
| CCC | 1.4% |
| CC | 1.0% |
| Not Rated | 34.1% |
| Non-Fixed Income | 0.0% |
| Money Market Funds | 2.5% |

---

#### Industries

---

| | |
|:---|:---|
| Healthcare Revenue - Long Term Care | 15.6% |
| Healthcare Revenue - Hospitals | 12.3% |
| Secondary Schools | 8.2% |
| Miscellaneous Revenue - Other | 7.1% |
| Multi-Family Housing Revenue | 6.8% |
| Airport Revenue | 6.6% |
| Universities - Colleges | 3.9% |
| Universities - Dormitories | 3.8% |
| Sales & Excise Tax Revenue | 3.6% |
| Tax - Other | 3.2% |
| Other Industries | 26.4% |

---

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.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### 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.

MMHA-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> Municipal High Income Fund
![TSR_Ribbon_red](images_1210.jpg)

Class B-MMHBX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Municipal High Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last 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 | $143 | 1.41% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class B shares of the MFS Municipal High Income Fund (fund) provided a total return of 3.03%, at net asset value. This compares with a return of 4.70% for the fund's benchmark, the Bloomberg Municipal Bond Index.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December..

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* The municipal bond market produced positive returns over the trailing year, particularly benefiting from positive performance over the second half of the period. Following a spike in April 2025, bond yield volatility generally trended lower, and the resumption of Fed rate cuts bolstered the outlook for fixed income assets, including municipals. The investment grade and high yield municipal markets delivered 4.7% and 2.7% returns, respectively, over the period. Bonds with maturities in the seven to 15-year range performed best while the longest maturity bonds lagged as the municipal yield curve steepened during the year. The yields (yield-to-worst) of the investment grade index and the high yield index ended the period at 3.45% and 5.52%, respectively, well above the five-year averages of 3.07% and 5.09%, respectively, a positive for income-oriented investors.

* Top contributors to performance relative to the Bloomberg Municipal Bond Index:

The fund's longer duration stance benefited relative performance as interest rates generally declined during the reporting period.

* Top detractors from performance relative to the Bloomberg Municipal Bond Index:

Yield curve positioning detracted from relative performance.

The fund's greater exposure to both the education and industrial revenue sectors held back relative returns. Security selection within AA and A-rated bonds further weakened relative results.

#### 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_2287755.jpg)

#### Average Annual Total Returns through 1/31/26
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 | 3.03% | 0.36% | 2.27% |
| B with CDSC (declining over six years from 4% to 0%)<sup>×</sup> | (0.95)% | 0.02% | 2.27% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Municipal Bond Index ∆ | 4.70% | 0.86% | 2.32% |

---

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

CDSC – Contingent Deferred Sales Charge.

#### 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 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 5330889257 | Average Effective Maturity (yrs): | 20.5 |
| Total Number of Holdings: | 2013 | Average Effective Duration (yrs): | 8.5 |
| Total Management Fee ($)#: | 25434682 |  |  |
| Portfolio Turnover Rate (%): | 9 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.5% |
| Money Market Funds | 2.5% |
| Equities | 0.0% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 0.9% |
| AA | 12.0% |
| A | 14.0% |
| BBB | 19.1% |
| BB | 12.5% |
| B | 2.5% |
| CCC | 1.4% |
| CC | 1.0% |
| Not Rated | 34.1% |
| Non-Fixed Income | 0.0% |
| Money Market Funds | 2.5% |

---

**Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Long Term Care | 15.6% |
| Healthcare Revenue - Hospitals | 12.3% |
| Secondary Schools | 8.2% |
| Miscellaneous Revenue - Other | 7.1% |
| Multi-Family Housing Revenue | 6.8% |
| Airport Revenue | 6.6% |
| Universities - Colleges | 3.9% |
| Universities - Dormitories | 3.8% |
| Sales & Excise Tax Revenue | 3.6% |
| Tax - Other | 3.2% |
| Other Industries | 26.4% |

---

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.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### 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.

MMHB-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> Municipal High Income Fund
![TSR_Ribbon_red](images_1210.jpg)

Class C-MMHCX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Municipal High Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last 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 | $168 | 1.66% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class C shares of the MFS Municipal High Income Fund (fund) provided a total return of 2.77%, at net asset value. This compares with a return of 4.70% for the fund's benchmark, the Bloomberg Municipal Bond Index.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December..

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* The municipal bond market produced positive returns over the trailing year, particularly benefiting from positive performance over the second half of the period. Following a spike in April 2025, bond yield volatility generally trended lower, and the resumption of Fed rate cuts bolstered the outlook for fixed income assets, including municipals. The investment grade and high yield municipal markets delivered 4.7% and 2.7% returns, respectively, over the period. Bonds with maturities in the seven to 15-year range performed best while the longest maturity bonds lagged as the municipal yield curve steepened during the year. The yields (yield-to-worst) of the investment grade index and the high yield index ended the period at 3.45% and 5.52%, respectively, well above the five-year averages of 3.07% and 5.09%, respectively, a positive for income-oriented investors.

* Top contributors to performance relative to the Bloomberg Municipal Bond Index:

The fund's longer duration stance benefited relative performance as interest rates generally declined during the reporting period.

* Top detractors from performance relative to the Bloomberg Municipal Bond Index:

Yield curve positioning detracted from relative performance.

The fund's greater exposure to both the education and industrial revenue sectors held back relative returns. Security selection within AA and A-rated bonds further weakened relative results.

#### 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_2287849.jpg)

#### Average Annual Total Returns through 1/31/26
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 | 2.77% | 0.11% | 2.02% |
| C with CDSC (1% for 12 months)<sup>×</sup> | 1.77% | 0.11% | 2.02% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Municipal Bond Index ∆ | 4.70% | 0.86% | 2.32% |

---

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

CDSC – Contingent Deferred Sales Charge.

#### 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 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 5330889257 | Average Effective Maturity (yrs): | 20.5 |
| Total Number of Holdings: | 2013 | Average Effective Duration (yrs): | 8.5 |
| Total Management Fee ($)#: | 25434682 |  |  |
| Portfolio Turnover Rate (%): | 9 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.5% |
| Money Market Funds | 2.5% |
| Equities | 0.0% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 0.9% |
| AA | 12.0% |
| A | 14.0% |
| BBB | 19.1% |
| BB | 12.5% |
| B | 2.5% |
| CCC | 1.4% |
| CC | 1.0% |
| Not Rated | 34.1% |
| Non-Fixed Income | 0.0% |
| Money Market Funds | 2.5% |

---

**Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Long Term Care | 15.6% |
| Healthcare Revenue - Hospitals | 12.3% |
| Secondary Schools | 8.2% |
| Miscellaneous Revenue - Other | 7.1% |
| Multi-Family Housing Revenue | 6.8% |
| Airport Revenue | 6.6% |
| Universities - Colleges | 3.9% |
| Universities - Dormitories | 3.8% |
| Sales & Excise Tax Revenue | 3.6% |
| Tax - Other | 3.2% |
| Other Industries | 26.4% |

---

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.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### 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.

MMHC-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> Municipal High Income Fund
![TSR_Ribbon_red](images_1210.jpg)

Class I-MMIIX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Municipal High Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last 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 | $67 | 0.66% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class I shares of the MFS Municipal High Income Fund (fund) provided a total return of 3.64%, at net asset value. This compares with a return of 4.70% for the fund's benchmark, the Bloomberg Municipal Bond Index.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December..

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* The municipal bond market produced positive returns over the trailing year, particularly benefiting from positive performance over the second half of the period. Following a spike in April 2025, bond yield volatility generally trended lower, and the resumption of Fed rate cuts bolstered the outlook for fixed income assets, including municipals. The investment grade and high yield municipal markets delivered 4.7% and 2.7% returns, respectively, over the period. Bonds with maturities in the seven to 15-year range performed best while the longest maturity bonds lagged as the municipal yield curve steepened during the year. The yields (yield-to-worst) of the investment grade index and the high yield index ended the period at 3.45% and 5.52%, respectively, well above the five-year averages of 3.07% and 5.09%, respectively, a positive for income-oriented investors.

* Top contributors to performance relative to the Bloomberg Municipal Bond Index:

The fund's longer duration stance benefited relative performance as interest rates generally declined during the reporting period.

* Top detractors from performance relative to the Bloomberg Municipal Bond Index:

Yield curve positioning detracted from relative performance.

The fund's greater exposure to both the education and industrial revenue sectors held back relative returns. Security selection within AA and A-rated bonds further weakened relative results.

#### 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_2287943.jpg)

#### Average Annual Total Returns through 1/31/26
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 | 3.64% | 1.08% | 3.02% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Municipal Bond Index ∆ | 4.70% | 0.86% | 2.32% |

---

<sup>∆</sup> 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/i for more recent performance information.

FUND STATISTICS AS OF 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 5330889257 | Average Effective Maturity (yrs): | 20.5 |
| Total Number of Holdings: | 2013 | Average Effective Duration (yrs): | 8.5 |
| Total Management Fee ($)#: | 25434682 |  |  |
| Portfolio Turnover Rate (%): | 9 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.5% |
| Money Market Funds | 2.5% |
| Equities | 0.0% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 0.9% |
| AA | 12.0% |
| A | 14.0% |
| BBB | 19.1% |
| BB | 12.5% |
| B | 2.5% |
| CCC | 1.4% |
| CC | 1.0% |
| Not Rated | 34.1% |
| Non-Fixed Income | 0.0% |
| Money Market Funds | 2.5% |

---

**Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Long Term Care | 15.6% |
| Healthcare Revenue - Hospitals | 12.3% |
| Secondary Schools | 8.2% |
| Miscellaneous Revenue - Other | 7.1% |
| Multi-Family Housing Revenue | 6.8% |
| Airport Revenue | 6.6% |
| Universities - Colleges | 3.9% |
| Universities - Dormitories | 3.8% |
| Sales & Excise Tax Revenue | 3.6% |
| Tax - Other | 3.2% |
| Other Industries | 26.4% |

---

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.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### 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.

MMHI-ANN

![MFSLOGO_RED.EPS](images_1204.jpg)

## MFS<sup>®</sup> Municipal High Income Fund
![TSR_Ribbon_red](images_1210.jpg)

Class R6-MMHKX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Municipal High Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last 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 | $58 | 0.57% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended January 31, 2026, Class R6 shares of the MFS Municipal High Income Fund (fund) provided a total return of 3.86%, at net asset value. This compares with a return of 4.70% for the fund's benchmark, the Bloomberg Municipal Bond Index.

* 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. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* 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 resumed easing policy in September and delivered quarter-point rate cuts in October and December..

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* The municipal bond market produced positive returns over the trailing year, particularly benefiting from positive performance over the second half of the period. Following a spike in April 2025, bond yield volatility generally trended lower, and the resumption of Fed rate cuts bolstered the outlook for fixed income assets, including municipals. The investment grade and high yield municipal markets delivered 4.7% and 2.7% returns, respectively, over the period. Bonds with maturities in the seven to 15-year range performed best while the longest maturity bonds lagged as the municipal yield curve steepened during the year. The yields (yield-to-worst) of the investment grade index and the high yield index ended the period at 3.45% and 5.52%, respectively, well above the five-year averages of 3.07% and 5.09%, respectively, a positive for income-oriented investors.

* Top contributors to performance relative to the Bloomberg Municipal Bond Index:

The fund's longer duration stance benefited relative performance as interest rates generally declined during the reporting period.

* Top detractors from performance relative to the Bloomberg Municipal Bond Index:

Yield curve positioning detracted from relative performance.

The fund's greater exposure to both the education and industrial revenue sectors held back relative returns. Security selection within AA and A-rated bonds further weakened relative results.

#### 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_2288037.jpg)

#### Average Annual Total Returns through 1/31/26
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** | **Life\*** |
| R6 without sales charge | 3.86% | 1.16% | 2.93% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Municipal Bond Index ∆ | 4.70% | 0.86% | 2.34% |

---

<sup>\*</sup> For the period from the commencement of the class's investment operations, June 2, 2017 through January 31, 2026. <br> <sup>∆</sup> 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 3.73%.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

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 1/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 5330889257 | Average Effective Maturity (yrs): | 20.5 |
| Total Number of Holdings: | 2013 | Average Effective Duration (yrs): | 8.5 |
| Total Management Fee ($)#: | 25434682 |  |  |
| Portfolio Turnover Rate (%): | 9 |  |  |

---

*#* 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 1/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.5% |
| Money Market Funds | 2.5% |
| Equities | 0.0% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 0.9% |
| AA | 12.0% |
| A | 14.0% |
| BBB | 19.1% |
| BB | 12.5% |
| B | 2.5% |
| CCC | 1.4% |
| CC | 1.0% |
| Not Rated | 34.1% |
| Non-Fixed Income | 0.0% |
| Money Market Funds | 2.5% |

---

**Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Long Term Care | 15.6% |
| Healthcare Revenue - Hospitals | 12.3% |
| Secondary Schools | 8.2% |
| Miscellaneous Revenue - Other | 7.1% |
| Multi-Family Housing Revenue | 6.8% |
| Airport Revenue | 6.6% |
| Universities - Colleges | 3.9% |
| Universities - Dormitories | 3.8% |
| Sales & Excise Tax Revenue | 3.6% |
| Tax - Other | 3.2% |
| Other Industries | 26.4% |

---

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.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### 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.

MMHR6-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 and Clarence Otis, Jr. and Ms. Paul E. Smith, 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 and Otis and Ms. Smith 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 Deloitte & Touche LLP ("Deloitte") to serve as independent accountants to certain series of the Registrant and Ernst & Young LLP ("E&Y") to serve in the same capacity to certain other series of the Registrant (each a "Fund" and collectively the "Funds"). The tables below set forth the audit fees billed to each Fund as well as fees for non-audit services provided to each Fund and/or to each 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 Funds ("MFS Related Entities").

For the fiscal years ended January 31, 2026 and 2025, audit fees billed to each Fund by Deloitte and E&Y were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fees billed by Deloitte:** |  | &nbsp;&nbsp;&nbsp;**Audit Fees** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2026** | **2025** |
| &nbsp;&nbsp;MFS Global High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91066 | 88437 |
| &nbsp;&nbsp;MFS High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89935 | 89935 |
| &nbsp;&nbsp;MFS High Yield Pooled Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43303 | 42065 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**224304** | **220437** |
| &nbsp;&nbsp;**Fees billed by E&Y:** |  | &nbsp;&nbsp;&nbsp;**Audit Fees** |
|  | **2026** | **2025** |
| &nbsp;&nbsp;MFS Municipal High Income Fund | 71710 | 69645 |

---

For the fiscal years ended January 31, 2026 and 2025, fees billed by Deloitte and E&Y for audit-related, tax and other services provided to each Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &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;**All Other Fees<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** |
| &nbsp;&nbsp;**Fees billed by Deloitte:**<br>| **2026** | **2025** | **2026** | **2025<sup>5</sup>** | **2026** | **2025** |
| &nbsp;&nbsp;To MFS Global High Yield | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS High Income Fund | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;To MFS High Yield Pooled | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total fees billed by Deloitte** | **0** | **0** | **0** | **0** | **0** | **0** |
| &nbsp;&nbsp;**To above Funds** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Fees billed by Deloitte:** | &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;**All Other Fees<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** |
|  | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| &nbsp;&nbsp;To MFS and MFS Related |  |  |  |  |  |  |
| &nbsp;&nbsp;Entities of MFS Global | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;High Yield Fund<sup>\*</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related |  |  |  |  |  |  |
| &nbsp;&nbsp;Entities of MFS High | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Income Fund <sup>\*</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related |  |  |  |  |  |  |
| &nbsp;&nbsp;Entities of MFS High | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Yield Pooled Portfolio<sup>\*</sup> |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fees billed by Deloitte:** |  |  | &nbsp;&nbsp;**Aggregate Fees for Non-audit Services** | &nbsp;&nbsp;**Aggregate Fees for Non-audit Services** | &nbsp;&nbsp;**Aggregate Fees for Non-audit Services** | &nbsp;&nbsp;**Aggregate Fees for Non-audit Services** |
|  |  |  |  | **2026** |  | **2025** |
| &nbsp;&nbsp;To MFS Global High Yield Fund, MFS and MFS Related | &nbsp;&nbsp;To MFS Global High Yield Fund, MFS and MFS Related | &nbsp;&nbsp;To MFS Global High Yield Fund, MFS and MFS Related |  | 217540 | 252900 | 252900 |
| &nbsp;&nbsp;Entities<sup>#</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS High Income Fund, MFS and MFS Related Entities<sup>#</sup> | &nbsp;&nbsp;To MFS High Income Fund, MFS and MFS Related Entities<sup>#</sup> | &nbsp;&nbsp;To MFS High Income Fund, MFS and MFS Related Entities<sup>#</sup> |  | 217540 | 252900 | 252900 |
| &nbsp;&nbsp;To MFS High Yield Pooled Portfolio, MFS and MFS | &nbsp;&nbsp;To MFS High Yield Pooled Portfolio, MFS and MFS | &nbsp;&nbsp;To MFS High Yield Pooled Portfolio, MFS and MFS |  | 217540 | 252900 | 252900 |
| &nbsp;&nbsp;Related Entities<sup>#</sup> |  |  |  |  |  |  |
| &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;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>4</sup>** |
|  | **2026** | **2025** | **2026** | **2025<sup>5</sup>** | **2026** | **2025** |
| &nbsp;&nbsp;To MFS Municipal High | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Income 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;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>4</sup>** |
|  | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 245568 | 3600 |
| &nbsp;&nbsp;Entities of MFS Municipal |  |  |  |  |  |  |
| &nbsp;&nbsp;High Income Fund<sup>\*</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;**Fees billed by E&Y:** |  |  | &nbsp;&nbsp;&nbsp;**Aggregate Fees for Non-audit Services** | &nbsp;&nbsp;&nbsp;**Aggregate Fees for Non-audit Services** | &nbsp;&nbsp;&nbsp;**Aggregate Fees for Non-audit Services** | &nbsp;&nbsp;&nbsp;**Aggregate Fees for Non-audit Services** |
|  |  |  |  | **2026** |  | **2025** |
| &nbsp;&nbsp;To MFS Municipal High Income Fund, MFS | &nbsp;&nbsp;To MFS Municipal High Income Fund, MFS |  |  | 392046 | 413591 | 413591 |
| &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 Deloitte or E&Y, as the case may be, for non-audit services rendered to the Funds and for non-audit services rendered to MFS and the MFS Related Entities. If applicable the fees are converted to USD as of the payment date.

<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 Deloitte other than those reported under "Audit Fees," "Audit-Related Fees" and "Tax Fees".

<sup>4</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 Funds 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 High Yield Pooled Portfolio

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

MFS High Yield Pooled Portfolio

**Portfolio of Investments - 1/31/26** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 94.7% | Bonds – 94.7% | Bonds – 94.7% |
| Aerospace & Defense – 3.0% | Aerospace & Defense – 3.0% | Aerospace & Defense – 3.0% |
| Axon Enterprise, Inc., 6.125%, 3/15/2030 (n) | $1917000 | &nbsp;&nbsp; $1970578 |
| Axon Enterprise, Inc., 6.25%, 3/15/2033 (n) | 643000 | &nbsp;&nbsp; 666244 |
| Bombardier, Inc., 7.5%, 2/01/2029 (n) | 455000 | &nbsp;&nbsp; 472640 |
| Bombardier, Inc., 8.75%, 11/15/2030 (n) | 404000 | &nbsp;&nbsp; 432954 |
| Bombardier, Inc., 7.25%, 7/01/2031 (n) | 1133000 | &nbsp;&nbsp; 1202865 |
| Bombardier, Inc., 7%, 6/01/2032 (n) | 500000 | &nbsp;&nbsp; 524859 |
| Bombardier, Inc., 6.75%, 6/15/2033 (n) | 1332000 | &nbsp;&nbsp; 1399122 |
| TransDigm, Inc., 6.75%, 8/15/2028 (n) | 1111000 | &nbsp;&nbsp; 1129697 |
| TransDigm, Inc., 4.625%, 1/15/2029  | 1688000 | &nbsp;&nbsp; 1677797 |
| TransDigm, Inc., 6.375%, 3/01/2029 (n) | 868000 | &nbsp;&nbsp; 892586 |
| TransDigm, Inc., 6.875%, 12/15/2030 (n) | 2753000 | &nbsp;&nbsp; 2867484 |
| TransDigm, Inc., 6.375%, 5/31/2033 (n) | 3116000 | &nbsp;&nbsp; 3172125 |
|  |  | &nbsp;&nbsp; $16408951 |
| Automotive – 2.9% | Automotive – 2.9% | Automotive – 2.9% |
| Allison Transmission, Inc., 3.75%, 1/30/2031 (n) | $2941000 | &nbsp;&nbsp; $2772280 |
| Allison Transmission, Inc., 5.875%, 12/01/2033 (n) | 420000 | &nbsp;&nbsp; 425945 |
| American Axle & Manufacturing, Inc., 6.375%, 10/15/2032 (n) | 756000 | &nbsp;&nbsp; 771343 |
| American Axle & Manufacturing, Inc., 7.75%, 10/15/2033 (n) | 1420000 | &nbsp;&nbsp; 1460793 |
| Clarios Global LP/Clarios US Finance Co., 6.75%, 2/15/2030 (n) | 944000 | &nbsp;&nbsp; 987548 |
| Clarios Global LP/Clarios US Finance Co., 4.75%, 6/15/2031 (n) | 952000 | &nbsp;&nbsp; 1146501 |
| Clarios Global LP/Clarios US Finance Co., 6.75%, 9/15/2032 (n) | $481000 | &nbsp;&nbsp; 497849 |
| Dealer Tire LLC/DT Issuer LLC, 8%, 2/01/2028 (n) | 1602000 | &nbsp;&nbsp; 1599438 |
| Forvia SE, 6.75%, 9/15/2033 (n) | 1396000 | &nbsp;&nbsp; 1431376 |
| J.B. Poindexter & Co., Inc., 8.75%, 12/15/2031 (n) | 919000 | &nbsp;&nbsp; 954666 |
| New Flyer Holdings, Inc., 9.25%, 7/01/2030 (n) | 1716000 | &nbsp;&nbsp; 1848778 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n) | 989000 | &nbsp;&nbsp; 487894 |
| Wabash National Corp., 4.5%, 10/15/2028 (n) | 1889000 | &nbsp;&nbsp; 1757976 |
|  |  | &nbsp;&nbsp; $16142387 |
| Broadcasting – 2.7% | Broadcasting – 2.7% | Broadcasting – 2.7% |
| Banijay Group S.A.S., 8.125%, 5/01/2029 (n) | $1391000 | &nbsp;&nbsp; $1445332 |
| Dotdash Meredith, Inc., 7.625%, 6/15/2032 (n) | 1429000 | &nbsp;&nbsp; 1302787 |
| Gray Media, Inc., 9.625%, 7/15/2032 (n) | 1302000 | &nbsp;&nbsp; 1342299 |
| Gray Media, Inc., 7.25%, 8/15/2033 (n) | 943000 | &nbsp;&nbsp; 965418 |
| Scripps Escrow II, Inc., 3.875%, 1/15/2029 (n) | 698000 | &nbsp;&nbsp; 644187 |
| Sinclair Television Group, Inc., 8.125%, 2/15/2033 (n) | 1770000 | &nbsp;&nbsp; 1830923 |
| Stagwell Global LLC, 5.625%, 8/15/2029 (n) | 1918000 | &nbsp;&nbsp; 1859815 |
| Univision Communications, Inc., 8%, 8/15/2028 (n) | 992000 | &nbsp;&nbsp; 1023741 |
| Univision Communications, Inc., 8.5%, 7/31/2031 (n) | 2072000 | &nbsp;&nbsp; 2160800 |
| Versant Media Group, Inc., 7.25%, 1/30/2031 (n) | 929000 | &nbsp;&nbsp; 952030 |
| WarnerMedia Holdings, Inc., 5.05%, 3/15/2042  | 1690000 | &nbsp;&nbsp; 1187225 |
|  |  | &nbsp;&nbsp; $14714557 |
| Brokerage & Asset Managers – 1.8% | Brokerage & Asset Managers – 1.8% | Brokerage & Asset Managers – 1.8% |
| Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n) | $1148000 | &nbsp;&nbsp; $1236614 |
| Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n) | 445000 | &nbsp;&nbsp; 443910 |
| Hightower Holding LLC, 6.75%, 4/15/2029 (n) | 1278000 | &nbsp;&nbsp; 1276244 |
| Hightower Holding LLC, 9.125%, 1/31/2030 (n) | 772000 | &nbsp;&nbsp; 814872 |

---

HYPFS-ANN

------

MFS High Yield Pooled Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Brokerage & Asset Managers – continued | Brokerage & Asset Managers – continued | Brokerage & Asset Managers – continued |
| Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n) | $3819000 | &nbsp;&nbsp; $3889678 |
| Osaic Holdings, Inc., 8%, 8/01/2033 (n) | 1808000 | &nbsp;&nbsp; 1874046 |
| Osaic Holdings, Inc., 8%, 8/01/2033 (n) | 504000 | &nbsp;&nbsp; 522275 |
|  |  | &nbsp;&nbsp; $10057639 |
| Building – 3.1% | Building – 3.1% | Building – 3.1% |
| AmeriTex Holdco Intermediate LLC, 7.625%, 8/15/2033 (n) | $1773000 | &nbsp;&nbsp; $1864770 |
| Cornerstone Building Brands, Inc., 6.125%, 1/15/2029 (n) | 1550000 | &nbsp;&nbsp; 684340 |
| Cornerstone Building Brands, Inc., 9.5%, 8/15/2029 (n) | 714000 | &nbsp;&nbsp; 539319 |
| Knife River Corp., 7.75%, 5/01/2031 (n) | 1204000 | &nbsp;&nbsp; 1253665 |
| LBM Acquisition LLC, 6.25%, 1/15/2029 (n) | 955000 | &nbsp;&nbsp; 881826 |
| LBM Acquisition LLC, 9.5%, 6/15/2031 (n) | 1440000 | &nbsp;&nbsp; 1516491 |
| Miter Brands Acquisition Holdco, Inc., 6.75%, 4/01/2032 (n) | 590000 | &nbsp;&nbsp; 605967 |
| MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n) | 1594000 | &nbsp;&nbsp; 1548555 |
| New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n) | 652000 | &nbsp;&nbsp; 655260 |
| Patrick Industries, Inc., 6.375%, 11/01/2032 (n) | 2234000 | &nbsp;&nbsp; 2286448 |
| Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n) | 3579000 | &nbsp;&nbsp; 3711751 |
| White Cap Supply Holding Co., 7.375%, 11/15/2030 (n) | 1690000 | &nbsp;&nbsp; 1755374 |
|  |  | &nbsp;&nbsp; $17303766 |
| Business Services – 2.5% | Business Services – 2.5% | Business Services – 2.5% |
| ams-OSRAM AG, 10.5%, 3/30/2029  | 876000 | &nbsp;&nbsp; $1100934 |
| athenahealth, Inc., 6.5%, 2/15/2030 (n) | $1940000 | &nbsp;&nbsp; 1881497 |
| CACI International, Inc., 6.375%, 6/15/2033 (n) | 2223000 | &nbsp;&nbsp; 2306445 |
| ION Platform Finance US, Inc., 7.875%, 9/30/2032 (n) | 1584000 | &nbsp;&nbsp; 1389190 |
| Iron Mountain, Inc., 5.25%, 3/15/2028 (n) | 1568000 | &nbsp;&nbsp; 1567553 |
| Iron Mountain, Inc., 5.625%, 7/15/2032 (n) | 1887000 | &nbsp;&nbsp; 1863359 |
| Iron Mountain, Inc., 6.25%, 1/15/2033 (n) | 1537000 | &nbsp;&nbsp; 1553125 |
| Wulf Compute LLC, 7.75%, 10/15/2030 (n) | 2324000 | &nbsp;&nbsp; 2423979 |
|  |  | &nbsp;&nbsp; $14086082 |
| Cable TV – 4.3% | Cable TV – 4.3% | Cable TV – 4.3% |
| Cable One, Inc., 4%, 11/15/2030 (n) | $1308000 | &nbsp;&nbsp; $952035 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n) | 4715000 | &nbsp;&nbsp; 4504244 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | 3482000 | &nbsp;&nbsp; 3272526 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 5/01/2032  | 1165000 | &nbsp;&nbsp; 1045456 |
| CSC Holdings LLC, 5.375%, 2/01/2028 (n) | 2150000 | &nbsp;&nbsp; 1604648 |
| CSC Holdings LLC, 5.75%, 1/15/2030 (n) | 1290000 | &nbsp;&nbsp; 507040 |
| CSC Holdings LLC, 4.125%, 12/01/2030 (n) | 775000 | &nbsp;&nbsp; 469963 |
| DIRECTV Financing LLC, 8.875%, 2/01/2030 (n) | 710000 | &nbsp;&nbsp; 719276 |
| DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 10%, 2/15/2031 (n) | 512000 | &nbsp;&nbsp; 527406 |
| DISH DBS Corp., 5.125%, 6/01/2029  | 1646000 | &nbsp;&nbsp; 1456738 |
| DISH Network Corp., 11.75%, 11/15/2027 (n) | 1356000 | &nbsp;&nbsp; 1403403 |
| EchoStar Corp., 10.75%, 11/30/2029  | 1741355 | &nbsp;&nbsp; 1908908 |
| EchoStar Corp., 6.75% (6.75% Cash or 6.75% PIK) to 5/30/2027, 6.75% Cash to 11/30/2030 (p) | 1422664 | &nbsp;&nbsp; 1421758 |
| Virgin Media Finance PLC, 5%, 7/15/2030 (n) | 1579000 | &nbsp;&nbsp; 1379685 |
| Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n) | 2906000 | &nbsp;&nbsp; 2553062 |
|  |  | &nbsp;&nbsp; $23726148 |
| Chemicals – 2.9% | Chemicals – 2.9% | Chemicals – 2.9% |
| Cerdia Finanz GmbH, 9.375%, 10/03/2031 (n) | $1865000 | &nbsp;&nbsp; $1897115 |
| Chemours Co., 4.625%, 11/15/2029 (n) | 2344000 | &nbsp;&nbsp; 2185760 |
| Consolidated Energy Finance S.A., 6.5%, 5/15/2026 (n) | 300000 | &nbsp;&nbsp; 297000 |

---

------

MFS High Yield Pooled Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Chemicals – continued | Chemicals – continued | Chemicals – continued |
| Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n) | $1648000 | &nbsp;&nbsp; $1359600 |
| Maxam Prill S.à r.l., 6%, 7/15/2030 (n) | 1728000 | &nbsp;&nbsp; 2126365 |
| Qnity Electronics, Inc., 5.75%, 8/15/2032 (n) | $1377000 | &nbsp;&nbsp; 1402769 |
| Qnity Electronics, Inc., 6.25%, 8/15/2033 (n) | 770000 | &nbsp;&nbsp; 794713 |
| SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n) | 2097000 | &nbsp;&nbsp; 2095967 |
| SNF Group SACA, 3.375%, 3/15/2030 (n) | 2168000 | &nbsp;&nbsp; 2038589 |
| Tronox, Inc., 4.625%, 3/15/2029 (n) | 474000 | &nbsp;&nbsp; 364332 |
| W.R. Grace Holdings LLC, 7%, 8/01/2033 (n) | 1404000 | &nbsp;&nbsp; 1405755 |
|  |  | &nbsp;&nbsp; $15967965 |
| Computer Software – 2.3% | Computer Software – 2.3% | Computer Software – 2.3% |
| Amentum Escrow Corp., 7.25%, 8/01/2032 (n) | $2207000 | &nbsp;&nbsp; $2325787 |
| Cloud Software Group, Inc., 9%, 9/30/2029 (n) | 492000 | &nbsp;&nbsp; 496807 |
| Cloud Software Group, Inc., 8.25%, 6/30/2032 (n) | 1906000 | &nbsp;&nbsp; 1938560 |
| Cloud Software Group, Inc., 6.625%, 8/15/2033 (n) | 1242000 | &nbsp;&nbsp; 1190564 |
| Fair Isaac Corp., 6%, 5/15/2033 (n) | 2708000 | &nbsp;&nbsp; 2759276 |
| Flash Compute LLC, 7.25%, 12/31/2030 (n) | 467000 | &nbsp;&nbsp; 468585 |
| Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n) | 1975000 | &nbsp;&nbsp; 2027942 |
| Neptune Bidco U.S., Inc., 10.375%, 5/15/2031 (n) | 585000 | &nbsp;&nbsp; 618517 |
| Neptune Bidco U.S., Inc., 9.5%, 2/15/2033 (n) | 649000 | &nbsp;&nbsp; 660855 |
|  |  | &nbsp;&nbsp; $12486893 |
| Computer Software - Systems – 1.1% | Computer Software - Systems – 1.1% | Computer Software - Systems – 1.1% |
| SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n) | $2048000 | &nbsp;&nbsp; $2046228 |
| SS&C Technologies Holdings, Inc., 6.5%, 6/01/2032 (n) | 585000 | &nbsp;&nbsp; 603968 |
| Virtusa Corp., 7.125%, 12/15/2028 (n) | 1107000 | &nbsp;&nbsp; 1085993 |
| Zebra Technologies Corp., "A", 6.5%, 6/01/2032 (n) | 2062000 | &nbsp;&nbsp; 2123934 |
|  |  | &nbsp;&nbsp; $5860123 |
| Conglomerates – 1.2% | Conglomerates – 1.2% | Conglomerates – 1.2% |
| Amsted Industries, Inc., 6.375%, 3/15/2033 (n) | $1297000 | &nbsp;&nbsp; $1342318 |
| CompoSecure Holdings LLC, 5.625%, 2/01/2033 (n) | 1408000 | &nbsp;&nbsp; 1403494 |
| Emerald Debt Merger, 6.625%, 12/15/2030 (n) | 1724000 | &nbsp;&nbsp; 1784473 |
| SPX Flow, Inc., 8.75%, 4/01/2030 (n) | 1927000 | &nbsp;&nbsp; 1979887 |
|  |  | &nbsp;&nbsp; $6510172 |
| Construction – 1.2% | Construction – 1.2% | Construction – 1.2% |
| Empire Communities Corp., 9.75%, 5/01/2029 (n) | $1537000 | &nbsp;&nbsp; $1588222 |
| Mattamy Group Corp., 4.625%, 3/01/2030 (n) | 1037000 | &nbsp;&nbsp; 1012572 |
| Mattamy Group Corp., 6%, 12/15/2033 (n) | 772000 | &nbsp;&nbsp; 758543 |
| New Home Co., 8.5%, 11/01/2030 (n) | 1603000 | &nbsp;&nbsp; 1669762 |
| Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n) | 1360000 | &nbsp;&nbsp; 1339785 |
|  |  | &nbsp;&nbsp; $6368884 |
| Consumer Products – 2.9% | Consumer Products – 2.9% | Consumer Products – 2.9% |
| Acushnet Co., 5.625%, 12/01/2033 (n) | $1932000 | &nbsp;&nbsp; $1950161 |
| Amer Sports Co., 6.75%, 2/16/2031 (n) | 1517000 | &nbsp;&nbsp; 1580093 |
| CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.5%, 10/15/2029 (n) | 1456000 | &nbsp;&nbsp; 1284548 |
| Champ Acquisition Corp., 8.375%, 12/01/2031 (n) | 1536000 | &nbsp;&nbsp; 1637705 |
| Energizer Holdings, Inc., 4.375%, 3/31/2029 (n) | 1346000 | &nbsp;&nbsp; 1292809 |
| Energizer Holdings, Inc., 6%, 9/15/2033 (n) | 540000 | &nbsp;&nbsp; 518988 |
| MajorDrive Holdings IV LLC, 6.375%, 6/01/2029 (n) | 739000 | &nbsp;&nbsp; 594507 |
| Newell Brands, Inc., 6.375%, 5/15/2030  | 1708000 | &nbsp;&nbsp; 1688239 |

---

------

MFS High Yield Pooled Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Consumer Products – continued | Consumer Products – continued | Consumer Products – continued |
| Newell Brands, Inc., 6.625%, 5/15/2032  | $1111000 | &nbsp;&nbsp; $1088040 |
| Perrigo Finance Unlimited Co., 6.125%, 9/30/2032  | 1858000 | &nbsp;&nbsp; 1827393 |
| Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n) | 1256000 | &nbsp;&nbsp; 1256476 |
| Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n) | 1591000 | &nbsp;&nbsp; 1487148 |
|  |  | &nbsp;&nbsp; $16206107 |
| Consumer Services – 2.8% | Consumer Services – 2.8% | Consumer Services – 2.8% |
| Allied Universal Holdco LLC, 6.875%, 6/15/2030 (n) | $838000 | &nbsp;&nbsp; $870268 |
| Allied Universal Holdco LLC, 7.875%, 2/15/2031 (n) | 1487000 | &nbsp;&nbsp; 1564953 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 4/15/2030 (n) | 654000 | &nbsp;&nbsp; 713812 |
| Arches Buyer, Inc., 6.125%, 12/01/2028 (n) | 2006000 | &nbsp;&nbsp; 1961354 |
| Garda World Security Corp., 6.5%, 1/15/2031 (n) | 783000 | &nbsp;&nbsp; 802624 |
| Garda World Security Corp., 8.375%, 11/15/2032 (n) | 2014000 | &nbsp;&nbsp; 2067705 |
| Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 (n) | 2181000 | &nbsp;&nbsp; 2185635 |
| Service Corp. International, 5.75%, 10/15/2032  | 3269000 | &nbsp;&nbsp; 3320856 |
| TriNet Group, Inc., 3.5%, 3/01/2029 (n) | 1365000 | &nbsp;&nbsp; 1290045 |
| TriNet Group, Inc., 7.125%, 8/15/2031 (n) | 687000 | &nbsp;&nbsp; 706809 |
|  |  | &nbsp;&nbsp; $15484061 |
| Containers – 0.9% | Containers – 0.9% | Containers – 0.9% |
| Ball Corp., 6%, 6/15/2029  | $1113000 | &nbsp;&nbsp; $1145963 |
| Ball Corp., 2.875%, 8/15/2030  | 2575000 | &nbsp;&nbsp; 2370897 |
| Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/2030 (n) | 1709000 | &nbsp;&nbsp; 1710224 |
|  |  | &nbsp;&nbsp; $5227084 |
| Electronics – 0.2% | Electronics – 0.2% | Electronics – 0.2% |
| Diebold Nixdorf, Inc., 7.75%, 3/31/2030 (n) | $1301000 | &nbsp;&nbsp; $1377855 |
| Energy - Independent – 3.8% | Energy - Independent – 3.8% | Energy - Independent – 3.8% |
| Chord Energy Corp., 6%, 10/01/2030 (n) | $476000 | &nbsp;&nbsp; $485281 |
| Chord Energy Corp., 6.75%, 3/15/2033 (n) | 1701000 | &nbsp;&nbsp; 1763379 |
| CNX Resources Corp., 7.25%, 3/01/2032 (n) | 1893000 | &nbsp;&nbsp; 1980500 |
| Comstock Resources, Inc., 6.75%, 3/01/2029 (n) | 2446000 | &nbsp;&nbsp; 2461596 |
| Gulfport Energy Corp., 6.75%, 9/01/2029 (n) | 2066000 | &nbsp;&nbsp; 2130639 |
| Kraken Oil & Gas Partners LLC, 7.625%, 8/15/2029 (n) | 1166000 | &nbsp;&nbsp; 1165241 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.875%, 12/01/2032 (n) | 2138000 | &nbsp;&nbsp; 2220198 |
| Matador Resources Co., 6.875%, 4/15/2028 (n) | 1223000 | &nbsp;&nbsp; 1249603 |
| Matador Resources Co., 6.5%, 4/15/2032 (n) | 624000 | &nbsp;&nbsp; 635387 |
| Permian Resources Operating LLC, 5.875%, 7/01/2029 (n) | 1284000 | &nbsp;&nbsp; 1288313 |
| Permian Resources Operating LLC, 7%, 1/15/2032 (n) | 1241000 | &nbsp;&nbsp; 1300941 |
| Permian Resources Operating LLC, 6.25%, 2/01/2033 (n) | 478000 | &nbsp;&nbsp; 492412 |
| SM Energy Co., 8.375%, 7/01/2028 (n) | 328000 | &nbsp;&nbsp; 337610 |
| SM Energy Co., 8.625%, 11/01/2030 (n) | 646000 | &nbsp;&nbsp; 683226 |
| SM Energy Co., 8.75%, 7/01/2031 (n) | 1305000 | &nbsp;&nbsp; 1370717 |
| Wildfire Intermediate Holdings LLC, 7.5%, 10/15/2029 (n) | 1373000 | &nbsp;&nbsp; 1391928 |
|  |  | &nbsp;&nbsp; $20956971 |
| Entertainment – 2.4% | Entertainment – 2.4% | Entertainment – 2.4% |
| Kingpin Intermediate Holdings LLC, 7.25%, 10/15/2032 (n) | $1600000 | &nbsp;&nbsp; $1530620 |
| Life Time, Inc., 6%, 11/15/2031 (n) | 1229000 | &nbsp;&nbsp; 1260082 |
| Lindblad Expeditions Holdings, Inc., 7%, 9/15/2030 (n) | 1433000 | &nbsp;&nbsp; 1495962 |
| NCL Corp. Ltd., 6.25%, 3/01/2030 (n) | 2068000 | &nbsp;&nbsp; 2113624 |
| NCL Corp. Ltd., 6.75%, 2/01/2032 (n) | 779000 | &nbsp;&nbsp; 798324 |

---

------

MFS High Yield Pooled Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Entertainment – continued | Entertainment – continued | Entertainment – continued |
| Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n) | $2203000 | &nbsp;&nbsp; $2251120 |
| Six Flags Entertainment Corp./Canada Wonderland Co., 8.625%, 1/15/2032 (n) | 474000 | &nbsp;&nbsp; 483693 |
| Viking Cruises Ltd. Co., 5.875%, 10/15/2033 (n) | 1233000 | &nbsp;&nbsp; 1250005 |
| Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n) | 2069000 | &nbsp;&nbsp; 2069087 |
|  |  | &nbsp;&nbsp; $13252517 |
| Financial Institutions – 7.2% | Financial Institutions – 7.2% | Financial Institutions – 7.2% |
| Azorra Finance Ltd., 7.75%, 4/15/2030 (n) | $2398000 | &nbsp;&nbsp; $2523631 |
| Azorra Finance Ltd., 7.25%, 1/15/2031 (n) | 690000 | &nbsp;&nbsp; 722664 |
| Credit Acceptance Corp., 9.25%, 12/15/2028 (n) | 661000 | &nbsp;&nbsp; 692643 |
| Credit Acceptance Corp., 6.625%, 3/15/2030 (n) | 1366000 | &nbsp;&nbsp; 1367341 |
| CrossCountry Intermediate HoldCo LLC, 6.5%, 10/01/2030 (n) | 1103000 | &nbsp;&nbsp; 1119534 |
| CrossCountry Intermediate HoldCo LLC, 6.75%, 12/01/2032 (n) | 600000 | &nbsp;&nbsp; 604933 |
| Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n) | 1441000 | &nbsp;&nbsp; 1508547 |
| Freedom Mortgage Holdings LLC, 6.875%, 5/01/2031 (n) | 745000 | &nbsp;&nbsp; 739319 |
| Freedom Mortgage Holdings LLC, 9.125%, 5/15/2031 (n) | 684000 | &nbsp;&nbsp; 723171 |
| FTAI Aviation Ltd., 5.5%, 5/01/2028 (n) | 1764000 | &nbsp;&nbsp; 1765695 |
| FTAI Aviation Ltd., 7.875%, 12/01/2030 (n) | 1205000 | &nbsp;&nbsp; 1277667 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 9/01/2027 (n) | 1607000 | &nbsp;&nbsp; 1663455 |
| goeasy Ltd., 6.875%, 2/15/2031 (n) | 1383000 | &nbsp;&nbsp; 1299969 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/2029  | 1622000 | &nbsp;&nbsp; 1631883 |
| Icahn Enterprises LP/Ichan Enterprises Finance Corp., 10%, 11/15/2029 (n) | 668000 | &nbsp;&nbsp; 674270 |
| Jefferson Capital Holdings LLC, 8.25%, 5/15/2030 (n) | 1945000 | &nbsp;&nbsp; 2049331 |
| LFS TopCo LLC, 8.75%, 7/15/2030 (n) | 741000 | &nbsp;&nbsp; 744629 |
| OneMain Finance Corp., 6.625%, 5/15/2029  | 1699000 | &nbsp;&nbsp; 1751290 |
| OneMain Finance Corp., 5.375%, 11/15/2029  | 901000 | &nbsp;&nbsp; 898626 |
| OneMain Finance Corp., 7.5%, 5/15/2031  | 1049000 | &nbsp;&nbsp; 1099712 |
| OneMain Finance Corp., 6.75%, 9/15/2033  | 1044000 | &nbsp;&nbsp; 1055571 |
| PennyMac Financial Services, Inc., 6.875%, 2/15/2033 (n) | 4053000 | &nbsp;&nbsp; 4134103 |
| Phoenix Aviation Capital, 9.25%, 7/15/2030 (n) | 1426000 | &nbsp;&nbsp; 1494484 |
| Rocket Cos., Inc., 6.5%, 8/01/2029 (n) | 1217000 | &nbsp;&nbsp; 1251830 |
| Rocket Cos., Inc., 6.125%, 8/01/2030 (n) | 1147000 | &nbsp;&nbsp; 1174309 |
| Rocket Cos., Inc., 6.375%, 8/01/2033 (n) | 2130000 | &nbsp;&nbsp; 2209792 |
| Rocket Cos., Inc., 4%, 10/15/2033 (n) | 536000 | &nbsp;&nbsp; 492171 |
| TrueNoord Capital DAC, 8.75%, 3/01/2030 (n) | 1260000 | &nbsp;&nbsp; 1328966 |
| Walker & Dunlop, Inc., 6.625%, 4/01/2033 (n) | 1533000 | &nbsp;&nbsp; 1571452 |
|  |  | &nbsp;&nbsp; $39570988 |
| Food & Beverages – 2.5% | Food & Beverages – 2.5% | Food & Beverages – 2.5% |
| Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n) | $892000 | &nbsp;&nbsp; $917409 |
| Fiesta Purchaser, Inc., 9.625%, 9/15/2032 (n) | 1071000 | &nbsp;&nbsp; 1083416 |
| Performance Food Group Co., 5.5%, 10/15/2027 (n) | 1381000 | &nbsp;&nbsp; 1381748 |
| Performance Food Group Co., 6.125%, 9/15/2032 (n) | 1171000 | &nbsp;&nbsp; 1202685 |
| Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 3278000 | &nbsp;&nbsp; 3201006 |
| Post Holdings, Inc., 6.25%, 10/15/2034 (n) | 1165000 | &nbsp;&nbsp; 1173337 |
| U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n) | 2634000 | &nbsp;&nbsp; 2623453 |
| U.S. Foods Holding Corp., 5.75%, 4/15/2033 (n) | 748000 | &nbsp;&nbsp; 760933 |
| Viking Baked Goods Acquisition Corp., 8.625%, 11/01/2031 (n) | 1450000 | &nbsp;&nbsp; 1435814 |
|  |  | &nbsp;&nbsp; $13779801 |
| Forest & Paper Products – 0.3% | Forest & Paper Products – 0.3% | Forest & Paper Products – 0.3% |
| Veritiv Operating Co., 10.5%, 11/30/2030 (n) | $1555000 | &nbsp;&nbsp; $1665012 |

---

------

MFS High Yield Pooled Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Gaming & Lodging – 3.2% | Gaming & Lodging – 3.2% | Gaming & Lodging – 3.2% |
| CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n) | $3560000 | &nbsp;&nbsp; $3579299 |
| Hilton Domestic Operating Co., Inc., 4.875%, 1/15/2030  | 3263000 | &nbsp;&nbsp; 3269376 |
| Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n) | 1776000 | &nbsp;&nbsp; 1644127 |
| Hilton Domestic Operating Co., Inc., 5.875%, 3/15/2033 (n) | 806000 | &nbsp;&nbsp; 827053 |
| Rivers Enterprise Lender LLC, 6.25%, 10/15/2030 (n) | 1261000 | &nbsp;&nbsp; 1280114 |
| Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n) | 2014000 | &nbsp;&nbsp; 1990795 |
| Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | 2155000 | &nbsp;&nbsp; 2150586 |
| Wynn Macau Ltd., 6.75%, 2/15/2034 (n) | 694000 | &nbsp;&nbsp; 703451 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n) | 1553000 | &nbsp;&nbsp; 1557614 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/2031 (n) | 539000 | &nbsp;&nbsp; 580733 |
|  |  | &nbsp;&nbsp; $17583148 |
| Industrial – 1.2% | Industrial – 1.2% | Industrial – 1.2% |
| AECOM, 6%, 8/01/2033 (n) | $2454000 | &nbsp;&nbsp; $2513870 |
| APi Escrow Corp., 4.75%, 10/15/2029 (n) | 2930000 | &nbsp;&nbsp; 2872713 |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.5%, 2/01/2032 (n) | 1277000 | &nbsp;&nbsp; 1285454 |
|  |  | &nbsp;&nbsp; $6672037 |
| Insurance - Health – 0.4% | Insurance - Health – 0.4% | Insurance - Health – 0.4% |
| Molina Healthcare, Inc., 6.5%, 2/15/2031 (n) | $1997000 | &nbsp;&nbsp; $2046621 |
| Insurance - Property & Casualty – 3.9% | Insurance - Property & Casualty – 3.9% | Insurance - Property & Casualty – 3.9% |
| Acrisure LLC/Acrisure Finance, Inc., 7.5%, 11/06/2030 (n) | $511000 | &nbsp;&nbsp; $529034 |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, 7/01/2032 (n) | 2097000 | &nbsp;&nbsp; 2149849 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | 871000 | &nbsp;&nbsp; 868245 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7%, 1/15/2031 (n) | 1564000 | &nbsp;&nbsp; 1621488 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.5%, 10/01/2031 (n) | 1006000 | &nbsp;&nbsp; 1034017 |
| AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n) | 636000 | &nbsp;&nbsp; 627505 |
| Amynta Agency Borrower, Inc., 7.5%, 7/15/2033 (n) | 1581000 | &nbsp;&nbsp; 1611940 |
| Ardonagh Finco Ltd., 6.875%, 2/15/2031  | 852000 | &nbsp;&nbsp; 1037631 |
| Ardonagh Finco Ltd., 7.75%, 2/15/2031 (n) | $200000 | &nbsp;&nbsp; 206756 |
| Asurion LLC, 8%, 12/31/2032 (n) | 1707000 | &nbsp;&nbsp; 1783481 |
| Asurion LLC, 8.375%, 2/01/2034 (n) | 1560000 | &nbsp;&nbsp; 1577098 |
| Baldwin Insurance Group Holdings LLC, 7.125%, 5/15/2031 (n) | 2112000 | &nbsp;&nbsp; 2171820 |
| Hub International Ltd., 5.625%, 12/01/2029 (n) | 482000 | &nbsp;&nbsp; 481495 |
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 1817000 | &nbsp;&nbsp; 1895774 |
| Hub International Ltd., 7.375%, 1/31/2032 (n) | 1005000 | &nbsp;&nbsp; 1052743 |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 3069000 | &nbsp;&nbsp; 3160843 |
|  |  | &nbsp;&nbsp; $21809719 |
| Interactive Media Services – 0.5% | Interactive Media Services – 0.5% | Interactive Media Services – 0.5% |
| Snap, Inc., 6.875%, 3/01/2033 (n) | $2086000 | &nbsp;&nbsp; $2140560 |
| Snap, Inc., 6.875%, 3/15/2034 (n) | 483000 | &nbsp;&nbsp; 493203 |
|  |  | &nbsp;&nbsp; $2633763 |
| Machinery & Tools – 1.1% | Machinery & Tools – 1.1% | Machinery & Tools – 1.1% |
| Columbia Pipelines Holding Co., LLC, 7.125%, 2/01/2033 (n) | $1092000 | &nbsp;&nbsp; $1097678 |
| Manitowoc Co., Inc., 9.25%, 10/01/2031 (n) | 1370000 | &nbsp;&nbsp; 1487968 |
| Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n) | 3118000 | &nbsp;&nbsp; 3250163 |
|  |  | &nbsp;&nbsp; $5835809 |

---

------

MFS High Yield Pooled Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Medical & Health Technology & Services – 3.6% | Medical & Health Technology & Services – 3.6% | Medical & Health Technology & Services – 3.6% |
| Acadia Healthcare Co., Inc., 7.375%, 3/15/2033 (n) | $1582000 | &nbsp;&nbsp; $1562691 |
| Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n) | 1464000 | &nbsp;&nbsp; 1526220 |
| CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n) | 874000 | &nbsp;&nbsp; 719264 |
| CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n) | 3842000 | &nbsp;&nbsp; 3622676 |
| Concentra, Inc., 6.875%, 7/15/2032 (n) | 1590000 | &nbsp;&nbsp; 1664738 |
| Encompass Health Corp., 4.75%, 2/01/2030  | 1958000 | &nbsp;&nbsp; 1949010 |
| Encompass Health Corp., 4.625%, 4/01/2031  | 599000 | &nbsp;&nbsp; 586320 |
| IQVIA, Inc., 5%, 5/15/2027 (n) | 1263000 | &nbsp;&nbsp; 1263425 |
| IQVIA, Inc., 6.5%, 5/15/2030 (n) | 1715000 | &nbsp;&nbsp; 1776526 |
| IQVIA, Inc., 6.25%, 6/01/2032 (n) | 820000 | &nbsp;&nbsp; 851939 |
| Prime Healthcare Services, Inc., 9.375%, 9/01/2029 (n) | 1242000 | &nbsp;&nbsp; 1293233 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/2032 (n) | 1839000 | &nbsp;&nbsp; 1851529 |
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/2029 (n) | 1180000 | &nbsp;&nbsp; 1185167 |
|  |  | &nbsp;&nbsp; $19852738 |
| Medical Equipment – 1.1% | Medical Equipment – 1.1% | Medical Equipment – 1.1% |
| Insulet Corp., 6.5%, 4/01/2033 (n) | $1990000 | &nbsp;&nbsp; $2071001 |
| Medline Borrower LP, 5.25%, 10/01/2029 (n) | 2289000 | &nbsp;&nbsp; 2292955 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/2029 (n) | 1644000 | &nbsp;&nbsp; 1696790 |
|  |  | &nbsp;&nbsp; $6060746 |
| Metals & Mining – 2.2% | Metals & Mining – 2.2% | Metals & Mining – 2.2% |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n) | $1854000 | &nbsp;&nbsp; $1613876 |
| First Quantum Minerals Ltd., 8%, 3/01/2033 (n) | 645000 | &nbsp;&nbsp; 692124 |
| Fortescue Treasury Pty Ltd., 4.375%, 4/01/2031 (n) | 2997000 | &nbsp;&nbsp; 2895702 |
| Mineral Resources Ltd., 9.25%, 10/01/2028 (n) | 2310000 | &nbsp;&nbsp; 2426445 |
| Mineral Resources Ltd., 7%, 4/01/2031 (n) | 465000 | &nbsp;&nbsp; 488694 |
| Novelis, Inc., 4.75%, 1/30/2030 (n) | 529000 | &nbsp;&nbsp; 512776 |
| Novelis, Inc., 6.875%, 1/30/2030 (n) | 1032000 | &nbsp;&nbsp; 1069617 |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2030 (z) | 901009 | &nbsp;&nbsp; 547903 |
| Taseko Mines Ltd., 8.25%, 5/01/2030 (n) | 1556000 | &nbsp;&nbsp; 1651604 |
|  |  | &nbsp;&nbsp; $11898741 |
| Midstream – 6.7% | Midstream – 6.7% | Midstream – 6.7% |
| Antero Midstream Corp., 5.75%, 7/01/2034 (n) | $3109000 | &nbsp;&nbsp; $3140357 |
| Buckeye Partners LP, 6.75%, 2/01/2030 (n) | 1281000 | &nbsp;&nbsp; 1342191 |
| Buckeye Partners LP, 5.85%, 11/15/2043  | 575000 | &nbsp;&nbsp; 536477 |
| Delek Logistics Partners LP/Delek Logistics Corp., 8.625%, 3/15/2029 (n) | 1985000 | &nbsp;&nbsp; 2075962 |
| Delek Logistics Partners LP/Delek Logistics Corp., 7.375%, 6/30/2033 (n) | 901000 | &nbsp;&nbsp; 926519 |
| Genesis Energy LP/Genesis Energy Finance Corp., 8.25%, 1/15/2029  | 2414000 | &nbsp;&nbsp; 2516537 |
| NuStar Logistics LP, 6.375%, 10/01/2030  | 1882000 | &nbsp;&nbsp; 1971865 |
| Prairie Acquiror LP, 9%, 8/01/2029 (n) | 1540000 | &nbsp;&nbsp; 1597290 |
| Rockies Express Pipeline LLC, 6.75%, 3/15/2033 (n) | 887000 | &nbsp;&nbsp; 935599 |
| Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n) | 1711000 | &nbsp;&nbsp; 1751595 |
| Sunoco LP, 4.625%, 5/01/2030 (n) | 1731000 | &nbsp;&nbsp; 1687859 |
| Sunoco LP, 7.25%, 5/01/2032 (n) | 2328000 | &nbsp;&nbsp; 2462144 |
| Sunoco LP, 6.625%, 8/15/2032 (n) | 791000 | &nbsp;&nbsp; 815783 |
| Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n) | 2538000 | &nbsp;&nbsp; 2537124 |
| Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n) | 750000 | &nbsp;&nbsp; 777504 |
| Tallgrass Energy Partners LP, 6.75%, 3/15/2034 (n) | 405000 | &nbsp;&nbsp; 412173 |
| TransMontaigne Partners LLC, 8.5%, 6/15/2030 (n) | 1164000 | &nbsp;&nbsp; 1207555 |
| Venture Global LNG, Inc., 8.125%, 6/01/2028 (n) | 812000 | &nbsp;&nbsp; 831242 |
| Venture Global LNG, Inc., 9.5%, 2/01/2029 (n) | 1684000 | &nbsp;&nbsp; 1793241 |
| Venture Global LNG, Inc., 8.375%, 6/01/2031 (n) | 1927000 | &nbsp;&nbsp; 1970965 |

---

------

MFS High Yield Pooled Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Midstream – continued | Midstream – continued | Midstream – continued |
| Venture Global LNG, Inc., 9% to 9/30/2029, FLR (CMT - 5yr. + 5.44%) to 3/30/2173 (n) | $2081000 | &nbsp;&nbsp; $1830704 |
| Venture Global Plaquemines LNG LLC, 7.5%, 5/01/2033 (n) | 600000 | &nbsp;&nbsp; 657821 |
| Venture Global Plaquemines LNG LLC, 6.5%, 1/15/2034 (n) | 1557000 | &nbsp;&nbsp; 1615852 |
| Venture Global Plaquemines LNG LLC, 6.75%, 1/15/2036 (n) | 1407000 | &nbsp;&nbsp; 1474902 |
|  |  | &nbsp;&nbsp; $36869261 |
| Network & Telecom – 1.0% | Network & Telecom – 1.0% | Network & Telecom – 1.0% |
| Altice Financing S.A., 5.75%, 8/15/2029 (n) | $850000 | &nbsp;&nbsp; $611574 |
| Frontier Communications Holdings LLC, 6.75%, 5/01/2029 (n) | 813000 | &nbsp;&nbsp; 815854 |
| Iliad Holding S.A.S., 7%, 10/15/2028 (n) | 2107000 | &nbsp;&nbsp; 2131186 |
| Iliad Holding S.A.S., 5.375%, 4/15/2030 (n) | 450000 | &nbsp;&nbsp; 550714 |
| Iliad Holding S.A.S., 6.875%, 4/15/2031 (n) | 691000 | &nbsp;&nbsp; 873276 |
| Windstream Services LLC/Windstream Escrow, 8.25%, 10/01/2031 (n) | $687000 | &nbsp;&nbsp; 719650 |
|  |  | &nbsp;&nbsp; $5702254 |
| Oil Services – 1.0% | Oil Services – 1.0% | Oil Services – 1.0% |
| Nabors Industries, Inc., 8.875%, 8/15/2031 (n) | $1575000 | &nbsp;&nbsp; $1601501 |
| U.S.A. Compression Partners LP/Finance Co., 7.125%, 3/15/2029 (n) | 2419000 | &nbsp;&nbsp; 2504679 |
| Valaris Ltd., 8.375%, 4/30/2030 (n) | 1544000 | &nbsp;&nbsp; 1613341 |
|  |  | &nbsp;&nbsp; $5719521 |
| Oils – 0.1% | Oils – 0.1% | Oils – 0.1% |
| PBF Holding Co. LLC, 7.875%, 9/15/2030 (n) | $766000 | &nbsp;&nbsp; $767036 |
| Pharmaceuticals – 1.2% | Pharmaceuticals – 1.2% | Pharmaceuticals – 1.2% |
| 1261229 B.C. Ltd., 10%, 4/15/2032 (n) | $2433000 | &nbsp;&nbsp; $2496883 |
| Bausch Health Co., Inc., 4.875%, 6/01/2028 (n) | 405000 | &nbsp;&nbsp; 374619 |
| Bausch Health Co., Inc., 5.25%, 1/30/2030 (n) | 798000 | &nbsp;&nbsp; 567577 |
| Genmab A.S., 6.25%, 12/15/2032 (n) | 1873000 | &nbsp;&nbsp; 1919896 |
| Grifols S.A., 7.125%, 5/01/2030  | 1111000 | &nbsp;&nbsp; 1376788 |
|  |  | &nbsp;&nbsp; $6735763 |
| Pollution Control – 1.0% | Pollution Control – 1.0% | Pollution Control – 1.0% |
| Clean Harbors, Inc., 5.75%, 10/15/2033 (n) | $2299000 | &nbsp;&nbsp; $2348773 |
| GFL Environmental, Inc., 4%, 8/01/2028 (n) | 1370000 | &nbsp;&nbsp; 1348342 |
| GFL Environmental, Inc., 6.75%, 1/15/2031 (n) | 896000 | &nbsp;&nbsp; 937334 |
| Wrangler Holdco Corp., 6.625%, 4/01/2032 (n) | 966000 | &nbsp;&nbsp; 1005196 |
|  |  | &nbsp;&nbsp; $5639645 |
| Precious Metals & Minerals – 0.9% | Precious Metals & Minerals – 0.9% | Precious Metals & Minerals – 0.9% |
| Eldorado Gold Corp., 6.25%, 9/01/2029 (n) | $1750000 | &nbsp;&nbsp; $1758755 |
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | 1650000 | &nbsp;&nbsp; 1656666 |
| New Gold, Inc., 6.875%, 4/01/2032 (n) | 1328000 | &nbsp;&nbsp; 1410901 |
|  |  | &nbsp;&nbsp; $4826322 |
| Printing & Publishing – 0.3% | Printing & Publishing – 0.3% | Printing & Publishing – 0.3% |
| Graham Holdings Co., 5.625%, 12/01/2033 (n) | $1709000 | &nbsp;&nbsp; $1717242 |
| Real Estate - Healthcare – 0.3% | Real Estate - Healthcare – 0.3% | Real Estate - Healthcare – 0.3% |
| MPT Operating Partnership LP/MPT Finance Corp., REIT, 4.625%, 8/01/2029  | $703000 | &nbsp;&nbsp; $602734 |
| MPT Operating Partnership LP/MPT Finance Corp., REIT, 8.5%, 2/15/2032 (n) | 1212000 | &nbsp;&nbsp; 1298485 |
|  |  | &nbsp;&nbsp; $1901219 |

---

------

MFS High Yield Pooled Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Real Estate - Other – 1.7% | Real Estate - Other – 1.7% | Real Estate - Other – 1.7% |
| Park Intermediate Holdings LLC, 4.875%, 5/15/2029 (n) | $2162000 | &nbsp;&nbsp; $2114993 |
| RHP Hotel Properties LP/RHP Finance Corp., 7.25%, 7/15/2028 (n) | 2699000 | &nbsp;&nbsp; 2778836 |
| RHP Hotel Properties LP/RHP Finance Corp., 6.5%, 4/01/2032 (n) | 321000 | &nbsp;&nbsp; 331963 |
| Starwood Property Trust, Inc., 5.75%, 1/15/2031 (n) | 2477000 | &nbsp;&nbsp; 2508131 |
| XHR LP, REIT, 4.875%, 6/01/2029 (n) | 1976000 | &nbsp;&nbsp; 1947925 |
|  |  | &nbsp;&nbsp; $9681848 |
| Restaurants – 1.2% | Restaurants – 1.2% | Restaurants – 1.2% |
| 1011778 B.C. ULC/New Red Finance, Inc., 6.125%, 6/15/2029 (n) | $2102000 | &nbsp;&nbsp; $2154902 |
| 1011778 B.C. ULC/New Red Finance, Inc., 5.625%, 9/15/2029 (n) | 1220000 | &nbsp;&nbsp; 1240645 |
| 1011778 B.C. ULC/New Red Finance, Inc., 4%, 10/15/2030 (n) | 1376000 | &nbsp;&nbsp; 1312878 |
| Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n) | 2001000 | &nbsp;&nbsp; 1892276 |
|  |  | &nbsp;&nbsp; $6600701 |
| Retailers – 1.4% | Retailers – 1.4% | Retailers – 1.4% |
| Beach Acquisition Bidco LLC, 10% (10% Cash or 10.75% PIK), 7/15/2033 (n)(p) | $1951043 | &nbsp;&nbsp; $2136908 |
| Macy's Retail Holdings LLC, 5.875%, 3/15/2030 (n) | 108000 | &nbsp;&nbsp; 109113 |
| Macy's Retail Holdings LLC, 7.375%, 8/01/2033 (n) | 1649000 | &nbsp;&nbsp; 1741298 |
| Mavis Tire Express Services Corp., 6.5%, 5/15/2029 (n) | 1313000 | &nbsp;&nbsp; 1310423 |
| Maxeda DIY Holding B.V., 5.875%, 10/01/2026  | 810000 | &nbsp;&nbsp; 748089 |
| Penske Automotive Group Co., 3.75%, 6/15/2029  | $1861000 | &nbsp;&nbsp; 1798104 |
|  |  | &nbsp;&nbsp; $7843935 |
| Specialty Stores – 1.6% | Specialty Stores – 1.6% | Specialty Stores – 1.6% |
| Carvana Co., 9%, 6/01/2031 (n) | $3616450 | &nbsp;&nbsp; $3978339 |
| Michael Cos., Inc., 5.25%, 5/01/2028 (n) | 837000 | &nbsp;&nbsp; 827871 |
| Michael Cos., Inc., 7.875%, 5/01/2029 (n) | 1190000 | &nbsp;&nbsp; 1159427 |
| Petco Health & Wellness Co., Inc., 8.25%, 2/01/2031 (n)(w) | 1092000 | &nbsp;&nbsp; 1094860 |
| PetSmart LLC / PetSmart Finance Corp., 7.5%, 9/15/2032 (n) | 1790000 | &nbsp;&nbsp; 1835575 |
|  |  | &nbsp;&nbsp; $8896072 |
| Supermarkets – 1.0% | Supermarkets – 1.0% | Supermarkets – 1.0% |
| Albertsons Cos. LLC/Safeway, Inc., 6.25%, 3/15/2033 (n) | $3167000 | &nbsp;&nbsp; $3233828 |
| KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n) | 2342000 | &nbsp;&nbsp; 2453866 |
|  |  | &nbsp;&nbsp; $5687694 |
| Telecommunications - Wireless – 0.8% | Telecommunications - Wireless – 0.8% | Telecommunications - Wireless – 0.8% |
| Altice France S.A., 9.5%, 11/01/2029 (n) | $731708 | &nbsp;&nbsp; $750935 |
| Altice France S.A., 6.875%, 10/15/2030 (n) | 1594513 | &nbsp;&nbsp; 1567587 |
| Altice France S.A., 6.5%, 4/15/2032 (n) | 546493 | &nbsp;&nbsp; 533765 |
| Zegona Finance PLC, 6.75%, 7/15/2029 (n) | 181800 | &nbsp;&nbsp; 226137 |
| Zegona Finance PLC, 8.625%, 7/15/2029 (n) | $1178000 | &nbsp;&nbsp; 1241887 |
|  |  | &nbsp;&nbsp; $4320311 |
| Telephone Services – 0.8% | Telephone Services – 0.8% | Telephone Services – 0.8% |
| Level 3 Financing, Inc., 6.875%, 6/30/2033 (n) | $845660 | &nbsp;&nbsp; $871445 |
| Level 3 Financing, Inc., 7%, 3/31/2034 (n) | 813093 | &nbsp;&nbsp; 842206 |
| Uniti Group/CSL Capital Co., 6.5%, 2/15/2029 (n) | 1567000 | &nbsp;&nbsp; 1524041 |
| Uniti Group/CSL Capital Co., 8.625%, 6/15/2032 (n) | 1178000 | &nbsp;&nbsp; 1189391 |
|  |  | &nbsp;&nbsp; $4427083 |
| Tobacco – 0.4% | Tobacco – 0.4% | Tobacco – 0.4% |
| Turning Point Brands, Inc., 7.625%, 3/15/2032 (n) | $2030000 | &nbsp;&nbsp; $2177449 |

---

------

MFS High Yield Pooled Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Transportation - Services – 0.2% | Transportation - Services – 0.2% | Transportation - Services – 0.2% |
| Avis Budget Finance PLC, 7.25%, 7/31/2030 (n) | 734000 | &nbsp;&nbsp; $892659 |
| Utilities - Electric Power – 3.9% | Utilities - Electric Power – 3.9% | Utilities - Electric Power – 3.9% |
| Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n) | $2083000 | &nbsp;&nbsp; $1950841 |
| Clearway Energy Operating LLC, 5.75%, 1/15/2034 (n) | 1120000 | &nbsp;&nbsp; 1124083 |
| Hawaiian Electric Co., Inc., 6%, 10/01/2033 (n) | 1357000 | &nbsp;&nbsp; 1377641 |
| NRG Energy, Inc., 5.75%, 1/15/2034 (n) | 2309000 | &nbsp;&nbsp; 2324313 |
| NRG Energy, Inc., 6%, 1/15/2036 (n) | 2473000 | &nbsp;&nbsp; 2498811 |
| PG&E Corp., 5.25%, 7/01/2030  | 2838000 | &nbsp;&nbsp; 2820803 |
| PG&E Corp., 7.375% to 3/15/2030, FLR (CMT - 5yr. + 3.883%) to 3/15/2055  | 858000 | &nbsp;&nbsp; 885498 |
| Talen Energy Supply LLC, 6.25%, 2/01/2034 (n) | 1674000 | &nbsp;&nbsp; 1696532 |
| Talen Energy Supply LLC, 6.5%, 2/01/2036 (n) | 778000 | &nbsp;&nbsp; 797639 |
| TerraForm Global Operating LP, 6.125%, 3/01/2026 (n) | 367000 | &nbsp;&nbsp; 364470 |
| TerraForm Power Operating LLC, 5%, 1/31/2028 (n) | 1918000 | &nbsp;&nbsp; 1920158 |
| TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n) | 425000 | &nbsp;&nbsp; 412361 |
| XPLR Infrastructure Operating Partners LP, 4.5%, 9/15/2027 (n) | 1118000 | &nbsp;&nbsp; 1107835 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 1411000 | &nbsp;&nbsp; 1455988 |
| XPLR Infrastructure Operating Partners LP, 8.375%, 1/15/2031 (n) | 448000 | &nbsp;&nbsp; 470588 |
| XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/2033 (n) | 391000 | &nbsp;&nbsp; 410205 |
|  |  | &nbsp;&nbsp; $21617766 |
| **Total Bonds (Identified Cost, $516,881,273)** |  | &nbsp;&nbsp; **$523571066** |
| Exchange-Traded Funds – 1.5% | Exchange-Traded Funds – 1.5% | Exchange-Traded Funds – 1.5% |
| Fixed Income ETFs – 1.5% | Fixed Income ETFs – 1.5% |  |
| iShares iBoxx $ High Yield Corporate Bond ETF (Identified Cost, $8,291,920) | 221000 | &nbsp;&nbsp; $8318440 |
| Common Stocks – 0.1% | Common Stocks – 0.1% | Common Stocks – 0.1% |
| Metals & Mining – 0.0% | Metals & Mining – 0.0% |  |
| Petra Diamonds Ltd. (a) | 61268 | &nbsp;&nbsp; $12575 |
| Oil Services – 0.1% | Oil Services – 0.1% |  |
| LTRI Holdings LP (a)(u) | 3300 | &nbsp;&nbsp; $615912 |
| **Total Common Stocks (Identified Cost, $651,262)** |  | &nbsp;&nbsp; **$628487** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strike** <br>**Price**<br>| &nbsp;&nbsp; **First** <br>**Exercise**<br>|  |  |
| Warrants – 0.0% |  |  |  |  |
| Other Banks & Diversified Financials – 0.0% | Other Banks & Diversified Financials – 0.0% | Other Banks & Diversified Financials – 0.0% | Other Banks & Diversified Financials – 0.0% | Other Banks & Diversified Financials – 0.0% |
| Avation Capital S.A. (1 share for 1 warrant, Expiration 10/31/26) (a) (Identified Cost, $0) | GBP 1.14 | N/A | 42350 | &nbsp;&nbsp; $15646 |

---

---

| | | |
|:---|:---|:---|
| Mutual Funds (h) – 2.2% | Mutual Funds (h) – 2.2% | Mutual Funds (h) – 2.2% |
| Money Market Funds – 2.2% | Money Market Funds – 2.2% |  |
| MFS Institutional Money Market Portfolio, 3.73% (v) (Identified Cost, $12,162,210) | 12161440 | &nbsp;&nbsp; $12163873 |
| Other Assets, Less Liabilities – 1.5% |  | &nbsp;&nbsp; 8460550 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$553158062** |

---

------

MFS High Yield Pooled Portfolio

*Portfolio of Investments – continued*

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

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

&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 $12,163,873 and $532,533,639, 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 $475,246,645, representing 85.9% 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;(u) The security was valued using significant unobservable inputs and is considered level
 3 under the fair value hierarchy. For further information about the fund's level 3 holdings, please see Note 2 in the Notes to Financial Statements.

&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;(w) When-issued security.

&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%, 3/08/2030 | 3/10/21-12/19/24 | $893732 | $547903 |
| % 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 |
| ETF | Exchange-Traded Fund |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| REIT | Real Estate Investment Trust |
| 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: |
| EUR | Euro |
| GBP | British Pound |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** |
| **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** |
| EUR | &nbsp;&nbsp; 319343 | USD | 377791 | Morgan Stanley Capital Services LLC | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $2073 |
| USD | &nbsp;&nbsp; 384498 | EUR | 322188 | State Street Corp. | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $3323 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| EUR | &nbsp;&nbsp; 230372 | USD | 275859 | JPMorgan Chase Bank N.A. | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $(1828)<br>|
| EUR | &nbsp;&nbsp; 1207137 | USD | 1450206 | State Street Corp. | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (14295)<br>|
| USD | &nbsp;&nbsp; 11566045 | EUR | 9888060 | HSBC Bank | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (195967)<br>|
| USD | &nbsp;&nbsp; 370357 | EUR | 313054 | State Street Corp. | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (2026)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(214116)<br>|

---

**See Notes to Financial Statements**

------

MFS High Yield Pooled Portfolio

**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 1/31/26** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $525,824,455) | &nbsp;&nbsp; $532533639 |
| Investments in affiliated issuers, at value (identified cost, $12,162,210) | &nbsp;&nbsp; 12163873 |
| Cash | &nbsp;&nbsp; 36576 |
| Foreign currency, at value (identified cost, $24,791) | &nbsp;&nbsp; 24770 |
| Receivables for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 3323 |
| Investments sold | &nbsp;&nbsp; 809656 |
| Fund shares sold | &nbsp;&nbsp; 74809 |
| Interest and dividends | &nbsp;&nbsp; 9925259 |
| Other assets | &nbsp;&nbsp; 1542 |
| Total assets | &nbsp;&nbsp; $555573447 |
| **Liabilities** |  |
| Payables for |  |
| Distributions | &nbsp;&nbsp; $209 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 214116 |
| Investments purchased | &nbsp;&nbsp; 587119 |
| When-issued investments purchased | &nbsp;&nbsp; 1099327 |
| Fund shares reacquired | &nbsp;&nbsp; 441680 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 142 |
| Shareholder servicing costs | &nbsp;&nbsp; 4 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 72788 |
| Total liabilities | &nbsp;&nbsp; $2415385 |
| Net assets | &nbsp;&nbsp; $553158062 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $672008492 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (118850430)<br>|
| Net assets | &nbsp;&nbsp; $553158062 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 65242606 |
| Net asset value per share (net assets of $553,158,062 / 65,242,606 shares of beneficial interest outstanding) | &nbsp;&nbsp; $8.48 |

---

**See Notes to Financial Statements**

------

MFS High Yield Pooled Portfolio

**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 1/31/26** <br> **Net investment income (loss)**<br>|  |
| Income |  |
| Interest | &nbsp;&nbsp; $37839609 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 544164 |
| Other | &nbsp;&nbsp; 117931 |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; 57470 |
| Total investment income | &nbsp;&nbsp; $38559174 |
| Expenses |  |
| Shareholder servicing costs | &nbsp;&nbsp; $28 |
| Administrative services fee | &nbsp;&nbsp; 17500 |
| Custodian fee | &nbsp;&nbsp; 39029 |
| Shareholder communications | &nbsp;&nbsp; 5595 |
| Audit and tax fees | &nbsp;&nbsp; 56441 |
| Legal fees | &nbsp;&nbsp; 2880 |
| Pricing service fees | &nbsp;&nbsp; 9888 |
| Form N-CEN/N-PORT preparation fees | &nbsp;&nbsp; 9800 |
| Miscellaneous | &nbsp;&nbsp; 21954 |
| Total expenses | &nbsp;&nbsp; $163115 |
| Fees paid indirectly | &nbsp;&nbsp; (353)<br>|
| Net expenses | &nbsp;&nbsp; $162762 |
| Net investment income (loss) | &nbsp;&nbsp; $38396412 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(551770)<br>|
| Affiliated issuers | &nbsp;&nbsp; (2075)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (654465)<br>|
| Foreign currency | &nbsp;&nbsp; 27536 |
| Net realized gain (loss) | &nbsp;&nbsp; $(1180774)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $9150477 |
| Affiliated issuers | &nbsp;&nbsp; 587 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (172029)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; (1856)<br>|
| Net unrealized gain (loss) | &nbsp;&nbsp; $8977179 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $7796405 |
| Change in net assets from operations | &nbsp;&nbsp; $46192817 |

---

**See Notes to Financial Statements**

------

MFS High Yield Pooled Portfolio

**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** |
|  | **1/31/26** | **1/31/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $38396412 | &nbsp;&nbsp; $42834641 |
| Net realized gain (loss) | (1180774)<br>| &nbsp;&nbsp; (8019749)<br>|
| Net unrealized gain (loss) | 8977179 | &nbsp;&nbsp; 18033538 |
| Change in net assets from operations | $46192817 | &nbsp;&nbsp; $52848430 |
| Total distributions to shareholders | $(39005078)<br>| &nbsp;&nbsp; $(43210470)<br>|
| Change in net assets from fund share transactions | $(33057785)<br>| &nbsp;&nbsp; $(88268652)<br>|
| Total change in net assets | $(25870046)<br>| &nbsp;&nbsp; $(78630692)<br>|
| **Net assets** |  |  |
| At beginning of period | 579028108 | &nbsp;&nbsp; 657658800 |
| At end of period | $553158062 | &nbsp;&nbsp; $579028108 |

---

**See Notes to Financial Statements**

------

MFS High Yield Pooled Portfolio

**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 (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $8.37 | &nbsp;&nbsp; $8.24 | &nbsp;&nbsp; $8.05 | &nbsp;&nbsp; $8.88 | &nbsp;&nbsp; $9.25 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.58 | &nbsp;&nbsp; $0.57 | &nbsp;&nbsp; $0.53 | &nbsp;&nbsp; $0.47 | &nbsp;&nbsp; $0.47 |
| Net realized and unrealized gain (loss) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.34)<br>|
| Total from investment operations | $0.70 | &nbsp;&nbsp; $0.71 | &nbsp;&nbsp; $0.73 | &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $0.13 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.59)<br>| &nbsp;&nbsp; $(0.58)<br>| &nbsp;&nbsp; $(0.54)<br>| &nbsp;&nbsp; $(0.48)<br>| &nbsp;&nbsp; $(0.50)<br>|
| Net asset value, end of period (x) | $8.48 | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $8.24 | &nbsp;&nbsp; $8.05 | &nbsp;&nbsp; $8.88 |
| Total return (%) (s)(x) | 8.64 | &nbsp;&nbsp;&nbsp;&nbsp;8.89 | &nbsp;&nbsp;&nbsp;&nbsp;9.46 | &nbsp;&nbsp; (3.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses (f) | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net investment income (loss) | 6.91 | &nbsp;&nbsp;&nbsp;&nbsp;6.91 | &nbsp;&nbsp;&nbsp;&nbsp;6.63 | &nbsp;&nbsp;&nbsp;&nbsp;5.77 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 |
| Portfolio turnover rate | 50 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 60 |
| Net assets at end of period (000 omitted) | $553158 | &nbsp;&nbsp; $579028 | &nbsp;&nbsp; $657659 | &nbsp;&nbsp; $726615 | &nbsp;&nbsp; $997366 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&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;(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 High Yield Pooled Portfolio

**Notes to Financial Statements**

**(1) Business and Organization**

MFS High Yield Pooled Portfolio (the fund) is a diversified series of MFS Series Trust III (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. This fund is available only to certain U.S. registered investment companies managed by MFS. MFS does not receive a management fee from this fund.

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. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.

**Segment Reporting** — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

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

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investment companies are generally valued at net asset value per share. Funds traded on a recognized securities exchange (such as Exchange Traded Funds or Closed End Funds) are generally valued at the official closing price on their primary market or exchange as provided by a third-party pricing service. If no sales are reported

------

MFS High Yield Pooled Portfolio

*Notes to Financial Statements - continued* 

that day for these funds, generally they will be valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. 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 forward foreign currency exchange contracts. The following is a summary of the levels used as of January 31, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United States | $— | $— | $615912 | $615912 |
| United Kingdom | 12575 | 15646 |  | 28221 |
| U.S. Corporate Bonds |  | 446420779 |  | 446420779 |
| Foreign Bonds |  | 77150287 |  | 77150287 |
| Investment Companies | 20482313 |  |  | 20482313 |
| Total | $20494888 | $523586712 | $615912 | $544697512 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange <br> Contracts – Assets<br>| $— | $3323 | $3323 |
| Forward Foreign Currency Exchange <br> Contracts – Liabilities<br>|  | (214116)<br>| (214116)<br>|

---

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

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

------

MFS High Yield Pooled Portfolio

*Notes to Financial Statements - continued* 

---

| | |
|:---|:---|
|  | **Equity** <br>**Securities**<br>|
| Balance as of 1/31/25 | $750981 |
| Change in unrealized appreciation or depreciation | 401669 |
| Partial liquidation proceeds | (536738) |
| Balance as of 1/31/26 | $615912 |

---

The net change in unrealized appreciation or depreciation from investments held as level 3 at January 31, 2026 is $401,669. At January 31, 2026, the fund held one level 3 security.

**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 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 forward foreign currency exchange contracts. 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'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 January 31, 2026 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value** | **Fair Value** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Foreign Exchange | Forward Foreign Currency Exchange Contracts | $3323 | $(214116) |

---

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the year ended January 31, 2026 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Foreign Exchange | $(654465)<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 January 31, 2026 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Foreign Exchange | $(172029)<br>|

---

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

------

MFS High Yield Pooled Portfolio

*Notes to Financial Statements - continued* 

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.

**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.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is

------

MFS High Yield Pooled Portfolio

*Notes to Financial Statements - continued* 

negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statement of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities.

**Fees Paid Indirectly** — The fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by the fund. The amount of the credit, for the year ended January 31, 2026, is shown as a reduction of total expenses in the Statement of Operations.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to amortization of premium and accretion of discount of debt securities and wash sale loss deferrals.

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**1/31/26**<br>| &nbsp;&nbsp; **Year ended** <br>**1/31/25**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $39005078 | &nbsp;&nbsp; $43210470 |

---

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

---

| | |
|:---|:---|
| **As of 1/31/26** |  |
| Cost of investments | &nbsp;&nbsp; $539430106 |
| Gross appreciation | &nbsp;&nbsp; 12438264 |
| Gross depreciation | &nbsp;&nbsp; (7381651)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $5056613 |
| Undistributed ordinary income | &nbsp;&nbsp; 3374014 |
| Capital loss carryforwards | &nbsp;&nbsp; (124103317)<br>|
| Other temporary differences | &nbsp;&nbsp; (3177740)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $(118850430)<br>|

---

As of January 31, 2026, 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 | $(12381510)<br>|
| Long-Term | (111721807)<br>|
| Total | $(124103317)<br>|

---

------

MFS High Yield Pooled Portfolio

*Notes to Financial Statements - continued* 

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

**(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. MFS receives no compensation under this agreement; however MFS receives management fees from MFS funds that invest in the fund.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, provides transfer agent and recordkeeping functions in connection with the issuance, transfer, and redemption of shares of the fund under a Shareholder Servicing Agent Agreement. MFSC is not paid a fee for providing these services. MFSC receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the year ended January 31, 2026, these costs amounted to $28.

**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 pays an annual fixed amount of $17,500. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended January 31, 2026 was equivalent to an annual effective rate of 0.0031% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** - The fund may pay 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, MFS Fund Distributors, Inc. (MFD), and MFSC. The independent Trustees do not currently receive compensation from the fund.

**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.

**(4) Portfolio Securities**

For the year ended January 31, 2026, purchases and sales of investments, other than short-term obligations, aggregated $270,915,401 and $311,968,674, respectively.

**(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>**1/31/26** | **Year ended** <br>**1/31/26** | **Year ended** <br>**1/31/25** | **Year ended** <br>**1/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 5369315 | &nbsp;&nbsp; $44749514 | &nbsp;&nbsp; 1780399 | &nbsp;&nbsp; $14727846 |
| Shares issued to shareholders in <br>reinvestment of distributions<br>| 4646039 | &nbsp;&nbsp; 39005078 | &nbsp;&nbsp; 5210874 | &nbsp;&nbsp; 43207316 |
| Shares reacquired | (13937740)<br>| &nbsp;&nbsp; (116812377)<br>| &nbsp;&nbsp; (17626873)<br>| &nbsp;&nbsp; (146203814)<br>|
| Net change | (3922386)<br>| &nbsp;&nbsp; $(33057785)<br>| &nbsp;&nbsp; (10635600)<br>| &nbsp;&nbsp; $(88268652)<br>|

---

The fund is an MFS Pooled Portfolio, which is designed to be used by certain MFS funds to invest in a particular security type rather than invest in the security type directly. The fund is solely invested in by other MFS funds for the purpose of gaining exposure to high income debt instruments, rather than investing in high income debt instruments directly. The MFS funds do not invest in this fund for the purpose of exercising management or control. At the end of the period, the MFS Diversified Income Fund and the MFS Global High Yield Fund were the owners of record of approximately 75% and 25%, respectively, of the value of outstanding voting shares of the fund.

------

MFS High Yield Pooled Portfolio

*Notes to Financial Statements - continued* 

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

**(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 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended January 31, 2026, the fund's commitment fee and interest expense were $2,665 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. The following were affiliated issuers for the year ended January 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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; $8373051 | &nbsp;&nbsp; $155811277 | &nbsp;&nbsp; $152018967 | &nbsp;&nbsp; $(2075)<br>| &nbsp;&nbsp; $587 | &nbsp;&nbsp; $12163873 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $544164 | $— |

---

------

MFS High Yield Pooled Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Series Trust III and the Shareholders of MFS High Yield Pooled Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS High Yield Pooled Portfolio (the "Fund"), including the portfolio of investments, as of January 31, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, and 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 the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights 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 Fund 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund'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 and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

March 18, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS High Yield Pooled Portfolio

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2026 income tax forms in January 2027. 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 High Yield Pooled Portfolio.

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

There is nothing to report for this item for MFS High Yield Pooled Portfolio.

**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 High Yield Pooled Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS High Income Fund

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

MFS High Income Fund

**Portfolio of Investments - 1/31/26** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 94.1% | Bonds – 94.1% | Bonds – 94.1% |
| Aerospace & Defense – 3.0% | Aerospace & Defense – 3.0% | Aerospace & Defense – 3.0% |
| Axon Enterprise, Inc., 6.125%, 3/15/2030 (n) | $6847000 | &nbsp;&nbsp; $7038367 |
| Axon Enterprise, Inc., 6.25%, 3/15/2033 (n) | 2241000 | &nbsp;&nbsp; 2322012 |
| Bombardier, Inc., 7.5%, 2/01/2029 (n) | 1761000 | &nbsp;&nbsp; 1829272 |
| Bombardier, Inc., 8.75%, 11/15/2030 (n) | 1283000 | &nbsp;&nbsp; 1374949 |
| Bombardier, Inc., 7.25%, 7/01/2031 (n) | 3410000 | &nbsp;&nbsp; 3620274 |
| Bombardier, Inc., 7%, 6/01/2032 (n) | 2523000 | &nbsp;&nbsp; 2648439 |
| Bombardier, Inc., 6.75%, 6/15/2033 (n) | 4989000 | &nbsp;&nbsp; 5240406 |
| TransDigm, Inc., 6.75%, 8/15/2028 (n) | 3860000 | &nbsp;&nbsp; 3924960 |
| TransDigm, Inc., 4.625%, 1/15/2029  | 5775000 | &nbsp;&nbsp; 5740093 |
| TransDigm, Inc., 6.375%, 3/01/2029 (n) | 3773000 | &nbsp;&nbsp; 3879870 |
| TransDigm, Inc., 6.875%, 12/15/2030 (n) | 9903000 | &nbsp;&nbsp; 10314816 |
| TransDigm, Inc., 6.375%, 5/31/2033 (n) | 11504000 | &nbsp;&nbsp; 11711210 |
|  |  | &nbsp;&nbsp; $59644668 |
| Asset-Backed & Securitized – 0.0% | Asset-Backed & Securitized – 0.0% | Asset-Backed & Securitized – 0.0% |
| COBALT CMBS Commercial Mortgage Trust, 2006-2A, "F", CDO, FLR, 5.23% ((SOFR - 3mo. + 0.26161%) + 1.3% Cash or PIK) <br> to 4/26/2050 (a)(n)(p)<br>| $989322 | &nbsp;&nbsp; $99 |
| COBALT CMBS Commercial Mortgage Trust, 2006-2A, "G", CDO, FLR, 5.43% ((SOFR - 3mo. + 0.26161%) + 1.5% Cash or PIK) <br> to 4/26/2050 (a)(n)(p)<br>| 3167250 | &nbsp;&nbsp; 317 |
|  |  | &nbsp;&nbsp; $416 |
| Automotive – 2.9% | Automotive – 2.9% | Automotive – 2.9% |
| Allison Transmission, Inc., 3.75%, 1/30/2031 (n) | $10465000 | &nbsp;&nbsp; $9864641 |
| Allison Transmission, Inc., 5.875%, 12/01/2033 (n) | 1868000 | &nbsp;&nbsp; 1894442 |
| American Axle & Manufacturing, Inc., 6.375%, 10/15/2032 (n) | 2868000 | &nbsp;&nbsp; 2926206 |
| American Axle & Manufacturing, Inc., 7.75%, 10/15/2033 (n) | 5068000 | &nbsp;&nbsp; 5213590 |
| Clarios Global LP/Clarios US Finance Co., 6.75%, 2/15/2030 (n) | 3670000 | &nbsp;&nbsp; 3839301 |
| Clarios Global LP/Clarios US Finance Co., 4.75%, 6/15/2031 (n) | 3196000 | &nbsp;&nbsp; 3848967 |
| Clarios Global LP/Clarios US Finance Co., 6.75%, 9/15/2032 (n) | $1710000 | &nbsp;&nbsp; 1769901 |
| Dealer Tire LLC/DT Issuer LLC, 8%, 2/01/2028 (n) | 5539000 | &nbsp;&nbsp; 5530143 |
| Forvia SE, 6.75%, 9/15/2033 (n) | 4934000 | &nbsp;&nbsp; 5059032 |
| J.B. Poindexter & Co., Inc., 8.75%, 12/15/2031 (n) | 3391000 | &nbsp;&nbsp; 3522605 |
| New Flyer Holdings, Inc., 9.25%, 7/01/2030 (n) | 6329000 | &nbsp;&nbsp; 6818717 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n) | 3334000 | &nbsp;&nbsp; 1644729 |
| Wabash National Corp., 4.5%, 10/15/2028 (n) | 6248000 | &nbsp;&nbsp; 5814629 |
|  |  | &nbsp;&nbsp; $57746903 |
| Broadcasting – 2.6% | Broadcasting – 2.6% | Broadcasting – 2.6% |
| Banijay Group S.A.S., 8.125%, 5/01/2029 (n) | $5081000 | &nbsp;&nbsp; $5279464 |
| Dotdash Meredith, Inc., 7.625%, 6/15/2032 (n) | 5232000 | &nbsp;&nbsp; 4769895 |
| Gray Media, Inc., 9.625%, 7/15/2032 (n) | 4529000 | &nbsp;&nbsp; 4669179 |
| Gray Media, Inc., 7.25%, 8/15/2033 (n) | 3425000 | &nbsp;&nbsp; 3506423 |
| Scripps Escrow II, Inc., 3.875%, 1/15/2029 (n) | 2570000 | &nbsp;&nbsp; 2371865 |
| Sinclair Television Group, Inc., 8.125%, 2/15/2033 (n) | 6125000 | &nbsp;&nbsp; 6335823 |
| Stagwell Global LLC, 5.625%, 8/15/2029 (n) | 6585000 | &nbsp;&nbsp; 6385234 |
| Univision Communications, Inc., 8%, 8/15/2028 (n) | 3409000 | &nbsp;&nbsp; 3518078 |
| Univision Communications, Inc., 8.5%, 7/31/2031 (n) | 7861000 | &nbsp;&nbsp; 8197899 |
| Versant Media Group, Inc., 7.25%, 1/30/2031 (n) | 3424000 | &nbsp;&nbsp; 3508879 |

---

MFHFS-ANN

------

MFS High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Broadcasting – continued | Broadcasting – continued | Broadcasting – continued |
| WarnerMedia Holdings, Inc., 5.05%, 3/15/2042  | $6214000 | &nbsp;&nbsp; $4365335 |
|  |  | &nbsp;&nbsp; $52908074 |
| Brokerage & Asset Managers – 1.8% | Brokerage & Asset Managers – 1.8% | Brokerage & Asset Managers – 1.8% |
| Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n) | $4102000 | &nbsp;&nbsp; $4418633 |
| Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n) | 1589000 | &nbsp;&nbsp; 1585107 |
| Hightower Holding LLC, 6.75%, 4/15/2029 (n) | 4310000 | &nbsp;&nbsp; 4304076 |
| Hightower Holding LLC, 9.125%, 1/31/2030 (n) | 2614000 | &nbsp;&nbsp; 2759163 |
| Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n) | 13729000 | &nbsp;&nbsp; 13983083 |
| Osaic Holdings, Inc., 8%, 8/01/2033 (n) | 6671000 | &nbsp;&nbsp; 6914692 |
| Osaic Holdings, Inc., 8%, 8/01/2033 (n) | 1690000 | &nbsp;&nbsp; 1751280 |
|  |  | &nbsp;&nbsp; $35716034 |
| Building – 3.1% | Building – 3.1% | Building – 3.1% |
| AmeriTex Holdco Intermediate LLC, 7.625%, 8/15/2033 (n) | $6163000 | &nbsp;&nbsp; $6481997 |
| Cornerstone Building Brands, Inc., 6.125%, 1/15/2029 (n) | 4999000 | &nbsp;&nbsp; 2207108 |
| Cornerstone Building Brands, Inc., 9.5%, 8/15/2029 (n) | 2822000 | &nbsp;&nbsp; 2131593 |
| Knife River Corp., 7.75%, 5/01/2031 (n) | 4392000 | &nbsp;&nbsp; 4573170 |
| LBM Acquisition LLC, 6.25%, 1/15/2029 (n) | 3401000 | &nbsp;&nbsp; 3140407 |
| LBM Acquisition LLC, 9.5%, 6/15/2031 (n) | 5141000 | &nbsp;&nbsp; 5414085 |
| Miter Brands Acquisition Holdco, Inc., 6.75%, 4/01/2032 (n) | 1873000 | &nbsp;&nbsp; 1923689 |
| MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n) | 5673000 | &nbsp;&nbsp; 5511263 |
| New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n) | 2209000 | &nbsp;&nbsp; 2220045 |
| Patrick Industries, Inc., 6.375%, 11/01/2032 (n) | 8637000 | &nbsp;&nbsp; 8839771 |
| Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n) | 13191000 | &nbsp;&nbsp; 13680276 |
| White Cap Supply Holding Co., 7.375%, 11/15/2030 (n) | 6213000 | &nbsp;&nbsp; 6453337 |
|  |  | &nbsp;&nbsp; $62576741 |
| Business Services – 2.5% | Business Services – 2.5% | Business Services – 2.5% |
| ams-OSRAM AG, 10.5%, 3/30/2029  | 3071000 | &nbsp;&nbsp; $3859553 |
| athenahealth, Inc., 6.5%, 2/15/2030 (n) | $7015000 | &nbsp;&nbsp; 6803456 |
| CACI International, Inc., 6.375%, 6/15/2033 (n) | 8191000 | &nbsp;&nbsp; 8498465 |
| ION Platform Finance US, Inc., 7.875%, 9/30/2032 (n) | 5651000 | &nbsp;&nbsp; 4956007 |
| Iron Mountain, Inc., 5.25%, 3/15/2028 (n) | 5087000 | &nbsp;&nbsp; 5085550 |
| Iron Mountain, Inc., 5.625%, 7/15/2032 (n) | 7168000 | &nbsp;&nbsp; 7078197 |
| Iron Mountain, Inc., 6.25%, 1/15/2033 (n) | 5862000 | &nbsp;&nbsp; 5923498 |
| Wulf Compute LLC, 7.75%, 10/15/2030 (n) | 8475000 | &nbsp;&nbsp; 8839594 |
|  |  | &nbsp;&nbsp; $51044320 |
| Cable TV – 4.2% | Cable TV – 4.2% | Cable TV – 4.2% |
| Cable One, Inc., 4%, 11/15/2030 (n) | $4589000 | &nbsp;&nbsp; $3340128 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n) | 18043000 | &nbsp;&nbsp; 17236496 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | 12408000 | &nbsp;&nbsp; 11661546 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 5/01/2032  | 3201000 | &nbsp;&nbsp; 2872537 |
| CSC Holdings LLC, 5.375%, 2/01/2028 (n) | 7540000 | &nbsp;&nbsp; 5627463 |
| CSC Holdings LLC, 5.75%, 1/15/2030 (n) | 4090000 | &nbsp;&nbsp; 1607592 |
| CSC Holdings LLC, 4.125%, 12/01/2030 (n) | 3025000 | &nbsp;&nbsp; 1834372 |
| DIRECTV Financing LLC, 8.875%, 2/01/2030 (n) | 2447000 | &nbsp;&nbsp; 2478970 |
| DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 10%, 2/15/2031 (n) | 1773000 | &nbsp;&nbsp; 1826348 |
| DISH DBS Corp., 5.125%, 6/01/2029  | 5857000 | &nbsp;&nbsp; 5183546 |
| DISH Network Corp., 11.75%, 11/15/2027 (n) | 4823000 | &nbsp;&nbsp; 4991602 |
| EchoStar Corp., 10.75%, 11/30/2029  | 6077534 | &nbsp;&nbsp; 6662314 |
| EchoStar Corp., 6.75% (6.75% Cash or 6.75% PIK) to 5/30/2027, 6.75% Cash to 11/30/2030 (p) | 5122755 | &nbsp;&nbsp; 5119067 |

---

------

MFS High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Cable TV – continued | Cable TV – continued | Cable TV – continued |
| Virgin Media Finance PLC, 5%, 7/15/2030 (n) | $5484000 | &nbsp;&nbsp; $4791762 |
| Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n) | 10139000 | &nbsp;&nbsp; 8907604 |
|  |  | &nbsp;&nbsp; $84141347 |
| Chemicals – 2.9% | Chemicals – 2.9% | Chemicals – 2.9% |
| Cerdia Finanz GmbH, 9.375%, 10/03/2031 (n) | $6331000 | &nbsp;&nbsp; $6440020 |
| Chemours Co., 4.625%, 11/15/2029 (n) | 8644000 | &nbsp;&nbsp; 8060455 |
| Consolidated Energy Finance S.A., 6.5%, 5/15/2026 (n) | 1100000 | &nbsp;&nbsp; 1089000 |
| Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n) | 6068000 | &nbsp;&nbsp; 5006100 |
| Maxam Prill S.à r.l., 6%, 7/15/2030 (n) | 5940000 | &nbsp;&nbsp; 7309379 |
| Qnity Electronics, Inc., 5.75%, 8/15/2032 (n) | $5099000 | &nbsp;&nbsp; 5194423 |
| Qnity Electronics, Inc., 6.25%, 8/15/2033 (n) | 2814000 | &nbsp;&nbsp; 2904312 |
| SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n) | 7682000 | &nbsp;&nbsp; 7678217 |
| SNF Group SACA, 3.375%, 3/15/2030 (n) | 8369000 | &nbsp;&nbsp; 7869443 |
| Tronox, Inc., 4.625%, 3/15/2029 (n) | 1689000 | &nbsp;&nbsp; 1298221 |
| W.R. Grace Holdings LLC, 7%, 8/01/2033 (n) | 5065000 | &nbsp;&nbsp; 5071331 |
|  |  | &nbsp;&nbsp; $57920901 |
| Computer Software – 2.3% | Computer Software – 2.3% | Computer Software – 2.3% |
| Amentum Escrow Corp., 7.25%, 8/01/2032 (n) | $7636000 | &nbsp;&nbsp; $8046992 |
| Cloud Software Group, Inc., 9%, 9/30/2029 (n) | 1668000 | &nbsp;&nbsp; 1684299 |
| Cloud Software Group, Inc., 8.25%, 6/30/2032 (n) | 7417000 | &nbsp;&nbsp; 7543705 |
| Cloud Software Group, Inc., 6.625%, 8/15/2033 (n) | 4626000 | &nbsp;&nbsp; 4434421 |
| Fair Isaac Corp., 6%, 5/15/2033 (n) | 9969000 | &nbsp;&nbsp; 10157763 |
| Flash Compute LLC, 7.25%, 12/31/2030 (n) | 1720000 | &nbsp;&nbsp; 1725836 |
| Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n) | 7025000 | &nbsp;&nbsp; 7213312 |
| Neptune Bidco U.S., Inc., 10.375%, 5/15/2031 (n) | 2341000 | &nbsp;&nbsp; 2475124 |
| Neptune Bidco U.S., Inc., 9.5%, 2/15/2033 (n) | 2204000 | &nbsp;&nbsp; 2244259 |
|  |  | &nbsp;&nbsp; $45525711 |
| Computer Software - Systems – 1.0% | Computer Software - Systems – 1.0% | Computer Software - Systems – 1.0% |
| SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n) | $6953000 | &nbsp;&nbsp; $6946984 |
| SS&C Technologies Holdings, Inc., 6.5%, 6/01/2032 (n) | 2203000 | &nbsp;&nbsp; 2274430 |
| Virtusa Corp., 7.125%, 12/15/2028 (n) | 3828000 | &nbsp;&nbsp; 3755356 |
| Zebra Technologies Corp., "A", 6.5%, 6/01/2032 (n) | 7174000 | &nbsp;&nbsp; 7389479 |
|  |  | &nbsp;&nbsp; $20366249 |
| Conglomerates – 1.2% | Conglomerates – 1.2% | Conglomerates – 1.2% |
| Amsted Industries, Inc., 6.375%, 3/15/2033 (n) | $4473000 | &nbsp;&nbsp; $4629291 |
| CompoSecure Holdings LLC, 5.625%, 2/01/2033 (n) | 5066000 | &nbsp;&nbsp; 5049789 |
| Emerald Debt Merger, 6.625%, 12/15/2030 (n) | 6226000 | &nbsp;&nbsp; 6444389 |
| SPX Flow, Inc., 8.75%, 4/01/2030 (n) | 7002000 | &nbsp;&nbsp; 7194170 |
|  |  | &nbsp;&nbsp; $23317639 |
| Construction – 1.2% | Construction – 1.2% | Construction – 1.2% |
| Empire Communities Corp., 9.75%, 5/01/2029 (n) | $5648000 | &nbsp;&nbsp; $5836225 |
| Mattamy Group Corp., 4.625%, 3/01/2030 (n) | 3689000 | &nbsp;&nbsp; 3602099 |
| Mattamy Group Corp., 6%, 12/15/2033 (n) | 2897000 | &nbsp;&nbsp; 2846501 |
| New Home Co., 8.5%, 11/01/2030 (n) | 5895000 | &nbsp;&nbsp; 6140515 |
| Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n) | 4879000 | &nbsp;&nbsp; 4806480 |
|  |  | &nbsp;&nbsp; $23231820 |

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------

MFS High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Consumer Products – 2.9% | Consumer Products – 2.9% | Consumer Products – 2.9% |
| Acushnet Co., 5.625%, 12/01/2033 (n) | $7119000 | &nbsp;&nbsp; $7185919 |
| Amer Sports Co., 6.75%, 2/16/2031 (n) | 5524000 | &nbsp;&nbsp; 5753749 |
| CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.5%, 10/15/2029 (n) | 5136000 | &nbsp;&nbsp; 4531209 |
| Champ Acquisition Corp., 8.375%, 12/01/2031 (n) | 5315000 | &nbsp;&nbsp; 5666927 |
| Energizer Holdings, Inc., 4.375%, 3/31/2029 (n) | 4566000 | &nbsp;&nbsp; 4385561 |
| Energizer Holdings, Inc., 6%, 9/15/2033 (n) | 2373000 | &nbsp;&nbsp; 2280663 |
| MajorDrive Holdings IV LLC, 6.375%, 6/01/2029 (n) | 2506000 | &nbsp;&nbsp; 2016014 |
| Newell Brands, Inc., 6.375%, 5/15/2030  | 6250000 | &nbsp;&nbsp; 6177689 |
| Newell Brands, Inc., 6.625%, 5/15/2032  | 3575000 | &nbsp;&nbsp; 3501119 |
| Perrigo Finance Unlimited Co., 6.125%, 9/30/2032  | 6834000 | &nbsp;&nbsp; 6721423 |
| Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n) | 4937000 | &nbsp;&nbsp; 4938871 |
| Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n) | 5568000 | &nbsp;&nbsp; 5204551 |
|  |  | &nbsp;&nbsp; $58363695 |
| Consumer Services – 2.7% | Consumer Services – 2.7% | Consumer Services – 2.7% |
| Allied Universal Holdco LLC, 6.875%, 6/15/2030 (n) | $2840000 | &nbsp;&nbsp; $2949356 |
| Allied Universal Holdco LLC, 7.875%, 2/15/2031 (n) | 5461000 | &nbsp;&nbsp; 5747282 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 4/15/2030 (n) | 2220000 | &nbsp;&nbsp; 2423030 |
| Arches Buyer, Inc., 6.125%, 12/01/2028 (n) | 6936000 | &nbsp;&nbsp; 6781632 |
| Garda World Security Corp., 6.5%, 1/15/2031 (n) | 2865000 | &nbsp;&nbsp; 2936805 |
| Garda World Security Corp., 8.375%, 11/15/2032 (n) | 6936000 | &nbsp;&nbsp; 7120955 |
| Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 (n) | 7408000 | &nbsp;&nbsp; 7423742 |
| Service Corp. International, 5.75%, 10/15/2032  | 12017000 | &nbsp;&nbsp; 12207626 |
| TriNet Group, Inc., 3.5%, 3/01/2029 (n) | 5130000 | &nbsp;&nbsp; 4848300 |
| TriNet Group, Inc., 7.125%, 8/15/2031 (n) | 2320000 | &nbsp;&nbsp; 2386895 |
|  |  | &nbsp;&nbsp; $54825623 |
| Containers – 1.0% | Containers – 1.0% | Containers – 1.0% |
| Ball Corp., 6%, 6/15/2029  | $4589000 | &nbsp;&nbsp; $4724909 |
| Ball Corp., 2.875%, 8/15/2030  | 8993000 | &nbsp;&nbsp; 8280183 |
| Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/2030 (n) | 6299000 | &nbsp;&nbsp; 6303512 |
|  |  | &nbsp;&nbsp; $19308604 |
| Electronics – 0.2% | Electronics – 0.2% | Electronics – 0.2% |
| Diebold Nixdorf, Inc., 7.75%, 3/31/2030 (n) | $4712000 | &nbsp;&nbsp; $4990357 |
| Energy - Independent – 3.7% | Energy - Independent – 3.7% | Energy - Independent – 3.7% |
| Chord Energy Corp., 6%, 10/01/2030 (n) | $1716000 | &nbsp;&nbsp; $1749459 |
| Chord Energy Corp., 6.75%, 3/15/2033 (n) | 6003000 | &nbsp;&nbsp; 6223140 |
| CNX Resources Corp., 7.25%, 3/01/2032 (n) | 6977000 | &nbsp;&nbsp; 7299498 |
| Comstock Resources, Inc., 6.75%, 3/01/2029 (n) | 8930000 | &nbsp;&nbsp; 8986938 |
| Gulfport Energy Corp., 6.75%, 9/01/2029 (n) | 7257000 | &nbsp;&nbsp; 7484050 |
| Kraken Oil & Gas Partners LLC, 7.625%, 8/15/2029 (n) | 3952000 | &nbsp;&nbsp; 3949429 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.875%, 12/01/2032 (n) | 7546000 | &nbsp;&nbsp; 7836114 |
| Matador Resources Co., 6.875%, 4/15/2028 (n) | 4209000 | &nbsp;&nbsp; 4300554 |
| Matador Resources Co., 6.5%, 4/15/2032 (n) | 2537000 | &nbsp;&nbsp; 2583295 |
| Permian Resources Operating LLC, 5.875%, 7/01/2029 (n) | 4653000 | &nbsp;&nbsp; 4668629 |
| Permian Resources Operating LLC, 7%, 1/15/2032 (n) | 4475000 | &nbsp;&nbsp; 4691147 |
| Permian Resources Operating LLC, 6.25%, 2/01/2033 (n) | 1922000 | &nbsp;&nbsp; 1979950 |
| SM Energy Co., 8.375%, 7/01/2028 (n) | 1288000 | &nbsp;&nbsp; 1325736 |
| SM Energy Co., 8.625%, 11/01/2030 (n) | 1795000 | &nbsp;&nbsp; 1898439 |
| SM Energy Co., 8.75%, 7/01/2031 (n) | 5187000 | &nbsp;&nbsp; 5448207 |

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------

MFS High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Energy - Independent – continued | Energy - Independent – continued | Energy - Independent – continued |
| Wildfire Intermediate Holdings LLC, 7.5%, 10/15/2029 (n) | $4549000 | &nbsp;&nbsp; $4611712 |
|  |  | &nbsp;&nbsp; $75036297 |
| Entertainment – 2.4% | Entertainment – 2.4% | Entertainment – 2.4% |
| Kingpin Intermediate Holdings LLC, 7.25%, 10/15/2032 (n) | $5706000 | &nbsp;&nbsp; $5458574 |
| Life Time, Inc., 6%, 11/15/2031 (n) | 4533000 | &nbsp;&nbsp; 4647639 |
| Lindblad Expeditions Holdings, Inc., 7%, 9/15/2030 (n) | 5054000 | &nbsp;&nbsp; 5276058 |
| NCL Corp. Ltd., 6.25%, 3/01/2030 (n) | 7273000 | &nbsp;&nbsp; 7433457 |
| NCL Corp. Ltd., 6.75%, 2/01/2032 (n) | 2855000 | &nbsp;&nbsp; 2925821 |
| Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n) | 8099000 | &nbsp;&nbsp; 8275906 |
| Six Flags Entertainment Corp./Canada Wonderland Co., 8.625%, 1/15/2032 (n) | 1715000 | &nbsp;&nbsp; 1750072 |
| Viking Cruises Ltd. Co., 5.875%, 10/15/2033 (n) | 4569000 | &nbsp;&nbsp; 4632014 |
| Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n) | 7423000 | &nbsp;&nbsp; 7423312 |
|  |  | &nbsp;&nbsp; $47822853 |
| Financial Institutions – 7.2% | Financial Institutions – 7.2% | Financial Institutions – 7.2% |
| Azorra Finance Ltd., 7.75%, 4/15/2030 (n) | $8777000 | &nbsp;&nbsp; $9236827 |
| Azorra Finance Ltd., 7.25%, 1/15/2031 (n) | 2338000 | &nbsp;&nbsp; 2448678 |
| Credit Acceptance Corp., 9.25%, 12/15/2028 (n) | 2721000 | &nbsp;&nbsp; 2851257 |
| Credit Acceptance Corp., 6.625%, 3/15/2030 (n) | 4810000 | &nbsp;&nbsp; 4814720 |
| CrossCountry Intermediate HoldCo LLC, 6.5%, 10/01/2030 (n) | 3941000 | &nbsp;&nbsp; 4000076 |
| CrossCountry Intermediate HoldCo LLC, 6.75%, 12/01/2032 (n) | 2303000 | &nbsp;&nbsp; 2321934 |
| Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n) | 5333000 | &nbsp;&nbsp; 5582984 |
| Freedom Mortgage Holdings LLC, 6.875%, 5/01/2031 (n) | 2883000 | &nbsp;&nbsp; 2861015 |
| Freedom Mortgage Holdings LLC, 9.125%, 5/15/2031 (n) | 2228000 | &nbsp;&nbsp; 2355593 |
| FTAI Aviation Ltd., 5.5%, 5/01/2028 (n) | 6782000 | &nbsp;&nbsp; 6788518 |
| FTAI Aviation Ltd., 7.875%, 12/01/2030 (n) | 4279000 | &nbsp;&nbsp; 4537045 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 9/01/2027 (n) | 5606000 | &nbsp;&nbsp; 5802944 |
| goeasy Ltd., 6.875%, 2/15/2031 (n) | 5084000 | &nbsp;&nbsp; 4778773 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/2029  | 5498000 | &nbsp;&nbsp; 5531499 |
| Icahn Enterprises LP/Ichan Enterprises Finance Corp., 10%, 11/15/2029 (n) | 2423000 | &nbsp;&nbsp; 2445742 |
| Jefferson Capital Holdings LLC, 8.25%, 5/15/2030 (n) | 6914000 | &nbsp;&nbsp; 7284872 |
| LFS TopCo LLC, 8.75%, 7/15/2030 (n) | 2720000 | &nbsp;&nbsp; 2733320 |
| OneMain Finance Corp., 6.625%, 5/15/2029  | 5494000 | &nbsp;&nbsp; 5663089 |
| OneMain Finance Corp., 5.375%, 11/15/2029  | 4114000 | &nbsp;&nbsp; 4103162 |
| OneMain Finance Corp., 7.5%, 5/15/2031  | 3459000 | &nbsp;&nbsp; 3626219 |
| OneMain Finance Corp., 6.75%, 9/15/2033  | 3981000 | &nbsp;&nbsp; 4025123 |
| PennyMac Financial Services, Inc., 6.875%, 2/15/2033 (n) | 14665000 | &nbsp;&nbsp; 14958454 |
| Phoenix Aviation Capital, 9.25%, 7/15/2030 (n) | 5136000 | &nbsp;&nbsp; 5382656 |
| Rocket Cos., Inc., 6.5%, 8/01/2029 (n) | 4801000 | &nbsp;&nbsp; 4938405 |
| Rocket Cos., Inc., 6.125%, 8/01/2030 (n) | 3850000 | &nbsp;&nbsp; 3941665 |
| Rocket Cos., Inc., 6.375%, 8/01/2033 (n) | 8065000 | &nbsp;&nbsp; 8367123 |
| Rocket Cos., Inc., 4%, 10/15/2033 (n) | 1816000 | &nbsp;&nbsp; 1667504 |
| TrueNoord Capital DAC, 8.75%, 3/01/2030 (n) | 4505000 | &nbsp;&nbsp; 4751581 |
| Walker & Dunlop, Inc., 6.625%, 4/01/2033 (n) | 5187000 | &nbsp;&nbsp; 5317106 |
|  |  | &nbsp;&nbsp; $143117884 |
| Food & Beverages – 2.4% | Food & Beverages – 2.4% | Food & Beverages – 2.4% |
| Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n) | $3187000 | &nbsp;&nbsp; $3277782 |
| Fiesta Purchaser, Inc., 9.625%, 9/15/2032 (n) | 3704000 | &nbsp;&nbsp; 3746940 |
| Performance Food Group Co., 5.5%, 10/15/2027 (n) | 5184000 | &nbsp;&nbsp; 5186810 |
| Performance Food Group Co., 6.125%, 9/15/2032 (n) | 3848000 | &nbsp;&nbsp; 3952119 |
| Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 11262000 | &nbsp;&nbsp; 10997477 |
| Post Holdings, Inc., 6.25%, 10/15/2034 (n) | 4837000 | &nbsp;&nbsp; 4871614 |

---

------

MFS High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Food & Beverages – continued | Food & Beverages – continued | Food & Beverages – continued |
| U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n) | $9515000 | &nbsp;&nbsp; $9476899 |
| U.S. Foods Holding Corp., 5.75%, 4/15/2033 (n) | 2715000 | &nbsp;&nbsp; 2761943 |
| Viking Baked Goods Acquisition Corp., 8.625%, 11/01/2031 (n) | 4792000 | &nbsp;&nbsp; 4745119 |
|  |  | &nbsp;&nbsp; $49016703 |
| Forest & Paper Products – 0.3% | Forest & Paper Products – 0.3% | Forest & Paper Products – 0.3% |
| Veritiv Operating Co., 10.5%, 11/30/2030 (n) | $5369000 | &nbsp;&nbsp; $5748841 |
| Gaming & Lodging – 3.2% | Gaming & Lodging – 3.2% | Gaming & Lodging – 3.2% |
| CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n) | $12615000 | &nbsp;&nbsp; $12683386 |
| Hilton Domestic Operating Co., Inc., 4.875%, 1/15/2030  | 11580000 | &nbsp;&nbsp; 11602627 |
| Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n) | 6468000 | &nbsp;&nbsp; 5987732 |
| Hilton Domestic Operating Co., Inc., 5.875%, 3/15/2033 (n) | 2980000 | &nbsp;&nbsp; 3057838 |
| Rivers Enterprise Lender LLC, 6.25%, 10/15/2030 (n) | 4503000 | &nbsp;&nbsp; 4571256 |
| Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n) | 7849000 | &nbsp;&nbsp; 7758565 |
| Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | 7594000 | &nbsp;&nbsp; 7578446 |
| Wynn Macau Ltd., 6.75%, 2/15/2034 (n) | 2482000 | &nbsp;&nbsp; 2515801 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n) | 5909000 | &nbsp;&nbsp; 5926556 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/2031 (n) | 1693000 | &nbsp;&nbsp; 1824084 |
|  |  | &nbsp;&nbsp; $63506291 |
| Industrial – 1.2% | Industrial – 1.2% | Industrial – 1.2% |
| AECOM, 6%, 8/01/2033 (n) | $8511000 | &nbsp;&nbsp; $8718643 |
| APi Escrow Corp., 4.75%, 10/15/2029 (n) | 10453000 | &nbsp;&nbsp; 10248625 |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.5%, 2/01/2032 (n) | 4666000 | &nbsp;&nbsp; 4696889 |
|  |  | &nbsp;&nbsp; $23664157 |
| Insurance - Health – 0.4% | Insurance - Health – 0.4% | Insurance - Health – 0.4% |
| Molina Healthcare, Inc., 6.5%, 2/15/2031 (n) | $7344000 | &nbsp;&nbsp; $7526484 |
| Insurance - Property & Casualty – 4.0% | Insurance - Property & Casualty – 4.0% | Insurance - Property & Casualty – 4.0% |
| Acrisure LLC/Acrisure Finance, Inc., 7.5%, 11/06/2030 (n) | $1832000 | &nbsp;&nbsp; $1896654 |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, 7/01/2032 (n) | 7685000 | &nbsp;&nbsp; 7878677 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | 3110000 | &nbsp;&nbsp; 3100164 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7%, 1/15/2031 (n) | 4848000 | &nbsp;&nbsp; 5026198 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.5%, 10/01/2031 (n) | 4605000 | &nbsp;&nbsp; 4733249 |
| AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n) | 2273000 | &nbsp;&nbsp; 2242639 |
| Amynta Agency Borrower, Inc., 7.5%, 7/15/2033 (n) | 5627000 | &nbsp;&nbsp; 5737121 |
| Ardonagh Finco Ltd., 6.875%, 2/15/2031  | 3200000 | &nbsp;&nbsp; 3897207 |
| Ardonagh Finco Ltd., 7.75%, 2/15/2031 (n) | $600000 | &nbsp;&nbsp; 620267 |
| Asurion LLC, 8%, 12/31/2032 (n) | 6292000 | &nbsp;&nbsp; 6573910 |
| Asurion LLC, 8.375%, 2/01/2034 (n) | 5633000 | &nbsp;&nbsp; 5694738 |
| Baldwin Insurance Group Holdings LLC, 7.125%, 5/15/2031 (n) | 7697000 | &nbsp;&nbsp; 7915010 |
| Hub International Ltd., 5.625%, 12/01/2029 (n) | 1980000 | &nbsp;&nbsp; 1977924 |
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 6771000 | &nbsp;&nbsp; 7064550 |
| Hub International Ltd., 7.375%, 1/31/2032 (n) | 3413000 | &nbsp;&nbsp; 3575138 |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 11184000 | &nbsp;&nbsp; 11518692 |
|  |  | &nbsp;&nbsp; $79452138 |
| Interactive Media Services – 0.5% | Interactive Media Services – 0.5% | Interactive Media Services – 0.5% |
| Snap, Inc., 6.875%, 3/01/2033 (n) | $7258000 | &nbsp;&nbsp; $7447833 |
| Snap, Inc., 6.875%, 3/15/2034 (n) | 1707000 | &nbsp;&nbsp; 1743060 |
|  |  | &nbsp;&nbsp; $9190893 |

---

------

MFS High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Machinery & Tools – 1.0% | Machinery & Tools – 1.0% | Machinery & Tools – 1.0% |
| Columbia Pipelines Holding Co., LLC, 7.125%, 2/01/2033 (n) | $3940000 | &nbsp;&nbsp; $3960488 |
| Manitowoc Co., Inc., 9.25%, 10/01/2031 (n) | 4650000 | &nbsp;&nbsp; 5050402 |
| Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n) | 11477000 | &nbsp;&nbsp; 11963476 |
|  |  | &nbsp;&nbsp; $20974366 |
| Medical & Health Technology & Services – 3.6% | Medical & Health Technology & Services – 3.6% | Medical & Health Technology & Services – 3.6% |
| Acadia Healthcare Co., Inc., 7.375%, 3/15/2033 (n) | $5797000 | &nbsp;&nbsp; $5726246 |
| Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n) | 5049000 | &nbsp;&nbsp; 5263583 |
| CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n) | 3317000 | &nbsp;&nbsp; 2729747 |
| CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n) | 13441000 | &nbsp;&nbsp; 12673708 |
| Concentra, Inc., 6.875%, 7/15/2032 (n) | 5825000 | &nbsp;&nbsp; 6098804 |
| Encompass Health Corp., 4.75%, 2/01/2030  | 6698000 | &nbsp;&nbsp; 6667247 |
| Encompass Health Corp., 4.625%, 4/01/2031  | 2297000 | &nbsp;&nbsp; 2248376 |
| IQVIA, Inc., 5%, 5/15/2027 (n) | 4355000 | &nbsp;&nbsp; 4356466 |
| IQVIA, Inc., 6.5%, 5/15/2030 (n) | 6697000 | &nbsp;&nbsp; 6937255 |
| IQVIA, Inc., 6.25%, 6/01/2032 (n) | 2771000 | &nbsp;&nbsp; 2878930 |
| Prime Healthcare Services, Inc., 9.375%, 9/01/2029 (n) | 4519000 | &nbsp;&nbsp; 4705409 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/2032 (n) | 6783000 | &nbsp;&nbsp; 6829211 |
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/2029 (n) | 4326000 | &nbsp;&nbsp; 4344944 |
|  |  | &nbsp;&nbsp; $71459926 |
| Medical Equipment – 1.1% | Medical Equipment – 1.1% | Medical Equipment – 1.1% |
| Insulet Corp., 6.5%, 4/01/2033 (n) | $6922000 | &nbsp;&nbsp; $7203753 |
| Medline Borrower LP, 5.25%, 10/01/2029 (n) | 7992000 | &nbsp;&nbsp; 8005810 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/2029 (n) | 6232000 | &nbsp;&nbsp; 6432114 |
|  |  | &nbsp;&nbsp; $21641677 |
| Metals & Mining – 2.1% | Metals & Mining – 2.1% | Metals & Mining – 2.1% |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n) | $6198000 | &nbsp;&nbsp; $5395256 |
| First Quantum Minerals Ltd., 8%, 3/01/2033 (n) | 2375000 | &nbsp;&nbsp; 2548520 |
| Fortescue Treasury Pty Ltd., 4.375%, 4/01/2031 (n) | 11043000 | &nbsp;&nbsp; 10669748 |
| Mineral Resources Ltd., 9.25%, 10/01/2028 (n) | 8043000 | &nbsp;&nbsp; 8448442 |
| Mineral Resources Ltd., 7%, 4/01/2031 (n) | 1723000 | &nbsp;&nbsp; 1810797 |
| Novelis, Inc., 4.75%, 1/30/2030 (n) | 1752000 | &nbsp;&nbsp; 1698266 |
| Novelis, Inc., 6.875%, 1/30/2030 (n) | 3868000 | &nbsp;&nbsp; 4008992 |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2030 (z) | 2962036 | &nbsp;&nbsp; 1801211 |
| Taseko Mines Ltd., 8.25%, 5/01/2030 (n) | 5634000 | &nbsp;&nbsp; 5980164 |
|  |  | &nbsp;&nbsp; $42361396 |
| Midstream – 6.7% | Midstream – 6.7% | Midstream – 6.7% |
| Antero Midstream Corp., 5.75%, 7/01/2034 (n) | $11466000 | &nbsp;&nbsp; $11581646 |
| Buckeye Partners LP, 6.75%, 2/01/2030 (n) | 4694000 | &nbsp;&nbsp; 4918223 |
| Buckeye Partners LP, 5.85%, 11/15/2043  | 1949000 | &nbsp;&nbsp; 1818423 |
| Delek Logistics Partners LP/Delek Logistics Corp., 8.625%, 3/15/2029 (n) | 7221000 | &nbsp;&nbsp; 7551901 |
| Delek Logistics Partners LP/Delek Logistics Corp., 7.375%, 6/30/2033 (n) | 3060000 | &nbsp;&nbsp; 3146668 |
| Genesis Energy LP/Genesis Energy Finance Corp., 8.25%, 1/15/2029  | 8734000 | &nbsp;&nbsp; 9104985 |
| NuStar Logistics LP, 6.375%, 10/01/2030  | 6719000 | &nbsp;&nbsp; 7039832 |
| Prairie Acquiror LP, 9%, 8/01/2029 (n) | 5273000 | &nbsp;&nbsp; 5469161 |
| Rockies Express Pipeline LLC, 6.75%, 3/15/2033 (n) | 3045000 | &nbsp;&nbsp; 3211836 |
| Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n) | 5916000 | &nbsp;&nbsp; 6056363 |
| Sunoco LP, 4.625%, 5/01/2030 (n) | 6824000 | &nbsp;&nbsp; 6653930 |
| Sunoco LP, 7.25%, 5/01/2032 (n) | 8277000 | &nbsp;&nbsp; 8753937 |
| Sunoco LP, 6.625%, 8/15/2032 (n) | 2812000 | &nbsp;&nbsp; 2900104 |

---

------

MFS High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Midstream – continued | Midstream – continued | Midstream – continued |
| Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n) | $9534000 | &nbsp;&nbsp; $9530708 |
| Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n) | 2718000 | &nbsp;&nbsp; 2817675 |
| Tallgrass Energy Partners LP, 6.75%, 3/15/2034 (n) | 1467000 | &nbsp;&nbsp; 1492982 |
| TransMontaigne Partners LLC, 8.5%, 6/15/2030 (n) | 3947000 | &nbsp;&nbsp; 4094690 |
| Venture Global LNG, Inc., 8.125%, 6/01/2028 (n) | 3644000 | &nbsp;&nbsp; 3730352 |
| Venture Global LNG, Inc., 9.5%, 2/01/2029 (n) | 5961000 | &nbsp;&nbsp; 6347690 |
| Venture Global LNG, Inc., 8.375%, 6/01/2031 (n) | 7086000 | &nbsp;&nbsp; 7247667 |
| Venture Global LNG, Inc., 9% to 9/30/2029, FLR (CMT - 5yr. + 5.44%) to 3/30/2173 (n) | 7195000 | &nbsp;&nbsp; 6329609 |
| Venture Global Plaquemines LNG LLC, 7.5%, 5/01/2033 (n) | 2060000 | &nbsp;&nbsp; 2258518 |
| Venture Global Plaquemines LNG LLC, 6.5%, 1/15/2034 (n) | 5493000 | &nbsp;&nbsp; 5700626 |
| Venture Global Plaquemines LNG LLC, 6.75%, 1/15/2036 (n) | 5277000 | &nbsp;&nbsp; 5531668 |
|  |  | &nbsp;&nbsp; $133289194 |
| Network & Telecom – 1.0% | Network & Telecom – 1.0% | Network & Telecom – 1.0% |
| Altice Financing S.A., 5.75%, 8/15/2029 (n) | $3235000 | &nbsp;&nbsp; $2327579 |
| Frontier Communications Holdings LLC, 6.75%, 5/01/2029 (n) | 2922000 | &nbsp;&nbsp; 2932259 |
| Iliad Holding S.A.S., 7%, 10/15/2028 (n) | 7007000 | &nbsp;&nbsp; 7087433 |
| Iliad Holding S.A.S., 5.375%, 4/15/2030 (n) | 1568000 | &nbsp;&nbsp; 1918932 |
| Iliad Holding S.A.S., 6.875%, 4/15/2031 (n) | 2469000 | &nbsp;&nbsp; 3120286 |
| Iliad Holding S.A.S., 6.875%, 4/15/2031  | 500000 | &nbsp;&nbsp; 631893 |
| Windstream Services LLC/Windstream Escrow, 8.25%, 10/01/2031 (n) | $2266000 | &nbsp;&nbsp; 2373692 |
|  |  | &nbsp;&nbsp; $20392074 |
| Oil Services – 1.0% | Oil Services – 1.0% | Oil Services – 1.0% |
| Nabors Industries, Inc., 8.875%, 8/15/2031 (n) | $5790000 | &nbsp;&nbsp; $5887422 |
| U.S.A. Compression Partners LP/Finance Co., 7.125%, 3/15/2029 (n) | 8639000 | &nbsp;&nbsp; 8944985 |
| Valaris Ltd., 8.375%, 4/30/2030 (n) | 5381000 | &nbsp;&nbsp; 5622661 |
|  |  | &nbsp;&nbsp; $20455068 |
| Oils – 0.1% | Oils – 0.1% | Oils – 0.1% |
| PBF Holding Co. LLC, 7.875%, 9/15/2030 (n) | $2826000 | &nbsp;&nbsp; $2829821 |
| Pharmaceuticals – 1.2% | Pharmaceuticals – 1.2% | Pharmaceuticals – 1.2% |
| 1261229 B.C. Ltd., 10%, 4/15/2032 (n) | $8578000 | &nbsp;&nbsp; $8803232 |
| Bausch Health Co., Inc., 4.875%, 6/01/2028 (n) | 1455000 | &nbsp;&nbsp; 1345853 |
| Bausch Health Co., Inc., 5.25%, 1/30/2030 (n) | 2714000 | &nbsp;&nbsp; 1930333 |
| Genmab A.S., 6.25%, 12/15/2032 (n) | 6910000 | &nbsp;&nbsp; 7083012 |
| Grifols S.A., 7.125%, 5/01/2030  | 3670000 | &nbsp;&nbsp; 4547984 |
|  |  | &nbsp;&nbsp; $23710414 |
| Pollution Control – 1.0% | Pollution Control – 1.0% | Pollution Control – 1.0% |
| Clean Harbors, Inc., 5.75%, 10/15/2033 (n) | $8474000 | &nbsp;&nbsp; $8657462 |
| GFL Environmental, Inc., 4%, 8/01/2028 (n) | 4988000 | &nbsp;&nbsp; 4909146 |
| GFL Environmental, Inc., 6.75%, 1/15/2031 (n) | 3043000 | &nbsp;&nbsp; 3183377 |
| Wrangler Holdco Corp., 6.625%, 4/01/2032 (n) | 3680000 | &nbsp;&nbsp; 3829320 |
|  |  | &nbsp;&nbsp; $20579305 |
| Precious Metals & Minerals – 0.9% | Precious Metals & Minerals – 0.9% | Precious Metals & Minerals – 0.9% |
| Eldorado Gold Corp., 6.25%, 9/01/2029 (n) | $6792000 | &nbsp;&nbsp; $6825980 |
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | 6090000 | &nbsp;&nbsp; 6114604 |
| New Gold, Inc., 6.875%, 4/01/2032 (n) | 4686000 | &nbsp;&nbsp; 4978524 |
|  |  | &nbsp;&nbsp; $17919108 |

---

------

MFS High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Printing & Publishing – 0.3% | Printing & Publishing – 0.3% | Printing & Publishing – 0.3% |
| Graham Holdings Co., 5.625%, 12/01/2033 (n) | $6299000 | &nbsp;&nbsp; $6329380 |
| Real Estate - Healthcare – 0.3% | Real Estate - Healthcare – 0.3% | Real Estate - Healthcare – 0.3% |
| MPT Operating Partnership LP/MPT Finance Corp., REIT, 4.625%, 8/01/2029  | $2536000 | &nbsp;&nbsp; $2174301 |
| MPT Operating Partnership LP/MPT Finance Corp., REIT, 8.5%, 2/15/2032 (n) | 4199000 | &nbsp;&nbsp; 4498628 |
|  |  | &nbsp;&nbsp; $6672929 |
| Real Estate - Other – 1.7% | Real Estate - Other – 1.7% | Real Estate - Other – 1.7% |
| Park Intermediate Holdings LLC, 4.875%, 5/15/2029 (n) | $7788000 | &nbsp;&nbsp; $7618671 |
| RHP Hotel Properties LP/RHP Finance Corp., 7.25%, 7/15/2028 (n) | 9598000 | &nbsp;&nbsp; 9881909 |
| RHP Hotel Properties LP/RHP Finance Corp., 6.5%, 4/01/2032 (n) | 1120000 | &nbsp;&nbsp; 1158249 |
| Starwood Property Trust, Inc., 5.75%, 1/15/2031 (n) | 9041000 | &nbsp;&nbsp; 9154627 |
| XHR LP, REIT, 4.875%, 6/01/2029 (n) | 7098000 | &nbsp;&nbsp; 6997151 |
|  |  | &nbsp;&nbsp; $34810607 |
| Restaurants – 1.2% | Restaurants – 1.2% | Restaurants – 1.2% |
| 1011778 B.C. ULC/New Red Finance, Inc., 6.125%, 6/15/2029 (n) | $7456000 | &nbsp;&nbsp; $7643647 |
| 1011778 B.C. ULC/New Red Finance, Inc., 5.625%, 9/15/2029 (n) | 4006000 | &nbsp;&nbsp; 4073790 |
| 1011778 B.C. ULC/New Red Finance, Inc., 4%, 10/15/2030 (n) | 5590000 | &nbsp;&nbsp; 5333566 |
| Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n) | 6787000 | &nbsp;&nbsp; 6418231 |
|  |  | &nbsp;&nbsp; $23469234 |
| Retailers – 1.4% | Retailers – 1.4% | Retailers – 1.4% |
| Beach Acquisition Bidco LLC, 10% (10% Cash or 10.75% PIK), 7/15/2033 (n)(p) | $7166476 | &nbsp;&nbsp; $7849183 |
| Macy's Retail Holdings LLC, 5.875%, 3/15/2030 (n) | 417000 | &nbsp;&nbsp; 421298 |
| Macy's Retail Holdings LLC, 7.375%, 8/01/2033 (n) | 5591000 | &nbsp;&nbsp; 5903940 |
| Mavis Tire Express Services Corp., 6.5%, 5/15/2029 (n) | 4808000 | &nbsp;&nbsp; 4798563 |
| Maxeda DIY Holding B.V., 5.875%, 10/01/2026  | 2955000 | &nbsp;&nbsp; 2729140 |
| Penske Automotive Group Co., 3.75%, 6/15/2029  | $6313000 | &nbsp;&nbsp; 6099641 |
|  |  | &nbsp;&nbsp; $27801765 |
| Specialty Stores – 1.6% | Specialty Stores – 1.6% | Specialty Stores – 1.6% |
| Carvana Co., 9%, 6/01/2031 (n) | $13078500 | &nbsp;&nbsp; $14387232 |
| Michael Cos., Inc., 5.25%, 5/01/2028 (n) | 2994000 | &nbsp;&nbsp; 2961346 |
| Michael Cos., Inc., 7.875%, 5/01/2029 (n) | 4252000 | &nbsp;&nbsp; 4142760 |
| Petco Health & Wellness Co., Inc., 8.25%, 2/01/2031 (n)(w) | 3940000 | &nbsp;&nbsp; 3950318 |
| PetSmart LLC / PetSmart Finance Corp., 7.5%, 9/15/2032 (n) | 6700000 | &nbsp;&nbsp; 6870589 |
|  |  | &nbsp;&nbsp; $32312245 |
| Supermarkets – 1.0% | Supermarkets – 1.0% | Supermarkets – 1.0% |
| Albertsons Cos. LLC/Safeway, Inc., 6.25%, 3/15/2033 (n) | $11413000 | &nbsp;&nbsp; $11653830 |
| KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n) | 7998000 | &nbsp;&nbsp; 8380025 |
|  |  | &nbsp;&nbsp; $20033855 |
| Telecommunications - Wireless – 0.8% | Telecommunications - Wireless – 0.8% | Telecommunications - Wireless – 0.8% |
| Altice France S.A., 9.5%, 11/01/2029 (n) | $2545734 | &nbsp;&nbsp; $2612628 |
| Altice France S.A., 6.875%, 10/15/2030 (n) | 5659304 | &nbsp;&nbsp; 5563737 |
| Altice France S.A., 6.5%, 4/15/2032 (n) | 1458080 | &nbsp;&nbsp; 1424121 |
| Zegona Finance PLC, 6.75%, 7/15/2029 (n) | 537300 | &nbsp;&nbsp; 668337 |
| Zegona Finance PLC, 8.625%, 7/15/2029 (n) | $4936000 | &nbsp;&nbsp; 5203694 |
|  |  | &nbsp;&nbsp; $15472517 |

---

------

MFS High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Telephone Services – 0.8% | Telephone Services – 0.8% | Telephone Services – 0.8% |
| Level 3 Financing, Inc., 6.875%, 6/30/2033 (n) | $3286899 | &nbsp;&nbsp; $3387120 |
| Level 3 Financing, Inc., 7%, 3/31/2034 (n) | 2827793 | &nbsp;&nbsp; 2929042 |
| Uniti Group/CSL Capital Co., 6.5%, 2/15/2029 (n) | 5643000 | &nbsp;&nbsp; 5488300 |
| Uniti Group/CSL Capital Co., 8.625%, 6/15/2032 (n) | 4192000 | &nbsp;&nbsp; 4232534 |
|  |  | &nbsp;&nbsp; $16036996 |
| Tobacco – 0.4% | Tobacco – 0.4% | Tobacco – 0.4% |
| Turning Point Brands, Inc., 7.625%, 3/15/2032 (n) | $7159000 | &nbsp;&nbsp; $7678994 |
| Transportation - Services – 0.2% | Transportation - Services – 0.2% | Transportation - Services – 0.2% |
| Avis Budget Finance PLC, 7.25%, 7/31/2030 (n) | 2675000 | &nbsp;&nbsp; $3253218 |
| Utilities - Electric Power – 3.9% | Utilities - Electric Power – 3.9% | Utilities - Electric Power – 3.9% |
| Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n) | $7564000 | &nbsp;&nbsp; $7084091 |
| Clearway Energy Operating LLC, 5.75%, 1/15/2034 (n) | 3985000 | &nbsp;&nbsp; 3999528 |
| Hawaiian Electric Co., Inc., 6%, 10/01/2033 (n) | 4993000 | &nbsp;&nbsp; 5068949 |
| NRG Energy, Inc., 5.75%, 1/15/2034 (n) | 8792000 | &nbsp;&nbsp; 8850309 |
| NRG Energy, Inc., 6%, 1/15/2036 (n) | 8558000 | &nbsp;&nbsp; 8647320 |
| PG&E Corp., 5.25%, 7/01/2030  | 10334000 | &nbsp;&nbsp; 10271381 |
| PG&E Corp., 7.375% to 3/15/2030, FLR (CMT - 5yr. + 3.883%) to 3/15/2055  | 2900000 | &nbsp;&nbsp; 2992942 |
| Talen Energy Supply LLC, 6.25%, 2/01/2034 (n) | 6216000 | &nbsp;&nbsp; 6299667 |
| Talen Energy Supply LLC, 6.5%, 2/01/2036 (n) | 2823000 | &nbsp;&nbsp; 2894262 |
| TerraForm Global Operating LP, 6.125%, 3/01/2026 (n) | 1184000 | &nbsp;&nbsp; 1175837 |
| TerraForm Power Operating LLC, 5%, 1/31/2028 (n) | 6745000 | &nbsp;&nbsp; 6752588 |
| TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n) | 1494000 | &nbsp;&nbsp; 1449569 |
| XPLR Infrastructure Operating Partners LP, 4.5%, 9/15/2027 (n) | 3689000 | &nbsp;&nbsp; 3655458 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 5230000 | &nbsp;&nbsp; 5396753 |
| XPLR Infrastructure Operating Partners LP, 8.375%, 1/15/2031 (n) | 1701000 | &nbsp;&nbsp; 1786763 |
| XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/2033 (n) | 1369000 | &nbsp;&nbsp; 1436243 |
|  |  | &nbsp;&nbsp; $77761660 |
| **Total Bonds (Identified Cost, $1,861,614,829)** |  | &nbsp;&nbsp; **$1882957392** |
| Exchange-Traded Funds – 1.5% | Exchange-Traded Funds – 1.5% | Exchange-Traded Funds – 1.5% |
| Fixed Income ETFs – 1.5% | Fixed Income ETFs – 1.5% |  |
| iShares iBoxx $ High Yield Corporate Bond ETF (Identified Cost, $29,202,000) | 785000 | &nbsp;&nbsp; $29547400 |
| Common Stocks – 0.0% | Common Stocks – 0.0% | Common Stocks – 0.0% |
| Metals & Mining – 0.0% | Metals & Mining – 0.0% |  |
| Petra Diamonds Ltd. (a) | 201419 | &nbsp;&nbsp; $41342 |
| Oil Services – 0.0% | Oil Services – 0.0% |  |
| LTRI Holdings LP (a)(u) | 3250 | &nbsp;&nbsp; $606580 |
| **Total Common Stocks (Identified Cost, $641,394)** |  | &nbsp;&nbsp; **$647922** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strike** <br>**Price**<br>| &nbsp;&nbsp; **First** <br>**Exercise**<br>|  |  |
| Warrants – 0.0% |  |  |  |  |
| Other Banks & Diversified Financials – 0.0% | Other Banks & Diversified Financials – 0.0% | Other Banks & Diversified Financials – 0.0% | Other Banks & Diversified Financials – 0.0% | Other Banks & Diversified Financials – 0.0% |
| Avation Capital S.A. (1 share for 1 warrant, Expiration 10/31/26) (a) (Identified Cost, $0) | GBP 1.14 | N/A | 62563 | &nbsp;&nbsp; $23114 |

---

------

MFS High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 2.9% | Mutual Funds (h) – 2.9% | Mutual Funds (h) – 2.9% |
| Money Market Funds – 2.9% | Money Market Funds – 2.9% |  |
| MFS Institutional Money Market Portfolio, 3.73% (v) (Identified Cost, $58,508,382) | 58508084 | &nbsp;&nbsp; $58519785 |
| Other Assets, Less Liabilities – 1.5% |  | &nbsp;&nbsp; 29897480 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$2001593093** |

---

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

&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 $58,519,785 and $1,913,175,828, 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 $1,710,965,716, representing 85.5% 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;(u) The security was valued using significant unobservable inputs and is considered level
 3 under the fair value hierarchy. For further information about the fund's level 3 holdings, please see Note 2 in the Notes to Financial Statements.

&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;(w) When-issued security.

&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%, 3/08/2030 | 3/10/2021-3/29/2022 | $2948574 | $1801211 |
| % 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: |
| CDO | Collateralized Debt Obligation |
| CMT | Constant Maturity Treasury |
| ETF | Exchange-Traded Fund |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of <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: |
| EUR | Euro |
| GBP | British Pound |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** |
| **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** |
| EUR | &nbsp;&nbsp; 1067968 | USD | 1263433 | Morgan Stanley Capital Services LLC | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $6933 |
| USD | &nbsp;&nbsp; 1558468 | EUR | 1305911 | State Street Corp. | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5065 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $11998 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| EUR | &nbsp;&nbsp; 1265400 | USD | 1515950 | JPMorgan Chase Bank N.A. | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $(10735)<br>|

---

------

MFS High Income 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** |
| EUR | &nbsp;&nbsp; 3479813 | USD | 4180730 | State Street Corp. | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $(41436)<br>|
| USD | &nbsp;&nbsp; 43301915 | EUR | 37008824 | Barclays Bank PLC | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (720692)<br>|
| USD | &nbsp;&nbsp; 1392201 | EUR | 1176794 | State Street Corp. | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (7615)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(780478)<br>|

---

At January 31, 2026, the fund had cash collateral of $840,000 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 High Income 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 1/31/26** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $1,891,458,223) | &nbsp;&nbsp; $1913175828 |
| Investments in affiliated issuers, at value (identified cost, $58,508,382) | &nbsp;&nbsp; 58519785 |
| Foreign currency, at value (identified cost, $10) | &nbsp;&nbsp; 10 |
| Restricted cash for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 840000 |
| Receivables for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 11998 |
| Investments sold | &nbsp;&nbsp; 2061827 |
| Fund shares sold | &nbsp;&nbsp; 1408566 |
| Interest and dividends | &nbsp;&nbsp; 35590195 |
| Other assets | &nbsp;&nbsp; 4741 |
| Total assets | &nbsp;&nbsp; $2011612950 |
| **Liabilities** |  |
| Payable to custodian | &nbsp;&nbsp; $44513 |
| Payables for |  |
| Distributions | &nbsp;&nbsp; 108973 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 780478 |
| Investments purchased | &nbsp;&nbsp; 1887602 |
| When-issued investments purchased | &nbsp;&nbsp; 3966446 |
| Fund shares reacquired | &nbsp;&nbsp; 2721021 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 72199 |
| Administrative services fee | &nbsp;&nbsp; 2296 |
| Shareholder servicing costs | &nbsp;&nbsp; 255365 |
| Distribution and service fees | &nbsp;&nbsp; 16161 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 13 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 164790 |
| Total liabilities | &nbsp;&nbsp; $10019857 |
| Net assets | &nbsp;&nbsp; $2001593093 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $2228441149 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (226848056)<br>|
| Net assets | &nbsp;&nbsp; $2001593093 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 635791398 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share (a)**<br>|
| Class A | &nbsp;&nbsp;&nbsp; $741379135 | &nbsp;&nbsp;&nbsp; 235385184 | &nbsp;&nbsp;&nbsp; $3.15 |
| Class B | &nbsp;&nbsp;&nbsp; 698637 | &nbsp;&nbsp;&nbsp; 221611 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| Class C | &nbsp;&nbsp;&nbsp; 10015373 | &nbsp;&nbsp;&nbsp; 3170387 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 |
| Class I | &nbsp;&nbsp;&nbsp; 148332564 | &nbsp;&nbsp;&nbsp; 47240294 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 |
| Class R1 | &nbsp;&nbsp;&nbsp; 722330 | &nbsp;&nbsp;&nbsp; 229177 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| Class R2 | &nbsp;&nbsp;&nbsp; 1197372 | &nbsp;&nbsp;&nbsp; 382182 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 |
| Class R3 | &nbsp;&nbsp;&nbsp; 363730 | &nbsp;&nbsp;&nbsp; 115919 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 |
| Class R4 | &nbsp;&nbsp;&nbsp; 213308 | &nbsp;&nbsp;&nbsp; 67533 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1098670644 | &nbsp;&nbsp;&nbsp; 348979111 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 |

---

&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 $3.29 [100 / 95.75 x $3.15]. 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 High Income 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 1/31/26** <br> **Net investment income (loss)**<br>|  |
| Income |  |
| Interest | &nbsp;&nbsp; $128987927 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 3103152 |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; 1193841 |
| Other | &nbsp;&nbsp; 411530 |
| Total investment income | &nbsp;&nbsp; $133696450 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $8822312 |
| Distribution and service fees | &nbsp;&nbsp; 1933008 |
| Shareholder servicing costs | &nbsp;&nbsp; 1170938 |
| Administrative services fee | &nbsp;&nbsp; 259106 |
| Independent Trustees' compensation | &nbsp;&nbsp; 45951 |
| Custodian fee | &nbsp;&nbsp; 113561 |
| Shareholder communications | &nbsp;&nbsp; 105943 |
| Audit and tax fees | &nbsp;&nbsp; 103072 |
| Legal fees | &nbsp;&nbsp; 9555 |
| Miscellaneous | &nbsp;&nbsp; 285207 |
| Total expenses | &nbsp;&nbsp; $12848653 |
| Fees paid indirectly | &nbsp;&nbsp; (1896)<br>|
| Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp; (270604)<br>|
| Net expenses | &nbsp;&nbsp; $12576153 |
| Net investment income (loss) | &nbsp;&nbsp; $121120297 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(1232959)<br>|
| Affiliated issuers | &nbsp;&nbsp; (4326)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (2278542)<br>|
| Foreign currency | &nbsp;&nbsp; 80368 |
| Net realized gain (loss) | &nbsp;&nbsp; $(3435459)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $29282633 |
| Affiliated issuers | &nbsp;&nbsp; (214)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (610499)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; (4060)<br>|
| Net unrealized gain (loss) | &nbsp;&nbsp; $28667860 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $25232401 |
| Change in net assets from operations | &nbsp;&nbsp; $146352698 |

---

**See Notes to Financial Statements**

------

MFS High Income 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** |
|  | **1/31/26** | **1/31/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $121120297 | &nbsp;&nbsp; $114548021 |
| Net realized gain (loss) | (3435459)<br>| &nbsp;&nbsp; (14016771)<br>|
| Net unrealized gain (loss) | 28667860 | &nbsp;&nbsp; 45047997 |
| Change in net assets from operations | $146352698 | &nbsp;&nbsp; $145579247 |
| Total distributions to shareholders | $(123180454)<br>| &nbsp;&nbsp; $(116241451)<br>|
| Change in net assets from fund share transactions | $58197007 | &nbsp;&nbsp; $108066803 |
| Total change in net assets | $81369251 | &nbsp;&nbsp; $137404599 |
| **Net assets** |  |  |
| At beginning of period | 1920223842 | &nbsp;&nbsp; 1782819243 |
| At end of period | $2001593093 | &nbsp;&nbsp; $1920223842 |

---

**See Notes to Financial Statements**

------

MFS High Income 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** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $3.11 | &nbsp;&nbsp; $3.06 | &nbsp;&nbsp; $3.00 | &nbsp;&nbsp; $3.31 | &nbsp;&nbsp; $3.44 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.19 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.13 |
| Net realized and unrealized gain (loss) | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.11)<br>|
| Total from investment operations | $0.23 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $0.02 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.19)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.15)<br>|
| Net asset value, end of period (x) | $3.15 | &nbsp;&nbsp; $3.11 | &nbsp;&nbsp; $3.06 | &nbsp;&nbsp; $3.00 | &nbsp;&nbsp; $3.31 |
| Total return (%) (r)(s)(t)(x) | 7.67 | &nbsp;&nbsp;&nbsp;&nbsp;7.98 | &nbsp;&nbsp;&nbsp;&nbsp;8.13 | &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Expenses after expense reductions (f) | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Net investment income (loss) | 6.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.98 | &nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 |
| Portfolio turnover rate | 51 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 64 |
| Net assets at end of period (000 omitted) | $741379 | &nbsp;&nbsp; $712966 | &nbsp;&nbsp; $659654 | &nbsp;&nbsp; $625602 | &nbsp;&nbsp; $679622 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class B** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $3.11 | &nbsp;&nbsp; $3.06 | &nbsp;&nbsp; $3.00 | &nbsp;&nbsp; $3.31 | &nbsp;&nbsp; $3.44 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.11 |
| Net realized and unrealized gain (loss) | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.12)<br>|
| Total from investment operations | $0.21 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.01)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.17)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.12)<br>|
| Net asset value, end of period (x) | $3.15 | &nbsp;&nbsp; $3.11 | &nbsp;&nbsp; $3.06 | &nbsp;&nbsp; $3.00 | &nbsp;&nbsp; $3.31 |
| Total return (%) (r)(s)(t)(x) | 6.87 | &nbsp;&nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;&nbsp;&nbsp;7.34 | &nbsp;&nbsp; (5.31)<br>| &nbsp;&nbsp; (0.28)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Expenses after expense reductions (f) | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| Net investment income (loss) | 5.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| Portfolio turnover rate | 51 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 64 |
| Net assets at end of period (000 omitted) | $699 | &nbsp;&nbsp; $1339 | &nbsp;&nbsp; $2315 | &nbsp;&nbsp; $2986 | &nbsp;&nbsp; $4729 |

---

**See Notes to Financial Statements**

------

MFS High Income Fund

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $3.12 | &nbsp;&nbsp; $3.07 | &nbsp;&nbsp; $3.01 | &nbsp;&nbsp; $3.32 | &nbsp;&nbsp; $3.45 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.17 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.11 |
| Net realized and unrealized gain (loss) | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.12)<br>|
| Total from investment operations | $0.21 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.01)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.17)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.12)<br>|
| Net asset value, end of period (x) | $3.16 | &nbsp;&nbsp; $3.12 | &nbsp;&nbsp; $3.07 | &nbsp;&nbsp; $3.01 | &nbsp;&nbsp; $3.32 |
| Total return (%) (r)(s)(t)(x) | 6.87 | &nbsp;&nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;&nbsp;&nbsp;7.32 | &nbsp;&nbsp; (5.29)<br>| &nbsp;&nbsp; (0.27)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Expenses after expense reductions (f) | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| Net investment income (loss) | 5.28 | &nbsp;&nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| Portfolio turnover rate | 51 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 64 |
| Net assets at end of period (000 omitted) | $10015 | &nbsp;&nbsp; $10125 | &nbsp;&nbsp; $9778 | &nbsp;&nbsp; $11888 | &nbsp;&nbsp; $16636 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $3.10 | &nbsp;&nbsp; $3.05 | &nbsp;&nbsp; $2.99 | &nbsp;&nbsp; $3.30 | &nbsp;&nbsp; $3.43 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.20 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.14 |
| Net realized and unrealized gain (loss) | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.11)<br>|
| Total from investment operations | $0.24 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $0.03 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.20)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.16)<br>|
| Net asset value, end of period (x) | $3.14 | &nbsp;&nbsp; $3.10 | &nbsp;&nbsp; $3.05 | &nbsp;&nbsp; $2.99 | &nbsp;&nbsp; $3.30 |
| Total return (%) (r)(s)(t)(x) | 7.94 | &nbsp;&nbsp;&nbsp;&nbsp;8.25 | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp; (4.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Expenses after expense reductions (f) | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net investment income (loss) | 6.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.13 |
| Portfolio turnover rate | 51 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 64 |
| Net assets at end of period (000 omitted) | $148333 | &nbsp;&nbsp; $136995 | &nbsp;&nbsp; $127672 | &nbsp;&nbsp; $189210 | &nbsp;&nbsp; $208682 |

---

**See Notes to Financial Statements**

------

MFS High Income Fund

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R1** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $3.11 | &nbsp;&nbsp; $3.06 | &nbsp;&nbsp; $3.00 | &nbsp;&nbsp; $3.31 | &nbsp;&nbsp; $3.44 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.11 |
| Net realized and unrealized gain (loss) | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.12)<br>|
| Total from investment operations | $0.21 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.01)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.17)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.12)<br>|
| Net asset value, end of period (x) | $3.15 | &nbsp;&nbsp; $3.11 | &nbsp;&nbsp; $3.06 | &nbsp;&nbsp; $3.00 | &nbsp;&nbsp; $3.31 |
| Total return (%) (r)(s)(t)(x) | 6.87 | &nbsp;&nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;&nbsp;&nbsp;7.33 | &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (0.28)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Expenses after expense reductions (f) | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| Net investment income (loss) | 5.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 |
| Portfolio turnover rate | 51 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 64 |
| Net assets at end of period (000 omitted) | $722 | &nbsp;&nbsp; $826 | &nbsp;&nbsp; $775 | &nbsp;&nbsp; $695 | &nbsp;&nbsp; $946 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R2** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $3.09 | &nbsp;&nbsp; $3.04 | &nbsp;&nbsp; $2.98 | &nbsp;&nbsp; $3.29 | &nbsp;&nbsp; $3.43 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.18 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.13 |
| Net realized and unrealized gain (loss) | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.13)<br>|
| Total from investment operations | $0.22 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $0.00 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.18)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.14)<br>|
| Net asset value, end of period (x) | $3.13 | &nbsp;&nbsp; $3.09 | &nbsp;&nbsp; $3.04 | &nbsp;&nbsp; $2.98 | &nbsp;&nbsp; $3.29 |
| Total return (%) (r)(s)(t)(x) | 7.41 | &nbsp;&nbsp;&nbsp;&nbsp;7.73 | &nbsp;&nbsp;&nbsp;&nbsp;7.88 | &nbsp;&nbsp; (4.90)<br>| &nbsp;&nbsp; (0.09)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Expenses after expense reductions (f) | 1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Net investment income (loss) | 5.78 | &nbsp;&nbsp;&nbsp;&nbsp;5.75 | &nbsp;&nbsp;&nbsp;&nbsp;5.43 | &nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 |
| Portfolio turnover rate | 51 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 64 |
| Net assets at end of period (000 omitted) | $1197 | &nbsp;&nbsp; $1061 | &nbsp;&nbsp; $1485 | &nbsp;&nbsp; $1606 | &nbsp;&nbsp; $2029 |

---

**See Notes to Financial Statements**

------

MFS High Income Fund

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R3** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $3.10 | &nbsp;&nbsp; $3.05 | &nbsp;&nbsp; $2.99 | &nbsp;&nbsp; $3.30 | &nbsp;&nbsp; $3.43 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.19 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.13 |
| Net realized and unrealized gain (loss) | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.11)<br>|
| Total from investment operations | $0.23 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $0.02 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.19)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.15)<br>|
| Net asset value, end of period (x) | $3.14 | &nbsp;&nbsp; $3.10 | &nbsp;&nbsp; $3.05 | &nbsp;&nbsp; $2.99 | &nbsp;&nbsp; $3.30 |
| Total return (%) (r)(s)(t)(x) | 7.67 | &nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp;&nbsp;8.14 | &nbsp;&nbsp; (4.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Expenses after expense reductions (f) | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Net investment income (loss) | 6.05 | &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 |
| Portfolio turnover rate | 51 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 64 |
| Net assets at end of period (000 omitted) | $364 | &nbsp;&nbsp; $677 | &nbsp;&nbsp; $909 | &nbsp;&nbsp; $1295 | &nbsp;&nbsp; $2574 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R4** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $3.12 | &nbsp;&nbsp; $3.06 | &nbsp;&nbsp; $3.00 | &nbsp;&nbsp; $3.31 | &nbsp;&nbsp; $3.44 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.20 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.14 |
| Net realized and unrealized gain (loss) | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.11)<br>|
| Total from investment operations | $0.24 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $0.03 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.20)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.16)<br>|
| Net asset value, end of period (x) | $3.16 | &nbsp;&nbsp; $3.12 | &nbsp;&nbsp; $3.06 | &nbsp;&nbsp; $3.00 | &nbsp;&nbsp; $3.31 |
| Total return (%) (r)(s)(t)(x) | 7.93 | &nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp;8.39 | &nbsp;&nbsp; (4.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Expenses after expense reductions (f) | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net investment income (loss) | 6.27 | &nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;5.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 |
| Portfolio turnover rate | 51 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 64 |
| Net assets at end of period (000 omitted) | $213 | &nbsp;&nbsp; $190 | &nbsp;&nbsp; $415 | &nbsp;&nbsp; $362 | &nbsp;&nbsp; $371 |

---

**See Notes to Financial Statements**

------

MFS High Income Fund

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $3.11 | &nbsp;&nbsp; $3.06 | &nbsp;&nbsp; $3.00 | &nbsp;&nbsp; $3.31 | &nbsp;&nbsp; $3.44 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.20 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.15 |
| Net realized and unrealized gain (loss) | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.12)<br>|
| Total from investment operations | $0.24 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $0.03 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.20)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.16)<br>|
| Net asset value, end of period (x) | $3.15 | &nbsp;&nbsp; $3.11 | &nbsp;&nbsp; $3.06 | &nbsp;&nbsp; $3.00 | &nbsp;&nbsp; $3.31 |
| Total return (%) (r)(s)(t)(x) | 8.04 | &nbsp;&nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp;&nbsp;&nbsp;8.52 | &nbsp;&nbsp; (4.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Expenses after expense reductions (f) | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net investment income (loss) | 6.38 | &nbsp;&nbsp;&nbsp;&nbsp;6.34 | &nbsp;&nbsp;&nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;4.25 |
| Portfolio turnover rate | 51 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 64 |
| Net assets at end of period (000 omitted) | $1098671 | &nbsp;&nbsp; $1056046 | &nbsp;&nbsp; $979817 | &nbsp;&nbsp; $919902 | &nbsp;&nbsp; $1048137 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&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 High Income Fund

**Notes to Financial Statements**

**(1) Business and Organization**

MFS High Income Fund (the fund) is a diversified series of MFS Series Trust III (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. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.

**Segment Reporting** — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

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

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investment companies are generally valued at net asset value per share. Funds traded on a recognized securities exchange (such as Exchange Traded Funds or Closed End Funds) are generally valued at the official closing price on their primary market or exchange as provided by a third-party pricing service. If no sales are reported

------

MFS High Income Fund

*Notes to Financial Statements - continued* 

that day for these funds, generally they will be valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

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

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as forward foreign currency exchange contracts. The following is a summary of the levels used as of January 31, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United States | $— | $— | $606580 | $606580 |
| United Kingdom | 41342 | 23114 |  | 64456 |
| U.S. Corporate Bonds |  | 1605601709 |  | 1605601709 |
| Commercial Mortgage-Backed Securities |  | 416 |  | 416 |
| Foreign Bonds |  | 277355267 |  | 277355267 |
| Investment Companies | 88067185 |  |  | 88067185 |
| Total | $88108527 | $1882980506 | $606580 | $1971695613 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange <br> Contracts – Assets<br>| $— | $11998 | $11998 |
| Forward Foreign Currency Exchange <br> Contracts – Liabilities<br>|  | (780478)<br>| (780478)<br>|

---

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

------

MFS High Income Fund

*Notes to Financial Statements - continued* 

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

---

| | |
|:---|:---|
|  | **Equity** <br>**Securities**<br>|
| Balance as of 1/31/25 | $739603 |
| Change in unrealized appreciation or depreciation | 395583 |
| Partial liquidation proceeds | (528606) |
| Balance as of 1/31/26 | $606580 |

---

The net change in unrealized appreciation or depreciation from investments held as level 3 at January 31, 2026 is $395,583. At January 31, 2026 the fund held one level 3 security.

**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 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 forward foreign currency exchange contracts. 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'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 January 31, 2026 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value** | **Fair Value** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Foreign Exchange | Forward Foreign Currency Exchange Contracts | $11998 | $(780478) |

---

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the year ended January 31, 2026 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Foreign Exchange | $(2278542)<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 January 31, 2026 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Foreign Exchange | $(610499)<br>|

---

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

------

MFS High Income Fund

*Notes to Financial Statements - continued* 

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.

**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.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

------

MFS High Income Fund

*Notes to Financial Statements - continued* 

The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statement of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities.

**Fees Paid Indirectly** — The fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by the fund. The amount of the credit, for the year ended January 31, 2026, is shown as a reduction of total expenses in the Statement of Operations.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to amortization of premium and accretion of discount of debt securities.

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**1/31/26**<br>| &nbsp;&nbsp; **Year ended** <br>**1/31/25**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $123180454 | &nbsp;&nbsp; $116241451 |

---

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

---

| | |
|:---|:---|
| **As of 1/31/26** |  |
| Cost of investments | &nbsp;&nbsp; $1955602214 |
| Gross appreciation | &nbsp;&nbsp; 43799619 |
| Gross depreciation | &nbsp;&nbsp; (28474700)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $15324919 |
| Undistributed ordinary income | &nbsp;&nbsp; 7971799 |
| Capital loss carryforwards | &nbsp;&nbsp; (239348655)<br>|
| Other temporary differences | &nbsp;&nbsp; (10796119)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $(226848056)<br>|

---

As of January 31, 2026, 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 | $(21862773)<br>|
| Long-Term | (217485882)<br>|
| Total | $(239348655)<br>|

---

------

MFS High Income Fund

*Notes to Financial Statements - continued* 

**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:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br>**1/31/26**<br>| **Year ended** <br>**1/31/25**<br>|
| Class A | $44439847 | &nbsp;&nbsp; $41382629 |
| Class B | 51244 | &nbsp;&nbsp; 97960 |
| Class C | 539005 | &nbsp;&nbsp; 534527 |
| Class I | 9039503 | &nbsp;&nbsp; 8153545 |
| Class R1 | 38020 | &nbsp;&nbsp; 43760 |
| Class R2 | 68442 | &nbsp;&nbsp; 80260 |
| Class R3 | 41032 | &nbsp;&nbsp; 43059 |
| Class R4 | 13624 | &nbsp;&nbsp; 14821 |
| Class R6 | 68949737 | &nbsp;&nbsp; 65890890 |
| Total | $123180454 | &nbsp;&nbsp; $116241451 |

---

**(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 $1.4 billion | 0.46% |
| In excess of $1.4 billion and up to $3 billion | 0.44% |
| In excess of $3 billion | 0.42% |

---

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 May 31, 2027. For the year ended January 31, 2026, this management fee reduction amounted to $268,567, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended January 31, 2026 was equivalent to an annual effective rate of 0.44% of the fund's average daily net assets.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $19,105 for the year ended January 31, 2026, as its portion of the initial sales charge on sales of Class A shares of the fund.

The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and service fees are computed daily and paid monthly.

------

MFS High Income 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% | $1809016 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | 9527 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 99937 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 7046 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 5811 |
| Class R3 |  | 0.25% | 0.25% | 0.25% | 1671 |
| Total Distribution and Service Fees  |  |  |  |  | $1933008 |

---

(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 January 31, 2026 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the year ended January 31, 2026, this rebate amounted to $2,016, $7, and $14 for Class A, Class B, 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 January 31, 2026, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $26289 |
| Class B | 5 |
| Class C | 888 |

---

**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 January 31, 2026, the fee was $216,293, which equated to 0.0111% 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 January 31, 2026, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $954,645.

**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 January 31, 2026 was equivalent to an annual effective rate of 0.0133% 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 High Income Fund

*Notes to Financial Statements - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Transaction** | **Class** | **Shares** | **Amount** |
| 8/19/2024 | Redemption | Class A | 3 | $9 |
| 8/19/2024 | Redemption | Class B | 2 | 7 |
| 8/19/2024 | Redemption | Class C | 2 | 7 |
| 8/19/2024 | Redemption | Class I | 8 | 25 |
| 8/19/2024 | Redemption | Class R2 | 9 | 29 |

---

**(4) Portfolio Securities**

For the year ended January 31, 2026, purchases and sales of investments, other than short-term obligations, aggregated $983,969,685 and $939,507,932, respectively.

**(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>**1/31/26** | **Year ended** <br>**1/31/26** | **Year ended** <br>**1/31/25** | **Year ended** <br>**1/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Class A | 31081866 | &nbsp;&nbsp; $96876288 | &nbsp;&nbsp; 38099811 | &nbsp;&nbsp; $117402511 |
| Class B | 6843 | &nbsp;&nbsp; 21283 | &nbsp;&nbsp; 12534 | &nbsp;&nbsp; 38296 |
| Class C | 678213 | &nbsp;&nbsp; 2123688 | &nbsp;&nbsp; 1207135 | &nbsp;&nbsp; 3721076 |
| Class I | 12445463 | &nbsp;&nbsp; 38667859 | &nbsp;&nbsp; 12869121 | &nbsp;&nbsp; 39559800 |
| Class R1 | 15807 | &nbsp;&nbsp; 49273 | &nbsp;&nbsp; 18847 | &nbsp;&nbsp; 57964 |
| Class R2 | 69115 | &nbsp;&nbsp; 213337 | &nbsp;&nbsp; 36178 | &nbsp;&nbsp; 110532 |
| Class R3 | 25018 | &nbsp;&nbsp; 78145 | &nbsp;&nbsp; 64381 | &nbsp;&nbsp; 197956 |
| Class R4 | 14445 | &nbsp;&nbsp; 43884 | &nbsp;&nbsp; 18914 | &nbsp;&nbsp; 58938 |
| Class R6 | 38943496 | &nbsp;&nbsp; 121335013 | &nbsp;&nbsp; 34463843 | &nbsp;&nbsp; 106148451 |
|  | 83280266 | &nbsp;&nbsp; $259408770 | &nbsp;&nbsp; 86790764 | &nbsp;&nbsp; $267295524 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Class A | 14013395 | &nbsp;&nbsp; $43752357 | &nbsp;&nbsp; 13197583 | &nbsp;&nbsp; $40639973 |
| Class B | 15509 | &nbsp;&nbsp; 48403 | &nbsp;&nbsp; 30780 | &nbsp;&nbsp; 94733 |
| Class C | 166526 | &nbsp;&nbsp; 521485 | &nbsp;&nbsp; 166505 | &nbsp;&nbsp; 514254 |
| Class I | 2830734 | &nbsp;&nbsp; 8814464 | &nbsp;&nbsp; 2571029 | &nbsp;&nbsp; 7894015 |
| Class R1 | 12161 | &nbsp;&nbsp; 38005 | &nbsp;&nbsp; 14195 | &nbsp;&nbsp; 43760 |
| Class R2 | 22033 | &nbsp;&nbsp; 68442 | &nbsp;&nbsp; 26218 | &nbsp;&nbsp; 80244 |
| Class R3 | 13181 | &nbsp;&nbsp; 41032 | &nbsp;&nbsp; 14035 | &nbsp;&nbsp; 43053 |
| Class R4 | 4351 | &nbsp;&nbsp; 13624 | &nbsp;&nbsp; 4801 | &nbsp;&nbsp; 14771 |
| Class R6 | 21976378 | &nbsp;&nbsp; 68583847 | &nbsp;&nbsp; 21294580 | &nbsp;&nbsp; 65552904 |
|  | 39054268 | &nbsp;&nbsp; $121881659 | &nbsp;&nbsp; 37319726 | &nbsp;&nbsp; $114877707 |
| Shares reacquired |  |  |  |  |
| Class A | (38987053)<br>| &nbsp;&nbsp; $(121445034)<br>| &nbsp;&nbsp; (37561985)<br>| &nbsp;&nbsp; $(115626833)<br>|
| Class B | (230709)<br>| &nbsp;&nbsp; (717916)<br>| &nbsp;&nbsp; (368713)<br>| &nbsp;&nbsp; (1136755)<br>|
| Class C | (920712)<br>| &nbsp;&nbsp; (2877388)<br>| &nbsp;&nbsp; (1312677)<br>| &nbsp;&nbsp; (4039981)<br>|
| Class I | (12227579)<br>| &nbsp;&nbsp; (37953455)<br>| &nbsp;&nbsp; (13097485)<br>| &nbsp;&nbsp; (40074297)<br>|
| Class R1 | (64113)<br>| &nbsp;&nbsp; (198496)<br>| &nbsp;&nbsp; (20723)<br>| &nbsp;&nbsp; (64132)<br>|
| Class R2 | (51942)<br>| &nbsp;&nbsp; (157328)<br>| &nbsp;&nbsp; (207257)<br>| &nbsp;&nbsp; (638252)<br>|
| Class R3 | (140665)<br>| &nbsp;&nbsp; (442552)<br>| &nbsp;&nbsp; (157729)<br>| &nbsp;&nbsp; (476691)<br>|
| Class R4 | (12144)<br>| &nbsp;&nbsp; (38280)<br>| &nbsp;&nbsp; (98244)<br>| &nbsp;&nbsp; (299313)<br>|
| Class R6 | (51721064)<br>| &nbsp;&nbsp; (159262973)<br>| &nbsp;&nbsp; (36293122)<br>| &nbsp;&nbsp; (111750174)<br>|
|  | (104355981)<br>| &nbsp;&nbsp; $(323093422)<br>| &nbsp;&nbsp; (89117935)<br>| &nbsp;&nbsp; $(274106428)<br>|

---

------

MFS High Income Fund

*Notes to Financial Statements - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended**<br> **1/31/26** | **Year ended**<br> **1/31/26** | **Year ended**<br> **1/31/25** | **Year ended**<br> **1/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Net change |  |  |  |  |
| Class A | 6108208 | &nbsp;&nbsp; $19183611 | &nbsp;&nbsp; 13735409 | &nbsp;&nbsp; $42415651 |
| Class B | (208357)<br>| &nbsp;&nbsp; (648230)<br>| &nbsp;&nbsp; (325399)<br>| &nbsp;&nbsp; (1003726)<br>|
| Class C | (75973)<br>| &nbsp;&nbsp; (232215)<br>| &nbsp;&nbsp; 60963 | &nbsp;&nbsp; 195349 |
| Class I | 3048618 | &nbsp;&nbsp; 9528868 | &nbsp;&nbsp; 2342665 | &nbsp;&nbsp; 7379518 |
| Class R1 | (36145)<br>| &nbsp;&nbsp; (111218)<br>| &nbsp;&nbsp; 12319 | &nbsp;&nbsp; 37592 |
| Class R2 | 39206 | &nbsp;&nbsp; 124451 | &nbsp;&nbsp; (144861)<br>| &nbsp;&nbsp; (447476)<br>|
| Class R3 | (102466)<br>| &nbsp;&nbsp; (323375)<br>| &nbsp;&nbsp; (79313)<br>| &nbsp;&nbsp; (235682)<br>|
| Class R4 | 6652 | &nbsp;&nbsp; 19228 | &nbsp;&nbsp; (74529)<br>| &nbsp;&nbsp; (225604)<br>|
| Class R6 | 9198810 | &nbsp;&nbsp; 30655887 | &nbsp;&nbsp; 19465301 | &nbsp;&nbsp; 59951181 |
|  | 17978553 | &nbsp;&nbsp; $58197007 | &nbsp;&nbsp; 34992555 | &nbsp;&nbsp; $108066803 |

---

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.

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Growth Allocation Fund, the MFS Moderate Allocation Fund, the MFS Conservative Allocation Fund, the MFS Lifetime 2040 Fund, the MFS Lifetime 2030 Fund, and the MFS Lifetime 2035 Fund, were the owners of record of approximately 14%, 13%, 7%, 2%, 1%, and 1%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Lifetime Income Fund, the MFS Lifetime 2025 Fund, the MFS Lifetime 2045 Fund, and the MFS Lifetime 2050 Fund were each the owners of record of less than 1% of the value of outstanding voting shares of the fund.

**(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 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended January 31, 2026, the fund's commitment fee and interest expense were $9,324 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. The following were affiliated issuers for the year ended January 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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; $66137172 | &nbsp;&nbsp; $454929133 | &nbsp;&nbsp; $462541980 | &nbsp;&nbsp; $(4326)<br>| &nbsp;&nbsp; $(214)<br>| &nbsp;&nbsp; $58519785 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $3103152 | $— |

---

------

MFS High Income Fund

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Series Trust III and the Shareholders of MFS High Income Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS High Income Fund (the "Fund"), including the portfolio of investments, as of January 31, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, and 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 the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights 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 Fund 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund'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 and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

March 18, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS High Income Fund

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2026 income tax forms in January 2027. 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 High Income Fund.

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

There is nothing to report for this item for MFS High Income 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 High Income Fund. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Municipal High Income Fund

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

MFS Municipal High Income Fund

**Portfolio of Investments - 1/31/26** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 97.6% | Municipal Bonds – 97.6% | Municipal Bonds – 97.6% |
| Alabama – 2.0% | Alabama – 2.0% | Alabama – 2.0% |
| Alabama State University, Board of Trustees, General Tuition & Fee Rev., AGM, 5.5%, 9/01/2045  | $715000 | &nbsp;&nbsp; $774778 |
| Alabama State University, Board of Trustees, General Tuition & Fee Rev., AGM, 5.75%, 9/01/2050  | 925000 | &nbsp;&nbsp; 1002965 |
| Baldwin County, AL, Industrial Development Authority, Solid Waste Disposal Rev. (Novelis Corp. Project), "A", 5%, <br> 6/01/2055 (Put Date 6/01/2032)<br>| 8735000 | &nbsp;&nbsp; 8926464 |
| Baldwin County, AL, Industrial Development Authority, Solid Waste Disposal Rev. (Novelis Corp. Project), "B", 4.625%, <br> 6/01/2055 (Put Date 6/01/2032)<br>| 915000 | &nbsp;&nbsp; 921844 |
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.5%, 6/01/2030  | 1630000 | &nbsp;&nbsp; 1635483 |
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2035  | 1685000 | &nbsp;&nbsp; 1689782 |
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045  | 6525000 | &nbsp;&nbsp; 6277609 |
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 6%, 6/01/2050  | 2565000 | &nbsp;&nbsp; 2476174 |
| Birmingham, AL, Special Care Facilities Financing Authority, Children's Hospital Health Care Facilities Rev., "A", 5.25%, <br> 6/01/2050 (u)<br>| 1660000 | &nbsp;&nbsp; 1749849 |
| Birmingham, AL, Special Care Facilities Financing Authority, Children's Hospital Health Care Facilities Rev., "A", 5.25%, <br> 6/01/2055 (u)<br>| 2490000 | &nbsp;&nbsp; 2608039 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "A", 5.25%, 5/01/2056 (Put Date 5/01/2032) | 12220000 | &nbsp;&nbsp; 12708136 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029) | 7000000 | &nbsp;&nbsp; 7379837 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "F", 5.5%, 11/01/2053 (Put Date 12/01/2028) | 5175000 | &nbsp;&nbsp; 5471145 |
| Energy Southeast, AL, Cooperative District Energy Supply Rev., "B-1", 5.75%, 4/01/2054 (Put Date 11/01/2031) | 13500000 | &nbsp;&nbsp; 14906175 |
| Homewood, AL, Educational Building Authority Rev. (CHF - Horizons II LLC, Student Housing & Parking Project at Samford <br> University), "C", 5.5%, 10/01/2054 <br>| 1975000 | &nbsp;&nbsp; 1989189 |
| Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), "A", 6%, 1/01/2060  | 3045000 | &nbsp;&nbsp; 2528700 |
| Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), Capital Appreciation, "B", <br> 0%, 1/01/2060 <br>| 641302 | &nbsp;&nbsp; 32830 |
| Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), <br> "A", AGM, 5.25%, 8/01/2053 <br>| 2165000 | &nbsp;&nbsp; 2224423 |
| Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), <br> "A", AGM, 5.5%, 8/01/2058 <br>| 1820000 | &nbsp;&nbsp; 1892839 |
| Jefferson County, AL, Sewer Rev. Warrants, 5.5%, 10/01/2053  | 14410000 | &nbsp;&nbsp; 15113782 |
| Lauderdale County, AL, Agriculture Center Authority Rev., 4.75%, 7/01/2064  | 795000 | &nbsp;&nbsp; 775851 |
| Lauderdale County, AL, Agriculture Center Authority Rev., 5.25%, 7/01/2064  | 775000 | &nbsp;&nbsp; 796209 |
| Prichard, AL, Water Works & Sewer Board Rev., 4%, 11/01/2031 (a)(d) | 1565000 | &nbsp;&nbsp; 1017250 |
| Prichard, AL, Water Works & Sewer Board Rev., 4%, 11/01/2033 (a)(d) | 1395000 | &nbsp;&nbsp; 906750 |
| Prichard, AL, Water Works & Sewer Board Rev., 4%, 11/01/2044 (a)(d) | 1800000 | &nbsp;&nbsp; 1170000 |
| Prichard, AL, Water Works & Sewer Board Rev., 4%, 11/01/2049 (a)(d) | 3500000 | &nbsp;&nbsp; 2275000 |
| Southeast Alabama Energy Authority (Project No. 3), "A-1", 5.5%, 1/01/2053 (Put Date 12/01/2029) | 4980000 | &nbsp;&nbsp; 5324719 |
| Southeast Alabama Energy Authority, "C", 5%, 5/01/2055 (Put Date 2/01/2031) | 2385000 | &nbsp;&nbsp; 2550134 |
| Stadium Trace Village District, AL, Development Incentive Anticipation Bonds, 3.625%, 3/01/2036  | 1555000 | &nbsp;&nbsp; 1449077 |
|  |  | &nbsp;&nbsp; $108575033 |
| Alaska – 0.3% | Alaska – 0.3% | Alaska – 0.3% |
| Alaska Industrial Development & Export Authority Power Rev. (Snettisham Hydroelectric Project), 5%, 1/01/2030  | $875000 | &nbsp;&nbsp; $875833 |
| Alaska Industrial Development & Export Authority Power Rev. (Snettisham Hydroelectric Project), 5%, 1/01/2031  | 1270000 | &nbsp;&nbsp; 1271132 |
| Alaska Railroad Corp., Cruise Port Rev., AGM, 6%, 10/01/2050  | 1530000 | &nbsp;&nbsp; 1658254 |
| Alaska Railroad Corp., Cruise Port Rev., AGM, 5.5%, 10/01/2054  | 4375000 | &nbsp;&nbsp; 4538357 |
| Northern Alaska Tobacco Securitization Corp., Tobacco Settlement Asset-Backed, Capital Appreciation, "B-2", 0%, 6/01/2066  | 61290000 | &nbsp;&nbsp; 6871541 |
|  |  | &nbsp;&nbsp; $15215117 |

---

MMHFS-ANN

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Arizona – 2.9% | Arizona – 2.9% | Arizona – 2.9% |
| Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5%, 7/01/2039 (n) | $870000 | &nbsp;&nbsp; $875974 |
| Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5.25%, 7/01/2043  | 120000 | &nbsp;&nbsp; 120266 |
| Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5%, 7/01/2049 (n) | 1395000 | &nbsp;&nbsp; 1278704 |
| Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5.375%, 7/01/2053  | 440000 | &nbsp;&nbsp; 420202 |
| Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5%, 7/01/2054 (n) | 2185000 | &nbsp;&nbsp; 1964917 |
| Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5.5%, 7/01/2058  | 410000 | &nbsp;&nbsp; 396306 |
| Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), "A", 5%, 7/01/2052  | 1140000 | &nbsp;&nbsp; 1090286 |
| Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), "B", 5.5%, 7/01/2038 (n) | 1065000 | &nbsp;&nbsp; 1072156 |
| Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), "B", 5.625%, 7/01/2048 (n) | 2050000 | &nbsp;&nbsp; 2038282 |
| Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), "B", 5.75%, 7/01/2053 (n) | 3190000 | &nbsp;&nbsp; 3190908 |
| Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), "D", 5%, 7/01/2037 (n) | 450000 | &nbsp;&nbsp; 452885 |
| Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), "D", 5%, 7/01/2047 (n) | 740000 | &nbsp;&nbsp; 699997 |
| Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), "D", 5%, 7/01/2051 (n) | 2340000 | &nbsp;&nbsp; 2180131 |
| Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), "G", 5%, 7/01/2037 (n) | 770000 | &nbsp;&nbsp; 774937 |
| Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), "G", 5%, 7/01/2047 (n) | 770000 | &nbsp;&nbsp; 728375 |
| Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), "G", 5%, 7/01/2051 (n) | 735000 | &nbsp;&nbsp; 684785 |
| Arizona Industrial Development Authority, Education Rev. (Benjamin Franklin Charter School Projects), "A", 5.25%, 7/01/2053  | 440000 | &nbsp;&nbsp; 405203 |
| Arizona Industrial Development Authority, Education Rev. (Benjamin Franklin Charter School Projects), "A", 5.5%, 7/01/2058  | 985000 | &nbsp;&nbsp; 930004 |
| Arizona Industrial Development Authority, Education Rev. (KIPP Nashville Projects), "A", 5%, 7/01/2047  | 375000 | &nbsp;&nbsp; 371985 |
| Arizona Industrial Development Authority, Education Rev. (KIPP Nashville Projects), "A", 5%, 7/01/2057  | 1975000 | &nbsp;&nbsp; 1914283 |
| Arizona Industrial Development Authority, Education Rev. (KIPP Nashville Projects), "A", 5%, 7/01/2062  | 665000 | &nbsp;&nbsp; 638168 |
| Arizona Industrial Development Authority, Education Rev. (Mater Academy of Nevada - Bonanza Campus Project), "A", 5%, <br> 12/15/2040 (n)<br>| 1000000 | &nbsp;&nbsp; 1003417 |
| Arizona Industrial Development Authority, Education Rev. (Mater Academy of Nevada - Bonanza Campus Project), "A", 5%, <br> 12/15/2050 (n)<br>| 3200000 | &nbsp;&nbsp; 2908875 |
| Arizona Industrial Development Authority, Education Rev. (Pinecrest Academy of Nevada - Cadence Campus Project), "A", 4%, <br> 7/15/2030 (n)<br>| 710000 | &nbsp;&nbsp; 714673 |
| Arizona Industrial Development Authority, Education Rev. (Pinecrest Academy of Nevada - Cadence Campus Project), "A", 4%, <br> 7/15/2040 (n)<br>| 1425000 | &nbsp;&nbsp; 1345050 |
| Arizona Industrial Development Authority, Education Rev. (Pinecrest Academy of Nevada - Cadence Campus Project), "A", 4%, <br> 7/15/2050 (n)<br>| 1600000 | &nbsp;&nbsp; 1295213 |
| Arizona Industrial Development Authority, Education Rev. (Pinecrest Academy of Nevada - Inspirada and St. Rose Campus <br> Projects), "A", 5%, 7/15/2028 (n)<br>| 990000 | &nbsp;&nbsp; 994692 |
| Arizona Industrial Development Authority, Education Rev. (Pinecrest Academy of Nevada - Inspirada and St. Rose Campus <br> Projects), "A", 5.75%, 7/15/2038 (n)<br>| 1810000 | &nbsp;&nbsp; 1818818 |
| Arizona Industrial Development Authority, Education Rev. (Pinecrest Academy of Nevada - Inspirada and St. Rose Campus <br> Projects), "A", 5.75%, 7/15/2048 (n)<br>| 3100000 | &nbsp;&nbsp; 3100595 |
| Arizona Industrial Development Authority, Education Rev. (Pinecrest Academy of Northern Nevada Project), "A", 4.5%, 7/15/2029  | 250000 | &nbsp;&nbsp; 244938 |
| Arizona Industrial Development Authority, Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus <br> Projects), "A", 3%, 12/15/2031 (n)<br>| 460000 | &nbsp;&nbsp; 439405 |
| Arizona Industrial Development Authority, Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus <br> Projects), "A", 4%, 12/15/2041 (n)<br>| 1090000 | &nbsp;&nbsp; 979149 |
| Arizona Industrial Development Authority, Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus <br> Projects), "A", 4%, 12/15/2051 (n)<br>| 435000 | &nbsp;&nbsp; 338316 |
| Arizona Industrial Development Authority, Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project), <br> "A", 3.75%, 12/15/2029 (n)<br>| 245000 | &nbsp;&nbsp; 245103 |
| Arizona Industrial Development Authority, Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project), <br> "A", 5%, 12/15/2039 (n)<br>| 340000 | &nbsp;&nbsp; 342098 |
| Arizona Industrial Development Authority, Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project), <br> "A", 5%, 12/15/2049 (n)<br>| 600000 | &nbsp;&nbsp; 553864 |
| Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev., "A", 4%, 11/01/2051  | 2450000 | &nbsp;&nbsp; 2073966 |
| Arizona Salt Verde Financial Corp., Senior Gas Rev., 5%, 12/01/2032  | 2940000 | &nbsp;&nbsp; 3229334 |
| Glendale, AZ, Industrial Development Authority Refunding Rev. (Terraces of Phoenix Project), "A", 4%, 7/01/2028  | 185000 | &nbsp;&nbsp; 185518 |
| Glendale, AZ, Industrial Development Authority Refunding Rev. (Terraces of Phoenix Project), "A", 5%, 7/01/2033  | 250000 | &nbsp;&nbsp; 253205 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Arizona – continued | Arizona – continued | Arizona – continued |
| Glendale, AZ, Industrial Development Authority Refunding Rev. (Terraces of Phoenix Project), "A", 5%, 7/01/2038  | $300000 | &nbsp;&nbsp; $301842 |
| Glendale, AZ, Industrial Development Authority Refunding Rev. (Terraces of Phoenix Project), "A", 5%, 7/01/2048  | 1800000 | &nbsp;&nbsp; 1659030 |
| Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University <br> Foundation), "A", 2.125%, 7/01/2033 <br>| 1405000 | &nbsp;&nbsp; 1218808 |
| Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University <br> Foundation), "A", 3%, 7/01/2035 <br>| 885000 | &nbsp;&nbsp; 851568 |
| Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Royal Oaks - Inspirata Pointe Project), "A", 5%, 5/15/2041  | 1000000 | &nbsp;&nbsp; 991875 |
| Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Royal Oaks - Inspirata Pointe Project), "A", 5%, 5/15/2056  | 5955000 | &nbsp;&nbsp; 5115917 |
| Goodyear, AZ, Estrella Mountain Ranch Community Facilities District, Montecito Assessment District No. 4, Special Assessment <br> Rev., 5.05%, 7/01/2040 <br>| 420000 | &nbsp;&nbsp; 424662 |
| Goodyear, AZ, Estrella Mountain Ranch Community Facilities District, Montecito Assessment District No. 4, Special Assessment <br> Rev., 5.8%, 7/01/2049 <br>| 900000 | &nbsp;&nbsp; 889981 |
| La Paz County, AZ, Industrial Development Authority (Harmony Education Foundation - Harmony Public Schools Project), "A", 4%, <br> 2/15/2041 <br>| 430000 | &nbsp;&nbsp; 398800 |
| La Paz County, AZ, Industrial Development Authority (Harmony Education Foundation - Harmony Public Schools Project), "A", 4%, <br> 2/15/2046 <br>| 345000 | &nbsp;&nbsp; 291412 |
| La Paz County, AZ, Industrial Development Authority (Harmony Education Foundation - Harmony Public Schools Project), "A", 4%, <br> 2/15/2051 <br>| 580000 | &nbsp;&nbsp; 469632 |
| La Paz County, AZ, Industrial Development Authority Education Facility, Lease Rev. (Charter School Solutions - Harmony Public <br> Schools Project), "A", 5%, 2/15/2038 <br>| 800000 | &nbsp;&nbsp; 813453 |
| La Paz County, AZ, Industrial Development Authority Education Facility, Lease Rev. (Charter School Solutions - Harmony Public <br> Schools Project), "A", 5%, 2/15/2048 <br>| 435000 | &nbsp;&nbsp; 416986 |
| Maricopa County, AZ, Industrial Development Authority Rev. (Paradise Schools Project), 5.625%, 7/01/2045  | 535000 | &nbsp;&nbsp; 538367 |
| Maricopa County, AZ, Industrial Development Authority Rev. (Paradise Schools Project), 5.875%, 7/01/2060  | 1055000 | &nbsp;&nbsp; 1051462 |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), "A", 5%, <br> 7/01/2049 (n)<br>| 705000 | &nbsp;&nbsp; 690827 |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), "A", 5%, <br> 7/01/2049 (n)<br>| 590000 | &nbsp;&nbsp; 558190 |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), "A", 5.25%, <br> 7/01/2050 <br>| 1130000 | &nbsp;&nbsp; 1102263 |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), "A", 5%, 7/01/2054  | 895000 | &nbsp;&nbsp; 866113 |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), "A", 5.25%, <br> 7/01/2055 <br>| 1020000 | &nbsp;&nbsp; 986020 |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), "A", 5.5%, <br> 7/01/2060 <br>| 2040000 | &nbsp;&nbsp; 2024505 |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), "B", 5%, <br> 7/01/2039 (n)<br>| 1115000 | &nbsp;&nbsp; 1137151 |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), "B", 5%, <br> 7/01/2054 (n)<br>| 2660000 | &nbsp;&nbsp; 2481066 |
| Maricopa County, AZ, Industrial Development Authority, Single Family Mortgage Rev., "A", 5.75%, 3/01/2056  | 2680000 | &nbsp;&nbsp; 2976081 |
| Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Co. of New Mexico Palo Verde Project), "B", 0.875%, <br> 6/01/2043 (Put Date 10/01/2026)<br>| 855000 | &nbsp;&nbsp; 840208 |
| Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.125%, 2/01/2034  | 4545000 | &nbsp;&nbsp; 4511011 |
| Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.375%, 2/01/2041  | 3980000 | &nbsp;&nbsp; 3799530 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), "A", 5%, 7/01/2035 (n) | 2070000 | &nbsp;&nbsp; 2070902 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), "A", 5%, 7/01/2035 (n) | 700000 | &nbsp;&nbsp; 700305 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), "A", 5%, 7/01/2045 (n) | 3065000 | &nbsp;&nbsp; 2951489 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), "A", 5%, 7/01/2046 (n) | 1770000 | &nbsp;&nbsp; 1690637 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), "A", 5%, 7/01/2034  | 5850000 | &nbsp;&nbsp; 5854290 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), "A", 5%, 7/01/2036  | 815000 | &nbsp;&nbsp; 815225 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), "A", 5%, 7/01/2041  | 660000 | &nbsp;&nbsp; 660107 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), "A", 5%, 7/01/2044  | 3970000 | &nbsp;&nbsp; 3970144 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), "A", 5%, 7/01/2046  | 1235000 | &nbsp;&nbsp; 1208091 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n) | 1430000 | &nbsp;&nbsp; 1430941 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Arizona – continued | Arizona – continued | Arizona – continued |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n) | $1570000 | &nbsp;&nbsp; $1515615 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2046 (n) | 3935000 | &nbsp;&nbsp; 3739812 |
| Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC Project), "A", 4%, <br> 12/01/2041 (n)<br>| 2605000 | &nbsp;&nbsp; 1856116 |
| Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC Project), "A", 4%, <br> 12/01/2051 (n)<br>| 8630000 | &nbsp;&nbsp; 5240439 |
| Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC Project), "A", 4.15%, <br> 12/01/2057 (n)<br>| 3245000 | &nbsp;&nbsp; 1937000 |
| Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC Project), "B", 5.75%, <br> 12/15/2057 (n)<br>| 8330000 | &nbsp;&nbsp; 5777012 |
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - <br> Arizona State University Project), "A", 5%, 7/01/2044 <br>| 540000 | &nbsp;&nbsp; 540087 |
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - <br> Arizona State University Project), "A", 5%, 7/01/2049 <br>| 1325000 | &nbsp;&nbsp; 1282910 |
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - <br> Arizona State University Project), "A", 5%, 7/01/2059 <br>| 1085000 | &nbsp;&nbsp; 1023172 |
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - <br> Arizona State University Project), "A", 5%, 7/01/2037 <br>| 500000 | &nbsp;&nbsp; 508147 |
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - <br> Arizona State University Project), "A", 5%, 7/01/2042 <br>| 555000 | &nbsp;&nbsp; 556185 |
| Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5%, <br> 6/15/2034 (n)<br>| 605000 | &nbsp;&nbsp; 605282 |
| Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5%, <br> 6/15/2039 (n)<br>| 655000 | &nbsp;&nbsp; 654989 |
| Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, <br> 6/15/2041 (n)<br>| 510000 | &nbsp;&nbsp; 446070 |
| Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, <br> 6/15/2041 (n)<br>| 2735000 | &nbsp;&nbsp; 2394803 |
| Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5%, <br> 6/15/2049 (n)<br>| 1235000 | &nbsp;&nbsp; 1106684 |
| Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, <br> 6/15/2051 (n)<br>| 3020000 | &nbsp;&nbsp; 2300316 |
| Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, <br> 6/15/2051 (n)<br>| 780000 | &nbsp;&nbsp; 592427 |
| Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, <br> 6/15/2057 (n)<br>| 685000 | &nbsp;&nbsp; 504443 |
| Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, <br> 6/15/2057 (n)<br>| 3420000 | &nbsp;&nbsp; 2518532 |
| Pima County, AZ, Industrial Development Authority, Senior Living Rev. (La Posada at Pusch Ridge Project), "A", 6.75%, <br> 11/15/2042 (n)<br>| 1825000 | &nbsp;&nbsp; 1987356 |
| Pima County, AZ, Industrial Development Authority, Senior Living Rev. (La Posada at Pusch Ridge Project), "A", 6.875%, <br> 11/15/2052 (n)<br>| 5160000 | &nbsp;&nbsp; 5515266 |
| Pima County, AZ, Industrial Development Authority, Senior Living Rev. (La Posada at Pusch Ridge Project), "A", 7%, 11/15/2057 (n) | 2320000 | &nbsp;&nbsp; 2485976 |
| Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.75%, <br> 6/15/2053 <br>| 1440000 | &nbsp;&nbsp; 1419474 |
| Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5%, <br> 6/15/2054 (n)<br>| 1750000 | &nbsp;&nbsp; 1541868 |
| Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.75%, <br> 6/15/2058 <br>| 1095000 | &nbsp;&nbsp; 1070978 |
| Tempe, AZ, Industrial Development Authority Refunding Rev. (Friendship Village of Tempe Project), "A", 5.625%, 12/01/2055  | 525000 | &nbsp;&nbsp; 535314 |
| Tempe, AZ, Industrial Development Authority Refunding Rev. (Friendship Village of Tempe Project), "A", 5.625%, 12/01/2060  | 3550000 | &nbsp;&nbsp; 3603018 |
|  |  | &nbsp;&nbsp; $156313165 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Arkansas – 0.2% | Arkansas – 0.2% | Arkansas – 0.2% |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028  | $800000 | &nbsp;&nbsp; $799974 |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033  | 1620000 | &nbsp;&nbsp; 1620371 |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039  | 170000 | &nbsp;&nbsp; 165512 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), "B-1", 5%, 9/01/2037  | 645000 | &nbsp;&nbsp; 669627 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), "B-1", 5%, 9/01/2039  | 520000 | &nbsp;&nbsp; 535631 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), "B-1", 5%, 9/01/2040  | 570000 | &nbsp;&nbsp; 583477 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 3%, 7/01/2032  | 180000 | &nbsp;&nbsp; 145503 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 3.125%, 7/01/2036  | 520000 | &nbsp;&nbsp; 380617 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 4.25%, 7/01/2041  | 195000 | &nbsp;&nbsp; 171838 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 3.5%, 7/01/2046  | 1235000 | &nbsp;&nbsp; 786658 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 4%, 7/01/2052  | 850000 | &nbsp;&nbsp; 588631 |
| Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, <br> 0%, 7/01/2046 <br>| 6455000 | &nbsp;&nbsp; 2278046 |
|  |  | &nbsp;&nbsp; $8725885 |
| California – 5.2% | California – 5.2% | California – 5.2% |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, <br> 1/01/2054 (Put Date 10/01/2031)<br>| $25510000 | &nbsp;&nbsp; $27142168 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "F", 5.5%, <br> 10/01/2054 (Put Date 11/01/2030)<br>| 7470000 | &nbsp;&nbsp; 8125274 |
| California Community Housing Agency, Essential Housing Rev. (Aster), "A-2", 4%, 2/01/2043 (n) | 6160000 | &nbsp;&nbsp; 5718550 |
| California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), Capital Appreciation, <br> "B-2", 0%, 6/01/2055 <br>| 7645000 | &nbsp;&nbsp; 1592802 |
| California Housing Finance Agency Municipal Certificates, "X", 0.793%, 8/20/2036 (i)(n) | 25717212 | &nbsp;&nbsp; 1111212 |
| California Housing Finance Agency Municipal Certificates, "X", 0.358%, 9/20/2036 (i) | 142596109 | &nbsp;&nbsp; 3086821 |
| California M-S-R Energy Authority, Gas Rev., "A", 7%, 11/01/2034  | 1135000 | &nbsp;&nbsp; 1394709 |
| California Municipal Finance Authority Rev. (California Baptist University), "A", 5%, 11/01/2046 (n) | 5470000 | &nbsp;&nbsp; 5291497 |
| California Municipal Finance Authority Rev. (Healthcore NorthBay Properties), "A", 5.69%, 9/01/2035  | 6231000 | &nbsp;&nbsp; 6496513 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), "A", 5.25%, 11/01/2036  | 1370000 | &nbsp;&nbsp; 1379661 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), "A", 5.25%, 11/01/2041  | 1265000 | &nbsp;&nbsp; 1269361 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), "A", 5.25%, 11/01/2047  | 210000 | &nbsp;&nbsp; 206562 |
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039  | 6550000 | &nbsp;&nbsp; 4928037 |
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2048  | 2325000 | &nbsp;&nbsp; 1550685 |
| California Municipal Finance Authority Rev., "B", 3.537%, 6/20/2049  | 2278187 | &nbsp;&nbsp; 1416817 |
| California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), "A", 3.875%, <br> 7/01/2028 (n)<br>| 500000 | &nbsp;&nbsp; 492982 |
| California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), "A", 5%, 7/01/2049 (n) | 1600000 | &nbsp;&nbsp; 1456951 |
| California Municipal Finance Authority, COP (Palomar Health), "A", AGM, 5.25%, 11/01/2052  | 3370000 | &nbsp;&nbsp; 3395142 |
| California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), "A", 4%, 11/01/2036 (n) | 2120000 | &nbsp;&nbsp; 2051577 |
| California Municipal Finance Authority, Refunding Rev. (California Baptist University), "A", 5%, 11/01/2035  | 370000 | &nbsp;&nbsp; 395661 |
| California Municipal Special Finance Agency XII, Essential Housing Rev. (Allure Apartments), "A-1", 3.25%, 2/01/2057 (n) | 1650000 | &nbsp;&nbsp; 1178285 |
| California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), "A-1", 4%, 8/01/2056 (n) | 3380000 | &nbsp;&nbsp; 2894280 |
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 7.5%, 7/01/2032 (a)(d)(z) | 2250000 | &nbsp;&nbsp; 25313 |
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039 (a)(d)(z) | 11405000 | &nbsp;&nbsp; 128306 |
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 7.5%, 12/01/2039 (a)(d)(z) | 12637936 | &nbsp;&nbsp; 126 |
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2037  | 435000 | &nbsp;&nbsp; 437387 |
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047  | 435000 | &nbsp;&nbsp; 431104 |
| California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), "A", 5%, 11/15/2036 (n) | 1670000 | &nbsp;&nbsp; 1694606 |
| California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), "A", 5%, 11/15/2046 (n) | 5270000 | &nbsp;&nbsp; 4865024 |
| California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), "A", 5%, 11/15/2051 (n) | 3875000 | &nbsp;&nbsp; 3467348 |
| California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), "A", 5%, 11/15/2056 (n) | 3945000 | &nbsp;&nbsp; 3475775 |
| California Public Finance Authority, Senior Living Rev. (Kendal at Ventura Project), "A", 10%, 5/15/2028 (n) | 7490000 | &nbsp;&nbsp; 10049835 |
| California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (n) | 625000 | &nbsp;&nbsp; 625048 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), "A", 4%, 8/01/2061 (n) | 1145000 | &nbsp;&nbsp; 905058 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| California – continued | California – continued | California – continued |
| California School Finance Authority, Charter School Rev. (Downtown College Prep - Obligated Group), 5%, 6/01/2046 (a)(d)(z) | $1325000 | &nbsp;&nbsp; $795000 |
| California School Finance Authority, Charter School Rev. (Hawking STEAM Charter School Project), "A", 5%, 7/01/2042 (n) | 2470000 | &nbsp;&nbsp; 2479942 |
| California School Finance Authority, Charter School Rev. (Hawking STEAM Charter School Project), "A", 5.25%, 7/01/2052 (n) | 2000000 | &nbsp;&nbsp; 1922359 |
| California School Finance Authority, Charter School Rev. (Hawking STEAM Charter School Project), "A", 5.375%, 7/01/2056 (n) | 995000 | &nbsp;&nbsp; 968448 |
| California School Finance Authority, Charter School Rev. (Hawking STEAM Charter School Project), "A", 5.5%, 7/01/2062 (n) | 1775000 | &nbsp;&nbsp; 1737340 |
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), "A", 5%, <br> 7/01/2045 (n)<br>| 1150000 | &nbsp;&nbsp; 1149972 |
| California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), "A", 5%, 8/01/2048 (n) | 750000 | &nbsp;&nbsp; 738922 |
| California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), "A", 5.625%, <br> 10/01/2034 <br>| 470000 | &nbsp;&nbsp; 470206 |
| California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), "A", 5.875%, <br> 10/01/2044 <br>| 545000 | &nbsp;&nbsp; 544969 |
| California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), "A", 6%, 10/01/2049  | 1320000 | &nbsp;&nbsp; 1312982 |
| California School Finance Authority, School Facility Rev. (KIPP LA Projects), "A", 4%, 7/01/2050 (n) | 3360000 | &nbsp;&nbsp; 2817225 |
| California Statewide Communities Development Authority Rev. (California Baptist University), "A", 5%, 11/01/2032 (n) | 1370000 | &nbsp;&nbsp; 1396370 |
| California Statewide Communities Development Authority Rev. (California Baptist University), "A", 5%, 11/01/2041 (n) | 2045000 | &nbsp;&nbsp; 2051319 |
| California Statewide Communities Development Authority Rev. (Enloe Medical Center), "A", AGM, 5.25%, 8/15/2052  | 4585000 | &nbsp;&nbsp; 4669529 |
| California Statewide Communities Development Authority Rev. (Enloe Medical Center), "A", AGM, 5.375%, 8/15/2057  | 2515000 | &nbsp;&nbsp; 2574416 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5%, 12/01/2041 (n) | 3000000 | &nbsp;&nbsp; 3008721 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5.5%, 12/01/2058  | 8600000 | &nbsp;&nbsp; 8687730 |
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts <br> Project), 5%, 7/01/2029 (n)<br>| 780000 | &nbsp;&nbsp; 798274 |
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts <br> Project), 5.25%, 7/01/2039 (n)<br>| 725000 | &nbsp;&nbsp; 742040 |
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts <br> Project), 5.25%, 7/01/2049 (n)<br>| 2550000 | &nbsp;&nbsp; 2541347 |
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts <br> Project), 5.25%, 7/01/2052 (n)<br>| 1280000 | &nbsp;&nbsp; 1256579 |
| California Statewide Communities Development Authority, Essential Housing Rev. (Orange Portfolio), "B", 4%, 3/01/2057 (n) | 2630000 | &nbsp;&nbsp; 1938498 |
| California Statewide Communities Development Authority, Multi-Family Housing Rev. (Apple Tree Village Apartments), "R", <br> 3.95%, 4/01/2060 (Put Date 10/01/2037)<br>| 8745000 | &nbsp;&nbsp; 7632722 |
| Central Valley, CA, Energy Authority, Commodity Supply Rev., 5%, 12/01/2055 (Put Date 8/01/2035) | 7495000 | &nbsp;&nbsp; 8100331 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 16585000 | &nbsp;&nbsp; 15188198 |
| Lake Tahoe, CA, Unified School District (Election of 2008), Convertible Capital Appreciation, AGM, 0% to 8/01/2032, 6.375% to <br> 8/01/2045 <br>| 4240000 | &nbsp;&nbsp; 3645664 |
| Modesto, CA, Elementary School District, General Obligation, "B", 3%, 8/01/2046  | 1735000 | &nbsp;&nbsp; 1370009 |
| Modesto, CA, Elementary School District, General Obligation, "B", 3%, 8/01/2050  | 1080000 | &nbsp;&nbsp; 814758 |
| Morongo Band of Mission Indians California Rev., "A", 5%, 10/01/2042 (n) | 4180000 | &nbsp;&nbsp; 4241434 |
| Morongo Band of Mission Indians California Rev., "B", 5%, 10/01/2042 (n) | 3605000 | &nbsp;&nbsp; 3657983 |
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, "A", ETM, AGM, 0%, 8/01/2027  | 205000 | &nbsp;&nbsp; 197437 |
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, "A", ETM, AGM, 0%, 8/01/2027  | 100000 | &nbsp;&nbsp; 96311 |
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, "A", ETM, AGM, 0%, 8/01/2027  | 180000 | &nbsp;&nbsp; 173359 |
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, "A", ETM, AGM, 0%, 8/01/2029  | 285000 | &nbsp;&nbsp; 260872 |
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, "A", ETM, AGM, 0%, 8/01/2029  | 170000 | &nbsp;&nbsp; 155608 |
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, "A", ETM, AGM, 0%, 8/01/2030  | 235000 | &nbsp;&nbsp; 209503 |
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, "A", ETM, AGM, 0%, 8/01/2030  | 170000 | &nbsp;&nbsp; 151555 |
| Palomar Health, CA, Refunding Rev., 5%, 11/01/2042  | 10000000 | &nbsp;&nbsp; 9581764 |
| Pomona, CA, Unified School District, General Obligation, "F", BAM, 3%, 8/01/2048  | 940000 | &nbsp;&nbsp; 723721 |
| Sacramento County, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, "A-1", 0%, 6/01/2060  | 18750000 | &nbsp;&nbsp; 2926612 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "A", 5.5%, 5/01/2055 (u) | 19090000 | &nbsp;&nbsp; 20230374 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "C", 5.5%, 5/01/2042  | 7115000 | &nbsp;&nbsp; 7893089 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "C", 5.5%, 5/01/2043  | 5285000 | &nbsp;&nbsp; 5805476 |
| San Francisco, CA, City & County Airports Commission, Refunding Rev., "C", 5.75%, 5/01/2048  | 5135000 | &nbsp;&nbsp; 5505754 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| California – continued | California – continued | California – continued |
| San Francisco, CA, City & County Redevelopment Successor Agency (Mission Bay South Redevelopment Project), "A", 5%, <br> 8/01/2043 <br>| $225000 | &nbsp;&nbsp; $225145 |
| Tulare and Kings Counties, CA, College of the Sequoias Community District (Area Improvement District No. 3), "E", 3%, 8/01/2051  | 2070000 | &nbsp;&nbsp; 1544373 |
| University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., "A", 5%, 7/01/2045 (n) | 8810000 | &nbsp;&nbsp; 8453526 |
| University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., "A", 5%, 7/01/2061 (n) | 9125000 | &nbsp;&nbsp; 8212061 |
| University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation, <br> "B", 0% to 7/01/2035, 6.75% to 7/01/2061 (n)<br>| 12970000 | &nbsp;&nbsp; 6371321 |
|  |  | &nbsp;&nbsp; $276651625 |
| Colorado – 2.0% | Colorado – 2.0% | Colorado – 2.0% |
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2032  | $90000 | &nbsp;&nbsp; $91882 |
| Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), "A", 5%, 12/01/2038  | 895000 | &nbsp;&nbsp; 895644 |
| Colorado Educational & Cultural Facilities Authority Rev. (Littleton Preparatory Charter School Project), 5%, 12/01/2033  | 350000 | &nbsp;&nbsp; 350277 |
| Colorado Educational & Cultural Facilities Authority Rev. (Littleton Preparatory Charter School Project), 5%, 12/01/2042  | 1120000 | &nbsp;&nbsp; 1119936 |
| Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037  | 490000 | &nbsp;&nbsp; 490695 |
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030  | 295000 | &nbsp;&nbsp; 295420 |
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034  | 345000 | &nbsp;&nbsp; 345971 |
| Colorado Educational & Cultural Facilities Authority Rev. (Science, Technology, Engineering and Math School Project), 5%, <br> 11/01/2044 <br>| 1770000 | &nbsp;&nbsp; 1737106 |
| Colorado Educational & Cultural Facilities Authority Rev. (Science, Technology, Engineering and Math School Project), 5.125%, <br> 11/01/2049 <br>| 1530000 | &nbsp;&nbsp; 1454619 |
| Colorado Educational & Cultural Facilities Authority Rev. (Stargate Charter School Project), "A", 4%, 12/01/2048  | 4310000 | &nbsp;&nbsp; 3774237 |
| Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2038  | 295000 | &nbsp;&nbsp; 301900 |
| Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2048  | 350000 | &nbsp;&nbsp; 350038 |
| Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2053  | 365000 | &nbsp;&nbsp; 359183 |
| Colorado Educational & Cultural Facilities Authority Rev. (University Lab School Project), 5%, 12/15/2035  | 2000000 | &nbsp;&nbsp; 2001246 |
| Colorado Educational & Cultural Facilities Authority Rev. (University Lab School Project), 5%, 12/15/2045  | 2675000 | &nbsp;&nbsp; 2587442 |
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (Windsor Charter Academy Project), 4%, <br> 9/01/2050 <br>| 515000 | &nbsp;&nbsp; 438534 |
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (Windsor Charter Academy Project), 4%, <br> 9/01/2055 <br>| 925000 | &nbsp;&nbsp; 769336 |
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (Aspen View Academy Project), 4%, 5/01/2036  | 175000 | &nbsp;&nbsp; 174822 |
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (Aspen View Academy Project), 4%, 5/01/2041  | 175000 | &nbsp;&nbsp; 162353 |
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (Aspen View Academy Project), 4%, 5/01/2051  | 350000 | &nbsp;&nbsp; 286032 |
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (Aspen View Academy Project), 4%, 5/01/2061  | 610000 | &nbsp;&nbsp; 475249 |
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (James Irwin Educational Foundation Project), 5%, <br> 9/01/2052 <br>| 750000 | &nbsp;&nbsp; 724450 |
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (James Irwin Educational Foundation Project), 5%, <br> 9/01/2057 <br>| 1750000 | &nbsp;&nbsp; 1670018 |
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (James Irwin Educational Foundation Project), 5%, <br> 9/01/2062 <br>| 2200000 | &nbsp;&nbsp; 2077055 |
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (New Summit Charter Academy Project), "A", 4%, <br> 7/01/2031 (n)<br>| 445000 | &nbsp;&nbsp; 436274 |
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (New Summit Charter Academy Project), "A", 4%, <br> 7/01/2041 (n)<br>| 600000 | &nbsp;&nbsp; 507813 |
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (New Summit Charter Academy Project), "A", 4%, <br> 7/01/2051 (n)<br>| 715000 | &nbsp;&nbsp; 518483 |
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (New Summit Charter Academy Project), "A", 4%, <br> 7/01/2061 (n)<br>| 2030000 | &nbsp;&nbsp; 1380179 |
| Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2042  | 2635000 | &nbsp;&nbsp; 2411449 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A", 5.5%, 11/01/2047  | 3210000 | &nbsp;&nbsp; 3380370 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A", 5.25%, 11/01/2052  | 4870000 | &nbsp;&nbsp; 4981922 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2049  | 3880000 | &nbsp;&nbsp; 3316307 |
| Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), "A", 5.125%, 12/01/2045  | 1625000 | &nbsp;&nbsp; 1653797 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Colorado – continued | Colorado – continued | Colorado – continued |
| Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), "A", 5.125%, 12/01/2050  | $2195000 | &nbsp;&nbsp; $2181162 |
| Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), "A", 5.125%, 12/01/2055  | 1475000 | &nbsp;&nbsp; 1445678 |
| Colorado Health Facilities Authority Rev. (Frasier Meadows Manor Project), "A", 4%, 5/15/2041  | 1375000 | &nbsp;&nbsp; 1316213 |
| Colorado Health Facilities Authority Rev. (Frasier Meadows Manor Project), "A", 4%, 5/15/2048  | 2600000 | &nbsp;&nbsp; 2223183 |
| Colorado Health Facilities Authority Rev. (Frasier Meadows Manor Project), "A", 5.25%, 5/15/2048  | 600000 | &nbsp;&nbsp; 608988 |
| Colorado Health Facilities Authority, Health Care Facilities Rev. (American Baptist Homes of the Midwest Obligated Group), 8%, <br> 8/01/2043 <br>| 2975000 | &nbsp;&nbsp; 1636250 |
| Colorado Housing & Finance Authority, Mortgage-Backed Securities (Fitzsimons Gateway Apartments Project), "A", FNMA, 4.48%, <br> 3/01/2044 <br>| 1352566 | &nbsp;&nbsp; 1352163 |
| Colorado Housing & Finance Authority, Single Family Mortgage, Class I, "C", GNMA, 4.75%, 5/01/2049  | 2710000 | &nbsp;&nbsp; 2750059 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2047  | 3360000 | &nbsp;&nbsp; 3081992 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2053  | 3150000 | &nbsp;&nbsp; 2796739 |
| Denver, CO, City & County Housing Authority, Multi-Family Housing Rev. (4965 Washington Street Project), "A", 5%, 12/01/2045  | 865000 | &nbsp;&nbsp; 872670 |
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2036  | 675000 | &nbsp;&nbsp; 680575 |
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040  | 1800000 | &nbsp;&nbsp; 1808249 |
| Denver, CO, Health & Hospital Authority Rev. (550 Acoma, Inc.), COP, 5%, 12/01/2048  | 2670000 | &nbsp;&nbsp; 2670637 |
| Denver, CO, Health & Hospital Authority Rev., "A", 5%, 12/01/2039  | 3660000 | &nbsp;&nbsp; 3667851 |
| Denver, CO, Health & Hospital Authority Rev., "A", 5.25%, 12/01/2045  | 795000 | &nbsp;&nbsp; 795258 |
| Denver, CO, Health & Hospital Authority Rev., "A", 5.125%, 12/01/2050  | 500000 | &nbsp;&nbsp; 501926 |
| Denver, CO, Health & Hospital Authority Rev., "A", 6%, 12/01/2055  | 1680000 | &nbsp;&nbsp; 1797784 |
| Douglas County, CO, Mirabelle Metropolitan District No. 2, "A", AGM, 4.375%, 12/01/2044  | 1000000 | &nbsp;&nbsp; 977893 |
| Douglas County, CO, Mirabelle Metropolitan District No. 2, "A", AGM, 4.5%, 12/01/2049  | 1686000 | &nbsp;&nbsp; 1624193 |
| El Paso County, CO, Pinon Pines Metropolitan District No. 3, General Obligation, Convertible Capital Appreciation, 0% to <br> 12/01/2027, 5.875% to 12/01/2054 <br>| 7478000 | &nbsp;&nbsp; 6798750 |
| Erie, CO, Parkdale Community Authority, Limited Tax Supported Rev. (District No.1), "A", AGM, 5.375%, 12/01/2045  | 909000 | &nbsp;&nbsp; 959707 |
| Erie, CO, Parkdale Community Authority, Limited Tax Supported Rev. (District No.1), "A", AGM, 5%, 12/01/2050  | 909000 | &nbsp;&nbsp; 924622 |
| Erie, CO, Parkdale Community Authority, Limited Tax Supported Rev. (District No.1), "A", AGM, 5.5%, 12/01/2055  | 909000 | &nbsp;&nbsp; 945722 |
| Gunnison County, CO, Housing Authority, General Rev. (Whetstone Housing Project), BAM, 5.125%, 6/01/2055  | 2610000 | &nbsp;&nbsp; 2667535 |
| Gunnison County, CO, Housing Authority, General Rev. (Whetstone Housing Project), BAM, 5.25%, 6/01/2059  | 2220000 | &nbsp;&nbsp; 2272963 |
| Larimer County, CO, Kinston Metropolitan District No. 5, General Obligation Refunding and Improvement (City of Loveland), "A", <br> 5.75%, 12/01/2055 <br>| 1750000 | &nbsp;&nbsp; 1764345 |
| Larimer County, CO, Kinston Metropolitan District No. 5, General Obligation Refunding and Improvement (City of Loveland), "A", <br> 5.5%, 12/01/2045 <br>| 500000 | &nbsp;&nbsp; 505909 |
| Loretto Heights, CO, Community Authority Special Rev., 4.875%, 12/01/2051 (n)(r) | 14945000 | &nbsp;&nbsp; 11762875 |
| Vail, CO, Certificates of Participation, 5.5%, 12/01/2064  | 2205000 | &nbsp;&nbsp; 2352579 |
|  |  | &nbsp;&nbsp; $107264509 |
| Connecticut – 1.1% | Connecticut – 1.1% | Connecticut – 1.1% |
| Ansonia, CT, Certificates of Participation (Ansonia Fuel Cell Project), 4.75%, 12/01/2045  | $2790000 | &nbsp;&nbsp; $2851150 |
| Ansonia, CT, Certificates of Participation (Ansonia Fuel Cell Project), 4.75%, 12/01/2045  | 2790000 | &nbsp;&nbsp; 2851150 |
| Connecticut Health & Educational Facilities Authority Rev. (Connecticut Children's Medical), "E", 5.25%, 7/15/2048  | 1790000 | &nbsp;&nbsp; 1875080 |
| Connecticut Health & Educational Facilities Authority Rev. (Connecticut Children's Medical), "E", 4.25%, 7/15/2053  | 2055000 | &nbsp;&nbsp; 1901882 |
| Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), "G-1", 5%, 7/01/2039 (n) | 900000 | &nbsp;&nbsp; 908583 |
| Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), "G-1", 5%, 7/01/2050 (n) | 2250000 | &nbsp;&nbsp; 2083048 |
| Connecticut Health & Educational Facilities Authority Rev. (Masonicare), "F", 5%, 7/01/2043  | 8535000 | &nbsp;&nbsp; 8537041 |
| Connecticut Health & Educational Facilities Authority Rev. (McLean Issue), "A", 5%, 1/01/2030 (n) | 400000 | &nbsp;&nbsp; 402544 |
| Connecticut Health & Educational Facilities Authority Rev. (McLean Issue), "A", 5%, 1/01/2045 (n) | 1500000 | &nbsp;&nbsp; 1345744 |
| Connecticut Health & Educational Facilities Authority Rev. (McLean Issue), "A", 5%, 1/01/2055 (n) | 2800000 | &nbsp;&nbsp; 2332835 |
| Connecticut Mohegan Tribal Finance Authority, Economic Development, 7%, 2/01/2045 (n) | 17705000 | &nbsp;&nbsp; 17854258 |
| Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5.5%, 10/01/2042 (n) | 2120000 | &nbsp;&nbsp; 2191931 |
| Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5.75%, 10/01/2052 (n) | 5040000 | &nbsp;&nbsp; 5140563 |
| Norwalk, CT, Housing Authority Multi-Family (Monterey Village Apartments), FNMA, 4.4%, 9/01/2042  | 1820000 | &nbsp;&nbsp; 1848499 |
| Stamford, CT, Housing Authority Rev. (Mozaic Concierge Living Project), "A", 6.5%, 10/01/2055  | 1730000 | &nbsp;&nbsp; 1766242 |
| Stamford, CT, Housing Authority Rev. (Mozaic Concierge Living Project), "A", 6.25%, 10/01/2060  | 1600000 | &nbsp;&nbsp; 1602388 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Connecticut – continued | Connecticut – continued | Connecticut – continued |
| Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2031 (n) | $155000 | &nbsp;&nbsp; $158019 |
| Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2036 (n) | 255000 | &nbsp;&nbsp; 256021 |
| Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2041 (n) | 300000 | &nbsp;&nbsp; 288793 |
| Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 5.625%, 4/01/2044  | 395000 | &nbsp;&nbsp; 418632 |
| Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2051 (n) | 860000 | &nbsp;&nbsp; 733460 |
| Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 6%, 4/01/2052 (n) | 690000 | &nbsp;&nbsp; 732864 |
|  |  | &nbsp;&nbsp; $58080727 |
| Delaware – 0.4% | Delaware – 0.4% | Delaware – 0.4% |
| Delaware Economic Development Authority Rev. (Newark Charter School, Inc.), "A", 5%, 9/01/2046  | $620000 | &nbsp;&nbsp; $620172 |
| Delaware Economic Development Authority, Charter School Rev. (Aspira of Delaware Charter Operations, Inc. Project), "A", 5%, <br> 6/01/2036 <br>| 920000 | &nbsp;&nbsp; 921252 |
| Delaware Economic Development Authority, Charter School Rev. (Aspira of Delaware Charter Operations, Inc. Project), "A", 5%, <br> 6/01/2046 <br>| 1635000 | &nbsp;&nbsp; 1504183 |
| Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2043  | 4230000 | &nbsp;&nbsp; 4207981 |
| Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2048  | 2115000 | &nbsp;&nbsp; 2019683 |
| Delaware Health Facilities Authority Rev. (Christiana Care Health System), 5.25%, 10/01/2051 (u)(w) | 10000000 | &nbsp;&nbsp; 10506300 |
| Kent County, DE, Student Housing and Dining Facility Rev. (CHF - Dover LLC - Delaware State University Project), "A", 5%, <br> 7/01/2040 <br>| 750000 | &nbsp;&nbsp; 754208 |
| Kent County, DE, Student Housing and Dining Facility Rev. (CHF - Dover LLC - Delaware State University Project), "A", 5%, <br> 7/01/2048 <br>| 1025000 | &nbsp;&nbsp; 961993 |
| Kent County, DE, Student Housing and Dining Facility Rev. (CHF - Dover LLC - Delaware State University Project), "A", 5%, <br> 7/01/2053 <br>| 895000 | &nbsp;&nbsp; 821292 |
| Kent County, DE, Student Housing and Dining Facility Rev. (CHF - Dover LLC - Delaware State University Project), "A", 5%, <br> 7/01/2058 <br>| 1165000 | &nbsp;&nbsp; 1053455 |
|  |  | &nbsp;&nbsp; $23370519 |
| District of Columbia – 1.3% | District of Columbia – 1.3% | District of Columbia – 1.3% |
| District of Columbia Refunding Rev. (Catholic University of America), "A", 5.75%, 10/01/2055  | $1935000 | &nbsp;&nbsp; $2038040 |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", 5%, 6/01/2039 (n) | 2090000 | &nbsp;&nbsp; 2091209 |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", 5.625%, 6/01/2044 (n) | 750000 | &nbsp;&nbsp; 750553 |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", 5%, 6/01/2049 (n) | 1330000 | &nbsp;&nbsp; 1186399 |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", 5.75%, 6/01/2054 (n) | 500000 | &nbsp;&nbsp; 486317 |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", 5%, 6/01/2056 (n) | 1680000 | &nbsp;&nbsp; 1453268 |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", 6%, 6/01/2058 (n) | 305000 | &nbsp;&nbsp; 305142 |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", 5%, 6/01/2061 (n) | 2100000 | &nbsp;&nbsp; 1788464 |
| District of Columbia, Housing Finance Agency, Collateralized Multi-Family Housing Mortgage Rev. (Belmont Crossing Phase II), <br> 5%, 3/01/2029 (Put Date 2/01/2028)<br>| 2255000 | &nbsp;&nbsp; 2347690 |
| District of Columbia, Housing Finance Agency, Multi-Family Sustainable Mortgage Rev. (Edmonson), FNMA, 4.8%, 6/01/2045  | 1267590 | &nbsp;&nbsp; 1288344 |
| District of Columbia, Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030  | 1300000 | &nbsp;&nbsp; 1300266 |
| District of Columbia, Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035  | 5605000 | &nbsp;&nbsp; 5605572 |
| District of Columbia, Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045  | 9810000 | &nbsp;&nbsp; 9259746 |
| District of Columbia, Tobacco Settlement, 6.75%, 5/15/2040  | 620000 | &nbsp;&nbsp; 640521 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 5.5%, 10/01/2055 (u) | 11500000 | &nbsp;&nbsp; 12257678 |
| Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), "A", <br> AGM, 4%, 10/01/2052 <br>| 2670000 | &nbsp;&nbsp; 2356346 |
| Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital <br> Improvement Projects), "B", 4%, 10/01/2049 <br>| 14675000 | &nbsp;&nbsp; 12849414 |
| Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev., "A", 5.25%, 7/15/2059 (u) | 9890000 | &nbsp;&nbsp; 10314443 |
|  |  | &nbsp;&nbsp; $68319412 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Florida – 10.7% | Florida – 10.7% | Florida – 10.7% |
| Alachua County, FL, Health Facilities Authority, Continuing Care Retirement Community Rev. (Oak Hammock at The University of <br> Florida, Inc. Project), 4%, 10/01/2040 <br>| $645000 | &nbsp;&nbsp; $624756 |
| Alachua County, FL, Health Facilities Authority, Continuing Care Retirement Community Rev. (Oak Hammock at The University of <br> Florida, Inc. Project), 4%, 10/01/2046 <br>| 860000 | &nbsp;&nbsp; 731987 |
| Alachua County, FL, Health Facilities Authority, Continuing Care Retirement Community Rev. (Oak Hammock at The University of <br> Florida, Inc. Project), "A", 5.75%, 10/01/2053 <br>| 3280000 | &nbsp;&nbsp; 3430131 |
| Alachua County, FL, Health Facilities Authority, Continuing Care Retirement Community Rev. (Oak Hammock at The University of <br> Florida, Inc. Project), "A", 5.75%, 10/01/2060 <br>| 15455000 | &nbsp;&nbsp; 16050392 |
| Arborwood Community Development District, FL, Capital Improvement Refunding Rev., "A-1", 6.9%, 5/01/2036  | 210000 | &nbsp;&nbsp; 210217 |
| Arborwood Community Development District, FL, Capital Improvement Refunding Rev., "A-2", 4.625%, 5/01/2028  | 395000 | &nbsp;&nbsp; 400491 |
| Arborwood Community Development District, FL, Capital Improvement Refunding Rev., "A-2", 5%, 5/01/2036  | 860000 | &nbsp;&nbsp; 879256 |
| Arborwood Community Development District, FL, Capital Improvement Refunding Rev., "A-2", 6.9%, 5/01/2036  | 5000 | &nbsp;&nbsp; 5004 |
| Ave Maria Stewardship Community District, FL, Capital Improvement Rev. (Phase 5 Master Improvement Project), 5.3%, <br> 5/01/2045 <br>| 1215000 | &nbsp;&nbsp; 1214857 |
| Ave Maria Stewardship Community District, FL, Capital Improvement Rev. (Phase 5 Master Improvement Project), 5.6%, <br> 5/01/2056 <br>| 1655000 | &nbsp;&nbsp; 1635515 |
| Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030  | 690000 | &nbsp;&nbsp; 690718 |
| Charlotte and Lee Counties, FL, Babcock Ranch Community Independent Special District, Special Assessment Rev., 5.25%, <br> 5/01/2055 <br>| 1305000 | &nbsp;&nbsp; 1288844 |
| Charlotte County, FL, Industrial Development Authority, Utility System Rev. (Town & Country Utilities Project), 5.875%, 10/01/2045  | 410000 | &nbsp;&nbsp; 426035 |
| Charlotte County, FL, Industrial Development Authority, Utility System Rev. (Town & Country Utilities Project), 6.125%, 10/01/2055  | 4455000 | &nbsp;&nbsp; 4609341 |
| Charlotte County, FL, Starling Community Development District, Special Assessment Rev., 5.375%, 5/01/2045  | 850000 | &nbsp;&nbsp; 846367 |
| Charlotte County, FL, Starling Community Development District, Special Assessment Rev., 5.6%, 5/01/2056  | 2165000 | &nbsp;&nbsp; 2112033 |
| Creekside Community Development District, FL, Special Assessment, 5.2%, 5/01/2038 (a)(d) | 1269646 | &nbsp;&nbsp; 634823 |
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2036  | 825000 | &nbsp;&nbsp; 828597 |
| Florida Capital Projects Finance Authority, Educational Facilities Rev. (Imagine School at North Port Project), "A", 6.75%, <br> 6/15/2065 <br>| 9705000 | &nbsp;&nbsp; 9752100 |
| Florida Capital Projects Finance Authority, Student Housing Rev. (PRG-UnionWest Properties LLC Project), "A-1", 5%, 6/01/2054  | 4425000 | &nbsp;&nbsp; 3980577 |
| Florida Capital Projects Finance Authority, Student Housing Rev. (PRG-UnionWest Properties LLC Project), "A-1", 5%, 6/01/2058  | 1230000 | &nbsp;&nbsp; 1092384 |
| Florida Capital Region Community Development District, Capital Improvement Rev., "A-1", 4.625%, 5/01/2028  | 305000 | &nbsp;&nbsp; 309240 |
| Florida Capital Region Community Development District, Capital Improvement Rev., "A-1", 5.125%, 5/01/2039  | 2605000 | &nbsp;&nbsp; 2651846 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), "A", 4.5%, <br> 6/15/2028 (n)<br>| 495000 | &nbsp;&nbsp; 495755 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), "A", 5.375%, <br> 6/15/2038 (n)<br>| 1005000 | &nbsp;&nbsp; 1007017 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), "A", 5.375%, <br> 6/15/2048 (n)<br>| 1700000 | &nbsp;&nbsp; 1568252 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Imagine School at North Manatee Project), "A", 3.25%, 6/01/2031 (n) | 410000 | &nbsp;&nbsp; 385126 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Imagine School at North Manatee Project), "A", 5%, 6/01/2041 (n) | 325000 | &nbsp;&nbsp; 312686 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Imagine School at North Manatee Project), "A", 5%, 6/01/2056 (n) | 1800000 | &nbsp;&nbsp; 1528274 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Imagine School at North Manatee Project), "C", 5%, 6/01/2041 (n) | 230000 | &nbsp;&nbsp; 221285 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Imagine School at North Manatee Project), "C", 5%, 6/01/2056 (n) | 520000 | &nbsp;&nbsp; 441501 |
| Florida Capital Trust Agency, Educational Facilities Rev. (KIPP Miami North Project), "A", 6.125%, 6/15/2060  | 470000 | &nbsp;&nbsp; 476815 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), "A", 4%, 8/01/2030  | 75000 | &nbsp;&nbsp; 75625 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), "A", 5%, 8/01/2040  | 165000 | &nbsp;&nbsp; 167146 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), "A", 5%, 8/01/2055  | 515000 | &nbsp;&nbsp; 480543 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), "A", 5%, 6/15/2039 (n) | 3090000 | &nbsp;&nbsp; 3053138 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), "A", 5%, 6/15/2049 (n) | 11995000 | &nbsp;&nbsp; 10796169 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Viera Charter Schools, Inc. Project), "A", 4%, 10/15/2029 (n) | 270000 | &nbsp;&nbsp; 270324 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Viera Charter Schools, Inc. Project), "A", 5%, 10/15/2037 (n) | 510000 | &nbsp;&nbsp; 512038 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Viera Charter Schools, Inc. Project), "A", 5%, 10/15/2039 (n) | 2160000 | &nbsp;&nbsp; 2165075 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Viera Charter Schools, Inc. Project), "A", 5%, 10/15/2047 (n) | 1180000 | &nbsp;&nbsp; 1107933 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Viera Charter Schools, Inc. Project), "A", 5%, 10/15/2049 (n) | 1860000 | &nbsp;&nbsp; 1727568 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Viera Charter Schools, Inc. Project), "A", 5%, 10/15/2052 (n) | 1295000 | &nbsp;&nbsp; 1185576 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Florida – continued | Florida – continued | Florida – continued |
| Florida Capital Trust Agency, Educational Facilities Rev. (Viera Charter Schools, Inc. Project), "A", 5%, 10/15/2054 (n) | $1345000 | &nbsp;&nbsp; $1220691 |
| Florida Capital Trust Authority, Educational Facilities Lease Refunding Rev. (Plato Academy Schools Project), 5.125%, 12/15/2054  | 7585000 | &nbsp;&nbsp; 6914748 |
| Florida Capital Trust Authority, Educational Facilities Lease Refunding Rev. (Plato Academy Schools Project), 5.125%, 12/15/2059  | 5540000 | &nbsp;&nbsp; 4974729 |
| Florida Capital Trust Authority, Educational Facilities Lease Rev. (Seaside Community Charter School Project), "A", 5%, 6/15/2044  | 1320000 | &nbsp;&nbsp; 1286614 |
| Florida Capital Trust Authority, Educational Facilities Lease Rev. (Seaside Community Charter School Project), "A", 5.125%, <br> 6/15/2059 <br>| 1490000 | &nbsp;&nbsp; 1392162 |
| Florida Capital Trust Authority, Educational Facilities Refunding Rev. (St. Johns Classical Academy, Inc. Project), "A", 4.75%, <br> 6/15/2040 <br>| 800000 | &nbsp;&nbsp; 789119 |
| Florida Capital Trust Authority, Educational Facilities Refunding Rev. (St. Johns Classical Academy, Inc. Project), "A", 5.125%, <br> 6/15/2050 <br>| 500000 | &nbsp;&nbsp; 457947 |
| Florida Capital Trust Authority, Educational Facilities Refunding Rev. (St. Johns Classical Academy, Inc. Project), "A", 5.25%, <br> 6/15/2059 <br>| 3770000 | &nbsp;&nbsp; 3430590 |
| Florida Capital Trust Authority, Educational Facilities Rev. (Academir Charter Schools, Inc. Project), "A", 6.625%, 7/01/2065  | 11000000 | &nbsp;&nbsp; 11110284 |
| Florida Capital Trust Authority, Educational Facilities Rev. (KIPP Miami North Project), "A", 5.625%, 6/15/2044  | 410000 | &nbsp;&nbsp; 417236 |
| Florida Capital Trust Authority, Educational Facilities Rev. (KIPP Miami North Project), "A", 6%, 6/15/2054  | 655000 | &nbsp;&nbsp; 663551 |
| Florida Capital Trust Authority, Educational Facilities Rev. (Madrone-Florida Tech Student Housing I LLC-Florida Institute of <br> Technology Project), "A", 5.25%, 7/01/2055 <br>| 725000 | &nbsp;&nbsp; 694546 |
| Florida Capital Trust Authority, Educational Facilities Rev. (Madrone-Florida Tech Student Housing I LLC-Florida Institute of <br> Technology Project), "A", 5.375%, 7/01/2065 <br>| 1615000 | &nbsp;&nbsp; 1545848 |
| Florida Development Finance Corp. Rev. (Brightline Florida Passenger Rail Project), AGM, 5%, 7/01/2044  | 18140000 | &nbsp;&nbsp; 17946435 |
| Florida Development Finance Corp. Rev. (Brightline Florida Passenger Rail Project), AGM, 5.25%, 7/01/2053  | 4250000 | &nbsp;&nbsp; 4180675 |
| Florida Development Finance Corp., Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global <br> Understanding, Inc. Project), "A", 3%, 7/01/2031 (n)<br>| 160000 | &nbsp;&nbsp; 156775 |
| Florida Development Finance Corp., Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global <br> Understanding, Inc. Project), "A", 4%, 7/01/2051 (n)<br>| 1005000 | &nbsp;&nbsp; 825877 |
| Florida Development Finance Corp., Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), "A", 6.25%, <br> 6/15/2036 (n)<br>| 1155000 | &nbsp;&nbsp; 1160877 |
| Florida Development Finance Corp., Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), "A", 6.375%, <br> 6/15/2046 (n)<br>| 1980000 | &nbsp;&nbsp; 1983335 |
| Florida Development Finance Corp., Educational Facilities Rev. (Imagine School at Broward Project), "A", 5%, 12/15/2034 (n) | 525000 | &nbsp;&nbsp; 544883 |
| Florida Development Finance Corp., Educational Facilities Rev. (Imagine School at Broward Project), "A", 5%, 12/15/2039 (n) | 610000 | &nbsp;&nbsp; 623044 |
| Florida Development Finance Corp., Educational Facilities Rev. (Imagine School at Broward Project), "A", 5%, 12/15/2049 (n) | 4340000 | &nbsp;&nbsp; 4125993 |
| Florida Development Finance Corp., Educational Facilities Rev. (Mater Academy Projects), "A", 5%, 6/15/2052  | 1135000 | &nbsp;&nbsp; 1068658 |
| Florida Development Finance Corp., Educational Facilities Rev. (Mater Academy Projects), "A", 5%, 6/15/2056  | 1660000 | &nbsp;&nbsp; 1547427 |
| Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School Projects), "A", 6.125%, 6/15/2044  | 9870000 | &nbsp;&nbsp; 9873013 |
| Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School, Inc. Project), "A", 6.125%, 6/15/2050  | 720000 | &nbsp;&nbsp; 741832 |
| Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School, Inc. Project), "A", 6%, 6/15/2055  | 1450000 | &nbsp;&nbsp; 1470515 |
| Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School, Inc. Projects), "C", 4%, 9/15/2030 (n) | 220000 | &nbsp;&nbsp; 216365 |
| Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School, Inc. Projects), "C", 5%, 9/15/2040 (n) | 550000 | &nbsp;&nbsp; 537393 |
| Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School, Inc. Projects), "C", 5%, 9/15/2050 (n) | 1080000 | &nbsp;&nbsp; 943226 |
| Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), "A", 4%, 7/01/2035  | 175000 | &nbsp;&nbsp; 171875 |
| Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), "A", 4%, 7/01/2045  | 320000 | &nbsp;&nbsp; 266947 |
| Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), "A", 4%, 7/01/2055  | 445000 | &nbsp;&nbsp; 343471 |
| Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), "A-1", 5%, 7/01/2042  | 220000 | &nbsp;&nbsp; 220529 |
| Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), "A-1", 5%, 7/01/2051  | 200000 | &nbsp;&nbsp; 187842 |
| Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), "A-1", 5%, 2/01/2057  | 235000 | &nbsp;&nbsp; 217960 |
| Florida Development Finance Corp., Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), "A", 6%, <br> 6/15/2037 (n)<br>| 1510000 | &nbsp;&nbsp; 1524291 |
| Florida Development Finance Corp., Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), "A", 6.125%, <br> 6/15/2047 (n)<br>| 4365000 | &nbsp;&nbsp; 4301935 |
| Florida Development Finance Corp., Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2031 (n) | 560000 | &nbsp;&nbsp; 591218 |
| Florida Development Finance Corp., Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2035 (n) | 330000 | &nbsp;&nbsp; 344866 |
| Florida Development Finance Corp., Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n) | 13760000 | &nbsp;&nbsp; 12616746 |
| Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), "A", 4%, 6/01/2036 (n) | 2905000 | &nbsp;&nbsp; 2762236 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Florida – continued | Florida – continued | Florida – continued |
| Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), "A", 5.125%, 6/01/2040 (n) | $3455000 | &nbsp;&nbsp; $3516347 |
| Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), "A", 4%, 6/01/2041 (n) | 2730000 | &nbsp;&nbsp; 2398763 |
| Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), "A", 4%, 6/01/2046 (n) | 3855000 | &nbsp;&nbsp; 3030347 |
| Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), "A", 5.25%, 6/01/2050 (n) | 7500000 | &nbsp;&nbsp; 7135040 |
| Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), "A", 4%, 6/01/2055 (n) | 840000 | &nbsp;&nbsp; 607669 |
| Florida Development Finance Corp., Solid Waste Disposal Rev. (GFL Solid Waste Southeast LLC Project), "A", 4.375%, <br> 10/01/2054 (Put Date 10/01/2031)<br>| 5830000 | &nbsp;&nbsp; 5886428 |
| Florida Development Finance Corp., Student Housing Rev. (SFP - Tampa I - The Henry Project), "A-1", 5%, 6/01/2044 (n) | 1420000 | &nbsp;&nbsp; 1383943 |
| Florida Development Finance Corp., Student Housing Rev. (SFP - Tampa I - The Henry Project), "A-1", 5.25%, 6/01/2054 (n) | 835000 | &nbsp;&nbsp; 793702 |
| Florida Development Finance Corp., Student Housing Rev. (SFP - Tampa I - The Henry Project), "A-1", 5.25%, 6/01/2059  | 1290000 | &nbsp;&nbsp; 1218956 |
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2036  | 1070000 | &nbsp;&nbsp; 1107399 |
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2037  | 1490000 | &nbsp;&nbsp; 1464147 |
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2038  | 2030000 | &nbsp;&nbsp; 1977707 |
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2039  | 2420000 | &nbsp;&nbsp; 2330668 |
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2044  | 3480000 | &nbsp;&nbsp; 3121200 |
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), "A", 4.5%, 6/01/2033 (n) | 2220000 | &nbsp;&nbsp; 2207630 |
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), "A", 4.75%, 6/01/2038 (n) | 3875000 | &nbsp;&nbsp; 3746014 |
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), "A", 5%, 6/01/2048 (n) | 3995000 | &nbsp;&nbsp; 3525607 |
| Florida Housing Finance Corp., Homeowner Mortgage Rev., "1", FHLMC, 4%, 7/01/2049  | 595000 | &nbsp;&nbsp; 597571 |
| Florida Housing Finance Corp., Homeowner Mortgage Rev., "5", GNMA, 6.25%, 1/01/2055  | 1425000 | &nbsp;&nbsp; 1577243 |
| Florida Local Government Finance Commission, Anticipation Notes Rev. (Sanctuary at Village on the Isle Project), "A", 11%, <br> 12/22/2030 <br>| 4545000 | &nbsp;&nbsp; 4660920 |
| Florida Local Government Finance Commission, Educational Facilities Rev. (Bridgeprep Academy Projects), "A", 6.25%, 6/15/2055  | 2210000 | &nbsp;&nbsp; 2260180 |
| Florida Local Government Finance Commission, Educational Facilities Rev. (Bridgeprep Academy Projects), "A", 6.125%, <br> 6/15/2065 <br>| 10430000 | &nbsp;&nbsp; 10515633 |
| Florida Local Government Finance Commission, Senior Living Rev. (Fleet Landing at Nocatee Project), "A", 6.625%, 11/15/2045  | 740000 | &nbsp;&nbsp; 784258 |
| Florida Local Government Finance Commission, Senior Living Rev. (Fleet Landing at Nocatee Project), "A", 6.75%, 11/15/2055  | 1360000 | &nbsp;&nbsp; 1420823 |
| Florida Local Government Finance Commission, Senior Living Rev. (Fleet Landing at Nocatee Project), "A", 6.875%, 11/15/2064  | 3020000 | &nbsp;&nbsp; 3159426 |
| Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., 5.25%, 10/01/2048 (u) | 11270000 | &nbsp;&nbsp; 11757410 |
| Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., 5.25%, 10/01/2051 (u) | 6525000 | &nbsp;&nbsp; 6758724 |
| Hillsborough County, FL, Aviation Authority, Tampa International Airport Rev., "B", 5.5%, 10/01/2054 (u) | 4515000 | &nbsp;&nbsp; 4764385 |
| Hillsborough County, FL, Industrial Development Authority, Baycare Health System Rev., "C", 5.5%, 11/15/2054 (u) | 9020000 | &nbsp;&nbsp; 9636995 |
| Hillsborough County, FL, Industrial Development Authority, Hospital Rev. (Tampa General Hospital Project), "A", 4%, 8/01/2045  | 135000 | &nbsp;&nbsp; 122163 |
| Hillsborough County, FL, Industrial Development Authority, Hospital Rev. (Tampa General Hospital Project), "A", 4%, 8/01/2055  | 2315000 | &nbsp;&nbsp; 1914605 |
| Hillsborough County, FL, Solid Waste & Resource Recovery Rev., "A", 5.25%, 9/01/2050 (u) | 2350000 | &nbsp;&nbsp; 2443684 |
| Hillsborough County, FL, Solid Waste & Resource Recovery Rev., "A", AGM, 5.25%, 9/01/2054 (u) | 5710000 | &nbsp;&nbsp; 5911569 |
| Hillsborough County, FL, Solid Waste & Resource Recovery Rev., "A", AGM, 5.25%, 9/01/2054  | 2490000 | &nbsp;&nbsp; 2577899 |
| Jacksonville, FL, Coastal Ridge Community Development District, Special Assessment Rev., 5.75%, 5/01/2045  | 1000000 | &nbsp;&nbsp; 1031712 |
| Jacksonville, FL, Coastal Ridge Community Development District, Special Assessment Rev., 6%, 5/01/2055  | 3235000 | &nbsp;&nbsp; 3307524 |
| Jacksonville, FL, Cypress Bluff Community Development District, 4.9%, 5/01/2039  | 3590000 | &nbsp;&nbsp; 3665971 |
| Jacksonville, FL, Cypress Bluff Community Development District, 5.1%, 5/01/2048  | 2580000 | &nbsp;&nbsp; 2587504 |
| Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), "B", 5%, 6/01/2053 (n) | 2345000 | &nbsp;&nbsp; 2009255 |
| JEA, FL, Water and Sewer System Rev., 5.25%, 10/01/2055  | 15295000 | &nbsp;&nbsp; 16220842 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Calusa Project), 4.6%, 5/01/2035  | 440000 | &nbsp;&nbsp; 455117 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Calusa Project), 5.7%, 5/01/2045  | 1100000 | &nbsp;&nbsp; 1137403 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Calusa Project), 5.9%, 5/01/2055  | 1000000 | &nbsp;&nbsp; 1023971 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035  | 1295000 | &nbsp;&nbsp; 1295224 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045  | 2305000 | &nbsp;&nbsp; 2252688 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, <br> 5/01/2047 <br>| 2820000 | &nbsp;&nbsp; 2830194 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Taylor Ranch Project), 6.125%, 5/01/2043  | 1160000 | &nbsp;&nbsp; 1244303 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Taylor Ranch Project), 6.3%, 5/01/2054  | 1610000 | &nbsp;&nbsp; 1687602 |
| Lee County, FL, Airport Rev., 5.25%, 10/01/2054 (u) | 2055000 | &nbsp;&nbsp; 2121983 |
| Lee County, FL, Airport Rev., 5.25%, 10/01/2054 (u) | 3450000 | &nbsp;&nbsp; 3562454 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Florida – continued | Florida – continued | Florida – continued |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), "B-1", 4.75%, <br> 11/15/2029 <br>| $765000 | &nbsp;&nbsp; $770959 |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), "B-2", 4.375%, <br> 11/15/2029 <br>| 595000 | &nbsp;&nbsp; 598983 |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), "C", 5%, 11/15/2044  | 2370000 | &nbsp;&nbsp; 2403558 |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), "C", 5%, 11/15/2054  | 14005000 | &nbsp;&nbsp; 13683468 |
| Legends Bay Community Development District, FL, "A", 5.875%, 5/01/2038  | 830000 | &nbsp;&nbsp; 831139 |
| Live Oak Lake Community Development District, FL, Capital Improvement Rev., 4.5%, 5/01/2036  | 3315000 | &nbsp;&nbsp; 3280967 |
| Live Oak Lake Community Development District, FL, Capital Improvement Rev., 4.625%, 5/01/2047  | 2720000 | &nbsp;&nbsp; 2482450 |
| Manatee County, FL, Firethorn Community Development District, Capital Improvement Rev., 5.3%, 5/01/2045  | 870000 | &nbsp;&nbsp; 869897 |
| Manatee County, FL, Firethorn Community Development District, Capital Improvement Rev., 5.6%, 5/01/2055  | 1125000 | &nbsp;&nbsp; 1111575 |
| Marshall Creek, FL, Community Development District Rev. (St. John's County), "A", 5%, 5/01/2032  | 1070000 | &nbsp;&nbsp; 1071115 |
| Martin County, FL, Newfield Community Development District, Special Assessment Rev., 5.625%, 5/01/2045  | 1800000 | &nbsp;&nbsp; 1843453 |
| Martin County, FL, Newfield Community Development District, Special Assessment Rev., 5.9%, 5/01/2056  | 2455000 | &nbsp;&nbsp; 2500032 |
| Miami Beach, FL, Health Facilities Authority, Hospital Rev. (Mount Sinai Medical Center of Florida), "B", 4%, 11/15/2046  | 2000000 | &nbsp;&nbsp; 1769043 |
| Miami Beach, FL, Health Facilities Authority, Hospital Rev. (Mount Sinai Medical Center of Florida), "B", 4%, 11/15/2051  | 4030000 | &nbsp;&nbsp; 3462263 |
| Miami-Dade County, FL, Aviation Rev., "A", 5.25%, 10/01/2050 (u) | 8080000 | &nbsp;&nbsp; 8312584 |
| Miami-Dade County, FL, Aviation Rev., "A", 5.5%, 10/01/2055 (u) | 8905000 | &nbsp;&nbsp; 9312981 |
| Miami-Dade County, FL, Industrial Development Authority Rev. (Doral Academy Project), 5%, 1/15/2037  | 1215000 | &nbsp;&nbsp; 1233686 |
| Miami-Dade County, FL, Industrial Development Authority Rev. (Doral Academy Project), 5%, 1/15/2048  | 4185000 | &nbsp;&nbsp; 4075427 |
| Miami-Dade County, FL, Industrial Development Authority Rev. (Pinecrest Academy Project), 5.25%, 9/15/2044  | 2895000 | &nbsp;&nbsp; 2879466 |
| Miami-Dade County, FL, Rickenbacker Causeway Rev., 5%, 10/01/2043  | 2000000 | &nbsp;&nbsp; 2001280 |
| Miami-Dade County, FL, Seaport Refunding Rev., "A", 5.25%, 10/01/2052  | 1610000 | &nbsp;&nbsp; 1631149 |
| Midtown Miami, FL, Community Development District, Special Assessment (Infrastructure Project), "B", 5%, 5/01/2029  | 980000 | &nbsp;&nbsp; 980965 |
| Midtown Miami, FL, Community Development District, Special Assessment (Infrastructure Project), "B", 5%, 5/01/2037  | 740000 | &nbsp;&nbsp; 740433 |
| Midtown Miami, FL, Community Development District, Special Assessment (Parking Garage Project), "A", 5%, 5/01/2037  | 1055000 | &nbsp;&nbsp; 1055617 |
| Nassau County, FL, Three Rivers Community Development District, Special Assessment Refunding, 5.5%, 5/01/2045  | 5690000 | &nbsp;&nbsp; 5682594 |
| Nassau County, FL, Three Rivers Community Development District, Special Assessment Refunding, 5.75%, 5/01/2056  | 4805000 | &nbsp;&nbsp; 4729185 |
| NatureWalk Community Development District, FL, Capital Improvement Rev., "B", 2.65%, 5/01/2016 (a)(d) | 1575000 | &nbsp;&nbsp; 598500 |
| Okaloosa County, FL, Industrial Development Rev. (Air Force Enlisted Village, Inc. Project), 5.75%, 5/15/2055  | 4305000 | &nbsp;&nbsp; 4376250 |
| Okaloosa County, FL, Industrial Development Rev. (Air Force Enlisted Village, Inc. Project), 5.75%, 5/15/2060  | 2150000 | &nbsp;&nbsp; 2176646 |
| Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), "A", 4%, <br> 8/01/2047 <br>| 3850000 | &nbsp;&nbsp; 3377609 |
| Orange County, FL, Health Facilities Authority, Hospital Rev. (Orlando Health Obligated Group), "A", 5.25%, 10/01/2056  | 5565000 | &nbsp;&nbsp; 5761724 |
| Orange County, FL, Health Facilities Authority, Hospital Rev. (Presbyterian Retirement Communities Obligated Group Project), 5%, <br> 8/01/2054 <br>| 2945000 | &nbsp;&nbsp; 2909540 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2035 <br>| 700000 | &nbsp;&nbsp; 481060 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2036 <br>| 840000 | &nbsp;&nbsp; 550738 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2037 <br>| 320000 | &nbsp;&nbsp; 200168 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2038 <br>| 980000 | &nbsp;&nbsp; 581887 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2039 <br>| 1180000 | &nbsp;&nbsp; 663794 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2040 <br>| 1265000 | &nbsp;&nbsp; 668171 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2041 <br>| 1405000 | &nbsp;&nbsp; 695349 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2042 <br>| 1125000 | &nbsp;&nbsp; 515456 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2043 <br>| 1545000 | &nbsp;&nbsp; 649963 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Florida – continued | Florida – continued | Florida – continued |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2044 <br>| $1685000 | &nbsp;&nbsp; $671677 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2045 <br>| 1965000 | &nbsp;&nbsp; 726983 |
| Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), "A", 5%, 11/01/2047  | 940000 | &nbsp;&nbsp; 942672 |
| Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), "A", 5%, 11/01/2052  | 1220000 | &nbsp;&nbsp; 1171975 |
| Palm Beach County, FL, Health Facilities Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated <br> Group), "B", 5%, 11/15/2042 <br>| 985000 | &nbsp;&nbsp; 1018505 |
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion), "A", <br> 5%, 6/01/2055 <br>| 2770000 | &nbsp;&nbsp; 2562082 |
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2036  | 1740000 | &nbsp;&nbsp; 1703500 |
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2041  | 1450000 | &nbsp;&nbsp; 1325937 |
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, <br> 6/01/2056 <br>| 4960000 | &nbsp;&nbsp; 4033687 |
| Palm Beach County, FL, Provident Group Rev. (Lynn University Housing Project), "A", 4.25%, 6/01/2031 (n) | 1500000 | &nbsp;&nbsp; 1496143 |
| Palm Beach County, FL, Provident Group Rev. (Lynn University Housing Project), "A", 5%, 6/01/2057 (n) | 18845000 | &nbsp;&nbsp; 16321630 |
| Palm Beach County, FL, Provident Group Rev., Taxable (Lynn University Housing Project), "B", 5%, 6/01/2027 (n) | 635000 | &nbsp;&nbsp; 626781 |
| Palm Beach County, FL, State Rev. (Provident Group - PBAU Properties II LLC - Palm Beach Atlantic University Project), "A", 5.75%, <br> 10/01/2065 <br>| 10000000 | &nbsp;&nbsp; 10262463 |
| Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.1%, 5/01/2026  | 100000 | &nbsp;&nbsp; 100121 |
| Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.7%, 5/01/2036  | 1370000 | &nbsp;&nbsp; 1372031 |
| Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.875%, 5/01/2047  | 2515000 | &nbsp;&nbsp; 2427601 |
| Pasco County, FL, Concord Station Community Development District, "A-1", 3.5%, 5/01/2032  | 1425000 | &nbsp;&nbsp; 1425505 |
| Pasco County, FL, Concord Station Community Development District, "A-1", 3.625%, 5/01/2035  | 865000 | &nbsp;&nbsp; 865197 |
| Pasco County, FL, Concord Station Community Development District, "A-1", 3.75%, 5/01/2046  | 1000000 | &nbsp;&nbsp; 841620 |
| Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.3%, 5/01/2039  | 980000 | &nbsp;&nbsp; 1013721 |
| Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049  | 1250000 | &nbsp;&nbsp; 1261455 |
| Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 5.25%, 11/01/2035  | 360000 | &nbsp;&nbsp; 360379 |
| Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 7%, 11/01/2045  | 1990000 | &nbsp;&nbsp; 2038460 |
| Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 5.375%, 11/01/2046  | 370000 | &nbsp;&nbsp; 370086 |
| Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2050  | 5175000 | &nbsp;&nbsp; 4314523 |
| Pompano Beach, FL, Refunding Rev. (John Knox Village Project), "A", 4%, 9/01/2051  | 3925000 | &nbsp;&nbsp; 3245973 |
| Pompano Beach, FL, Refunding Rev. (John Knox Village Project), "A", 4%, 9/01/2056  | 5860000 | &nbsp;&nbsp; 4723388 |
| Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), "A", 5%, <br> 1/01/2047 <br>| 1020000 | &nbsp;&nbsp; 965397 |
| Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), "A", 5%, <br> 1/01/2052 <br>| 1875000 | &nbsp;&nbsp; 1709388 |
| Seminole County, FL, Industrial Development Authority, Educational Facilities Rev. (Galileo Schools for Gifted Learning Project), <br> "A", 4%, 6/15/2036 (n)<br>| 315000 | &nbsp;&nbsp; 300561 |
| Seminole County, FL, Industrial Development Authority, Educational Facilities Rev. (Galileo Schools for Gifted Learning Project), <br> "A", 4%, 6/15/2041 (n)<br>| 425000 | &nbsp;&nbsp; 375903 |
| Seminole County, FL, Industrial Development Authority, Educational Facilities Rev. (Galileo Schools for Gifted Learning Project), <br> "A", 4%, 6/15/2051 (n)<br>| 505000 | &nbsp;&nbsp; 388262 |
| Seminole County, FL, Industrial Development Authority, Educational Facilities Rev. (Galileo Schools for Gifted Learning Project), <br> "A", 4%, 6/15/2056 (n)<br>| 1310000 | &nbsp;&nbsp; 975374 |
| St. John's & Duval County, FL, Tolomato Community Development District Special Assessment Refunding, "A-2", 3.85%, <br> 5/01/2029 (n)<br>| 600000 | &nbsp;&nbsp; 606560 |
| St. John's & Duval County, FL, Tolomato Community Development District Special Assessment Refunding, "A-2", 4.25%, <br> 5/01/2037 (n)<br>| 1000000 | &nbsp;&nbsp; 1011504 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2027  | 110000 | &nbsp;&nbsp; 110249 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2028  | 105000 | &nbsp;&nbsp; 105420 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2029  | 120000 | &nbsp;&nbsp; 120621 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2030  | 105000 | &nbsp;&nbsp; 105573 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2031  | 110000 | &nbsp;&nbsp; 110294 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Florida – continued | Florida – continued | Florida – continued |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2036  | $525000 | &nbsp;&nbsp; $509380 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2041  | 390000 | &nbsp;&nbsp; 352777 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2046  | 390000 | &nbsp;&nbsp; 319255 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2050  | 380000 | &nbsp;&nbsp; 296095 |
| St. John's County, FL, Rivers Edge III Community Development District, Capital Improvement Rev., 5.75%, 5/01/2045  | 450000 | &nbsp;&nbsp; 464935 |
| St. John's County, FL, Rivers Edge III Community Development District, Capital Improvement Rev., 6%, 5/01/2056  | 1000000 | &nbsp;&nbsp; 1025470 |
| Sterling Hill Community Development District, FL, Capital Improvement Rev., "B", 5.5%, 11/01/2010 (d) | 498908 | &nbsp;&nbsp; 204552 |
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), "A", 5%, 12/01/2040  | 5935000 | &nbsp;&nbsp; 5937938 |
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), "A", 5%, 12/01/2044  | 2695000 | &nbsp;&nbsp; 2695036 |
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), "A", 5%, 12/01/2055  | 7125000 | &nbsp;&nbsp; 6882394 |
| Tampa, FL (University of Tampa Project), 5%, 4/01/2040  | 965000 | &nbsp;&nbsp; 966098 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2034 <br>| 1570000 | &nbsp;&nbsp; 1166170 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2035 <br>| 865000 | &nbsp;&nbsp; 614759 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2036 <br>| 1340000 | &nbsp;&nbsp; 909951 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2037 <br>| 630000 | &nbsp;&nbsp; 408141 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2038 <br>| 865000 | &nbsp;&nbsp; 533306 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2039 <br>| 865000 | &nbsp;&nbsp; 506727 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2040 <br>| 1180000 | &nbsp;&nbsp; 652940 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2041 <br>| 525000 | &nbsp;&nbsp; 275939 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2042 <br>| 525000 | &nbsp;&nbsp; 257249 |
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), "B", 4%, 7/01/2045  | 1800000 | &nbsp;&nbsp; 1631916 |
| Venice, FL, Retirement Community Improvement Rev. (Village on the Isle Project), "A", 5.5%, 1/01/2055  | 435000 | &nbsp;&nbsp; 427276 |
| Venice, FL, Retirement Community Improvement Rev. (Village on the Isle Project), "A", 5.625%, 1/01/2060  | 535000 | &nbsp;&nbsp; 530895 |
| Venice, FL, Retirement Community Improvement Rev. (Village on the Isle Project), "B-1", 4.625%, 1/01/2030  | 330000 | &nbsp;&nbsp; 330904 |
| Wildwood, FL, Middleton Community Development District A, Special Assessment Rev., 4.55%, 5/01/2044  | 160000 | &nbsp;&nbsp; 155976 |
| Wildwood, FL, Middleton Community Development District A, Special Assessment Rev., 4.75%, 5/01/2055  | 200000 | &nbsp;&nbsp; 185023 |
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4.85%, 5/01/2038  | 570000 | &nbsp;&nbsp; 593726 |
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4.2%, 5/01/2039  | 775000 | &nbsp;&nbsp; 775633 |
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 5%, 5/01/2043  | 795000 | &nbsp;&nbsp; 811881 |
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 5.25%, 5/01/2054  | 1685000 | &nbsp;&nbsp; 1689966 |
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 16), 4.875%, 5/01/2045  | 1700000 | &nbsp;&nbsp; 1704481 |
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 16), 5.125%, 5/01/2056  | 5960000 | &nbsp;&nbsp; 5917581 |
| Wiregrass Community Development District, FL, Capital Improvement Rev., 4.875%, 5/01/2036  | 900000 | &nbsp;&nbsp; 901537 |
| Wiregrass Community Development District, FL, Capital Improvement Rev., 5%, 5/01/2047  | 1615000 | &nbsp;&nbsp; 1582732 |
|  |  | &nbsp;&nbsp; $571375427 |
| Georgia – 1.4% | Georgia – 1.4% | Georgia – 1.4% |
| Atlanta, GA, Airport Rev. (Sustainable Bonds), "B-1", 5.5%, 7/01/2055 (u) | $4510000 | &nbsp;&nbsp; $4746909 |
| Atlanta, GA, Development Authority Rev. (Gulch Enterprise Zone Project), Convertible Capital Appreciation, "A-1", 0% to <br> 6/15/2028, 6.5% to 12/15/2048 <br>| 4713000 | &nbsp;&nbsp; 4243330 |
| Atlanta, GA, Development Authority Rev. (Westside Gulch Area Project), "A-2", 5.5%, 4/01/2039 (n) | 5250000 | &nbsp;&nbsp; 5440130 |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., "B", 3.625%, 1/01/2031 (n) | 2175000 | &nbsp;&nbsp; 2135064 |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., "B", 5%, 1/01/2036 (n) | 1995000 | &nbsp;&nbsp; 2055557 |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., "B", 5%, 1/01/2054 (n) | 6200000 | &nbsp;&nbsp; 5855895 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Georgia – continued | Georgia – continued | Georgia – continued |
| Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), "C", <br> 5%, 7/15/2030 <br>| $570000 | &nbsp;&nbsp; $570462 |
| Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), "C", <br> 5%, 7/15/2033 <br>| 975000 | &nbsp;&nbsp; 975613 |
| Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), "C", <br> 5%, 7/15/2038 <br>| 1060000 | &nbsp;&nbsp; 1060083 |
| Cobb-Marietta, GA, Coliseum & Exhibit Hall Authority Rev. (Cobb Galleria Centre Project), 5.5%, 10/01/2050  | 2000000 | &nbsp;&nbsp; 2168819 |
| Cobb-Marietta, GA, Coliseum & Exhibit Hall Authority Rev. (Cobb Galleria Centre Project), 5.5%, 10/01/2053  | 3000000 | &nbsp;&nbsp; 3242313 |
| DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), "A", 5%, 6/01/2063  | 820000 | &nbsp;&nbsp; 754094 |
| Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Lenbrook Square Foundation, Inc. Project), 5%, 7/01/2042  | 5030000 | &nbsp;&nbsp; 5038432 |
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., "A", 5.5%, 9/15/2028  | 2245000 | &nbsp;&nbsp; 2380792 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 5/01/2054 (Put Date 9/01/2031) | 10400000 | &nbsp;&nbsp; 11243047 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 6/01/2055 (Put Date 6/01/2032) | 9010000 | &nbsp;&nbsp; 9729319 |
| Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, <br> 8/01/2035 <br>| 235000 | &nbsp;&nbsp; 234819 |
| Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, <br> 8/01/2036 <br>| 300000 | &nbsp;&nbsp; 296451 |
| Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, <br> 8/01/2037 <br>| 250000 | &nbsp;&nbsp; 244188 |
| Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel First Tier), "A", 5.125%, 6/01/2050  | 570000 | &nbsp;&nbsp; 562506 |
| Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel First Tier), "A", 5.25%, 6/01/2061  | 835000 | &nbsp;&nbsp; 823355 |
| Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel Second Tier), "B", 6%, 6/01/2050  | 3270000 | &nbsp;&nbsp; 3228279 |
| Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel Second Tier), "B", 6.25%, 6/01/2061  | 9260000 | &nbsp;&nbsp; 9235862 |
|  |  | &nbsp;&nbsp; $76265319 |
| Guam – 0.2% | Guam – 0.2% | Guam – 0.2% |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | $1710000 | &nbsp;&nbsp; $1667510 |
| Guam Government Department of Education (John F. Kennedy High School Energy Efficiency Project), "A", COP, 4.25%, 2/01/2030  | 1430000 | &nbsp;&nbsp; 1447817 |
| Guam Government Department of Education (John F. Kennedy High School Energy Efficiency Project), "A", COP, 5%, 2/01/2040  | 2375000 | &nbsp;&nbsp; 2411120 |
| Guam Government, Hotel Occupancy Tax Rev., "A", 5%, 11/01/2027  | 250000 | &nbsp;&nbsp; 259071 |
| Guam Government, Hotel Occupancy Tax Rev., "A", 5%, 11/01/2028  | 250000 | &nbsp;&nbsp; 264140 |
| Guam Government, Hotel Occupancy Tax Rev., "A", 5%, 11/01/2029  | 325000 | &nbsp;&nbsp; 349732 |
| Guam Government, Hotel Occupancy Tax Rev., "A", 5%, 11/01/2040  | 1000000 | &nbsp;&nbsp; 1049782 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | 1620000 | &nbsp;&nbsp; 1622180 |
|  |  | &nbsp;&nbsp; $9071352 |
| Hawaii – 0.4% | Hawaii – 0.4% | Hawaii – 0.4% |
| Hawaii Airports System Rev., "A", 5.25%, 7/01/2051 (u) | $1985000 | &nbsp;&nbsp; $2062591 |
| Hawaii Airports System Rev., "A", 5.5%, 7/01/2054 (u) | 11325000 | &nbsp;&nbsp; 12038329 |
| Hawaii Airports System Rev., "C", 5%, 7/01/2045  | 2250000 | &nbsp;&nbsp; 2341930 |
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2030 (n) | 1150000 | &nbsp;&nbsp; 1149981 |
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2035 (n) | 1125000 | &nbsp;&nbsp; 1118959 |
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2045 (n) | 1140000 | &nbsp;&nbsp; 1015429 |
|  |  | &nbsp;&nbsp; $19727219 |
| Idaho – 0.2% | Idaho – 0.2% | Idaho – 0.2% |
| Idaho Health Facilities Authority Rev. (Madison Memorial Hospital Project), 5%, 9/01/2037  | $1285000 | &nbsp;&nbsp; $1287446 |
| Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), "A", 5.25%, 3/01/2050  | 4000000 | &nbsp;&nbsp; 4198656 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), "A", 4.625%, <br> 7/01/2029 (n)<br>| 230000 | &nbsp;&nbsp; 231725 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), "A", 6%, <br> 7/01/2039 (n)<br>| 1100000 | &nbsp;&nbsp; 1125210 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), "A", 6%, <br> 7/01/2049 (n)<br>| 515000 | &nbsp;&nbsp; 517767 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Idaho – continued | Idaho – continued | Idaho – continued |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), "A", 6%, <br> 7/01/2054 (n)<br>| $565000 | &nbsp;&nbsp; $566707 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), "A", 4.75%, <br> 5/01/2054 <br>| 605000 | &nbsp;&nbsp; 572682 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), "A", 5%, <br> 5/01/2063 <br>| 705000 | &nbsp;&nbsp; 683035 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (White Pine Charter School Project), "A", 5.75%, 5/01/2058  | 465000 | &nbsp;&nbsp; 478303 |
|  |  | &nbsp;&nbsp; $9661531 |
| Illinois – 6.0% | Illinois – 6.0% | Illinois – 6.0% |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | $12665000 | &nbsp;&nbsp; $11849355 |
| Burbank, IL, Educational Facility Rev. (Intercultural Montessori Language School Project), "A", 6%, 9/01/2035 (n) | 2170000 | &nbsp;&nbsp; 2170896 |
| Burbank, IL, Educational Facility Rev. (Intercultural Montessori Language School Project), "A", 6.25%, 9/01/2045 (n) | 3565000 | &nbsp;&nbsp; 3517806 |
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, "A", NPFG, 0%, 12/01/2029  | 4250000 | &nbsp;&nbsp; 3721359 |
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, "A", NPFG, 0%, 12/01/2030  | 1835000 | &nbsp;&nbsp; 1545654 |
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, "B-1", NPFG, 0%, 12/01/2028  | 5515000 | &nbsp;&nbsp; 5006920 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2036  | 1110000 | &nbsp;&nbsp; 1126250 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2037  | 1115000 | &nbsp;&nbsp; 1129757 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2042  | 2015000 | &nbsp;&nbsp; 2025249 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 1470000 | &nbsp;&nbsp; 1493481 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2046  | 2900000 | &nbsp;&nbsp; 2848580 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 6%, 4/01/2046  | 19865000 | &nbsp;&nbsp; 20132041 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 7365000 | &nbsp;&nbsp; 7738556 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 5.5%, 12/01/2038  | 1905000 | &nbsp;&nbsp; 1991800 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047  | 10385000 | &nbsp;&nbsp; 8478072 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 5.875%, 12/01/2047  | 5200000 | &nbsp;&nbsp; 5322962 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "A", 5%, 12/01/2042  | 14200000 | &nbsp;&nbsp; 14034836 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "A", 7%, 12/01/2046 (n) | 7105000 | &nbsp;&nbsp; 7284518 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "B", 4%, 12/01/2036  | 1215000 | &nbsp;&nbsp; 1185764 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "B", 4%, 12/01/2039  | 1920000 | &nbsp;&nbsp; 1806372 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "B", 4%, 12/01/2040  | 1255000 | &nbsp;&nbsp; 1161693 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "B", 4%, 12/01/2041  | 2910000 | &nbsp;&nbsp; 2674438 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "B", 7%, 12/01/2042 (n) | 1750000 | &nbsp;&nbsp; 1809928 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "H", 5%, 12/01/2046  | 10610000 | &nbsp;&nbsp; 10115947 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation, "A", 6%, 12/01/2049  | 10700000 | &nbsp;&nbsp; 10992444 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2033  | 23325000 | &nbsp;&nbsp; 24598188 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2040  | 280000 | &nbsp;&nbsp; 283079 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040  | 500000 | &nbsp;&nbsp; 529919 |
| Chicago, IL, General Obligation, "A", 6%, 1/01/2050  | 6085000 | &nbsp;&nbsp; 6367012 |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), "A", 4%, 6/15/2052  | 985000 | &nbsp;&nbsp; 832890 |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital Appreciation, <br> "A", AGM, 0%, 12/15/2056 <br>| 5495000 | &nbsp;&nbsp; 1184189 |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital Appreciation, <br> "B", BAM, 0%, 12/15/2054 <br>| 11735000 | &nbsp;&nbsp; 2825391 |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital Appreciation, <br> "B-1", AGM, 0%, 6/15/2046 <br>| 15000000 | &nbsp;&nbsp; 5802174 |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital Appreciation, <br> "B-1", AGM, 0%, 6/15/2047 <br>| 29475000 | &nbsp;&nbsp; 10706452 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "A", 4.5%, 1/01/2048  | 5490000 | &nbsp;&nbsp; 5227084 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "A", 5%, 1/01/2048  | 4695000 | &nbsp;&nbsp; 4696403 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "A", 4.625%, 1/01/2053  | 6585000 | &nbsp;&nbsp; 6292027 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "A", 5.5%, 1/01/2059  | 3385000 | &nbsp;&nbsp; 3513257 |
| Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 3/01/2036  | 528000 | &nbsp;&nbsp; 529294 |
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2034  | 405000 | &nbsp;&nbsp; 421012 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Illinois – continued | Illinois – continued | Illinois – continued |
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2038  | $500000 | &nbsp;&nbsp; $506044 |
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2042  | 310000 | &nbsp;&nbsp; 299844 |
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2047  | 565000 | &nbsp;&nbsp; 519301 |
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2052  | 490000 | &nbsp;&nbsp; 436486 |
| Illinois Finance Authority Rev. (McKinley Foundation), "A", 5.125%, 11/01/2055 (n) | 3570000 | &nbsp;&nbsp; 3054706 |
| Illinois Finance Authority Rev. (Mercy Health Corp.), 5%, 12/01/2040  | 3020000 | &nbsp;&nbsp; 3046088 |
| Illinois Finance Authority Rev. (Moorings of Arlington Heights), "A", 5.125%, 11/01/2046  | 880000 | &nbsp;&nbsp; 887400 |
| Illinois Finance Authority Rev. (Moorings of Arlington Heights), "A", 5.375%, 11/01/2050  | 770000 | &nbsp;&nbsp; 774336 |
| Illinois Finance Authority Rev. (Moorings of Arlington Heights), "A", 5.375%, 11/01/2055  | 1235000 | &nbsp;&nbsp; 1239886 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "A", 5%, 5/15/2041  | 400000 | &nbsp;&nbsp; 395912 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "A", 6.5%, 5/15/2042  | 1745000 | &nbsp;&nbsp; 1875989 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "A", 6.5%, 5/15/2047  | 2530000 | &nbsp;&nbsp; 2659462 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "A", 5%, 5/15/2051  | 1000000 | &nbsp;&nbsp; 874470 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "A", 6.625%, 5/15/2052  | 2060000 | &nbsp;&nbsp; 2162459 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "A", 5%, 5/15/2056  | 1330000 | &nbsp;&nbsp; 1139321 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "A", 6.75%, 5/15/2058  | 2735000 | &nbsp;&nbsp; 2865341 |
| Illinois Finance Authority Rev. (Presence Health Network), 4%, 2/15/2041 (Prerefunded 2/15/2027) | 20000 | &nbsp;&nbsp; 20336 |
| Illinois Finance Authority Rev. (Rosalind Franklin University), "A", 5%, 8/01/2042  | 640000 | &nbsp;&nbsp; 641690 |
| Illinois Finance Authority Rev. (Rosalind Franklin University), "A", 5%, 8/01/2047  | 1310000 | &nbsp;&nbsp; 1262929 |
| Illinois Finance Authority Rev. (Rosalind Franklin University), "C", 5%, 8/01/2046  | 1005000 | &nbsp;&nbsp; 975681 |
| Illinois Finance Authority Rev. (Rosalind Franklin University), "C", 5%, 8/01/2049  | 970000 | &nbsp;&nbsp; 925092 |
| Illinois Finance Authority Rev., Taxable (McKinley Foundation), "B", 7%, 11/01/2037 (n) | 745000 | &nbsp;&nbsp; 743732 |
| Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at <br> Urbana-Champaign Project), "A", 5%, 10/01/2051 <br>| 580000 | &nbsp;&nbsp; 586419 |
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), "A", 2.25%, <br> 7/01/2033 <br>| 610000 | &nbsp;&nbsp; 534914 |
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), "A", 3%, <br> 7/01/2035 <br>| 430000 | &nbsp;&nbsp; 403142 |
| Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), <br> "A", 5%, 2/15/2028 <br>| 210000 | &nbsp;&nbsp; 214264 |
| Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), <br> "A", 5%, 2/15/2037 <br>| 1415000 | &nbsp;&nbsp; 1427874 |
| Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), <br> "A", 5%, 2/15/2047 <br>| 1945000 | &nbsp;&nbsp; 1854940 |
| Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), <br> "A", 5%, 2/15/2050 <br>| 415000 | &nbsp;&nbsp; 389575 |
| Illinois Housing Development Authority Rev., "A", FHLMC, 3.87%, 11/15/2035 (z) | 8854734 | &nbsp;&nbsp; 8027215 |
| Illinois Housing Development Authority Rev., "B", FHLMC, 3.87%, 11/15/2035 (z) | 3611148 | &nbsp;&nbsp; 3273668 |
| Illinois Housing Development Authority Rev., "C", FHLMC, 3.87%, 11/15/2035 (z) | 3603465 | &nbsp;&nbsp; 3266704 |
| Illinois Housing Development Authority Rev., "D", FHLMC, 3.87%, 11/15/2035 (z) | 3288157 | &nbsp;&nbsp; 2980862 |
| Illinois Housing Development Authority Rev., "E", FHLMC, 3.87%, 11/15/2035 (z) | 2264073 | &nbsp;&nbsp; 2052484 |
| Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034  | 1664000 | &nbsp;&nbsp; 1667044 |
| Lincolnwood, IL, Tax Increment Allocation Rev. (District 1860 Development Project), "A", 5.75%, 12/01/2043  | 1200000 | &nbsp;&nbsp; 1220539 |
| Romeoville, IL, Rev. (Lewis University Project), "A", 5%, 10/01/2042  | 1450000 | &nbsp;&nbsp; 1436164 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "A", AGM, 5%, 1/01/2049  | 900000 | &nbsp;&nbsp; 910658 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "A", AGM, 5%, 1/01/2054  | 390000 | &nbsp;&nbsp; 392546 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "B", AGM, 5%, 1/01/2039  | 240000 | &nbsp;&nbsp; 262310 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "B", AGM, 5%, 1/01/2040  | 210000 | &nbsp;&nbsp; 226246 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "B", AGM, 5%, 1/01/2041  | 220000 | &nbsp;&nbsp; 234680 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "B", AGM, 5%, 1/01/2042  | 230000 | &nbsp;&nbsp; 242681 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "B", AGM, 5%, 1/01/2043  | 250000 | &nbsp;&nbsp; 260813 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "B", AGM, 5%, 1/01/2044  | 255000 | &nbsp;&nbsp; 264013 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 8810000 | &nbsp;&nbsp; 9470361 |
| State of Illinois, General Obligation, 4.5%, 11/01/2039  | 2420000 | &nbsp;&nbsp; 2427071 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Illinois – continued | Illinois – continued | Illinois – continued |
| State of Illinois, General Obligation, 5%, 11/01/2040  | $10180000 | &nbsp;&nbsp; $10256549 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 9310000 | &nbsp;&nbsp; 9841681 |
| State of Illinois, General Obligation, "B", 5.5%, 5/01/2047  | 3465000 | &nbsp;&nbsp; 3639407 |
| University of Illinois, Auxiliary Facilities System Rev., "A", BAM, 4%, 4/01/2050  | 1205000 | &nbsp;&nbsp; 1064288 |
| Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2043  | 8455000 | &nbsp;&nbsp; 8515280 |
| Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2048  | 8460000 | &nbsp;&nbsp; 8462018 |
|  |  | &nbsp;&nbsp; $318085964 |
| Indiana – 0.5% | Indiana – 0.5% | Indiana – 0.5% |
| Gary/Chicago, IN, International Airport Authority, Development Zone Rev., AGM, 4.5%, 2/01/2045  | $435000 | &nbsp;&nbsp; $430457 |
| Indiana Finance Authority Refunding Rev., Taxable (BHI Senior Living), "B", 3.21%, 11/15/2028  | 785000 | &nbsp;&nbsp; 752193 |
| Indiana Finance Authority Refunding Rev., Taxable (BHI Senior Living), "B", 3.26%, 11/15/2029  | 930000 | &nbsp;&nbsp; 876200 |
| Indiana Finance Authority Refunding Rev., Taxable (BHI Senior Living), "B", 3.3%, 11/15/2030  | 720000 | &nbsp;&nbsp; 664984 |
| Indiana Finance Authority Refunding Rev., Taxable (BHI Senior Living), "B", 3.39%, 11/15/2031  | 570000 | &nbsp;&nbsp; 516307 |
| Indiana Finance Authority Rev. (Marquette Project), "A", 5.25%, 3/01/2050  | 1380000 | &nbsp;&nbsp; 1388775 |
| Indiana Finance Authority Rev. (Marquette Project), "A", 5.375%, 3/01/2055  | 4445000 | &nbsp;&nbsp; 4488884 |
| Indiana Finance Authority, Educational Facilities Multipurpose Rev. (KIPP Indianapolis, Inc. Project), "A", 4%, 7/01/2030  | 375000 | &nbsp;&nbsp; 371948 |
| Indiana Finance Authority, Educational Facilities Multipurpose Rev. (KIPP Indianapolis, Inc. Project), "A", 5%, 7/01/2040  | 340000 | &nbsp;&nbsp; 333897 |
| Indiana Finance Authority, Educational Facilities Multipurpose Rev. (KIPP Indianapolis, Inc. Project), "A", 5%, 7/01/2055  | 1150000 | &nbsp;&nbsp; 1017680 |
| Indiana Finance Authority, Educational Facilities Rev. (Marian University Project), 4%, 9/15/2044  | 470000 | &nbsp;&nbsp; 396979 |
| Indiana Finance Authority, Educational Facilities Rev. (Marian University Project), 4%, 9/15/2049  | 600000 | &nbsp;&nbsp; 478497 |
| Indiana Finance Authority, Hospital Rev. (Reid Health), AGM, 4.25%, 1/01/2047  | 2460000 | &nbsp;&nbsp; 2327351 |
| Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), "B", 5%, 5/01/2040  | 255000 | &nbsp;&nbsp; 266019 |
| Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), "B", 5.25%, 5/01/2045  | 910000 | &nbsp;&nbsp; 919564 |
| Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), "B", 5.375%, 5/01/2050  | 1215000 | &nbsp;&nbsp; 1220071 |
| Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), "B", 5.5%, 5/01/2054  | 1230000 | &nbsp;&nbsp; 1239828 |
| Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), "A", 5%, 6/01/2053  | 960000 | &nbsp;&nbsp; 948970 |
| Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), "A", 5.125%, 6/01/2058  | 790000 | &nbsp;&nbsp; 778475 |
| Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), "A", 5.375%, 6/01/2064  | 2360000 | &nbsp;&nbsp; 2373525 |
| Indianapolis, IN, Local Public Improvement Bond Bank Senior Rev. (Convention Center Hotel), "E", 6%, 3/01/2053  | 1065000 | &nbsp;&nbsp; 1107345 |
| Indianapolis, IN, Local Public Improvement Bond Bank Senior Rev. (Convention Center Hotel), "E", 6.125%, 3/01/2057  | 1190000 | &nbsp;&nbsp; 1244582 |
| Terre Haute, IN, Rev. (Westminster Village), 6%, 8/01/2039  | 4600000 | &nbsp;&nbsp; 3793955 |
|  |  | &nbsp;&nbsp; $27936486 |
| Iowa – 0.8% | Iowa – 0.8% | Iowa – 0.8% |
| Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), "A", 5%, 3/01/2033  | $1095000 | &nbsp;&nbsp; $1106796 |
| Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), "A", 5%, 3/01/2038  | 865000 | &nbsp;&nbsp; 870379 |
| Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), "A", 5%, 3/01/2048  | 1590000 | &nbsp;&nbsp; 1504690 |
| Iowa Finance Authority, Senior Living Facility Rev. (Presbyterian Homes Mill Pond Project), 5.75%, 10/01/2055  | 1000000 | &nbsp;&nbsp; 1016795 |
| Iowa Finance Authority, Senior Living Facility Rev. (Presbyterian Homes Mill Pond Project), 5.875%, 10/01/2065  | 2500000 | &nbsp;&nbsp; 2536893 |
| Iowa Finance Authority, Single Family Mortgage Rev., "A", FNMA, 4%, 7/01/2047  | 165000 | &nbsp;&nbsp; 165858 |
| Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 4.75%, 10/01/2042  | 775000 | &nbsp;&nbsp; 782863 |
| Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5%, 10/01/2047  | 820000 | &nbsp;&nbsp; 822935 |
| Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 4%, 10/01/2050  | 395000 | &nbsp;&nbsp; 328929 |
| Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5.375%, 10/01/2052  | 910000 | &nbsp;&nbsp; 921386 |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039  | 120000 | &nbsp;&nbsp; 117829 |
| Iowa Student Loan Liquidity Corp. Rev., "C", 3.5%, 12/01/2044  | 7710000 | &nbsp;&nbsp; 6127366 |
| Iowa Student Loan Liquidity Corp. Rev., "C", 5%, 12/01/2054  | 995000 | &nbsp;&nbsp; 944567 |
| Iowa Tobacco Settlement Authority Asset-Backed, Senior Capital Appreciation, "B-2", 0%, 6/01/2065  | 158880000 | &nbsp;&nbsp; 22603143 |
|  |  | &nbsp;&nbsp; $39850429 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Kansas – 1.0% | Kansas – 1.0% | Kansas – 1.0% |
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036  | $1405000 | &nbsp;&nbsp; $1372530 |
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041  | 615000 | &nbsp;&nbsp; 563587 |
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), "A", 5%, 5/15/2030  | 1085000 | &nbsp;&nbsp; 1106200 |
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), "A", 5%, 5/15/2032  | 985000 | &nbsp;&nbsp; 1002833 |
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), "A", 5%, 5/15/2039  | 1280000 | &nbsp;&nbsp; 1291360 |
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), "A", 5%, 5/15/2043  | 4000000 | &nbsp;&nbsp; 4003640 |
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), "A", 4%, 6/01/2036  | 1000000 | &nbsp;&nbsp; 977387 |
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), "A", 4%, 6/01/2046  | 1150000 | &nbsp;&nbsp; 965800 |
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), "A", 4%, 6/01/2052  | 4390000 | &nbsp;&nbsp; 3495661 |
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), "A", 5.5%, 6/01/2055  | 1500000 | &nbsp;&nbsp; 1507599 |
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), "A", 5.5%, 6/01/2060  | 2035000 | &nbsp;&nbsp; 2035439 |
| Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2032  | 1360000 | &nbsp;&nbsp; 1423520 |
| Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2033  | 1430000 | &nbsp;&nbsp; 1492930 |
| Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2034  | 1500000 | &nbsp;&nbsp; 1562765 |
| Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2036  | 1660000 | &nbsp;&nbsp; 1718785 |
| Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2038  | 1835000 | &nbsp;&nbsp; 1887477 |
| Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2044  | 2615000 | &nbsp;&nbsp; 2626989 |
| Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2049  | 5640000 | &nbsp;&nbsp; 5475911 |
| Overland Park, KS, Sales Tax Special Rev. (Bluhawk STAR Bond Project), "A", 6%, 11/15/2034 (n) | 1510000 | &nbsp;&nbsp; 1591635 |
| Topeka, KS, Health Care Facilities Rev. (Brewster Place), "A", 6.25%, 12/01/2042  | 1320000 | &nbsp;&nbsp; 1375307 |
| Topeka, KS, Health Care Facilities Rev. (Brewster Place), "A", 6.5%, 12/01/2052  | 2420000 | &nbsp;&nbsp; 2461881 |
| Wichita, KS, Health Care Facilities Rev. (Larksfield Place), "VII-A", 6.75%, 6/01/2055  | 2500000 | &nbsp;&nbsp; 2567718 |
| Wichita, KS, Health Care Facilities Rev. (Larksfield Place), "VII-A", 6.75%, 6/01/2060  | 3245000 | &nbsp;&nbsp; 3322147 |
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), "I", 5%, 5/15/2033  | 605000 | &nbsp;&nbsp; 610219 |
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), "I", 5%, 5/15/2038  | 1095000 | &nbsp;&nbsp; 1095354 |
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), "I", 4.625%, 5/15/2041  | 605000 | &nbsp;&nbsp; 562759 |
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), "I", 5%, 5/15/2047  | 1860000 | &nbsp;&nbsp; 1617400 |
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), "III", 5%, 5/15/2034  | 1750000 | &nbsp;&nbsp; 1770386 |
| Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments <br> Garage & West Lawn Project), 4.5%, 6/01/2040 <br>| 905000 | &nbsp;&nbsp; 906782 |
|  |  | &nbsp;&nbsp; $52392001 |
| Kentucky – 1.2% | Kentucky – 1.2% | Kentucky – 1.2% |
| Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), "B", 4.45%, 1/01/2042 (n) | $4005000 | &nbsp;&nbsp; $4017684 |
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove <br> Pointe Project), "A", 5%, 5/15/2036 <br>| 2590000 | &nbsp;&nbsp; 2517468 |
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove <br> Pointe Project), "A", 5%, 5/15/2046 <br>| 6945000 | &nbsp;&nbsp; 5764271 |
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove <br> Pointe Project), "A", 5%, 5/15/2051 <br>| 1755000 | &nbsp;&nbsp; 1392362 |
| Kentucky Economic Development Finance Authority, Healthcare Facilities Rev. (Baptist Life Communities Project), "A", 6%, <br> 11/15/2036 <br>| 2385000 | &nbsp;&nbsp; 1884660 |
| Kentucky Economic Development Finance Authority, Healthcare Facilities Rev. (Baptist Life Communities Project), "A", 6.25%, <br> 11/15/2046 <br>| 5105000 | &nbsp;&nbsp; 3646870 |
| Kentucky Economic Development Finance Authority, Healthcare Facilities Rev. (Baptist Life Communities Project), "A", 6.375%, <br> 11/15/2051 <br>| 5415000 | &nbsp;&nbsp; 3787711 |
| Kentucky Economic Development Finance Authority, Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.375%, <br> 11/15/2042 <br>| 2915000 | &nbsp;&nbsp; 2556512 |
| Kentucky Economic Development Finance Authority, Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.5%, <br> 11/15/2045 <br>| 940000 | &nbsp;&nbsp; 795114 |
| Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), "A", 5%, 6/01/2041  | 1995000 | &nbsp;&nbsp; 2005207 |
| Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), "A", 5.25%, 6/01/2041  | 1555000 | &nbsp;&nbsp; 1572520 |
| Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), "A", 5%, 6/01/2045  | 2490000 | &nbsp;&nbsp; 2490330 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Kentucky – continued | Kentucky – continued | Kentucky – continued |
| Kentucky Economic Development Finance Authority, Louisville Arena Project Rev. (Louisville Arena Authority, Inc.), "A", AGM, 5%, <br> 12/01/2045 <br>| $9930000 | &nbsp;&nbsp; $10028630 |
| Kentucky Higher Education Student Loan Corp. Rev., "B-1", 5%, 6/01/2036  | 8965000 | &nbsp;&nbsp; 9361392 |
| Kentucky Municipal Energy Agency, Power System Rev. (Energy Center I Project), AGM, 5%, 1/01/2055  | 6185000 | &nbsp;&nbsp; 6282616 |
| Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2051  | 245000 | &nbsp;&nbsp; 223520 |
| Louisville & Jefferson County, KY, Metro Government College Improvement Rev. (Bellarmine University Project), "A", 5%, <br> 5/01/2034 <br>| 1440000 | &nbsp;&nbsp; 1405823 |
| Louisville & Jefferson County, KY, Metro Government College Improvement Rev. (Bellarmine University Project), "A", 5%, <br> 5/01/2035 <br>| 2290000 | &nbsp;&nbsp; 2214173 |
|  |  | &nbsp;&nbsp; $61946863 |
| Louisiana – 2.3% | Louisiana – 2.3% | Louisiana – 2.3% |
| Louisiana Juban Crossing Economic Development District Refunding Rev. (General Infrastructure Projects), "C", 5%, 9/15/2049  | $1805000 | &nbsp;&nbsp; $1810239 |
| Louisiana Juban Crossing Economic Development District Refunding Rev. (General Infrastructure Projects), "C", 5%, 9/15/2054  | 1235000 | &nbsp;&nbsp; 1231596 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), "A", 5.625%, <br> 6/01/2045 <br>| 10100000 | &nbsp;&nbsp; 8139192 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Christwood Project), 5%, <br> 11/15/2037 <br>| 1900000 | &nbsp;&nbsp; 1993829 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Christwood Project), 5%, <br> 11/15/2044 <br>| 450000 | &nbsp;&nbsp; 437701 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Christwood Project), 5.25%, <br> 11/15/2053 <br>| 500000 | &nbsp;&nbsp; 473876 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Christwood Project), 5.25%, <br> 11/15/2059 <br>| 625000 | &nbsp;&nbsp; 584241 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Jefferson Parish GOMESA <br> Project), 4%, 11/01/2044 (n)<br>| 4030000 | &nbsp;&nbsp; 3744359 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Lafourche Parish GOMESA <br> Project), 3.95%, 11/01/2043 (n)<br>| 2942044 | &nbsp;&nbsp; 2771105 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. Bernard Parish GOMESA <br> Project), 4%, 11/01/2045 (n)<br>| 3610000 | &nbsp;&nbsp; 3290589 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. Bernard Parish GOMESA <br> Project), 5.125%, 11/01/2050 <br>| 3500000 | &nbsp;&nbsp; 3484911 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Parish GOMESA <br> Project), 3.9%, 11/01/2044 (n)<br>| 3300000 | &nbsp;&nbsp; 3024836 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. Mary's Parish GOMESA <br> Project), 4.4%, 11/01/2044 (n)<br>| 2655000 | &nbsp;&nbsp; 2602893 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. Tammany Parish GOMESA <br> Project), 3.875%, 11/01/2045 (n)<br>| 4640000 | &nbsp;&nbsp; 4155314 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Tangipahoa Parish GOMESA <br> Project), 5.375%, 11/01/2038 (n)<br>| 1410000 | &nbsp;&nbsp; 1467707 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Terrebonne Parish GOMESA <br> Project), 5.5%, 11/01/2039 (n)<br>| 725000 | &nbsp;&nbsp; 755150 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Vermilion Parish GOMESA <br> Project), 4.625%, 11/01/2038 (n)<br>| 1060000 | &nbsp;&nbsp; 1082834 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center <br> Project), "A", 5.75%, 2/01/2032 (n)<br>| 810000 | &nbsp;&nbsp; 811448 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center <br> Project), "A", 6.125%, 2/01/2037 (n)<br>| 3480000 | &nbsp;&nbsp; 3484241 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center <br> Project), "A", 6.25%, 2/01/2047 (n)<br>| 2830000 | &nbsp;&nbsp; 2633166 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St. James <br> Place of Baton Rouge Project), "A", 6%, 11/15/2035 <br>| 1145000 | &nbsp;&nbsp; 1145727 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St. James <br> Place of Baton Rouge Project), "A", 6.25%, 11/15/2045 <br>| 5405000 | &nbsp;&nbsp; 5404853 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Louisiana – continued | Louisiana – continued | Louisiana – continued |
| Louisiana Local Government, Environmental Facilities & Community Development Authority, Student Housing Rev. (Provident <br> Group - ULM Properties LLC - University of Louisiana at Monroe Project), "A", 5%, 7/01/2029 (n)<br>| $495000 | &nbsp;&nbsp; $497451 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority, Student Housing Rev. (Provident <br> Group - ULM Properties LLC - University of Louisiana at Monroe Project), "A", 5%, 7/01/2039 (n)<br>| 1660000 | &nbsp;&nbsp; 1585188 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority, Student Housing Rev. (Provident <br> Group - ULM Properties LLC - University of Louisiana at Monroe Project), "A", 5%, 7/01/2054 (n)<br>| 2635000 | &nbsp;&nbsp; 2166372 |
| Louisiana Public Facilities Authority Rev. (BBR Schools - Materra Campus Project), "A", 4%, 6/01/2031 (n) | 580000 | &nbsp;&nbsp; 566001 |
| Louisiana Public Facilities Authority Rev. (BBR Schools - Materra Campus Project), "A", 4%, 6/01/2041 (n) | 1330000 | &nbsp;&nbsp; 1128156 |
| Louisiana Public Facilities Authority Rev. (BBR Schools - Materra Campus Project), "A", 4%, 6/01/2051 (n) | 3545000 | &nbsp;&nbsp; 2569082 |
| Louisiana Public Facilities Authority Rev. (BBR Schools - Materra Campus Project), "A", 4%, 6/01/2056 (n) | 2200000 | &nbsp;&nbsp; 1546891 |
| Louisiana Public Facilities Authority Rev. (BBR Schools - Materra Campus Project), "C", 4%, 6/01/2031 (n) | 470000 | &nbsp;&nbsp; 458656 |
| Louisiana Public Facilities Authority Rev. (BBR Schools - Materra Campus Project), "C", 4%, 6/01/2041 (n) | 880000 | &nbsp;&nbsp; 746449 |
| Louisiana Public Facilities Authority Rev. (BBR Schools - Materra Campus Project), "C", 4%, 6/01/2056 (n) | 1160000 | &nbsp;&nbsp; 810799 |
| Louisiana Public Facilities Authority Rev. (BBR Schools - Mid City Campus Project), "C", 4%, 6/01/2051 (n) | 1250000 | &nbsp;&nbsp; 905882 |
| Louisiana Public Facilities Authority Rev. (GEO Academies EBR - GEO Prep Mid-City Project), 5.625%, 6/01/2037 (n) | 415000 | &nbsp;&nbsp; 430630 |
| Louisiana Public Facilities Authority Rev. (GEO Academies EBR - GEO Prep Mid-City Project), 6.125%, 6/01/2052 (n) | 1030000 | &nbsp;&nbsp; 1039427 |
| Louisiana Public Facilities Authority Rev. (GEO Academies EBR - GEO Prep Mid-City Project), 6.25%, 6/01/2062 (n) | 1425000 | &nbsp;&nbsp; 1439128 |
| Louisiana Public Facilities Authority Rev. (I-10 Calcasieu River Bridge Public-Private Partnership Project), 5.75%, 9/01/2064  | 13495000 | &nbsp;&nbsp; 13904356 |
| Louisiana Public Facilities Authority Rev. (Jefferson Rise Charter School Project), "A", 6%, 6/01/2037 (n) | 500000 | &nbsp;&nbsp; 516403 |
| Louisiana Public Facilities Authority Rev. (Jefferson Rise Charter School Project), "A", 6.25%, 6/01/2052 (n) | 1440000 | &nbsp;&nbsp; 1434302 |
| Louisiana Public Facilities Authority Rev. (Jefferson Rise Charter School Project), "A", 6.375%, 6/01/2062 (n) | 1545000 | &nbsp;&nbsp; 1537792 |
| Louisiana Public Facilities Authority Rev. (Loyola University Project), 5.25%, 10/01/2046  | 8470000 | &nbsp;&nbsp; 8531128 |
| Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), <br> "A-1", 5.375%, 1/01/2040 (n)<br>| 4365000 | &nbsp;&nbsp; 3558882 |
| Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), <br> "A-1", 5.5%, 1/01/2050 (n)<br>| 2995000 | &nbsp;&nbsp; 2295515 |
| Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), <br> "A-1", 5.1%, 1/01/2057 (n)<br>| 10045000 | &nbsp;&nbsp; 7602322 |
| Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), <br> "A-2", 7%, 1/01/2057 (n)<br>| 10000000 | &nbsp;&nbsp; 7888957 |
| Port of New Orleans, LA, Board of Commissioners, Port Facility Rev., "B", AGM, 5.5%, 4/01/2051  | 1585000 | &nbsp;&nbsp; 1665998 |
| Port of New Orleans, LA, Board of Commissioners, Port Facility Rev., "B", AGM, 5.5%, 4/01/2054  | 2025000 | &nbsp;&nbsp; 2123161 |
|  |  | &nbsp;&nbsp; $121478735 |
| Maine – 0.0% | Maine – 0.0% | Maine – 0.0% |
| Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), 4.625%, <br> 12/01/2047 (Put Date 6/01/2035)<br>| $1380000 | &nbsp;&nbsp; $1427292 |
| Maryland – 1.0% | Maryland – 1.0% | Maryland – 1.0% |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2026  | $520000 | &nbsp;&nbsp; $523756 |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2034  | 3595000 | &nbsp;&nbsp; 3646507 |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042  | 2375000 | &nbsp;&nbsp; 2381335 |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2046  | 1480000 | &nbsp;&nbsp; 1450705 |
| Baltimore, MD, Mayor & City Council Special Obligation (City-Wide Affordable Housing Program), 5.25%, 6/01/2055  | 725000 | &nbsp;&nbsp; 711500 |
| Baltimore, MD, Special Obligation Refunding (East Baltimore Research Park Project), "A", 5%, 9/01/2038  | 2680000 | &nbsp;&nbsp; 2708915 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029  | 415000 | &nbsp;&nbsp; 416381 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036  | 550000 | &nbsp;&nbsp; 561660 |
| Frederick County, MD, Limited Obligation (Jefferson Technology Park Project), "B", 4.625%, 7/01/2043 (n) | 1020000 | &nbsp;&nbsp; 1006936 |
| Howard County, MD, Retirement Community Rev. (Vantage House Facility), 5%, 4/01/2036  | 1225000 | &nbsp;&nbsp; 1233180 |
| Howard County, MD, Retirement Community Rev. (Vantage House Facility), 5%, 4/01/2036  | 3930000 | &nbsp;&nbsp; 3956243 |
| Howard County, MD, Special Obligation (Downtown Columbia Project), "A", 4.125%, 2/15/2034 (n) | 850000 | &nbsp;&nbsp; 849989 |
| Howard County, MD, Special Obligation (Downtown Columbia Project), "A", 4.375%, 2/15/2039 (n) | 745000 | &nbsp;&nbsp; 744972 |
| Howard County, MD, Special Obligation (Downtown Columbia Project), "A", 4.5%, 2/15/2047 (n) | 2190000 | &nbsp;&nbsp; 2031435 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Maryland – continued | Maryland – continued | Maryland – continued |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., "A", 4.5%, <br> 9/01/2048 <br>| $2205000 | &nbsp;&nbsp; $2242941 |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., "B", 4.5%, <br> 9/01/2048 <br>| 1800000 | &nbsp;&nbsp; 1822920 |
| Maryland Economic Development Corp., Senior Student Housing Rev. (Morgan State University Project), "A", 6%, 7/01/2058  | 2250000 | &nbsp;&nbsp; 2373514 |
| Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park - Leonardtown <br> Project), AGM, 5.125%, 7/01/2059 <br>| 2380000 | &nbsp;&nbsp; 2415939 |
| Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park - Leonardtown <br> Project), AGM, 5.25%, 7/01/2064 <br>| 3275000 | &nbsp;&nbsp; 3339555 |
| Maryland Economic Development Corp., Special Obligation (Port Covington Project), 3.25%, 9/01/2030 (n) | 565000 | &nbsp;&nbsp; 549529 |
| Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2040 (n) | 920000 | &nbsp;&nbsp; 855955 |
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), "C", 4%, 6/01/2038  | 175000 | &nbsp;&nbsp; 164116 |
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), "C", 4%, 6/01/2048  | 525000 | &nbsp;&nbsp; 425021 |
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), "C", 4%, 6/01/2058  | 1395000 | &nbsp;&nbsp; 1058232 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), "A", 5.5%, 1/01/2036  | 2290000 | &nbsp;&nbsp; 2333547 |
| Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland), "A", 5.25%, 7/01/2052  | 3250000 | &nbsp;&nbsp; 3384116 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, "C", <br> 0%, 5/01/2051 <br>| 6160000 | &nbsp;&nbsp; 1806543 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, "C", <br> 0%, 5/01/2052 <br>| 9235000 | &nbsp;&nbsp; 2569822 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, "C", <br> 0%, 5/01/2054 <br>| 6775000 | &nbsp;&nbsp; 1700675 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, "C", <br> 0%, 5/01/2055 <br>| 4185000 | &nbsp;&nbsp; 997476 |
| Maryland Stadium Authority, Baltimore City Public Schools Construction & Revitalization Program Rev., Capital Appreciation, "C", <br> 0%, 5/01/2053 <br>| 4515000 | &nbsp;&nbsp; 1193420 |
| Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), "A-1", 5%, 11/01/2037  | 890000 | &nbsp;&nbsp; 898935 |
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), "B", 5%, 11/01/2042  | 1530000 | &nbsp;&nbsp; 1530419 |
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), "B", 5%, 11/01/2047  | 1605000 | &nbsp;&nbsp; 1478076 |
|  |  | &nbsp;&nbsp; $55364265 |
| Massachusetts – 2.3% | Massachusetts – 2.3% | Massachusetts – 2.3% |
| Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2029  | $740000 | &nbsp;&nbsp; $743328 |
| Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2049  | 750000 | &nbsp;&nbsp; 713758 |
| Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2054  | 580000 | &nbsp;&nbsp; 540848 |
| Massachusetts Development Finance Agency Refunding Rev. (Lasell Village, Inc.), 5.25%, 7/01/2045  | 1220000 | &nbsp;&nbsp; 1256855 |
| Massachusetts Development Finance Agency Refunding Rev. (Lasell Village, Inc.), 5.25%, 7/01/2055  | 705000 | &nbsp;&nbsp; 710184 |
| Massachusetts Development Finance Agency Rev. (Adventcare), "A", 6.75%, 10/15/2037 (a)(d) | 7684178 | &nbsp;&nbsp; 77 |
| Massachusetts Development Finance Agency Rev. (Boston Medical Center), "D", 5%, 7/01/2044  | 2635000 | &nbsp;&nbsp; 2606293 |
| Massachusetts Development Finance Agency Rev. (Boston Medical Center), "G", 4.375%, 7/01/2052  | 5985000 | &nbsp;&nbsp; 5338434 |
| Massachusetts Development Finance Agency Rev. (Emmanuel College), "A", 5%, 10/01/2043  | 2930000 | &nbsp;&nbsp; 2833537 |
| Massachusetts Development Finance Agency Rev. (Emmanuel College), "A", 4%, 10/01/2046  | 870000 | &nbsp;&nbsp; 705946 |
| Massachusetts Development Finance Agency Rev. (Foxborough Regional Charter School), "B", 5%, 7/01/2037  | 1000000 | &nbsp;&nbsp; 1008760 |
| Massachusetts Development Finance Agency Rev. (Foxborough Regional Charter School), "B", 5%, 7/01/2042  | 3000000 | &nbsp;&nbsp; 2984930 |
| Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2040  | 1075000 | &nbsp;&nbsp; 985409 |
| Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2045  | 495000 | &nbsp;&nbsp; 419277 |
| Massachusetts Development Finance Agency Rev. (Lasell Village, Inc.), 5.25%, 7/01/2050  | 925000 | &nbsp;&nbsp; 936514 |
| Massachusetts Development Finance Agency Rev. (Lowell General Hospital), "G", 5%, 7/01/2037  | 2085000 | &nbsp;&nbsp; 2084875 |
| Massachusetts Development Finance Agency Rev. (Merrimack College Student Housing Project), "A", 5%, 7/01/2044  | 395000 | &nbsp;&nbsp; 397147 |
| Massachusetts Development Finance Agency Rev. (Merrimack College Student Housing Project), "A", 5%, 7/01/2054  | 3570000 | &nbsp;&nbsp; 3433493 |
| Massachusetts Development Finance Agency Rev. (Merrimack College Student Housing Project), "A", 5%, 7/01/2060  | 3200000 | &nbsp;&nbsp; 3035706 |
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n) | 1330000 | &nbsp;&nbsp; 1347220 |
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n) | 3645000 | &nbsp;&nbsp; 3606466 |
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n) | 10260000 | &nbsp;&nbsp; 9856428 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Massachusetts – continued | Massachusetts – continued | Massachusetts – continued |
| Massachusetts Development Finance Agency Rev. (Salem Community Corp.), 5.125%, 1/01/2040 (n) | $515000 | &nbsp;&nbsp; $521337 |
| Massachusetts Development Finance Agency Rev. (Salem Community Corp.), 5.25%, 1/01/2050 (n) | 1355000 | &nbsp;&nbsp; 1263132 |
| Massachusetts Development Finance Agency Rev. (Simmons University), "N", 5.25%, 10/01/2037  | 545000 | &nbsp;&nbsp; 537313 |
| Massachusetts Development Finance Agency Rev. (Simmons University), "N", 5.25%, 10/01/2038  | 550000 | &nbsp;&nbsp; 535597 |
| Massachusetts Development Finance Agency Rev. (Simmons University), "N", 5.25%, 10/01/2039  | 580000 | &nbsp;&nbsp; 559906 |
| Massachusetts Development Finance Agency Rev. (Simmons University), "N", 5%, 10/01/2043  | 1750000 | &nbsp;&nbsp; 1567757 |
| Massachusetts Development Finance Agency Rev. (Springfield College), "B", 4%, 6/01/2041  | 2750000 | &nbsp;&nbsp; 2429440 |
| Massachusetts Development Finance Agency Rev. (Springfield College), "B", 4%, 6/01/2050  | 2700000 | &nbsp;&nbsp; 2084880 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5.5%, 7/01/2045  | 105000 | &nbsp;&nbsp; 108842 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 6%, 7/01/2050  | 1365000 | &nbsp;&nbsp; 1445161 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5.25%, 7/01/2055  | 3415000 | &nbsp;&nbsp; 3345208 |
| Massachusetts Development Finance Agency Rev. (Tufts University Student Housing Project - PRG Medford Properties, Inc.), <br> 5.25%, 6/01/2065 <br>| 1540000 | &nbsp;&nbsp; 1579005 |
| Massachusetts Development Finance Agency Rev. (Tufts University Student Housing Project), 5.25%, 6/01/2060  | 1135000 | &nbsp;&nbsp; 1165458 |
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), "N-1", 5.25%, 7/01/2050  | 5000000 | &nbsp;&nbsp; 5115593 |
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), "A", 5%, 7/01/2039  | 1435000 | &nbsp;&nbsp; 1446806 |
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), "A", 5%, 7/01/2044  | 1520000 | &nbsp;&nbsp; 1492753 |
| Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046  | 985000 | &nbsp;&nbsp; 938142 |
| Massachusetts Development Finance Agency Rev. (Western New England University), 5%, 9/01/2028  | 960000 | &nbsp;&nbsp; 960957 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 2%, 7/01/2037  | 340000 | &nbsp;&nbsp; 286466 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 5.5%, 7/01/2055  | 4875000 | &nbsp;&nbsp; 5008781 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "C", 4.125%, 7/01/2046  | 9285000 | &nbsp;&nbsp; 7968872 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "C", 3.75%, 7/01/2047  | 12070000 | &nbsp;&nbsp; 9798005 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "C", 3%, 7/01/2051  | 3215000 | &nbsp;&nbsp; 2160005 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "C", 4.125%, 7/01/2052  | 10360000 | &nbsp;&nbsp; 8555756 |
| Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., "C", 5%, 7/01/2053  | 4500000 | &nbsp;&nbsp; 4365204 |
| Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., "D", 5%, 7/01/2054  | 4775000 | &nbsp;&nbsp; 4568180 |
| Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2047  | 5905000 | &nbsp;&nbsp; 4572339 |
| Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052  | 3715000 | &nbsp;&nbsp; 2747617 |
|  |  | &nbsp;&nbsp; $122673997 |
| Michigan – 1.0% | Michigan – 1.0% | Michigan – 1.0% |
| Detroit, MI, Unlimited Tax General Obligation, 5.5%, 4/01/2045  | $1250000 | &nbsp;&nbsp; $1296563 |
| Detroit, MI, Unlimited Tax General Obligation, "C", 6%, 5/01/2043  | 1500000 | &nbsp;&nbsp; 1670409 |
| Grand Rapids, MI, Economic Development Corp. Rev. (Beacon Hill at Eastgate Project), "A", 5%, 11/01/2037  | 1155000 | &nbsp;&nbsp; 1158114 |
| Grand Rapids, MI, Economic Development Corp. Rev. (Beacon Hill at Eastgate Project), "A", 5%, 11/01/2047  | 2660000 | &nbsp;&nbsp; 2340561 |
| Grand Rapids, MI, Economic Development Corp. Rev. (Beacon Hill at Eastgate Project), "A", 5%, 11/01/2052  | 1185000 | &nbsp;&nbsp; 1010901 |
| Grand Rapids, MI, Economic Development Corp., Limited Obligation Rev. (Beacon Hill at Eastgate Project), "A", 6%, 11/01/2050  | 1265000 | &nbsp;&nbsp; 1261311 |
| Grand Rapids, MI, Economic Development Corp., Limited Obligation Rev. (Beacon Hill at Eastgate Project), "A", 6.125%, <br> 11/01/2060 <br>| 11860000 | &nbsp;&nbsp; 11857175 |
| Kalamazoo, MI, Economic Development Corp. Limited Obligation Rev. (Friendship Village of Kalamazoo Project), "A", 6%, <br> 8/15/2046 <br>| 810000 | &nbsp;&nbsp; 822682 |
| Kalamazoo, MI, Economic Development Corp. Limited Obligation Rev. (Friendship Village of Kalamazoo Project), "A", 6.25%, <br> 8/15/2056 <br>| 1325000 | &nbsp;&nbsp; 1343101 |
| Kalamazoo, MI, Economic Development Corp. Limited Obligation Rev. (Friendship Village of Kalamazoo Project), "A", 6.25%, <br> 8/15/2061 <br>| 1110000 | &nbsp;&nbsp; 1120183 |
| Michigan Building Authority Rev. (Facilities Program), 4%, 10/15/2052  | 1685000 | &nbsp;&nbsp; 1535073 |
| Michigan Finance Authority, ACT 38 Facilities Senior Rev. (Henry Ford Health Detroit Utility Plant Project), 4.375%, 2/28/2054  | 1115000 | &nbsp;&nbsp; 1049064 |
| Michigan Finance Authority, ACT 38 Facilities Senior Rev. (Henry Ford Health Detroit Utility Plant Project), 5.5%, 2/28/2057  | 1000000 | &nbsp;&nbsp; 1036302 |
| Michigan Finance Authority, Higher Education Facilities, Limited Obligation Rev. (Kalamazoo College Project), 6%, 12/01/2054  | 2380000 | &nbsp;&nbsp; 2572532 |
| Michigan Housing Development Authority, Rental Housing Rev., "A", 4.7%, 10/01/2054  | 2795000 | &nbsp;&nbsp; 2758840 |
| Michigan Housing Development Authority, Single Family Mortgage Rev., "D", 6.25%, 6/01/2055  | 6210000 | &nbsp;&nbsp; 6876648 |
| Michigan State Housing Development Authority, Rental Housing Rev., "A", 4.625%, 10/01/2049  | 15870000 | &nbsp;&nbsp; 15817830 |
|  |  | &nbsp;&nbsp; $55527289 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Minnesota – 0.7% | Minnesota – 0.7% | Minnesota – 0.7% |
| Center City, MN, Health Care Facilities Rev. (Hazelden Betty Ford Foundation Project), 5%, 11/01/2044  | $505000 | &nbsp;&nbsp; $525043 |
| Center City, MN, Health Care Facilities Rev. (Hazelden Betty Ford Foundation Project), 5%, 11/01/2047  | 435000 | &nbsp;&nbsp; 444295 |
| Dakota County, MN, Community Development Agency Multi-Family Housing Rev. (Heart of the City Apartments Project), FNMA, <br> 4.2%, 5/01/2043 <br>| 3955000 | &nbsp;&nbsp; 3895679 |
| Deephaven, MN, Charter School Lease Rev. (Eagle Ridge Academy Project), "A", 5.25%, 7/01/2040  | 500000 | &nbsp;&nbsp; 500267 |
| Deephaven, MN, Charter School Lease Rev. (Eagle Ridge Academy Project), "A", 5.5%, 7/01/2050  | 3000000 | &nbsp;&nbsp; 3000010 |
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), "A", 4%, 7/01/2031  | 1370000 | &nbsp;&nbsp; 1354235 |
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), "A", 4%, 7/01/2036  | 3335000 | &nbsp;&nbsp; 3175094 |
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), "A", 4%, 7/01/2041  | 2755000 | &nbsp;&nbsp; 2426349 |
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), "A", 4.25%, 2/15/2043  | 2500000 | &nbsp;&nbsp; 2454181 |
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), "A", 4.25%, 2/15/2048  | 2895000 | &nbsp;&nbsp; 2624733 |
| Duluth, MN, Independent School District No. 709, "A", COP, 4.2%, 3/01/2034  | 420000 | &nbsp;&nbsp; 427789 |
| Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., "B", 5.25%, 1/01/2049  | 4315000 | &nbsp;&nbsp; 4431579 |
| Minnesota Higher Educational Facilities Authority Rev. (St. Catherine University), 5%, 10/01/2052  | 3000000 | &nbsp;&nbsp; 2807698 |
| Minnesota Joint Powers Entity, Rum River Special Education Cooperative, COP, "A", 5%, 2/01/2040  | 855000 | &nbsp;&nbsp; 884813 |
| Minnesota Joint Powers Entity, Rum River Special Education Cooperative, COP, "A", 5.5%, 2/01/2046  | 535000 | &nbsp;&nbsp; 543216 |
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 4%, 11/01/2037  | 1655000 | &nbsp;&nbsp; 1664389 |
| St. Paul, MN, Housing & Redevelopment Authority, Charter School Lease Refunding Rev. (Nova Classical Academy Project), <br> 5.625%, 9/01/2065 <br>| 560000 | &nbsp;&nbsp; 548449 |
| St. Paul, MN, Housing & Redevelopment Authority, Charter School Lease Rev. (Great River School Project), "A", 4.75%, <br> 7/01/2029 (n)<br>| 135000 | &nbsp;&nbsp; 135941 |
| St. Paul, MN, Housing & Redevelopment Authority, Charter School Lease Rev. (Great River School Project), "A", 5.25%, <br> 7/01/2033 (n)<br>| 420000 | &nbsp;&nbsp; 425307 |
| St. Paul, MN, Housing & Redevelopment Authority, Charter School Lease Rev. (Great River School Project), "A", 5.5%, <br> 7/01/2052 (n)<br>| 705000 | &nbsp;&nbsp; 663783 |
| Woodbury, MN, Charter School Lease Rev. (Woodbury Leadership Academy Project), "A", 4%, 7/01/2031  | 595000 | &nbsp;&nbsp; 584174 |
| Woodbury, MN, Charter School Lease Rev. (Woodbury Leadership Academy Project), "A", 4%, 7/01/2041  | 2000000 | &nbsp;&nbsp; 1720842 |
| Woodbury, MN, Charter School Lease Rev. (Woodbury Leadership Academy Project), "A", 4%, 7/01/2051  | 660000 | &nbsp;&nbsp; 488804 |
| Woodbury, MN, Charter School Lease Rev. (Woodbury Leadership Academy Project), "A", 4%, 7/01/2056  | 575000 | &nbsp;&nbsp; 409013 |
|  |  | &nbsp;&nbsp; $36135683 |
| Mississippi – 0.5% | Mississippi – 0.5% | Mississippi – 0.5% |
| Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5.5%, 7/01/2050  | $2630000 | &nbsp;&nbsp; $2721799 |
| Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5.5%, 7/01/2055  | 4250000 | &nbsp;&nbsp; 4370282 |
| Hinds County, MS, Certificates of Participation (Lease Purchase Project), "A", BAM, 4.625%, 9/01/2054 (n) | 4740000 | &nbsp;&nbsp; 4370363 |
| Mississippi Development Bank, Special Obligation (Hancock County GOMESA Project), 4.55%, 11/01/2039 (n) | 2770000 | &nbsp;&nbsp; 2817280 |
| Mississippi Development Bank, Special Obligation (Jackson County GOMESA Project), 3.625%, 11/01/2036 (n) | 1665000 | &nbsp;&nbsp; 1613354 |
| Mississippi Home Corp., Multi-Family Housing Rev. (Jackson Housing Portfolio Project), 4.55%, 4/01/2042  | 7225000 | &nbsp;&nbsp; 7397839 |
| Mississippi Home Corp., Single Family Mortgage Rev., "A", 4%, 12/01/2044  | 600000 | &nbsp;&nbsp; 606320 |
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), "A", 5%, 9/01/2046  | 2635000 | &nbsp;&nbsp; 2601520 |
| Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), "A", 4%, <br> 1/01/2039 <br>| 1020000 | &nbsp;&nbsp; 1017469 |
| Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), "A", 4%, <br> 1/01/2040 <br>| 575000 | &nbsp;&nbsp; 567487 |
|  |  | &nbsp;&nbsp; $28083713 |
| Missouri – 1.1% | Missouri – 1.1% | Missouri – 1.1% |
| Cape Girardeau County, MO, Industrial Development Authority, Health Facilities Rev. (Southeast Health), 4%, 3/01/2046  | $520000 | &nbsp;&nbsp; $485400 |
| Dardenne, MO, Town Square Transportation Development District, "A", 5%, 5/01/2026 (d)(q) | 2495000 | &nbsp;&nbsp; 848300 |
| Kansas City, MO, Industrial Development Authority Refunding Improvement Rev. (Platte Purchase Project A, C, & E), 6%, <br> 1/01/2048 <br>| 2750000 | &nbsp;&nbsp; 2786452 |
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), "B", 5%, <br> 2/01/2040 (n)<br>| 2140000 | &nbsp;&nbsp; 2154723 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Missouri – continued | Missouri – continued | Missouri – continued |
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), "B", 5%, <br> 2/01/2050 (n)<br>| $6160000 | &nbsp;&nbsp; $6023798 |
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2036  | 1300000 | &nbsp;&nbsp; 1289145 |
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2037  | 415000 | &nbsp;&nbsp; 405676 |
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2041  | 520000 | &nbsp;&nbsp; 478421 |
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051  | 1755000 | &nbsp;&nbsp; 1402243 |
| Missouri Health & Educational Facilities Authority Rev. (Bethesda Health Group, Inc.), 5%, 8/01/2040  | 1650000 | &nbsp;&nbsp; 1650364 |
| Missouri Health & Educational Facilities Authority Rev. (Bethesda Health Group, Inc.), 5%, 8/01/2045  | 2300000 | &nbsp;&nbsp; 2242260 |
| Missouri Health & Educational Facilities Authority, Educational Facilities Rev. (Maryville University of Saint Louis Project), "A", <br> 5.5%, 6/15/2047 <br>| 2700000 | &nbsp;&nbsp; 2723099 |
| Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), "G", <br> GNMA, 5.5%, 5/01/2055 <br>| 4235000 | &nbsp;&nbsp; 4580292 |
| Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2030  | 370000 | &nbsp;&nbsp; 357149 |
| Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3.125%, 5/01/2035  | 240000 | &nbsp;&nbsp; 219131 |
| Poplar Bluff, MO, Transportation Development District Convertible Transportation Sales Tax Refunding & Improvement Rev., "B", <br> 4%, 12/01/2037 <br>| 1090000 | &nbsp;&nbsp; 1090505 |
| St. Louis County, MO, Industrial Development Authority Rev. (Friendship Village St. Louis Obligated Group), "A", 5.25%, 9/01/2053  | 11920000 | &nbsp;&nbsp; 11645895 |
| St. Louis County, MO, Industrial Development Authority Rev. (St. Andrew's Resources for Seniors Obligated Group), "A", 5.125%, <br> 12/01/2045 <br>| 3620000 | &nbsp;&nbsp; 3534449 |
| St. Louis County, MO, Industrial Development Authority, Health Facilities Rev. (Nazareth Living Center), "A", 5%, 8/15/2030  | 695000 | &nbsp;&nbsp; 695263 |
| St. Louis County, MO, Industrial Development Authority, Health Facilities Rev. (Nazareth Living Center), "A", 5%, 8/15/2035  | 490000 | &nbsp;&nbsp; 490003 |
| St. Louis County, MO, Industrial Development Authority, Health Facilities Rev. (Nazareth Living Center), "A", 5.125%, 8/15/2045  | 1355000 | &nbsp;&nbsp; 1206534 |
| St. Louis County, MO, Industrial Development Authority, Health Facilities Rev. (Ranken-Jordan Project), 5%, 11/15/2030  | 1015000 | &nbsp;&nbsp; 1015725 |
| St. Louis County, MO, Industrial Development Authority, Health Facilities Rev. (Ranken-Jordan Project), 4%, 11/15/2036  | 1165000 | &nbsp;&nbsp; 1083748 |
| St. Louis, MO, Industrial Development Authority, Financing Rev. (Ballpark Village Development Project), "A", 3.875%, 11/15/2029  | 715000 | &nbsp;&nbsp; 691829 |
| St. Louis, MO, Industrial Development Authority, Financing Rev. (Ballpark Village Development Project), "A", 4.375%, 11/15/2035  | 2110000 | &nbsp;&nbsp; 1980742 |
| St. Louis, MO, Industrial Development Authority, Financing Rev. (Ballpark Village Development Project), "A", 4.75%, 11/15/2047  | 4220000 | &nbsp;&nbsp; 3702985 |
| St. Louis, MO, Industrial Development Authority, Tax Increment & Special District Rev. (Union Station Phase 2 Redevelopment <br> Project), "A", 5.75%, 6/15/2054 <br>| 990000 | &nbsp;&nbsp; 998698 |
| St. Louis, MO, Land Clearance Redevelopment Authority Rev. (Kiel Opera House Renovation Project), 3.875%, 10/01/2035  | 1305000 | &nbsp;&nbsp; 1321556 |
|  |  | &nbsp;&nbsp; $57104385 |
| Montana – 0.3% | Montana – 0.3% | Montana – 0.3% |
| Kalispell, MT, Refunding Rev. (Immanuel Living at Buffalo Hill Project), "A", 6%, 5/15/2060  | $6530000 | &nbsp;&nbsp; $6666309 |
| Montana Finance Authority, Health Care Facilities Rev. (Kalispell Regional Medical Center), "B", 5%, 7/01/2043  | 3840000 | &nbsp;&nbsp; 3931037 |
| Montana Finance Authority, Health Care Facilities Rev. (Kalispell Regional Medical Center), "B", 5%, 7/01/2048  | 5530000 | &nbsp;&nbsp; 5562727 |
|  |  | &nbsp;&nbsp; $16160073 |
| Nebraska – 0.1% | Nebraska – 0.1% | Nebraska – 0.1% |
| Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), "A", 5%, 9/01/2034  | $1200000 | &nbsp;&nbsp; $1345338 |
| Nebraska Investment Finance Authority, Single Family Housing Rev., "C", FHLMC, 4%, 9/01/2048  | 1080000 | &nbsp;&nbsp; 1088756 |
| Omaha, NE, Airport Authority, Facilities Rev., AGM, 5.25%, 12/15/2054  | 4565000 | &nbsp;&nbsp; 4723359 |
|  |  | &nbsp;&nbsp; $7157453 |
| Nevada – 0.3% | Nevada – 0.3% | Nevada – 0.3% |
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), "A", 4.5%, <br> 12/15/2029 (n)<br>| $425000 | &nbsp;&nbsp; $425125 |
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), "A", 5%, <br> 12/15/2035 (n)<br>| 1715000 | &nbsp;&nbsp; 1715446 |
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), "A", 5%, <br> 12/15/2038 (n)<br>| 1825000 | &nbsp;&nbsp; 1825205 |
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), "A", <br> 5.125%, 12/15/2045 (n)<br>| 2205000 | &nbsp;&nbsp; 2127509 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Nevada – continued | Nevada – continued | Nevada – continued |
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), "A", 5%, <br> 12/15/2048 (n)<br>| $4760000 | &nbsp;&nbsp; $4427314 |
| Nevada Department of Business & Industry Charter School Rev. (Doral Academy of Nevada), "A", 5%, 7/15/2037 (n) | 1000000 | &nbsp;&nbsp; 1000186 |
| Nevada Department of Business & Industry Charter School Rev. (Doral Academy of Nevada), "A", 5%, 7/15/2047 (n) | 2015000 | &nbsp;&nbsp; 1848221 |
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), "B", AGM, 4%, 6/01/2048  | 435000 | &nbsp;&nbsp; 398410 |
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), "B", AGM, 4.125%, 6/01/2058  | 545000 | &nbsp;&nbsp; 502545 |
| Reno-Tahoe, NV, Airport Authority Rev., "A", 5.25%, 7/01/2049  | 1805000 | &nbsp;&nbsp; 1862572 |
| Reno-Tahoe, NV, Airport Authority Rev., "A", 5.25%, 7/01/2054  | 1465000 | &nbsp;&nbsp; 1501463 |
|  |  | &nbsp;&nbsp; $17633996 |
| New Hampshire – 4.9% | New Hampshire – 4.9% | New Hampshire – 4.9% |
| National Finance Authority, NH, Lease Rent Rev. (Centurion Biosquare, Inc.), "A", 5.88%, 12/15/2038  | $23475000 | &nbsp;&nbsp; $24516339 |
| National Finance Authority, NH, Lease Rent Rev. (Centurion Foundation West Main Street LLC), "A", 5%, 5/15/2034  | 13730000 | &nbsp;&nbsp; 14224722 |
| National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion Biosquare, Inc.), "B", 9.58%, 12/15/2038  | 1410000 | &nbsp;&nbsp; 1431554 |
| National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion Foundation West Main Street LLC), "B", 8.33%, 5/15/2034  | 990000 | &nbsp;&nbsp; 1023592 |
| National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), "A", BAM, 5.25%, <br> 6/01/2051 <br>| 2290000 | &nbsp;&nbsp; 2380978 |
| National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), "A", BAM, 4.5%, <br> 6/01/2053 <br>| 1020000 | &nbsp;&nbsp; 976450 |
| National Finance Authority, NH, Multi-Family Housing Rev., 4.45%, 7/01/2044  | 11400000 | &nbsp;&nbsp; 11438659 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 11398061 | &nbsp;&nbsp; 11708601 |
| National Finance Authority, NH, Municipal Certificates, "1-X", 0.35%, 9/20/2036 (i) | 71848905 | &nbsp;&nbsp; 1342181 |
| National Finance Authority, NH, Municipal Certificates, "1-X", 0.813%, 1/20/2038 (i) | 120626711 | &nbsp;&nbsp; 6090346 |
| National Finance Authority, NH, Municipal Certificates, "1-X", 0.494%, 7/20/2051 (i) | 50926457 | &nbsp;&nbsp; 1810863 |
| National Finance Authority, NH, Municipal Certificates, "3-A", 4.162%, 10/01/2051  | 4915475 | &nbsp;&nbsp; 4955377 |
| National Finance Authority, NH, Municipal Certificates, "4-A", 4.182%, 11/20/2039  | 13784903 | &nbsp;&nbsp; 13842593 |
| National Finance Authority, NH, Municipal Certificates, "A-1", 4.167%, 1/20/2041  | 4328413 | &nbsp;&nbsp; 4323460 |
| National Finance Authority, NH, Municipal Certificates, "A-1", 4.946%, 2/20/2041  | 6611124 | &nbsp;&nbsp; 6982187 |
| National Finance Authority, NH, Municipal Certificates, "A-2", 4%, 10/20/2036  | 7472708 | &nbsp;&nbsp; 7484639 |
| National Finance Authority, NH, Municipal Certificates, "A-2", 4.167%, 1/20/2041  | 1538771 | &nbsp;&nbsp; 1459789 |
| National Finance Authority, NH, Municipal Certificates, "A-2", 4.946%, 2/20/2041  | 5277233 | &nbsp;&nbsp; 5348858 |
| National Finance Authority, NH, Municipal Certificates, "B", 4.167%, 1/20/2041  | 2250000 | &nbsp;&nbsp; 1776351 |
| National Finance Authority, NH, Municipal Certificates, "X-2", 0.674%, 10/20/2036  | 32804957 | &nbsp;&nbsp; 1340348 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.25%, 7/20/2041  | 3759662 | &nbsp;&nbsp; 3812686 |
| National Finance Authority, NH, Municipal Certificates, "2-B", 4.219%, 6/20/2049  | 3411810 | &nbsp;&nbsp; 2610050 |
| National Finance Authority, NH, Municipal Certificates, "3-B", 4.946%, 10/20/2042  | 4000000 | &nbsp;&nbsp; 2931660 |
| National Finance Authority, NH, Resource Recovery Refunding Rev. (Covanta Project), "B", 3.75%, <br> 7/01/2045 (Put Date 7/02/2040) (n)<br>| 3090000 | &nbsp;&nbsp; 2573660 |
| National Finance Authority, NH, Resource Recovery Refunding Rev. (Covanta Project), "C", 4.875%, 11/01/2042 (n) | 7730000 | &nbsp;&nbsp; 7125883 |
| National Finance Authority, NH, Rev. (Presbyterian Senior Living Project), "A", 5.25%, 7/01/2048  | 1840000 | &nbsp;&nbsp; 1856021 |
| National Finance Authority, NH, Rev. (Winston-Salem Sustainable Energy Partners), "A", 5.5%, 6/01/2050  | 19495000 | &nbsp;&nbsp; 20296861 |
| National Finance Authority, NH, Rev., Taxable (Centurion Foundation), "C", 11%, 12/15/2038  | 770000 | &nbsp;&nbsp; 781208 |
| National Finance Authority, NH, Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2041  | 1210000 | &nbsp;&nbsp; 1143050 |
| National Finance Authority, NH, Special Rev. (Canyon Ranch Project, Burnet County, TX), Capital Appreciation, 0%, 12/01/2035 (i) | 12000000 | &nbsp;&nbsp; 6170706 |
| National Finance Authority, NH, Special Rev. (Chambers Creek Project, Montgomery County, TX), Capital Appreciation, 0%, <br> 12/15/2032 <br>| 15000000 | &nbsp;&nbsp; 9579732 |
| National Finance Authority, NH, Special Rev. (Emberly & Canterra Creek Projects, Fort Bend & Brazoria Counties, TX), 5.375%, <br> 12/01/2031 <br>| 3673000 | &nbsp;&nbsp; 3676177 |
| National Finance Authority, NH, Special Rev. (Grand Pines Project, Montgomery County, TX), 5.625%, 6/01/2039  | 4000000 | &nbsp;&nbsp; 4006819 |
| National Finance Authority, NH, Special Rev. (Highland Project, Montgomery County, TX), 5.125%, 12/15/2030  | 6138000 | &nbsp;&nbsp; 6147372 |
| National Finance Authority, NH, Special Rev. (Mill Creek Project, Montgomery County, TX), 5.95%, 12/01/2031  | 6451000 | &nbsp;&nbsp; 6457807 |
| National Finance Authority, NH, Special Rev. (River Ranch Project, Liberty County, TX), Capital Appreciation, 0%, 12/01/2031  | 8065000 | &nbsp;&nbsp; 5550615 |
| National Finance Authority, NH, Special Rev. (Tamarron Project, Fort Bend County, TX), 5.25%, 12/01/2035  | 7877000 | &nbsp;&nbsp; 7876355 |
| National Finance Authority, NH, Special Rev. (The Wildflower Project, Denton County, TX), Capital Appreciation, 0%, 12/15/2033  | 9115000 | &nbsp;&nbsp; 5505968 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New Hampshire – continued | New Hampshire – continued | New Hampshire – continued |
| National Finance Authority, NH, Special Rev. (Valencia Project, Brazoria County, TX), 5.3%, 12/01/2032  | $2623000 | &nbsp;&nbsp; $2626680 |
| New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), "A", 5.75%, 4/01/2050  | 1000000 | &nbsp;&nbsp; 1030976 |
| New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), "A", 5.875%, 4/01/2060  | 1215000 | &nbsp;&nbsp; 1236789 |
| New Hampshire Health & Education Facilities Authority Rev. (Covenant Health), 4%, 7/01/2037  | 12080000 | &nbsp;&nbsp; 10653758 |
| New Hampshire Health & Education Facilities Authority Rev. (Rivier University), 5%, 2/01/2049  | 1905000 | &nbsp;&nbsp; 1879780 |
| New Hampshire Health & Education Facilities Authority Rev. (Rivier University), 5.25%, 2/01/2054  | 15370000 | &nbsp;&nbsp; 15430879 |
| New Hampshire National Finance Authority, Municipal Certificates, "A-2", 4.219%, 11/20/2042  | 7750226 | &nbsp;&nbsp; 7384855 |
|  |  | &nbsp;&nbsp; $262804234 |
| New Jersey – 1.3% | New Jersey – 1.3% | New Jersey – 1.3% |
| Bayonne, NJ, Redevelopment Agency (Royal Caribbean Project), "A", 5.375%, 11/01/2035  | $1610000 | &nbsp;&nbsp; $1459989 |
| Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2042  | 245000 | &nbsp;&nbsp; 259851 |
| Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2047  | 665000 | &nbsp;&nbsp; 691589 |
| Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2052  | 600000 | &nbsp;&nbsp; 620670 |
| Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2062  | 2000000 | &nbsp;&nbsp; 2060167 |
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027  | 325000 | &nbsp;&nbsp; 325828 |
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028  | 325000 | &nbsp;&nbsp; 325696 |
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031  | 975000 | &nbsp;&nbsp; 981100 |
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/2042  | 530000 | &nbsp;&nbsp; 532826 |
| New Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Reclamation Project), 6.5%, 4/01/2028  | 1774304 | &nbsp;&nbsp; 1831578 |
| New Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Reclamation Project), 6.5%, 4/01/2031  | 5975000 | &nbsp;&nbsp; 6015383 |
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing <br> Project), "A", 5%, 1/01/2030 <br>| 2850000 | &nbsp;&nbsp; 2850870 |
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing <br> Project), "A", 5%, 1/01/2035 <br>| 1510000 | &nbsp;&nbsp; 1510247 |
| New Jersey Economic Development Authority, Charter School Rev. (Central Jersey College Prep Charter School Project), 5%, <br> 11/01/2045 <br>| 180000 | &nbsp;&nbsp; 181163 |
| New Jersey Economic Development Authority, Charter School Rev. (Central Jersey College Prep Charter School Project), 5.125%, <br> 11/01/2055 <br>| 465000 | &nbsp;&nbsp; 459091 |
| New Jersey Economic Development Authority, Charter School Rev. (Central Jersey College Prep Charter School Project), 5.25%, <br> 11/01/2060 <br>| 375000 | &nbsp;&nbsp; 373224 |
| New Jersey Economic Development Authority, Dock & Wharf Facility Rev. (Repauno Port & Rail Terminal Project), 6.375%, <br> 1/01/2035 <br>| 3075000 | &nbsp;&nbsp; 3206229 |
| New Jersey Economic Development Authority, Dock & Wharf Facility Rev. (Repauno Port & Rail Terminal Project), 6.625%, <br> 1/01/2045 <br>| 3145000 | &nbsp;&nbsp; 3263948 |
| New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.25%, 9/15/2029  | 2380000 | &nbsp;&nbsp; 2383611 |
| New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), "A", 5.625%, 11/15/2030  | 6850000 | &nbsp;&nbsp; 6877388 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Refunding Rev., "B", 4%, 12/01/2044  | 10390000 | &nbsp;&nbsp; 10095484 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 3.25%, 12/01/2039  | 1395000 | &nbsp;&nbsp; 1366739 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041  | 10550000 | &nbsp;&nbsp; 10571296 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 2.5%, 12/01/2040  | 1745000 | &nbsp;&nbsp; 1658693 |
| New Jersey Higher Education Student Assistance Authority, Student Loan Refunding Rev. (Immediate Delivery), "C-1", 5.5%, <br> 12/01/2055 <br>| 1935000 | &nbsp;&nbsp; 1990445 |
| New Jersey Higher Education Student Assistance Authority, Subordinate Student Loan Refunding Rev., "C", 5%, 12/01/2053  | 1380000 | &nbsp;&nbsp; 1322699 |
| New Jersey Higher Education Student Assistance Authority, Subordinate Student Loan Refunding Rev., "C", 5.25%, 12/01/2054  | 825000 | &nbsp;&nbsp; 834413 |
| New Jersey Higher Education Student Assistance Authority, Subordinate Student Loan Rev., "C", 3.25%, 12/01/2051  | 960000 | &nbsp;&nbsp; 678737 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 (Prerefunded 12/15/2032) | 2520000 | &nbsp;&nbsp; 3018478 |
| Passaic County, NJ, Improvement Authority, Charter School Rev. (Community Charter School of Paterson Project), "A", 5%, <br> 1/01/2034 <br>| 215000 | &nbsp;&nbsp; 225531 |
| Passaic County, NJ, Improvement Authority, Charter School Rev. (Community Charter School of Paterson Project), "A", 4.75%, <br> 1/01/2045 <br>| 1055000 | &nbsp;&nbsp; 995635 |
| Passaic County, NJ, Improvement Authority, Charter School Rev. (Community Charter School of Paterson Project), "A", 5%, <br> 1/01/2055 <br>| 1000000 | &nbsp;&nbsp; 940882 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New Jersey – continued | New Jersey – continued | New Jersey – continued |
| Passaic County, NJ, Improvement Authority, Charter School Rev. (Community Charter School of Paterson Project), "A", 5%, <br> 1/01/2060 <br>| $375000 | &nbsp;&nbsp; $343760 |
| Passaic County, NJ, Improvement Authority, Charter School Rev. (Paterson Charter School for Science & Technology, Inc. Project), <br> 4.5%, 7/01/2040 <br>| 665000 | &nbsp;&nbsp; 673951 |
|  |  | &nbsp;&nbsp; $70927191 |
| New Mexico – 0.2% | New Mexico – 0.2% | New Mexico – 0.2% |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program, "A-1", FNMA, 4%, 1/01/2049  | $395000 | &nbsp;&nbsp; $399026 |
| New Mexico Municipal Energy Acquisition Authority, Gas Supply Refunding Rev., 5%, 6/01/2054 (Put Date 11/01/2030) | 5400000 | &nbsp;&nbsp; 5758857 |
| Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), 5%, 5/15/2042  | 105000 | &nbsp;&nbsp; 105005 |
| Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), "A", 5%, 5/15/2034  | 520000 | &nbsp;&nbsp; 536131 |
| Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), "A", 5%, 5/15/2039  | 275000 | &nbsp;&nbsp; 278439 |
| Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), "A", 5%, 5/15/2044  | 285000 | &nbsp;&nbsp; 282339 |
| Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), "A", 5%, 5/15/2049  | 735000 | &nbsp;&nbsp; 687821 |
|  |  | &nbsp;&nbsp; $8047618 |
| New York – 6.0% | New York – 6.0% | New York – 6.0% |
| Albany, NY, Capital Resource Corp. Rev. (Albany Medical Center Hospital Project), "A", 5.5%, 5/01/2055  | $2610000 | &nbsp;&nbsp; $2756791 |
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Charter School for Applied Technologies Project), "A", 5%, <br> 6/01/2035 <br>| 1000000 | &nbsp;&nbsp; 1018107 |
| Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | 11860000 | &nbsp;&nbsp; 11763060 |
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), "A", 5%, 7/01/2052  | 355000 | &nbsp;&nbsp; 338550 |
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), "B", 5%, 7/01/2062  | 2700000 | &nbsp;&nbsp; 2516711 |
| Build NYC Resource Corp. Rev. (International Leadership Charter High School Project), "A", 6.25%, 7/01/2046 (n) | 1315000 | &nbsp;&nbsp; 1315976 |
| Build NYC Resource Corp. Rev. (International Leadership Charter School Project), 5.75%, 7/01/2033  | 3265000 | &nbsp;&nbsp; 3266774 |
| Build NYC Resource Corp. Rev. (International Leadership Charter School Project), 6%, 7/01/2043  | 4025000 | &nbsp;&nbsp; 4025726 |
| Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2057  | 1695000 | &nbsp;&nbsp; 1682183 |
| Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2062  | 2125000 | &nbsp;&nbsp; 2091199 |
| Build NYC Resource Corp. Rev. (Renaissance Charter School 2 Project), "A", 5.5%, 6/15/2055  | 1130000 | &nbsp;&nbsp; 1096158 |
| Build NYC Resource Corp. Rev. (Renaissance Charter School 2 Project), "A", 5.75%, 6/15/2060  | 3030000 | &nbsp;&nbsp; 3021890 |
| Build NYC Resource Corp. Rev. (Urban Resource Institute Project), "A", 5.375%, 12/01/2046  | 365000 | &nbsp;&nbsp; 390627 |
| Build NYC Resource Corp. Rev. (Urban Resource Institute Project), "A", 5.5%, 12/01/2051  | 380000 | &nbsp;&nbsp; 399117 |
| Build NYC Resource Corp. Rev. (Zeta Charter Schools, Inc. Project), "A", 5.375%, 10/15/2055  | 10900000 | &nbsp;&nbsp; 10662623 |
| Build NYC Resource Corp., Senior Airport Facilities Rev. (TRIPS Obligated Group), 5.5%, 7/01/2050  | 1795000 | &nbsp;&nbsp; 1863327 |
| Build NYC Resource Corp., Senior Airport Facilities Rev. (TRIPS Obligated Group), 5.5%, 7/01/2055  | 2275000 | &nbsp;&nbsp; 2343088 |
| Genesee County, NY, Funding Corp. Rev. (Rochester Regional Health Energy Projects), 5.25%, 12/01/2050  | 515000 | &nbsp;&nbsp; 525695 |
| Genesee County, NY, Funding Corp. Rev. (Rochester Regional Health Energy Projects), 5.5%, 12/01/2055  | 940000 | &nbsp;&nbsp; 974105 |
| Jefferson County, NY, Civic Development Corp. Rev. (Samaritan Medical Center), "A", 4%, 11/01/2032  | 535000 | &nbsp;&nbsp; 520818 |
| New York Dormitory Authority Rev. (Montefiore Obligated Group), 5.25%, 11/01/2043  | 1000000 | &nbsp;&nbsp; 1053265 |
| New York Dormitory Authority Rev. (Montefiore Obligated Group), 5.5%, 11/01/2044  | 130000 | &nbsp;&nbsp; 138607 |
| New York Dormitory Authority Rev. (Northwell Health Obligated Group), "A", 4%, 5/01/2045  | 5630000 | &nbsp;&nbsp; 5177246 |
| New York Dormitory Authority Rev. (Orchard Park CCRC, Inc. Obligated Group), 5.125%, 11/15/2050  | 1510000 | &nbsp;&nbsp; 1525135 |
| New York Dormitory Authority Rev. (The New School), "A", 4.25%, 7/01/2050  | 1800000 | &nbsp;&nbsp; 1597675 |
| New York Dormitory Authority Rev. (White Plains Hospital Obligated Group), AGM, 5.5%, 10/01/2054  | 6165000 | &nbsp;&nbsp; 6549860 |
| New York Dormitory Authority Rev., State Personal Income Tax, "A", 5.25%, 3/15/2052  | 4000000 | &nbsp;&nbsp; 4194988 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 17960000 | &nbsp;&nbsp; 17960338 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "2", 5.375%, 11/15/2040 (n) | 5850000 | &nbsp;&nbsp; 5850294 |
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport <br> Project), 5.375%, 8/01/2036 <br>| 4205000 | &nbsp;&nbsp; 4405389 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 5.625%, 4/01/2040 <br>| 7370000 | &nbsp;&nbsp; 7824538 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 5%, 10/01/2040 <br>| 3245000 | &nbsp;&nbsp; 3340482 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New York – continued | New York – continued | New York – continued |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 4.375%, 10/01/2045 <br>| $16750000 | &nbsp;&nbsp; $15840472 |
| New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), "A", 5.5%, <br> 12/31/2060 <br>| 10465000 | &nbsp;&nbsp; 10570458 |
| New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), "A", AGM, <br> 5.25%, 12/31/2054 <br>| 7895000 | &nbsp;&nbsp; 8020958 |
| New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), Capital <br> Appreciation, "B", AGM, 0%, 12/31/2054 <br>| 2550000 | &nbsp;&nbsp; 1693071 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), 6%, 6/30/2054 <br>| 17420000 | &nbsp;&nbsp; 18106426 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), AGM, 5%, 6/30/2054 <br>| 4765000 | &nbsp;&nbsp; 4739706 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), AGM, 5.125%, 6/30/2060 <br>| 24605000 | &nbsp;&nbsp; 24562089 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), AGM, 5.25%, 6/30/2060 <br>| 23315000 | &nbsp;&nbsp; 23576860 |
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), "A", <br> 5%, 12/01/2036 <br>| 55000 | &nbsp;&nbsp; 58306 |
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), "A", <br> 4%, 12/01/2039 <br>| 570000 | &nbsp;&nbsp; 563790 |
| New York, NY, City Housing Development Corp., Multi-Family Housing Rev., "D-1", 4.5%, 11/01/2054  | 4400000 | &nbsp;&nbsp; 4257471 |
| New York, NY, City Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), "E", 4.375%, 12/15/2031  | 522989 | &nbsp;&nbsp; 538447 |
| New York, NY, City Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), "F", 5.25%, 12/15/2031 (n) | 3822794 | &nbsp;&nbsp; 3961135 |
| New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028  | 595000 | &nbsp;&nbsp; 595537 |
| New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., "AA-1", 5.25%, 6/15/2055 (u) | 13120000 | &nbsp;&nbsp; 13849183 |
| Niagara, NY, Area Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), "A", 4.75%, 11/01/2042 (n) | 6865000 | &nbsp;&nbsp; 6236025 |
| Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 4.5%, 7/01/2052  | 4115000 | &nbsp;&nbsp; 3430815 |
| Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2052  | 2460000 | &nbsp;&nbsp; 2217386 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2028  | 1905000 | &nbsp;&nbsp; 1633625 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2029  | 2955000 | &nbsp;&nbsp; 2444672 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2030  | 2135000 | &nbsp;&nbsp; 1723586 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2031  | 5765000 | &nbsp;&nbsp; 4575268 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2032  | 7900000 | &nbsp;&nbsp; 6181744 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2033  | 4625000 | &nbsp;&nbsp; 3581085 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2034  | 17535000 | &nbsp;&nbsp; 13462438 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2035  | 13015000 | &nbsp;&nbsp; 9922844 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2036  | 4435000 | &nbsp;&nbsp; 3361698 |
| Tobacco Settlement Asset Securitization Corp., NY, "A", 5%, 6/01/2041  | 3020000 | &nbsp;&nbsp; 3036948 |
| Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 5%, 9/15/2037  | 7780000 | &nbsp;&nbsp; 7821870 |
| Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 5.875%, 9/15/2059  | 4000000 | &nbsp;&nbsp; 4008177 |
| Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5.75%, <br> 11/01/2049 <br>| 1075000 | &nbsp;&nbsp; 1159411 |
| Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5%, <br> 11/01/2051 <br>| 1535000 | &nbsp;&nbsp; 1557422 |
| Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5.75%, <br> 11/01/2053 <br>| 1630000 | &nbsp;&nbsp; 1746875 |
|  |  | &nbsp;&nbsp; $321226140 |
| North Carolina – 0.7% | North Carolina – 0.7% | North Carolina – 0.7% |
| Greater Asheville, NC, Regional Airport Authority, System Rev., AGM, 5.25%, 7/01/2048  | $690000 | &nbsp;&nbsp; $709269 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "55-A", GNMA, 6.25%, 7/01/2055  | 2440000 | &nbsp;&nbsp; 2699430 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", 4%, <br> 3/01/2041 <br>| 505000 | &nbsp;&nbsp; 486153 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| North Carolina – continued | North Carolina – continued | North Carolina – continued |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", 4%, <br> 3/01/2051 <br>| $10900000 | &nbsp;&nbsp; $9129414 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "C", 4%, <br> 3/01/2042 <br>| 280000 | &nbsp;&nbsp; 263892 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), "A", <br> 5%, 10/01/2040 <br>| 975000 | &nbsp;&nbsp; 1006193 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), "A", <br> 5%, 10/01/2045 <br>| 925000 | &nbsp;&nbsp; 926665 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), "A", <br> 5%, 10/01/2050 <br>| 795000 | &nbsp;&nbsp; 774082 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Plantation Village, Inc.), "A", 4%, <br> 1/01/2052 <br>| 1760000 | &nbsp;&nbsp; 1447473 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Carol Woods Project), 5.25%, 12/01/2055  | 5000000 | &nbsp;&nbsp; 5117578 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Galloway Ridge), "A", 5%, 1/01/2039  | 1000000 | &nbsp;&nbsp; 980085 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Pennybyrn at Maryfield Project), "A", 5%, <br> 10/01/2040 <br>| 1075000 | &nbsp;&nbsp; 1084259 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Pennybyrn at Maryfield Project), "A", 5%, <br> 10/01/2045 <br>| 1000000 | &nbsp;&nbsp; 954442 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Salemtowne), "A", 5%, 10/01/2026  | 670000 | &nbsp;&nbsp; 674173 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Salemtowne), "A", 5%, 10/01/2030  | 1500000 | &nbsp;&nbsp; 1510237 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Sharon Towers), "A", 5%, 7/01/2039  | 1540000 | &nbsp;&nbsp; 1568091 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Sharon Towers), "A", 5%, 7/01/2044  | 1030000 | &nbsp;&nbsp; 1020319 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2037  | 2700000 | &nbsp;&nbsp; 2714322 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes Project), <br> 5.125%, 10/01/2056 <br>| 780000 | &nbsp;&nbsp; 782253 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes Project), <br> "A", 5%, 10/01/2049 <br>| 600000 | &nbsp;&nbsp; 600835 |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., "A", 5%, 7/01/2047  | 990000 | &nbsp;&nbsp; 991140 |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., "A", 5%, 7/01/2051  | 2015000 | &nbsp;&nbsp; 2016396 |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., "A", 5%, 7/01/2054  | 1665000 | &nbsp;&nbsp; 1666252 |
|  |  | &nbsp;&nbsp; $39122953 |
| North Dakota – 0.4% | North Dakota – 0.4% | North Dakota – 0.4% |
| Grand Forks, ND, Healthcare System Rev. (Altru Health System), "A", AGM, 5%, 12/01/2048  | $465000 | &nbsp;&nbsp; $473770 |
| Grand Forks, ND, Healthcare System Rev. (Altru Health System), "A", AGM, 5%, 12/01/2053  | 1145000 | &nbsp;&nbsp; 1154780 |
| Grand Forks, ND, Healthcare System Rev. (Altru Health System), "A", AGM, 5.42%, 12/01/2053  | 2770000 | &nbsp;&nbsp; 2807425 |
| Horace, ND, Refunding Improvement, "C", 5%, 5/01/2050  | 1500000 | &nbsp;&nbsp; 1485579 |
| North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), "D", 4.25%, 1/01/2049  | 2070000 | &nbsp;&nbsp; 2088339 |
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), "C", 5%, 6/01/2034  | 5445000 | &nbsp;&nbsp; 5445511 |
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), "C", 5%, 6/01/2038  | 3050000 | &nbsp;&nbsp; 2988723 |
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), "C", 5%, 6/01/2048  | 710000 | &nbsp;&nbsp; 631396 |
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), "C", 5%, 6/01/2053  | 5310000 | &nbsp;&nbsp; 4546208 |
|  |  | &nbsp;&nbsp; $21621731 |
| Ohio – 4.2% | Ohio – 4.2% | Ohio – 4.2% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, "1", 4%, 6/01/2048  | $7300000 | &nbsp;&nbsp; $6285971 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, "2", 5%, 6/01/2055  | 39235000 | &nbsp;&nbsp; 32267880 |
| Butler County, OH, Hospital Facilities Rev. (UC Health), 4%, 11/15/2035  | 1500000 | &nbsp;&nbsp; 1494024 |
| Butler County, OH, Hospital Facilities Rev. (UC Health), 4%, 11/15/2037  | 1250000 | &nbsp;&nbsp; 1228048 |
| Centerville, OH, Health Care Improvement and Refunding Rev. (Graceworks Lutheran Services), 5.25%, 11/01/2037  | 920000 | &nbsp;&nbsp; 931824 |
| Centerville, OH, Health Care Improvement and Refunding Rev. (Graceworks Lutheran Services), 5.25%, 11/01/2047  | 2480000 | &nbsp;&nbsp; 2367018 |
| Centerville, OH, Health Care Improvement and Refunding Rev. (Graceworks Lutheran Services), 5.25%, 11/01/2050  | 915000 | &nbsp;&nbsp; 860431 |
| Columbus, OH, Metropolitan Housing Authority, Affordable Housing Rev. (Cobblestone Manor Project), 4.625%, 8/01/2042  | 475000 | &nbsp;&nbsp; 478505 |
| Columbus, OH, Metropolitan Housing Authority, General Rev. (Orchards Project & Eden Park Project), 4%, 12/01/2034  | 4825000 | &nbsp;&nbsp; 4863592 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Ohio – continued | Ohio – continued | Ohio – continued |
| Columbus, OH, Regional Airport Authority Rev. (John Glenn Columbus International Airport), "A", 5.5%, 1/01/2055 (u) | $22085000 | &nbsp;&nbsp; $23088313 |
| Columbus-Franklin County, OH, Finance Authority, Multi-Family Housing Rev. (Caravel Apartments), "A", FNMA, 4.46%, <br> 11/01/2044 <br>| 3129582 | &nbsp;&nbsp; 3122123 |
| Columbus-Franklin County, OH, Finance Authority, Multi-Family Housing Rev. (Westerville Crossing Apartments), "A", FNMA, <br> 4.375%, 6/01/2043 <br>| 8940000 | &nbsp;&nbsp; 8946034 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5%, 2/15/2042  | 3915000 | &nbsp;&nbsp; 3919143 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 4.75%, 2/15/2047  | 5240000 | &nbsp;&nbsp; 4718582 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.25%, 2/15/2047  | 3160000 | &nbsp;&nbsp; 3040105 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.5%, 2/15/2052  | 13520000 | &nbsp;&nbsp; 13180595 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5%, 2/15/2057  | 3355000 | &nbsp;&nbsp; 3057226 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.5%, 2/15/2057  | 875000 | &nbsp;&nbsp; 848836 |
| Cuyahoga County, OH, Port Authority, Financing Rev. (Flats East Bank Project), "A", 4%, 12/01/2055 (n) | 910000 | &nbsp;&nbsp; 693788 |
| Cuyahoga County, OH, Port Authority, Financing Rev. (Flats East Bank Project), "B", 4.5%, 12/01/2055 (n) | 520000 | &nbsp;&nbsp; 414809 |
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), "A", 4%, 9/01/2040  | 860000 | &nbsp;&nbsp; 779730 |
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), "A", 4%, 9/01/2045  | 1545000 | &nbsp;&nbsp; 1270262 |
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), "A", 5%, 9/01/2049  | 1725000 | &nbsp;&nbsp; 1608549 |
| Fayette County, OH, Hospital Facilities Improvement Rev. (Adena Health System Obligated Group Project), AGM, 5.25%, <br> 12/01/2049 <br>| 1185000 | &nbsp;&nbsp; 1243306 |
| Fayette County, OH, Hospital Facilities Improvement Rev. (Adena Health System Obligated Group Project), AGM, 5.25%, <br> 12/01/2054 <br>| 1415000 | &nbsp;&nbsp; 1474120 |
| Franklin County, OH, Health Care Facilities Improvement Rev. (Friendship Village of Dublin, Inc.), 5%, 11/15/2034  | 1380000 | &nbsp;&nbsp; 1380885 |
| Franklin County, OH, Health Care Facilities Improvement Rev. (Friendship Village of Dublin, Inc.), 5%, 11/15/2044  | 2055000 | &nbsp;&nbsp; 2020547 |
| Franklin County, OH, Hospital Improvement & Refunding Rev. (Nationwide Children's Hospital), 5.25%, 11/01/2055 (u) | 6540000 | &nbsp;&nbsp; 6834889 |
| Greene County, OH, Port Authority Economic Development, Facilities Refunding & Improvement Rev. (Community First Solutions <br> Obligated Group), "B", 5%, 5/15/2055 <br>| 4435000 | &nbsp;&nbsp; 4270720 |
| Greene County, OH, Port Authority Economic Development, Facilities Rev. (Community First Solutions Obligated Group), "B", 5%, <br> 5/15/2059 <br>| 865000 | &nbsp;&nbsp; 822498 |
| Hamilton County, OH, Healthcare Improvement & Refunding Rev. (Life Enriching Communities Project), 5.5%, 1/01/2050  | 635000 | &nbsp;&nbsp; 649507 |
| Hamilton County, OH, Healthcare Improvement & Refunding Rev. (Life Enriching Communities Project), 5.5%, 1/01/2055  | 2565000 | &nbsp;&nbsp; 2612866 |
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), 5%, 1/01/2051  | 2660000 | &nbsp;&nbsp; 2554745 |
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), "A", 5%, 1/01/2047  | 950000 | &nbsp;&nbsp; 929341 |
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), "A", 5.75%, 1/01/2053  | 2105000 | &nbsp;&nbsp; 2174573 |
| Hamilton County, OH, Hospital Facilities Rev. (UC Health), "A", 5.5%, 8/01/2051  | 6160000 | &nbsp;&nbsp; 6291981 |
| Hickory Chase, OH, Community Authority Infrastructure Improvement Rev. (Hickory Chase Project), "A", 5%, 12/01/2040 (n) | 1690000 | &nbsp;&nbsp; 1725502 |
| Huron County, OH, Norwalk City School District, School Facilities (General Obligation-Unlimited Tax), 5%, 11/01/2061  | 1320000 | &nbsp;&nbsp; 1353990 |
| Margaretta, OH, Local School District Erie & Sandusky Counties, Certificates of Participation (School Facilities Project), BAM, 5.5%, <br> 10/01/2050 <br>| 2845000 | &nbsp;&nbsp; 2972803 |
| Margaretta, OH, Local School District, Erie & Sandusky Counties (Ohio Certificates of Participation School Facilities Project), BAM, <br> 5.5%, 10/01/2047 <br>| 1685000 | &nbsp;&nbsp; 1770731 |
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), "A", 4%, 8/01/2041  | 3455000 | &nbsp;&nbsp; 3295117 |
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), "A", 4%, 8/01/2047  | 2075000 | &nbsp;&nbsp; 1782567 |
| Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), "A", 4%, 11/15/2038  | 2210000 | &nbsp;&nbsp; 2193930 |
| Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), "A", 4%, 11/15/2045  | 1100000 | &nbsp;&nbsp; 953551 |
| Ohio Air Quality Development Authority Refunding Rev. (American Electric Power Co. Project), "A", 3.75%, 1/01/2029  | 1145000 | &nbsp;&nbsp; 1158515 |
| Ohio Air Quality Development Authority Refunding Rev. (American Electric Power Co. Project), "C", 3.65%, 12/01/2027  | 1045000 | &nbsp;&nbsp; 1051624 |
| Ohio Air Quality Development Authority Refunding Rev. (American Electric Power Co. Project), "D", 3.7%, 10/01/2028  | 7500000 | &nbsp;&nbsp; 7565865 |
| Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Art Project), 5%, 12/01/2038  | 2045000 | &nbsp;&nbsp; 1963229 |
| Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Art Project), 5.25%, 12/01/2043  | 1390000 | &nbsp;&nbsp; 1292964 |
| Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Art Project), 5.25%, 12/01/2048  | 1600000 | &nbsp;&nbsp; 1415293 |
| Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Art Project), 5.5%, 12/01/2053  | 1000000 | &nbsp;&nbsp; 886552 |
| Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Music 2022 Project), 5.125%, 12/01/2042  | 1455000 | &nbsp;&nbsp; 1497961 |
| Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Music 2022 Project), 5.375%, 12/01/2052  | 2115000 | &nbsp;&nbsp; 2133641 |
| Ohio Higher Educational Facility Commission Rev. (Xavier University Project), 5.25%, 5/01/2054  | 9180000 | &nbsp;&nbsp; 8837542 |
| Ohio Housing Finance Agency, Multi-Family Housing Rev. (Haven's Edge Apartments Project), "A", 5.7%, 8/01/2043  | 2500000 | &nbsp;&nbsp; 2610286 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Ohio – continued | Ohio – continued | Ohio – continued |
| Ohio Housing Finance Agency, Residential Mortgage Rev. (Mortgage-Backed Securities Program), "A", 4.8%, 9/01/2048  | $7530000 | &nbsp;&nbsp; $7652382 |
| Ohio Housing Finance Agency, Residential Mortgage Rev. (Mortgage-Backed Securities Program), "A", 4.9%, 9/01/2053  | 3605000 | &nbsp;&nbsp; 3588952 |
| Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2035  | 825000 | &nbsp;&nbsp; 870155 |
| Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2037  | 675000 | &nbsp;&nbsp; 673096 |
| Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2038  | 660000 | &nbsp;&nbsp; 653254 |
| Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2040  | 725000 | &nbsp;&nbsp; 693768 |
| Port of Greater Cincinnati, OH, Development Authority Rev. (Duke Energy Convention Center Project), "C", AGM, 5.25%, <br> 12/01/2053 <br>| 365000 | &nbsp;&nbsp; 379216 |
| Port of Greater Cincinnati, OH, Development Authority Rev. (Duke Energy Convention Center Project), "C", AGM, 5.25%, <br> 12/01/2063 <br>| 550000 | &nbsp;&nbsp; 570185 |
| Port of Greater Cincinnati, OH, Development Authority Rev. (RBM Phase 3 Garage Project), 5%, 12/01/2044  | 1000000 | &nbsp;&nbsp; 995113 |
| Port of Greater Cincinnati, OH, Development Authority Rev. (RBM Phase 3 Garage Project), 5.125%, 12/01/2055  | 1250000 | &nbsp;&nbsp; 1197852 |
| Riversouth, OH, Authority Rev. (Lazarus Building), "A", 5.75%, 12/01/2027  | 1220000 | &nbsp;&nbsp; 1220698 |
| Warren County, OH, Hospital Facilities Refunding Rev. (Community First Solutions Obligated Group), "A", 5%, 5/15/2044  | 1185000 | &nbsp;&nbsp; 1204337 |
| West Central Ohio Port Authority Rev. (Global Impact STEM Academy Project), "A", 5.5%, 12/01/2055  | 1000000 | &nbsp;&nbsp; 1008844 |
| West Central Ohio Port Authority Rev. (Global Impact STEM Academy Project), "A", 5.5%, 12/01/2062  | 1485000 | &nbsp;&nbsp; 1488681 |
|  |  | &nbsp;&nbsp; $221383562 |
| Oklahoma – 1.1% | Oklahoma – 1.1% | Oklahoma – 1.1% |
| Norman, OK, Regional Hospital Authority Rev., 4%, 9/01/2045  | $2790000 | &nbsp;&nbsp; $1928498 |
| Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045  | 3830000 | &nbsp;&nbsp; 3187871 |
| Oklahoma Development Finance Authority, First Mortgage Rev. (Sommerset Project), 5%, 7/01/2042  | 90000 | &nbsp;&nbsp; 86132 |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), "A", 5.5%, 8/15/2041  | 3295000 | &nbsp;&nbsp; 3411022 |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), "A", 5.5%, 8/15/2044  | 3340000 | &nbsp;&nbsp; 3374188 |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), "B", 5%, 8/15/2038  | 4935000 | &nbsp;&nbsp; 5021750 |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), "B", 5.25%, 8/15/2043  | 4280000 | &nbsp;&nbsp; 4320767 |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), "B", 5.25%, 8/15/2048  | 4930000 | &nbsp;&nbsp; 4835683 |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), "B", 5.5%, 8/15/2057  | 14300000 | &nbsp;&nbsp; 14201090 |
| Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), "C", 5.45%, 8/15/2028  | 6254000 | &nbsp;&nbsp; 6213536 |
| Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), "A", 4.75%, 9/01/2048  | 1285000 | &nbsp;&nbsp; 1303593 |
| Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), "C", GNMA, 6%, 3/01/2056  | 4910000 | &nbsp;&nbsp; 5477494 |
| Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc. Project), 6.25%, 12/01/2035  | 3350000 | &nbsp;&nbsp; 3889129 |
| Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc. Project), 6.25%, 12/01/2040  | 2210000 | &nbsp;&nbsp; 2483314 |
|  |  | &nbsp;&nbsp; $59734067 |
| Oregon – 1.2% | Oregon – 1.2% | Oregon – 1.2% |
| Clackamas County, OR, Hospital Facility Authority Senior Living Rev. (Rose Villa Project), "A", 5.125%, 11/15/2040 (n) | $1000000 | &nbsp;&nbsp; $1011624 |
| Clackamas County, OR, Hospital Facility Authority Senior Living Rev. (Rose Villa Project), "A", 5.25%, 11/15/2050 (n) | 2000000 | &nbsp;&nbsp; 1977076 |
| Clackamas County, OR, Hospital Facility Authority Senior Living Rev. (Rose Villa Project), "A", 5.375%, 11/15/2055 (n) | 3000000 | &nbsp;&nbsp; 2973884 |
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), "A", 4%, 12/01/2041  | 2860000 | &nbsp;&nbsp; 2610270 |
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), "A", 4%, 12/01/2051  | 7725000 | &nbsp;&nbsp; 5959248 |
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), "A", 4%, 12/01/2056  | 10440000 | &nbsp;&nbsp; 7808261 |
| Oregon Facilities Authority Rev. (Southern Oregon Goodwill Project), "A", 5%, 12/01/2040  | 420000 | &nbsp;&nbsp; 437901 |
| Oregon Facilities Authority Rev. (Southern Oregon Goodwill Project), "A", 5.375%, 12/01/2045  | 500000 | &nbsp;&nbsp; 507389 |
| Oregon Facilities Authority Rev. (Southern Oregon Goodwill Project), "A", 5.5%, 12/01/2054  | 1500000 | &nbsp;&nbsp; 1505590 |
| Oregon Facilities Authority, Charter School Rev. (Redmond Proficiency Academy Project), "A", 4.625%, 6/15/2035  | 265000 | &nbsp;&nbsp; 274044 |
| Oregon Facilities Authority, Charter School Rev. (Redmond Proficiency Academy Project), "A", 5.5%, 6/15/2045  | 475000 | &nbsp;&nbsp; 478695 |
| Oregon Facilities Authority, Charter School Rev. (Redmond Proficiency Academy Project), "A", 5.625%, 6/15/2055  | 810000 | &nbsp;&nbsp; 801215 |
| Oregon Facilities Authority, Charter School Rev. (Redmond Proficiency Academy Project), "A", 6%, 6/15/2065  | 345000 | &nbsp;&nbsp; 349554 |
| Oregon Facilities Authority, Lease Rent Rev. (Legacy Health System - Centurion Foundation), "A", 4.9%, 9/15/2035  | 12160000 | &nbsp;&nbsp; 12943562 |
| Oregon Housing & Community Services Department, Multi-Family Housing Rev. (Redmond Landing Apartments Project), "K-1", <br> FNMA, 4.33%, 11/01/2043 <br>| 1995000 | &nbsp;&nbsp; 1985823 |
| Port of Portland, OR, International Airport Rev., "A", 5.25%, 7/01/2054 (u) | 9020000 | &nbsp;&nbsp; 9313618 |
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), "A", 5%, 11/15/2036  | 745000 | &nbsp;&nbsp; 758999 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Oregon – continued | Oregon – continued | Oregon – continued |
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), "A", 5%, 11/15/2046  | $2625000 | &nbsp;&nbsp; $2352221 |
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), "A", 5%, 11/15/2051  | 725000 | &nbsp;&nbsp; 626175 |
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), "A", 5%, 11/15/2051  | 3115000 | &nbsp;&nbsp; 2690393 |
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), "A", 5%, 11/15/2056  | 6520000 | &nbsp;&nbsp; 5531844 |
|  |  | &nbsp;&nbsp; $62897386 |
| Pennsylvania – 6.1% | Pennsylvania – 6.1% | Pennsylvania – 6.1% |
| Adams County, PA, General Authority Rev. (Brethren Home Community Project), "A", 5%, 6/01/2054  | $1870000 | &nbsp;&nbsp; $1799003 |
| Adams County, PA, General Authority Rev. (Brethren Home Community Project), "A", 5%, 6/01/2059  | 955000 | &nbsp;&nbsp; 908060 |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5.5%, 1/01/2050  | 9765000 | &nbsp;&nbsp; 10322058 |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5.5%, 1/01/2055  | 7835000 | &nbsp;&nbsp; 8231423 |
| Allegheny County, PA, Sanitary Authority Sewer Rev., 5.25%, 12/01/2058 (u) | 4045000 | &nbsp;&nbsp; 4266444 |
| Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Executive Education Academy <br> Charter School Project), 5%, 7/01/2059 (n)<br>| 1265000 | &nbsp;&nbsp; 1152695 |
| Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Lincoln Leadership Academy <br> Charter School Project), 6%, 6/15/2053 (n)<br>| 920000 | &nbsp;&nbsp; 940265 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2033 (n) | 765000 | &nbsp;&nbsp; 790796 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n) | 2175000 | &nbsp;&nbsp; 2193190 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.25%, 5/01/2042 (n) | 6005000 | &nbsp;&nbsp; 6171529 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.375%, 5/01/2042 (n) | 6700000 | &nbsp;&nbsp; 6790495 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 6%, 5/01/2042  | 2000000 | &nbsp;&nbsp; 2192912 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, <br> 5/01/2032 (n)<br>| 2505000 | &nbsp;&nbsp; 2556843 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, <br> 5/01/2042 (n)<br>| 1990000 | &nbsp;&nbsp; 2001784 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), "A-2", 6%, 6/30/2034  | 2152000 | &nbsp;&nbsp; 2317238 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), "A-3", 5%, 6/30/2039  | 33839000 | &nbsp;&nbsp; 31180615 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), Convertible Capital Appreciation, "B-1", 0% to 11/15/2029, <br> 6% to 6/30/2044 <br>| 16911000 | &nbsp;&nbsp; 12075822 |
| Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), "A-1", 8%, 6/30/2034  | 2715000 | &nbsp;&nbsp; 2764369 |
| Blythe, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 (Prerefunded 12/01/2027) | 4565000 | &nbsp;&nbsp; 4912622 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2035  | 6355000 | &nbsp;&nbsp; 5189394 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2040  | 5915000 | &nbsp;&nbsp; 4396001 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2044  | 4455000 | &nbsp;&nbsp; 3100575 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2051  | 3445000 | &nbsp;&nbsp; 2182881 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 5%, 12/01/2051  | 3695000 | &nbsp;&nbsp; 2839058 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), "A", 5%, 12/01/2030  | 815000 | &nbsp;&nbsp; 768475 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), "A", 5%, 12/01/2035  | 1000000 | &nbsp;&nbsp; 899596 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), "A", 5.25%, 12/01/2045  | 1730000 | &nbsp;&nbsp; 1419807 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Tel Hai Retirement Community Project), 5.25%, 6/01/2055  | 1205000 | &nbsp;&nbsp; 1216511 |
| Chester County, PA, Industrial Development Authority, Educational Facilities Rev. (Avon Grove Charter School), "A", 4.75%, <br> 12/15/2037 <br>| 885000 | &nbsp;&nbsp; 893753 |
| Chester County, PA, Industrial Development Authority, Educational Facilities Rev. (Avon Grove Charter School), "A", 5%, <br> 12/15/2047 <br>| 2040000 | &nbsp;&nbsp; 1950606 |
| Chester County, PA, Industrial Development Authority, Educational Facilities Rev. (Avon Grove Charter School), "A", 5%, <br> 12/15/2051 <br>| 610000 | &nbsp;&nbsp; 569398 |
| Cumberland County, PA, Cumberland Valley School District, General Obligation, "A", BAM, 5%, 12/01/2049  | 915000 | &nbsp;&nbsp; 944284 |
| Cumberland County, PA, Cumberland Valley School District, General Obligation, "A", BAM, 5%, 12/01/2053  | 1545000 | &nbsp;&nbsp; 1589986 |
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 4%, 1/01/2033  | 590000 | &nbsp;&nbsp; 590205 |
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2038  | 130000 | &nbsp;&nbsp; 130094 |
| Cumberland County, PA, Municipal Authority Rev. (Messiah Village Project), "A", 5.5%, 6/01/2056  | 5435000 | &nbsp;&nbsp; 5474653 |
| Cumberland County, PA, Municipal Authority Rev. (Penn State Health), 4%, 11/01/2049  | 4310000 | &nbsp;&nbsp; 3715666 |
| Doylestown, PA, Hospital Authority Rev., 5.375%, 7/01/2039  | 860000 | &nbsp;&nbsp; 951435 |
| Doylestown, PA, Hospital Authority Rev., "A", 4%, 7/01/2045  | 690000 | &nbsp;&nbsp; 639639 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Pennsylvania – continued | Pennsylvania – continued | Pennsylvania – continued |
| Doylestown, PA, Hospital Authority Rev., "A", 5%, 7/01/2049 (Prerefunded 7/01/2029) | $80000 | &nbsp;&nbsp; $86137 |
| Doylestown, PA, Hospital Authority Rev., "A", 5%, 7/01/2049  | 690000 | &nbsp;&nbsp; 702583 |
| Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 5%, 5/01/2035  | 160000 | &nbsp;&nbsp; 170357 |
| Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 5%, 5/01/2038  | 280000 | &nbsp;&nbsp; 291814 |
| Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 5%, 5/01/2048  | 225000 | &nbsp;&nbsp; 207627 |
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2029  | 105000 | &nbsp;&nbsp; 107042 |
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2032  | 1550000 | &nbsp;&nbsp; 1577528 |
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2038  | 2795000 | &nbsp;&nbsp; 2814953 |
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2039  | 1140000 | &nbsp;&nbsp; 1141919 |
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2043  | 3745000 | &nbsp;&nbsp; 3635001 |
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2048  | 3730000 | &nbsp;&nbsp; 3398753 |
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2049  | 510000 | &nbsp;&nbsp; 459805 |
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2053  | 5730000 | &nbsp;&nbsp; 5026158 |
| Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), 5%, 7/01/2040  | 7745000 | &nbsp;&nbsp; 6601692 |
| Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), "B", 5%, 7/01/2046  | 3450000 | &nbsp;&nbsp; 2734436 |
| Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), "B", 5%, 7/01/2051  | 5280000 | &nbsp;&nbsp; 4048738 |
| Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2040  | 500000 | &nbsp;&nbsp; 480318 |
| Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2045  | 750000 | &nbsp;&nbsp; 656634 |
| Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2050  | 1500000 | &nbsp;&nbsp; 1245250 |
| Lancaster, PA, Municipal Authority Healthcare Facilities Rev. (Garden Spot Village Project), "A", 5%, 5/01/2044  | 850000 | &nbsp;&nbsp; 867685 |
| Lancaster, PA, Municipal Authority Healthcare Facilities Rev. (Luthercare Project), "A", 5%, 12/01/2045  | 1000000 | &nbsp;&nbsp; 1006210 |
| Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", 5%, 1/01/2039  | 265000 | &nbsp;&nbsp; 276931 |
| Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", 5%, 1/01/2040  | 930000 | &nbsp;&nbsp; 966494 |
| Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", 5%, 1/01/2041  | 685000 | &nbsp;&nbsp; 707486 |
| Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", 5%, 1/01/2042  | 710000 | &nbsp;&nbsp; 729103 |
| Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", 4.5%, 1/01/2045  | 2440000 | &nbsp;&nbsp; 2311853 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049  | 2120000 | &nbsp;&nbsp; 1832058 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2051  | 4795000 | &nbsp;&nbsp; 4081090 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), "A", 4%, 9/01/2049  | 1920000 | &nbsp;&nbsp; 1655840 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), "B", AGM, 3.125%, 5/01/2053  | 2975000 | &nbsp;&nbsp; 2156678 |
| Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), <br> 5.375%, 1/01/2050 <br>| 14730000 | &nbsp;&nbsp; 14078576 |
| Montgomery County, PA, Industrial Development Authority, Retirement Communities Rev. (Acts Retirement - Life Communities, <br> Inc. Obligated Group), "C", 5%, 11/15/2045 <br>| 2130000 | &nbsp;&nbsp; 2158464 |
| Northeastern, PA, Hospital & Education Authority, College Rev. (King's College Project), 5%, 5/01/2044  | 1810000 | &nbsp;&nbsp; 1735578 |
| Northeastern, PA, Hospital & Education Authority, College Rev. (King's College Project), 5%, 5/01/2049  | 1095000 | &nbsp;&nbsp; 998361 |
| Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), 4%, 7/01/2041  | 1050000 | &nbsp;&nbsp; 1009145 |
| Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), 4%, 7/01/2046  | 2000000 | &nbsp;&nbsp; 1745403 |
| Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), "B-1", 5.25%, 7/01/2049  | 1045000 | &nbsp;&nbsp; 1052631 |
| Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), "B-2", 5%, 7/01/2042  | 1555000 | &nbsp;&nbsp; 1597175 |
| Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), "B-2", 5.25%, 7/01/2046  | 825000 | &nbsp;&nbsp; 836067 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2035 <br>| 1460000 | &nbsp;&nbsp; 1058369 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2036 <br>| 1540000 | &nbsp;&nbsp; 1060036 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2037 <br>| 1490000 | &nbsp;&nbsp; 971280 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2038 <br>| 1535000 | &nbsp;&nbsp; 949753 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2039 <br>| 1675000 | &nbsp;&nbsp; 984089 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2040 <br>| 1615000 | &nbsp;&nbsp; 883823 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Pennsylvania – continued | Pennsylvania – continued | Pennsylvania – continued |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2041 <br>| $1555000 | &nbsp;&nbsp; $800602 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2042 <br>| 1490000 | &nbsp;&nbsp; 718182 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2043 <br>| 1425000 | &nbsp;&nbsp; 641751 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-3", 0%, 1/01/2049 <br>| 7090000 | &nbsp;&nbsp; 1501259 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), <br> 5.25%, 6/30/2053 <br>| 5000000 | &nbsp;&nbsp; 5050546 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), <br> AGM, 5%, 12/31/2057 <br>| 18845000 | &nbsp;&nbsp; 18893709 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), <br> AGM, 5.75%, 12/31/2062 <br>| 2005000 | &nbsp;&nbsp; 2097269 |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Facility Rev. (Core Natural Resources, Inc. Project), <br> 5.45%, 1/01/2051 (Put Date 3/27/2035)<br>| 3000000 | &nbsp;&nbsp; 3275033 |
| Pennsylvania Economic Development Financing Authority, Tax-Exempt Private Activity Rev. (PennDOT Major Bridges Package One <br> Project), 5.75%, 6/30/2048 <br>| 1990000 | &nbsp;&nbsp; 2087384 |
| Pennsylvania Economic Development Financing Authority, UPMC Rev., "A", 4%, 5/15/2053  | 1985000 | &nbsp;&nbsp; 1710168 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1C", 5%, 6/01/2051  | 2892000 | &nbsp;&nbsp; 2767446 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1C", 5.5%, 6/01/2052  | 4677000 | &nbsp;&nbsp; 4792087 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 2.625%, 6/01/2042  | 860000 | &nbsp;&nbsp; 788820 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 4.5%, 6/01/2043  | 640000 | &nbsp;&nbsp; 653172 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "B", 3.125%, 6/01/2048  | 1800000 | &nbsp;&nbsp; 1265501 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "B", 5%, 6/01/2050  | 775000 | &nbsp;&nbsp; 739395 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "128A", 4.75%, 4/01/2033  | 430000 | &nbsp;&nbsp; 430715 |
| Pennsylvania School District Authority Rev. (William Penn School District Project), "B", BAM, 5%, 3/15/2045  | 595000 | &nbsp;&nbsp; 616641 |
| Pennsylvania School District Authority Rev. (William Penn School District Project), "B", BAM, 5%, 3/15/2049  | 440000 | &nbsp;&nbsp; 449662 |
| Philadelphia, PA, Authority for Industrial Development Rev. (KIPP Charter School Project), "B", 4%, 4/01/2026  | 230000 | &nbsp;&nbsp; 229462 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), "A", 5.625%, 8/01/2036  | 885000 | &nbsp;&nbsp; 889467 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), "A", 5.75%, 8/01/2046  | 2635000 | &nbsp;&nbsp; 2638302 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), "A", 5.375%, 8/01/2051  | 1910000 | &nbsp;&nbsp; 1907582 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), "B", 6%, 8/01/2051  | 3000000 | &nbsp;&nbsp; 3004278 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Community Charter School II Project), 5%, 8/01/2030  | 255000 | &nbsp;&nbsp; 264637 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Community Charter School II Project), 5%, 8/01/2040  | 600000 | &nbsp;&nbsp; 611457 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Community Charter School II Project), 5%, 8/01/2050  | 575000 | &nbsp;&nbsp; 558991 |
| Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Green Woods Charter School Project), "A", 5.125%, <br> 6/15/2042 <br>| 415000 | &nbsp;&nbsp; 416640 |
| Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Green Woods Charter School Project), "A", 5.25%, <br> 6/15/2052 <br>| 470000 | &nbsp;&nbsp; 449902 |
| Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Green Woods Charter School Project), "A", 5.375%, <br> 6/15/2057 <br>| 225000 | &nbsp;&nbsp; 217302 |
| Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Philadelphia Performing Arts: A String Theory Charter <br> School Project), 5%, 6/15/2050 (n)<br>| 1700000 | &nbsp;&nbsp; 1564809 |
| Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Tacony Academy School Project), 5%, 6/15/2033 (n) | 1700000 | &nbsp;&nbsp; 1734246 |
| Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Tacony Academy School Project), 5.375%, <br> 6/15/2038 (n)<br>| 1500000 | &nbsp;&nbsp; 1524913 |
| Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Tacony Academy School Project), 5.5%, 6/15/2043 (n) | 550000 | &nbsp;&nbsp; 549659 |
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment <br> Project-Section 8), "I", 5%, 12/01/2037 (Prerefunded 12/01/2026)<br>| 2400000 | &nbsp;&nbsp; 2445879 |
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment <br> Project-Section 8), "III", 5.25%, 12/01/2047 (Prerefunded 12/01/2026) (n)<br>| 3245000 | &nbsp;&nbsp; 3313647 |
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment <br> Project-Section 8), "III", 5.5%, 12/01/2058 (Prerefunded 12/01/2026) (n)<br>| 4690000 | &nbsp;&nbsp; 4798776 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Pennsylvania – continued | Pennsylvania – continued | Pennsylvania – continued |
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), <br> "A", 5%, 7/01/2037 <br>| $2475000 | &nbsp;&nbsp; $2484509 |
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), <br> "A", 5%, 7/01/2042 <br>| 3665000 | &nbsp;&nbsp; 3617349 |
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), <br> "A", 5%, 7/01/2049 <br>| 3790000 | &nbsp;&nbsp; 3438247 |
| Philadelphia, PA, Authority for Industrial Development, University Rev. (Holy Family University Project), "A", 5.125%, 9/01/2045  | 295000 | &nbsp;&nbsp; 299451 |
| Philadelphia, PA, Authority for Industrial Development, University Rev. (Holy Family University Project), "A", 5.375%, 9/01/2055  | 1540000 | &nbsp;&nbsp; 1541016 |
| Philadelphia, PA, School District General Obligation, "F", 5%, 9/01/2038 (Prerefunded 9/01/2026) | 5000 | &nbsp;&nbsp; 5077 |
| Philadelphia, PA, School District General Obligation, "F", 5%, 9/01/2038  | 240000 | &nbsp;&nbsp; 242544 |
| Scranton-Lackawanna, PA, Health and Welfare Authority, University Rev. (Marywood University Project), 5%, 6/01/2046  | 10015000 | &nbsp;&nbsp; 8505442 |
| Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, <br> 7/01/2035 <br>| 355000 | &nbsp;&nbsp; 357515 |
|  |  | &nbsp;&nbsp; $323017544 |
| Puerto Rico – 3.6% | Puerto Rico – 3.6% | Puerto Rico – 3.6% |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | $2046409 | &nbsp;&nbsp; $2011203 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 5782333 | &nbsp;&nbsp; 5428407 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 2893588 | &nbsp;&nbsp; 2576893 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 3413676 | &nbsp;&nbsp; 2498445 |
| Puerto Rico Children's Trust Fund, Tobacco Settlement Rev., Capital Appreciation, 0%, 5/15/2050  | 25000000 | &nbsp;&nbsp; 5116493 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 27420000 | &nbsp;&nbsp; 18268575 |
| Puerto Rico Electric Power Authority Rev., "NN", NPFG, 4.75%, 7/01/2033  | 1530000 | &nbsp;&nbsp; 1506276 |
| Puerto Rico Electric Power Authority Rev., "RR", AGM, 5%, 7/01/2028  | 425000 | &nbsp;&nbsp; 425100 |
| Puerto Rico Electric Power Authority Rev., "SS", AGM, 4.375%, 7/01/2030  | 515000 | &nbsp;&nbsp; 509405 |
| Puerto Rico Electric Power Authority Rev., "TT", NPFG, 5%, 7/01/2026  | 65000 | &nbsp;&nbsp; 65001 |
| Puerto Rico Electric Power Authority Rev., "UU", AGM, 4.25%, 7/01/2027  | 1705000 | &nbsp;&nbsp; 1695758 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2026  | 1260000 | &nbsp;&nbsp; 1262223 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2029  | 5090000 | &nbsp;&nbsp; 5162700 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030  | 5270000 | &nbsp;&nbsp; 5361168 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 630000 | &nbsp;&nbsp; 639333 |
| Puerto Rico Electric Power Authority Rev., "XX", 5.75%, 7/01/2036 (a)(d) | 4890000 | &nbsp;&nbsp; 3257963 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 3000000 | &nbsp;&nbsp; 2002500 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (AES Puerto Rico <br> Project), 6.625%, 1/01/2027 <br>| 392840 | &nbsp;&nbsp; 281776 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (AES Puerto Rico <br> Project), 6.625%, 1/01/2028 <br>| 2996125 | &nbsp;&nbsp; 2179681 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities <br> Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 <br>| 3490000 | &nbsp;&nbsp; 3498354 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. <br> (University of Sacred Heart), 4.375%, 10/01/2031 <br>| 525000 | &nbsp;&nbsp; 523314 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. <br> (University of Sacred Heart), 5%, 10/01/2042 <br>| 1330000 | &nbsp;&nbsp; 1277319 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 298000 | &nbsp;&nbsp; 274617 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 1542000 | &nbsp;&nbsp; 1544185 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 8003000 | &nbsp;&nbsp; 7719122 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 102934000 | &nbsp;&nbsp; 100747033 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 7178000 | &nbsp;&nbsp; 7134523 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 3802000 | &nbsp;&nbsp; 3626807 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 14210000 | &nbsp;&nbsp; 4923502 |
|  |  | &nbsp;&nbsp; $191517676 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Rhode Island – 0.1% | Rhode Island – 0.1% | Rhode Island – 0.1% |
| Rhode Island Health & Educational Building Corp., Student Housing Rev. (PRG - RI Properties LLC), "A", AGM, 5%, 7/01/2060  | $1320000 | &nbsp;&nbsp; $1311695 |
| Rhode Island Health & Educational Building Corp., Student Housing Rev. (PRG - RI Properties LLC), "A", AGM, 5%, 7/01/2065  | 1565000 | &nbsp;&nbsp; 1541492 |
| Rhode Island Health & Educational Building Corp., Student Housing Rev. (PRG - RI Properties LLC), "B", AGM, 5.625%, 7/01/2065  | 225000 | &nbsp;&nbsp; 230548 |
| Rhode Island Housing & Mortgage Finance Corp., Homeownership Opportunity, "84-A", GNMA, 5%, 4/01/2049  | 765000 | &nbsp;&nbsp; 786907 |
| Rhode Island Student Loan Authority, Education Loan Rev., "A", 2.25%, 12/01/2039  | 1455000 | &nbsp;&nbsp; 1304266 |
| Rhode Island Student Loan Authority, Student Loan Rev., "A", 3.5%, 12/01/2034  | 1105000 | &nbsp;&nbsp; 1105139 |
|  |  | &nbsp;&nbsp; $6280047 |
| South Carolina – 1.9% | South Carolina – 1.9% | South Carolina – 1.9% |
| Berkeley County, SC, Assessment Rev. (Nexton Improvement District), 4%, 11/01/2030 (n) | $425000 | &nbsp;&nbsp; $425417 |
| Berkeley County, SC, Assessment Rev. (Nexton Improvement District), 4.25%, 11/01/2040 (n) | 1000000 | &nbsp;&nbsp; 957046 |
| Berkeley County, SC, Assessment Rev. (Nexton Improvement District), 4.375%, 11/01/2049 (n) | 500000 | &nbsp;&nbsp; 436326 |
| Charleston, SC, Housing Authority, General Rev. (Kiawah Homes), 5%, 12/01/2041  | 715000 | &nbsp;&nbsp; 749510 |
| Goose Creek, SC, Carnes Crossroads Improvement District, Assessment Rev., 5.25%, 10/01/2045  | 800000 | &nbsp;&nbsp; 802382 |
| Goose Creek, SC, Carnes Crossroads Improvement District, Assessment Rev., 5.5%, 10/01/2055  | 800000 | &nbsp;&nbsp; 802115 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "A", 6.5%, 7/01/2055 (u) | 4300000 | &nbsp;&nbsp; 4930951 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "B", 6%, 1/01/2055  | 11350000 | &nbsp;&nbsp; 12676404 |
| South Carolina Jobs & Economic Development Authority Rev. (Bishop Gadsden Episcopal Retirement Community Obligated <br> Group), 5.375%, 4/01/2056 <br>| 790000 | &nbsp;&nbsp; 791726 |
| South Carolina Jobs & Economic Development Authority Rev. (Charleston Southern University), "C", 5.5%, 9/01/2045  | 1200000 | &nbsp;&nbsp; 1220752 |
| South Carolina Jobs & Economic Development Authority Rev. (Charleston Southern University), "C", 5.625%, 9/01/2050  | 1180000 | &nbsp;&nbsp; 1190606 |
| South Carolina Jobs & Economic Development Authority Rev. (Charleston Southern University), "C", 5.75%, 9/01/2055  | 600000 | &nbsp;&nbsp; 607950 |
| South Carolina Jobs & Economic Development Authority Rev. (Wesley Commons Project), "A", 5.5%, 10/01/2045  | 187000 | &nbsp;&nbsp; 188812 |
| South Carolina Jobs & Economic Development Authority Rev. (Wesley Commons Project), "A", 5.625%, 10/01/2050  | 650000 | &nbsp;&nbsp; 651963 |
| South Carolina Jobs & Economic Development Authority, Economic Development Rev. (Foothill Affordable Housing Foundation - <br> Paddock Club and Fairway Projects), FHLMC, 4%, 3/01/2062 (Put Date 3/01/2035)<br>| 1580000 | &nbsp;&nbsp; 1630496 |
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), "A", 4%, <br> 6/01/2036 (n)<br>| 520000 | &nbsp;&nbsp; 459740 |
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), "A", 4%, <br> 6/01/2046 (n)<br>| 330000 | &nbsp;&nbsp; 242201 |
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), "A", 4%, <br> 6/01/2056 (n)<br>| 1195000 | &nbsp;&nbsp; 805138 |
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Oceanside Collegiate Academy Project), "A", <br> 5%, 6/15/2054 <br>| 3400000 | &nbsp;&nbsp; 3071075 |
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Orangeburg High School for Health <br> Professions Project), "A", 6.5%, 6/15/2050 <br>| 7880000 | &nbsp;&nbsp; 7928792 |
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Orangeburg High School for Health <br> Professions Project), "A", 6.625%, 6/15/2060 <br>| 3195000 | &nbsp;&nbsp; 3214530 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, <br> 5/01/2048 <br>| 805000 | &nbsp;&nbsp; 687102 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), "B", 5%, <br> 5/01/2037 <br>| 925000 | &nbsp;&nbsp; 899889 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), "B", 5%, <br> 5/01/2042 <br>| 460000 | &nbsp;&nbsp; 422613 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Rolling Green Village Project), 5.5%, 12/01/2045  | 120000 | &nbsp;&nbsp; 121423 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Rolling Green Village Project), 5.8%, 12/01/2050  | 800000 | &nbsp;&nbsp; 810145 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Rolling Green Village Project), 5.75%, 12/01/2060  | 2010000 | &nbsp;&nbsp; 1999067 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Wesley Commons), 5%, 10/01/2036 (n) | 5735000 | &nbsp;&nbsp; 5758507 |
| South Carolina Jobs & Economic Development Authority, Healthcare Rev. (Beaufort Memorial Hospital & South of Broad <br> Healthcare Project), 5.25%, 11/15/2039 <br>| 525000 | &nbsp;&nbsp; 557962 |
| South Carolina Jobs & Economic Development Authority, Healthcare Rev. (Beaufort Memorial Hospital & South of Broad <br> Healthcare Project), 5.5%, 11/15/2044 <br>| 100000 | &nbsp;&nbsp; 103640 |
| South Carolina Jobs & Economic Development Authority, Healthcare Rev. (Beaufort Memorial Hospital & South of Broad <br> Healthcare Project), 5.75%, 11/15/2054 <br>| 500000 | &nbsp;&nbsp; 508339 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| South Carolina – continued | South Carolina – continued | South Carolina – continued |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 4%, <br> 11/01/2029 <br>| $2215000 | &nbsp;&nbsp; $2230513 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%, <br> 11/01/2033 <br>| 3570000 | &nbsp;&nbsp; 3615313 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%, <br> 11/01/2037 <br>| 1380000 | &nbsp;&nbsp; 1386188 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%, <br> 11/01/2042 <br>| 3515000 | &nbsp;&nbsp; 3222546 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%, <br> 11/01/2046 <br>| 1905000 | &nbsp;&nbsp; 1643955 |
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, <br> 4/01/2047 <br>| 3480000 | &nbsp;&nbsp; 3311457 |
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, <br> 4/01/2048 <br>| 1500000 | &nbsp;&nbsp; 1417052 |
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, <br> 4/01/2052 <br>| 2805000 | &nbsp;&nbsp; 2597990 |
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5.25%, <br> 4/01/2053 <br>| 4060000 | &nbsp;&nbsp; 3886044 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "A", 5%, 12/01/2050  | 1685000 | &nbsp;&nbsp; 1749863 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "A", 5.25%, 12/01/2050  | 1795000 | &nbsp;&nbsp; 1877094 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "A", 5.5%, 12/01/2054  | 5000000 | &nbsp;&nbsp; 5309447 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "A", 5%, 12/01/2055  | 4170000 | &nbsp;&nbsp; 4302460 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "A", 5%, 12/01/2055  | 3930000 | &nbsp;&nbsp; 3992131 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "B", 5.25%, 12/01/2054  | 1035000 | &nbsp;&nbsp; 1072133 |
| South Carolina State Ports Authority Rev., "B", 4%, 7/01/2049  | 6545000 | &nbsp;&nbsp; 5764201 |
|  |  | &nbsp;&nbsp; $103031006 |
| Tennessee – 0.7% | Tennessee – 0.7% | Tennessee – 0.7% |
| Cleveland, TN, Health & Educational Facilities, Board of Multi-Family Housing Rev. (Horizon Square Apartments Project), FNMA, <br> 4.2%, 5/01/2040 <br>| $2176000 | &nbsp;&nbsp; $2197991 |
| Cleveland, TN, Health & Educational Facilities, Board of Rev. (Hamilton Health Care System, Inc. Project), "A", 5%, 8/15/2049  | 6050000 | &nbsp;&nbsp; 6197506 |
| Knox County, TN, Health, Educational & Housing Facility, Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030  | 680000 | &nbsp;&nbsp; 691587 |
| Knox County, TN, Health, Educational & Housing Facility, Board Rev. (University Health Systems, Inc.), 5%, 4/01/2031  | 800000 | &nbsp;&nbsp; 812754 |
| Knox County, TN, Health, Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "A-1", BAM, 5.25%, 7/01/2049 <br>| 485000 | &nbsp;&nbsp; 501034 |
| Knox County, TN, Health, Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "A-1", BAM, 5.5%, 7/01/2054 <br>| 570000 | &nbsp;&nbsp; 599083 |
| Knox County, TN, Health, Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "A-1", BAM, 5.5%, 7/01/2059 <br>| 530000 | &nbsp;&nbsp; 554659 |
| Knox County, TN, Health, Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "A-1", BAM, 5%, 7/01/2064 <br>| 1360000 | &nbsp;&nbsp; 1363494 |
| Knox County, TN, Health, Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "C", BAM, 5.125%, 7/01/2064 <br>| 225000 | &nbsp;&nbsp; 227305 |
| Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board Senior Tax Increment Rev. <br> (Graceland Project), "A", 4.75%, 7/01/2027 <br>| 200000 | &nbsp;&nbsp; 189653 |
| Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board Senior Tax Increment Rev. <br> (Graceland Project), "A", 5.5%, 7/01/2037 <br>| 3425000 | &nbsp;&nbsp; 2597569 |
| Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board Senior Tax Increment Rev. <br> (Graceland Project), "A", 5.625%, 1/01/2046 <br>| 250000 | &nbsp;&nbsp; 170233 |
| Metropolitan Nashville, TN, Airport Authority Improvement Rev., "B", 5.5%, 7/01/2056 (w) | 4740000 | &nbsp;&nbsp; 5035267 |
| Shelby County, TN, Health, Educational & Housing Board Residential Care Facility Mortgage Rev. (Village at Germantown), 5%, <br> 12/01/2034 <br>| 500000 | &nbsp;&nbsp; 500137 |
| Shelby County, TN, Health, Educational & Housing Board Residential Care Facility Mortgage Rev. (Village at Germantown), 5.25%, <br> 12/01/2044 <br>| 1000000 | &nbsp;&nbsp; 956560 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Tennessee – continued | Tennessee – continued | Tennessee – continued |
| Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis <br> Project), Capital Appreciation, 0%, 4/01/2032 <br>| $610000 | &nbsp;&nbsp; $482766 |
| Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis <br> Project), Capital Appreciation, 0%, 4/01/2033 <br>| 875000 | &nbsp;&nbsp; 661158 |
| Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis <br> Project), Capital Appreciation, 0%, 4/01/2037 <br>| 780000 | &nbsp;&nbsp; 479386 |
| Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis <br> Project), Capital Appreciation, 0%, 4/01/2038 <br>| 650000 | &nbsp;&nbsp; 377195 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030) | 13735000 | &nbsp;&nbsp; 14694491 |
| Tennessee Housing Development Agency, Residential Finance Program Rev., "3", 4.25%, 7/01/2049  | 480000 | &nbsp;&nbsp; 484614 |
|  |  | &nbsp;&nbsp; $39774442 |
| Texas – 5.5% | Texas – 5.5% | Texas – 5.5% |
| Anna, TX, Special Assessment Rev. (Woods at Lindsey Place Public Improvement District Improvement Areas #2-3 Projects), 5.2%, <br> 9/15/2045 <br>| $200000 | &nbsp;&nbsp; $200413 |
| Anna, TX, Special Assessment Rev. (Woods at Lindsey Place Public Improvement District Improvement Areas #2-3 Projects), 5.5%, <br> 9/15/2055 <br>| 1250000 | &nbsp;&nbsp; 1248902 |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Basis Texas Charter Schools, Inc.), 5%, 6/15/2064  | 605000 | &nbsp;&nbsp; 542919 |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Basis Texas Charter Schools, Inc.), "A", 4%, 6/15/2030 (n) | 810000 | &nbsp;&nbsp; 810078 |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Basis Texas Charter Schools, Inc.), "A", 4%, 6/15/2040 (n) | 3620000 | &nbsp;&nbsp; 3349290 |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Basis Texas Charter Schools, Inc.), "A", 4%, 6/15/2050 (n) | 5810000 | &nbsp;&nbsp; 4666379 |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Brooks Academies of Texas), "A", 5%, 6/15/2041 (n) | 8445000 | &nbsp;&nbsp; 7867135 |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), "A", 4%, 8/15/2031  | 355000 | &nbsp;&nbsp; 325717 |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), "A", 5.375%, 8/15/2036  | 820000 | &nbsp;&nbsp; 760924 |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), "A", 5%, 8/15/2041  | 900000 | &nbsp;&nbsp; 743644 |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), "A", 5.5%, 8/15/2046  | 3680000 | &nbsp;&nbsp; 2949682 |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), "A", 5%, 8/15/2051  | 1500000 | &nbsp;&nbsp; 1063811 |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (UME Preparatory Academy), "A", 5%, 8/15/2038  | 1060000 | &nbsp;&nbsp; 1064841 |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (UME Preparatory Academy), "A", 5%, 8/15/2048  | 1750000 | &nbsp;&nbsp; 1643450 |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (UME Preparatory Academy), "A", 5%, 8/15/2053  | 1695000 | &nbsp;&nbsp; 1559205 |
| Arlington, TX, Higher Education Finance Corp. Refunding Rev. (Basis Texas Charter Schools, Inc.), 5.75%, 6/15/2055  | 505000 | &nbsp;&nbsp; 509758 |
| Arlington, TX, Higher Education Finance Corp. Refunding Rev. (Basis Texas Charter Schools, Inc.), 5.875%, 6/15/2065  | 3025000 | &nbsp;&nbsp; 3058528 |
| Arlington, TX, Higher Education Finance Corp. Rev. (Basis Texas Charter Schools, Inc.), 4.875%, 6/15/2059  | 585000 | &nbsp;&nbsp; 523036 |
| Austin, TX, Affordable PFC, Inc., Multi-Family Housing Rev. (Village at Collinwood Apartments), "A", FNMA, 4.45%, 3/01/2043  | 1420000 | &nbsp;&nbsp; 1438191 |
| Austin, TX, Airport System Rev., "B", 5%, 11/15/2041  | 930000 | &nbsp;&nbsp; 935541 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 5%, 1/01/2029  | 890000 | &nbsp;&nbsp; 898406 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 5%, 1/01/2031  | 1325000 | &nbsp;&nbsp; 1336846 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 5%, 1/01/2034  | 260000 | &nbsp;&nbsp; 261331 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "B", 5%, 1/01/2028  | 400000 | &nbsp;&nbsp; 402950 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "B", 5%, 1/01/2030  | 585000 | &nbsp;&nbsp; 589348 |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., "1A", 2.35%, 4/01/2040  | 40000 | &nbsp;&nbsp; 39885 |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., "1A", 3%, 4/01/2040  | 1100000 | &nbsp;&nbsp; 920037 |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., "1A", 4%, 4/01/2045  | 4320000 | &nbsp;&nbsp; 3919054 |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., Taxable, "1A", 3.414%, 4/01/2040  | 75000 | &nbsp;&nbsp; 74548 |
| Buda, TX, Special Assessment Rev. (Persimmon Public Improvement District Improvement Project), 6%, 9/01/2055  | 2000000 | &nbsp;&nbsp; 1960522 |
| Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), "A", 2.5%, 10/01/2031  | 490000 | &nbsp;&nbsp; 449019 |
| Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), "A", 4%, 10/01/2050  | 1540000 | &nbsp;&nbsp; 1195257 |
| Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), "C", 4%, 10/01/2046  | 365000 | &nbsp;&nbsp; 336894 |
| Dallas Fort Worth, TX, International Airport, Joint Refunding & Improvements Rev., "A-1", 5.5%, 11/01/2050 (u) | 4510000 | &nbsp;&nbsp; 4763224 |
| Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2033  | 550000 | &nbsp;&nbsp; 576864 |
| Ector County, TX, Hospital District General Obligation Refunding, 4%, 9/15/2034  | 1270000 | &nbsp;&nbsp; 1260086 |
| El Paso County, TX, Hospital District Refunding Rev., BAM, 4.25%, 2/15/2054  | 945000 | &nbsp;&nbsp; 878089 |
| El Paso, TX, EP La Privada PFC Residential Development Rev. (Home Essential Function Housing Program, LA Privada Apartments), <br> 4.5%, 6/01/2040 <br>| 5115000 | &nbsp;&nbsp; 5258287 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Texas – continued | Texas – continued | Texas – continued |
| El Paso, TX, Water & Sewer Rev., 5.25%, 3/01/2050 (u) | $13475000 | &nbsp;&nbsp; $14227292 |
| EP Cimarron Ventanas, TX, Residential Development Rev. (Lifestyles at Los Paseos), 4.125%, 12/01/2039  | 1925000 | &nbsp;&nbsp; 1946158 |
| Fredericksburg, TX, Independent School District, Unlimited Tax Building, 4%, 2/15/2052 (Prerefunded 2/15/2032) | 240000 | &nbsp;&nbsp; 260810 |
| Fredericksburg, TX, Independent School District, Unlimited Tax Building, 4%, 2/15/2052  | 4705000 | &nbsp;&nbsp; 4320480 |
| Galveston, TX, Wharves and Terminal, First Lien Rev., 6%, 8/01/2043  | 925000 | &nbsp;&nbsp; 1005432 |
| Galveston, TX, Wharves and Terminal, First Lien Rev., "A", 5.25%, 8/01/2037  | 1025000 | &nbsp;&nbsp; 1114982 |
| Galveston, TX, Wharves and Terminal, First Lien Rev., "A", 5.25%, 8/01/2039  | 900000 | &nbsp;&nbsp; 968487 |
| Galveston, TX, Wharves and Terminal, First Lien Rev., "A", 5.5%, 8/01/2041  | 805000 | &nbsp;&nbsp; 868745 |
| Galveston, TX, Wharves and Terminal, First Lien Rev., "A", 5.5%, 8/01/2043  | 450000 | &nbsp;&nbsp; 477317 |
| Gray and Roberts Counties, TX, Pampa Independent School District, Unlimited Tax School Building, Texas PSF, 4.125%, 8/15/2058  | 1990000 | &nbsp;&nbsp; 1828629 |
| Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028  | 875000 | &nbsp;&nbsp; 876423 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", 4.125%, <br> 7/01/2052 <br>| 10140000 | &nbsp;&nbsp; 9124333 |
| Harris County, TX, Houston Sports Authority Rev., Capital Appreciation, "A", AGM, 0%, 11/15/2041  | 745000 | &nbsp;&nbsp; 362440 |
| Harris County, TX, Houston Sports Authority Rev., Capital Appreciation, "A", AGM, 0%, 11/15/2046  | 3185000 | &nbsp;&nbsp; 1130033 |
| Houston, TX, Airport System Special Facilities Refunding Rev. (United Airlines, Inc. Terminal E Project), 5%, 7/01/2029  | 100000 | &nbsp;&nbsp; 100131 |
| Houston, TX, Airport System Special Facilities Refunding Rev. (United Airlines, Inc. Terminal E Project), "A", 5%, 7/01/2027  | 730000 | &nbsp;&nbsp; 742317 |
| Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), "B", 5.25%, 7/15/2034  | 5000000 | &nbsp;&nbsp; 5424523 |
| Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), "B-2", 5%, 7/15/2027  | 1005000 | &nbsp;&nbsp; 1022711 |
| Houston, TX, Higher Education Finance Corp., University Rev. (Houston Baptist University Project), 3.375%, 10/01/2037  | 260000 | &nbsp;&nbsp; 233470 |
| Houston, TX, Higher Education Finance Corp., University Rev. (Houston Baptist University Project), 4%, 10/01/2051  | 880000 | &nbsp;&nbsp; 685047 |
| Houston, TX, Higher Education Finance Corp., University Rev. (Houston Christian University Project), 5.125%, 10/01/2051  | 325000 | &nbsp;&nbsp; 306444 |
| Houston, TX, Higher Education Finance Corp., University Rev. (Houston Christian University Project), 5.25%, 10/01/2054  | 890000 | &nbsp;&nbsp; 849529 |
| Hunt County, TX, City of Greenville Electric System Rev., 5.25%, 2/15/2049 (u) | 7450000 | &nbsp;&nbsp; 7765489 |
| Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2038  | 310000 | &nbsp;&nbsp; 316145 |
| Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2043  | 565000 | &nbsp;&nbsp; 563612 |
| Lavon, TX, Special Assessment Rev. (Elevon Public Improvement District Area #3-5 Project), 5.375%, 9/15/2045  | 565000 | &nbsp;&nbsp; 562866 |
| Lavon, TX, Special Assessment Rev. (Elevon Public Improvement District Area #3-5 Project), 5.75%, 9/15/2055  | 1195000 | &nbsp;&nbsp; 1188919 |
| Lavon, TX, Special Assessment Rev. (Trails of Lavon Public Improvement District Projects), 5.75%, 9/15/2045  | 850000 | &nbsp;&nbsp; 875495 |
| Lavon, TX, Special Assessment Rev. (Trails of Lavon Public Improvement District Projects), 6%, 9/15/2054  | 787000 | &nbsp;&nbsp; 807953 |
| Mesquite, TX, Housing Finance Corp., Multi-Family (Wooded Lake), "A", FNMA, 4.53%, 2/01/2044  | 3176593 | &nbsp;&nbsp; 3179488 |
| Mesquite, TX, Special Assessment Rev. (Solterra Public Improvement District Improvement Area A-2-A-4 Projects), 5.5%, <br> 9/01/2045 <br>| 1000000 | &nbsp;&nbsp; 1001377 |
| Mesquite, TX, Special Assessment Rev. (Solterra Public Improvement District Improvement Area A-2-A-4 Projects), 5.75%, <br> 9/01/2055 <br>| 1300000 | &nbsp;&nbsp; 1284418 |
| Mission, TX, Economic Development Corp. (Natgasoline Project), 4.625%, 10/01/2031 (n) | 3940000 | &nbsp;&nbsp; 3954475 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas <br> Woman's University Housing Project), "A-1", AGM, 5%, 7/01/2058 <br>| 1685000 | &nbsp;&nbsp; 1666422 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), "A", 3.375%, 8/15/2029 (n) | 455000 | &nbsp;&nbsp; 439407 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), "A", 5%, 8/15/2039 (n) | 2625000 | &nbsp;&nbsp; 2614266 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), "A", 5%, 8/15/2049 (n) | 1555000 | &nbsp;&nbsp; 1407650 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Cumberland Academy), "A", 5%, 8/15/2040 (n) | 3500000 | &nbsp;&nbsp; 3301477 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Cumberland Academy), "A", 5%, 8/15/2050 (n) | 5000000 | &nbsp;&nbsp; 4250198 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Jubilee Academic Center), 4%, 8/15/2046 (n) | 3040000 | &nbsp;&nbsp; 2472156 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Bella Vida Forefront Living Project), "A", 6.5%, <br> 10/01/2055 <br>| 3885000 | &nbsp;&nbsp; 4016160 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Bella Vida Forefront Living Project), "A", 6.5%, <br> 10/01/2060 <br>| 945000 | &nbsp;&nbsp; 974570 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Brazos Presbyterian Homes, Inc. Project), <br> 5.375%, 1/01/2055 <br>| 780000 | &nbsp;&nbsp; 777731 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Brazos Presbyterian Homes, Inc. Project), <br> 5.375%, 1/01/2060 <br>| 975000 | &nbsp;&nbsp; 959866 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Longhorn Village Project), 5%, 1/01/2042  | 3000000 | &nbsp;&nbsp; 3005805 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Texas – continued | Texas – continued | Texas – continued |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, <br> 1/01/2032 <br>| $430000 | &nbsp;&nbsp; $410283 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, <br> 1/01/2037 <br>| 1145000 | &nbsp;&nbsp; 1054838 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, <br> 1/01/2042 <br>| 925000 | &nbsp;&nbsp; 790844 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, <br> 1/01/2047 <br>| 1505000 | &nbsp;&nbsp; 1148821 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4.25%, <br> 1/01/2057 <br>| 3225000 | &nbsp;&nbsp; 2327680 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 5%, <br> 1/01/2057 <br>| 2100000 | &nbsp;&nbsp; 1741096 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), "A", 5%, <br> 1/01/2055 <br>| 1000000 | &nbsp;&nbsp; 841319 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), "A", <br> 5.375%, 11/15/2036 <br>| 1250000 | &nbsp;&nbsp; 1223909 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), "A", <br> 5.5%, 11/15/2046 <br>| 835000 | &nbsp;&nbsp; 733430 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), "A", <br> 5.5%, 11/15/2052 <br>| 960000 | &nbsp;&nbsp; 807681 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 4%, 1/01/2029  | 200000 | &nbsp;&nbsp; 203010 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, <br> 1/01/2035 <br>| 1325000 | &nbsp;&nbsp; 1326850 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5%, 1/01/2039  | 475000 | &nbsp;&nbsp; 484084 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, <br> 1/01/2043 <br>| 3630000 | &nbsp;&nbsp; 3632026 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, <br> 1/01/2049 <br>| 1470000 | &nbsp;&nbsp; 1470081 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5%, 1/01/2050  | 565000 | &nbsp;&nbsp; 533659 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5%, 1/01/2055  | 1500000 | &nbsp;&nbsp; 1391023 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2040  | 1125000 | &nbsp;&nbsp; 1203627 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2055  | 470000 | &nbsp;&nbsp; 461165 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2060  | 1075000 | &nbsp;&nbsp; 1044576 |
| Peaster, TX, Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2051  | 3250000 | &nbsp;&nbsp; 2423347 |
| Pflugerville, TX, Special Assessment Rev. (Meadowlark Preserve Public Improvement District Project), 4.25%, 9/01/2033  | 400000 | &nbsp;&nbsp; 404648 |
| Pflugerville, TX, Special Assessment Rev. (Meadowlark Preserve Public Improvement District Project), 5.125%, 9/01/2045  | 550000 | &nbsp;&nbsp; 544237 |
| Pflugerville, TX, Special Assessment Rev. (Meadowlark Preserve Public Improvement District Project), 5.375%, 9/01/2055  | 750000 | &nbsp;&nbsp; 736864 |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", 3%, 1/01/2050 (n) | 1940000 | &nbsp;&nbsp; 1308973 |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), "B", 10%, <br> 7/01/2026 <br>| 16215000 | &nbsp;&nbsp; 16262011 |
| San Antonio, TX, Electric & Gas Systems Refunding Rev., "D", 5.25%, 2/01/2054 (u) | 5785000 | &nbsp;&nbsp; 6106970 |
| San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family (Cedar Ridge Terrace Apartments), "A", FNMA, 4.45%, 4/01/2043  | 1670000 | &nbsp;&nbsp; 1691330 |
| San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family (Sageland Flats Apartments), "A", FNMA, 4.55%, 3/01/2043  | 3035000 | &nbsp;&nbsp; 3101546 |
| San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family Tax-Exempt (Residences at Pearsall Park), "A", FNMA, 4.43%, <br> 4/01/2043 <br>| 1898000 | &nbsp;&nbsp; 1917852 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), "A", 4%, 7/01/2053  | 11230000 | &nbsp;&nbsp; 9747945 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., <br> Querencia Project), 5%, 11/15/2030 <br>| 1500000 | &nbsp;&nbsp; 1501780 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., <br> Querencia Project), 5%, 11/15/2035 <br>| 3295000 | &nbsp;&nbsp; 3297937 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Stayton Museum Way), 5.75%, 12/01/2054  | 16562153 | &nbsp;&nbsp; 14293721 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Trinity Terrace Project), 5%, 10/01/2049  | 1260000 | &nbsp;&nbsp; 1251249 |
| Terrell, TX, Special Assessment Rev. (Arboretum Estates Public Improvement District No. 6 Improvement Area No. 1 Project), 6%, <br> 9/15/2045 <br>| 1000000 | &nbsp;&nbsp; 1028171 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Texas – continued | Texas – continued | Texas – continued |
| Terrell, TX, Special Assessment Rev. (Arboretum Estates Public Improvement District No. 6 Improvement Area No. 1 Project), <br> 6.25%, 9/15/2055 <br>| $1000000 | &nbsp;&nbsp; $1024920 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048  | 4380000 | &nbsp;&nbsp; 4238257 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052  | 1765000 | &nbsp;&nbsp; 1685279 |
| Texas Community Housing & Economic Development Corp., Residential Development Senior Lien Rev. (Agape Helotes), "A-1", <br> 6.25%, 1/01/2065 <br>| 10000000 | &nbsp;&nbsp; 9306918 |
| Texas Department of Housing & Community Affairs, Residential Mortgage Rev., "A", 4.75%, 1/01/2049 (u) | 2115000 | &nbsp;&nbsp; 2144463 |
| Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., "A", GNMA, 4.75%, 3/01/2049  | 1120000 | &nbsp;&nbsp; 1132155 |
| Texas Rockwall Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 2/15/2053  | 2130000 | &nbsp;&nbsp; 1937000 |
| Texas SA Energy Acquisition Public Facility Corp., Gas Supply Rev., 5.5%, 8/01/2027  | 4000000 | &nbsp;&nbsp; 4131820 |
| Texas State Technical College System Rev., Financing System Improvement, "A", AGM, 5.5%, 8/01/2042  | 1595000 | &nbsp;&nbsp; 1749771 |
| Texas State Technical College System Rev., Financing System Improvement, "A", AGM, 5.75%, 8/01/2047  | 2275000 | &nbsp;&nbsp; 2453610 |
| Texas State Technical College System Rev., Financing System Improvement, "A", AGM, 6%, 8/01/2054  | 2185000 | &nbsp;&nbsp; 2373267 |
| Texas Transportation Commission, State Highway 249 System Rev., "A", 5%, 8/01/2057  | 5725000 | &nbsp;&nbsp; 5771756 |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, "A", 0%, 8/01/2039  | 520000 | &nbsp;&nbsp; 283416 |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, "A", 0%, 8/01/2040  | 520000 | &nbsp;&nbsp; 266684 |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, "A", 0%, 8/01/2042  | 1430000 | &nbsp;&nbsp; 652058 |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, "A", 0%, 8/01/2043  | 1170000 | &nbsp;&nbsp; 504448 |
| Texas Transportation Finance Corp., Subordinate Tier Toll Refunding Rev. (TELA Supported), "A", 5.5%, 10/01/2055 (u) | 4285000 | &nbsp;&nbsp; 4638004 |
| White Settlement, TX, Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 4%, 8/15/2052  | 2475000 | &nbsp;&nbsp; 2251139 |
|  |  | &nbsp;&nbsp; $290637317 |
| U.S. Virgin Islands – 0.4% | U.S. Virgin Islands – 0.4% | U.S. Virgin Islands – 0.4% |
| Virgin Islands Hotel Development Financing Corp. Rev., Taxable (Frenchman's Reef Hotel), "A-1", 6%, 12/01/2055  | $12195000 | &nbsp;&nbsp; $12103044 |
| Virgin Islands Public Finance Authority, Economic Recovery Fee Rev., Taxable (Frenchman's Reef Hotel Development Project), "B", <br> 9%, 4/01/2053 <br>| 5595000 | &nbsp;&nbsp; 5595165 |
| Virgin Islands Public Finance Authority, Hotel Occupancy Tax Rev. (Frenchman's Reef Hotel Development Project), "A", 6%, <br> 4/01/2053 (n)<br>| 5355000 | &nbsp;&nbsp; 5355964 |
|  |  | &nbsp;&nbsp; $23054173 |
| Utah – 1.3% | Utah – 1.3% | Utah – 1.3% |
| Arrowhead Springs, UT, Public Infrastructure District (Arrowhead Springs Assessment Area), 5.625%, 12/01/2054  | $3700000 | &nbsp;&nbsp; $3718584 |
| Arrowhead Springs, UT, Public Infrastructure District, Limited Tax General Obligation Special Rev., 6%, 3/01/2056  | 7500000 | &nbsp;&nbsp; 7468672 |
| Brook View, UT, Infrastructure Financing District, Special Assessment (Brook View Assessment Area), 6.25%, 12/01/2055  | 4512000 | &nbsp;&nbsp; 4506815 |
| MIDA Mountain Village, UT, Public Infrastructure District, Tax Allocated Rev., "1", 5.5%, 6/01/2055  | 2875000 | &nbsp;&nbsp; 2861259 |
| MIDA Mountain Village, UT, Public Infrastructure District, Tax Allocated Rev., "1", 5.75%, 6/01/2060  | 2010000 | &nbsp;&nbsp; 2034495 |
| NWQ Public Infrastructure District, UT, Limited Tax General Obligation, "A", 6.125%, 3/01/2056  | 1800000 | &nbsp;&nbsp; 1807834 |
| Pine View, UT, Public Infrastructure District No. 2, Special Assessment (Firelight Assessment Area No. 1), 6.25%, 12/01/2055 (w) | 3073178 | &nbsp;&nbsp; 3073422 |
| Salt Lake City, UT, Airport Rev. (Salt Lake City International Airport), "A", 5.5%, 7/01/2053 (u) | 8000000 | &nbsp;&nbsp; 8332930 |
| Salt Lake County, UT, Copper Rim Infrastructure Financing District, Utah Special Assessment (Copper Rim Assessment Area), <br> 6.125%, 12/01/2054 <br>| 1976475 | &nbsp;&nbsp; 2026582 |
| Sawmill Infrastructure Financing District, UT, Special Assessment Rev. (Sawmill Assessment Area), 6%, 12/01/2054  | 2805816 | &nbsp;&nbsp; 2898251 |
| Utah Charter School Finance Authority, Charter School Rev. (Bridge Elementary Project), "A", 4%, 6/15/2031 (n) | 370000 | &nbsp;&nbsp; 358552 |
| Utah Charter School Finance Authority, Charter School Rev. (Bridge Elementary Project), "A", 4%, 6/15/2041 (n) | 890000 | &nbsp;&nbsp; 749995 |
| Utah Charter School Finance Authority, Charter School Rev. (Bridge Elementary Project), "A", 4.25%, 6/15/2051 (n) | 1315000 | &nbsp;&nbsp; 995909 |
| Utah Charter School Finance Authority, Charter School Rev. (Lakeview Academy), 5%, 4/15/2045  | 565000 | &nbsp;&nbsp; 577626 |
| Utah Charter School Finance Authority, Charter School Rev. (Lakeview Academy), 5%, 4/15/2055  | 1625000 | &nbsp;&nbsp; 1636930 |
| Utah Charter School Finance Authority, Charter School Rev. (Lakeview Academy), 5%, 4/15/2060  | 1500000 | &nbsp;&nbsp; 1505451 |
| Utah Charter School Finance Authority, Charter School Rev. (Mountain Sunrise Academy), "A", 4%, 12/15/2041 (n) | 2770000 | &nbsp;&nbsp; 2287144 |
| Utah Charter School Finance Authority, Charter School Rev. (Mountain Sunrise Academy), "A", 4%, 12/15/2051 (n) | 4120000 | &nbsp;&nbsp; 2920529 |
| Utah Charter School Finance Authority, Charter School Rev. (Mountain Sunrise Academy), "A", 4%, 12/15/2056 (n) | 2770000 | &nbsp;&nbsp; 1899865 |
| Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2036 (n) | 1530000 | &nbsp;&nbsp; 1529919 |
| Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2046 (n) | 1285000 | &nbsp;&nbsp; 1173367 |
| Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), "A", 5%, 4/15/2049  | 650000 | &nbsp;&nbsp; 651316 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Utah – continued | Utah – continued | Utah – continued |
| Utah Downtown Revitalization, Public Infrastructure District Sales Tax Rev. (SEG Redevelopment Project), "B", AGM, 5.5%, <br> 6/01/2055 <br>| $1115000 | &nbsp;&nbsp; $1191019 |
| Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, "G", GNMA, 4.5%, 7/21/2049  | 786256 | &nbsp;&nbsp; 788388 |
| Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, "H", GNMA, 4.5%, 8/21/2049  | 470783 | &nbsp;&nbsp; 472048 |
| Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, "I", GNMA, 4%, 9/21/2049  | 731309 | &nbsp;&nbsp; 720899 |
| Utah Housing Corp., Tax-Exempt Mortgage-Backed Securities, "G", GNMA, 3.5%, 2/21/2050  | 1090881 | &nbsp;&nbsp; 1033980 |
| Wakara Ridge, UT, Public Infrastructure District, Special Assessment (Wakara Ridge Assessment Area), 5.625%, 12/01/2054  | 3803021 | &nbsp;&nbsp; 3870657 |
| Washington County, UT, Black Desert Public Infrastructure District (Assessment Area No. 1), 5.625%, 12/01/2053  | 8523200 | &nbsp;&nbsp; 8570978 |
|  |  | &nbsp;&nbsp; $71663416 |
| Vermont – 0.2% | Vermont – 0.2% | Vermont – 0.2% |
| Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 4.625%, <br> 4/01/2036 (Put Date 4/03/2028) (n)<br>| $2445000 | &nbsp;&nbsp; $2483967 |
| Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), "A-2", 4.375%, <br> 6/01/2052 (Put Date 6/01/2032)<br>| 945000 | &nbsp;&nbsp; 966027 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 3.625%, 6/15/2029  | 145000 | &nbsp;&nbsp; 144983 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 3.75%, 6/15/2030  | 160000 | &nbsp;&nbsp; 160068 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 4%, 6/15/2033  | 145000 | &nbsp;&nbsp; 145160 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 4%, 6/15/2034  | 160000 | &nbsp;&nbsp; 160176 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 2.375%, 6/15/2039  | 790000 | &nbsp;&nbsp; 737613 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 4.375%, 6/15/2040  | 1170000 | &nbsp;&nbsp; 1156949 |
| Vermont Student Assistance Corp., Education Loan Rev., "B", 4.375%, 6/15/2046  | 755000 | &nbsp;&nbsp; 663456 |
| Vermont Student Assistance Corp., Education Loan Rev., "B", 4%, 6/15/2047  | 1740000 | &nbsp;&nbsp; 1439906 |
|  |  | &nbsp;&nbsp; $8058305 |
| Virginia – 0.9% | Virginia – 0.9% | Virginia – 0.9% |
| Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 1.45%, <br> 4/01/2027 (Put Date 4/01/2027)<br>| $440000 | &nbsp;&nbsp; $431163 |
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), "A", <br> 5%, 10/01/2052 <br>| 3375000 | &nbsp;&nbsp; 3379150 |
| James City County, VA, Economic Development Authority, Residential Care Facility Rev. (United Methodist Homes of Williamsburg, <br> Inc.), "A", 4%, 6/01/2041 <br>| 1230000 | &nbsp;&nbsp; 1108618 |
| James City County, VA, Economic Development Authority, Residential Care Facility Rev. (United Methodist Homes of Williamsburg, <br> Inc.), "A", 4%, 6/01/2047 <br>| 2055000 | &nbsp;&nbsp; 1643255 |
| James City County, VA, Economic Development Authority, Residential Care Facility Rev. (Williamsburg Landing), "A", 6.75%, <br> 12/01/2053 <br>| 855000 | &nbsp;&nbsp; 921589 |
| James City County, VA, Economic Development Authority, Residential Care Facility Rev. (Williamsburg Landing), "A", 6.875%, <br> 12/01/2058 <br>| 2185000 | &nbsp;&nbsp; 2361555 |
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2028 (n) | 475000 | &nbsp;&nbsp; 479727 |
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n) | 1105000 | &nbsp;&nbsp; 1117049 |
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n) | 3215000 | &nbsp;&nbsp; 2985017 |
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n) | 1905000 | &nbsp;&nbsp; 1886001 |
| Prince William County, VA, Cherry Hill Community Development Authority (Potomac Shores Project), 5.4%, 3/01/2045 (n) | 1765000 | &nbsp;&nbsp; 1766264 |
| Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), 7%, <br> 9/01/2053 <br>| 3700000 | &nbsp;&nbsp; 4063696 |
| Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), "A", <br> 6.5%, 9/01/2043 <br>| 1320000 | &nbsp;&nbsp; 1460070 |
| Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), "A", 7%, <br> 9/01/2059 <br>| 5515000 | &nbsp;&nbsp; 6029843 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), "B", 5.25%, 7/01/2030 (n) | 2810000 | &nbsp;&nbsp; 2626839 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), "B", 5.25%, 7/01/2035 (n) | 2590000 | &nbsp;&nbsp; 2261662 |
| Virginia Small Business Financing Authority Rev., 5%, 6/01/2047  | 1500000 | &nbsp;&nbsp; 1453240 |
| Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), "A", 4%, 1/01/2040  | 3000000 | &nbsp;&nbsp; 3017436 |
| Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), "A", 4%, 1/01/2045  | 1965000 | &nbsp;&nbsp; 1815977 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Virginia – continued | Virginia – continued | Virginia – continued |
| Virginia Small Business Financing Authority Rev. (Pinnacle Living), 5%, 6/01/2052  | $6085000 | &nbsp;&nbsp; $5697232 |
| Virginia Small Business Financing Authority, Residential Care Facility Rev. (Lifespire of Virginia), 5.5%, 12/01/2054  | 1080000 | &nbsp;&nbsp; 1109360 |
| Virginia Small Business Financing Authority, Solid Water Disposal Rev. (Covanta Project), 5%, 1/01/2048 (Put Date 7/01/2038) (n) | 715000 | &nbsp;&nbsp; 697313 |
|  |  | &nbsp;&nbsp; $48312056 |
| Washington – 2.1% | Washington – 2.1% | Washington – 2.1% |
| Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037  | $12345000 | &nbsp;&nbsp; $12297343 |
| Grays Harbor County, WA, Public Hospital District No. 2, General Obligation Refunding, 5%, 12/15/2033  | 2675000 | &nbsp;&nbsp; 2749978 |
| Grays Harbor County, WA, Public Hospital District No. 2, General Obligation Refunding, 5%, 12/15/2038  | 3415000 | &nbsp;&nbsp; 3462866 |
| Grays Harbor County, WA, Public Hospital District No. 2, General Obligation Refunding, 5%, 12/15/2048  | 6565000 | &nbsp;&nbsp; 6057337 |
| Kalispel Tribe of Indians, WA, Priority Distribution Rev., "A", 5.25%, 1/01/2038 (n) | 2500000 | &nbsp;&nbsp; 2551172 |
| Kalispel Tribe of Indians, WA, Priority Distribution Rev., "B", 5%, 1/01/2032 (n) | 700000 | &nbsp;&nbsp; 714902 |
| Kalispel Tribe of Indians, WA, Priority Distribution Rev., "B", 5.25%, 1/01/2038 (n) | 900000 | &nbsp;&nbsp; 918422 |
| King County, WA, Housing Authority, Housing Refunding Rev., 5.375%, 7/01/2045  | 1845000 | &nbsp;&nbsp; 1935647 |
| Port of Seattle, WA, Industrial Development Corp., Special Facilities Rev. (Delta Airlines, Inc.), 5%, 4/01/2030  | 4000000 | &nbsp;&nbsp; 4001102 |
| Seattle, WA, Port Intermediate Lien Refunding Rev., "B", 4%, 8/01/2047  | 1460000 | &nbsp;&nbsp; 1309416 |
| Vancouver, WA, Housing Authority, Multi-Family Rev., (Esther Short Project), 4.5%, 10/01/2042  | 785000 | &nbsp;&nbsp; 805837 |
| Washington State Housing Finance Commission, Nonprofit Housing Refunding Rev. (Emerald Heights Project), "A", 5%, 7/01/2043  | 920000 | &nbsp;&nbsp; 944321 |
| Washington State Housing Finance Commission, Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2041 (n) | 2000000 | &nbsp;&nbsp; 2000161 |
| Washington State Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035  | 560000 | &nbsp;&nbsp; 574747 |
| Washington State Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 4%, 8/15/2042  | 4925000 | &nbsp;&nbsp; 4732868 |
| Washington State Housing Finance Commission, Multi-Family Mortgage-Backed (Camas Flats Apartments Project), "A", FNMA, <br> 4.55%, 8/01/2043 <br>| 795000 | &nbsp;&nbsp; 811908 |
| Washington State Housing Finance Commission, Municipal Certificates, "A", 4.084%, 3/01/2050  | 2895251 | &nbsp;&nbsp; 2851549 |
| Washington State Housing Finance Commission, Municipal Certificates, "X", 0.727%, 12/20/2035  | 63388016 | &nbsp;&nbsp; 2347163 |
| Washington State Housing Finance Commission, Nonprofit Housing Refunding Rev. (Emerald Heights Project), "A", 5%, 7/01/2048  | 810000 | &nbsp;&nbsp; 806901 |
| Washington State Housing Finance Commission, Nonprofit Housing Refunding Rev. (Hearthstone Project), "A", 5%, 7/01/2038 (n) | 830000 | &nbsp;&nbsp; 702085 |
| Washington State Housing Finance Commission, Nonprofit Housing Refunding Rev. (Hearthstone Project), "A", 5%, 7/01/2048 (n) | 1420000 | &nbsp;&nbsp; 1046224 |
| Washington State Housing Finance Commission, Nonprofit Housing Refunding Rev. (Hearthstone Project), "A", 5%, 7/01/2053 (n) | 1375000 | &nbsp;&nbsp; 963062 |
| Washington State Housing Finance Commission, Nonprofit Housing Refunding Rev. (Horizon House Project), "A", 6.25%, <br> 1/01/2056 <br>| 11890000 | &nbsp;&nbsp; 11919636 |
| Washington State Housing Finance Commission, Nonprofit Housing Refunding Rev. (Horizon House Project), "A", 6.25%, <br> 1/01/2061 <br>| 10350000 | &nbsp;&nbsp; 10326137 |
| Washington State Housing Finance Commission, Nonprofit Housing Refunding Rev. (Judson Park Project), 5%, 7/01/2033 (n) | 225000 | &nbsp;&nbsp; 227885 |
| Washington State Housing Finance Commission, Nonprofit Housing Refunding Rev. (Judson Park Project), 5%, 7/01/2038 (n) | 325000 | &nbsp;&nbsp; 326995 |
| Washington State Housing Finance Commission, Nonprofit Housing Refunding Rev. (Judson Park Project), 5%, 7/01/2048 (n) | 450000 | &nbsp;&nbsp; 414757 |
| Washington State Housing Finance Commission, Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest <br> Projects), "A", 5%, 1/01/2036 (n)<br>| 2460000 | &nbsp;&nbsp; 2478360 |
| Washington State Housing Finance Commission, Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest <br> Projects), "A", 5%, 1/01/2046 (n)<br>| 4675000 | &nbsp;&nbsp; 4416056 |
| Washington State Housing Finance Commission, Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest <br> Projects), "A", 5%, 1/01/2051 (n)<br>| 2970000 | &nbsp;&nbsp; 2707072 |
| Washington State Housing Finance Commission, Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2036 (n) | 1000000 | &nbsp;&nbsp; 1002306 |
| Washington State Housing Finance Commission, Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2046 (n) | 2385000 | &nbsp;&nbsp; 2184415 |
| Washington State Housing Finance Commission, Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2051 (n) | 3635000 | &nbsp;&nbsp; 3219721 |
| Washington State Housing Finance Commission, Nonprofit Refunding Rev. (Seattle Academy of Arts and Sciences Project), <br> 6.375%, 7/01/2063 (n)<br>| 2590000 | &nbsp;&nbsp; 2768395 |
| Washington State Housing Finance Commission, Nonprofit Rev. (Blakeley & Laurel Villages Portfolio), "A", 5.5%, 7/01/2050  | 2500000 | &nbsp;&nbsp; 2479766 |
| Washington State Housing Finance Commission, Nonprofit Rev. (Blakeley & Laurel Villages Portfolio), "A", 5.75%, 7/01/2060  | 6260000 | &nbsp;&nbsp; 6287448 |
| Washington State Housing Finance Commission, Nonprofit Rev. (Blakeley & Laurel Villages Portfolio), "A", BAM, 5.25%, 7/01/2055  | 1865000 | &nbsp;&nbsp; 1866558 |
| Washington State Housing Finance Commission, Nonprofit Rev. (Blakeley & Laurel Villages Portfolio), "A", BAM, 5.25%, 7/01/2064  | 2685000 | &nbsp;&nbsp; 2650600 |
| Whatcom County, WA, Public Utility District No. 1, Limited Tax General Obligation (Private Activity), "A", BAM, 5.5%, 12/01/2042  | 515000 | &nbsp;&nbsp; 561993 |
| Whatcom County, WA, Public Utility District No. 1, Limited Tax General Obligation (Private Activity), "A", BAM, 5.5%, 12/01/2044  | 550000 | &nbsp;&nbsp; 588040 |
|  |  | &nbsp;&nbsp; $111011151 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| West Virginia – 0.5% | West Virginia – 0.5% | West Virginia – 0.5% |
| Monongalia County, WV, Commission Special District Excise Tax Refunding & Improvement Rev. (University Town Centre Economic <br> Opportunity Development District), "A", 4.125%, 6/01/2043 (n)<br>| $1390000 | &nbsp;&nbsp; $1269582 |
| Monongalia County, WV, Special District Excise Tax Rev. (University Town Centre Economic Opportunity Development District), <br> "A", 7%, 6/01/2043 (n)<br>| 829000 | &nbsp;&nbsp; 873650 |
| Monongalia County, WV, Special District Excise Tax Rev. (University Town Centre Economic Opportunity Development District), <br> "B", 4.875%, 6/01/2043 (n)<br>| 3415000 | &nbsp;&nbsp; 3415503 |
| Monongalia County, WV, Special District Excise Tax Rev. (University Town Centre Economic Opportunity Development District), <br> Convertible Capital Appreciation, "B", 0% to 6/01/2043, 8% to 6/01/2053 (n)<br>| 12717000 | &nbsp;&nbsp; 2814320 |
| Ohio County, WV, County Commission Tax Increment Refunding & Improvement Rev. (Highlands Project), 5.25%, 6/01/2044  | 300000 | &nbsp;&nbsp; 304725 |
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Commercial Metals Co. Project), 4.625%, <br> 4/15/2055 (Put Date 5/15/2032)<br>| 3665000 | &nbsp;&nbsp; 3747987 |
| West Virginia Economic Development Authority, Solid Waste Disposal Facility Rev. (Core Natural Resources, Inc. Project), 5.45%, <br> 1/01/2055 (Put Date 3/27/2035)<br>| 4010000 | &nbsp;&nbsp; 4376424 |
| West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), "A", 5%, 9/01/2038  | 1160000 | &nbsp;&nbsp; 1194615 |
| West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), "A", 5%, 9/01/2039  | 350000 | &nbsp;&nbsp; 359210 |
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), "A", AGM, 4%, <br> 6/01/2051 <br>| 6660000 | &nbsp;&nbsp; 5867250 |
| West Virginia Housing Development Fund, "A", FHA, 3.75%, 11/01/2038  | 585000 | &nbsp;&nbsp; 586541 |
|  |  | &nbsp;&nbsp; $24809807 |
| Wisconsin – 6.9% | Wisconsin – 6.9% | Wisconsin – 6.9% |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2032  | $725000 | &nbsp;&nbsp; $588222 |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2033  | 1105000 | &nbsp;&nbsp; 862687 |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2034  | 1050000 | &nbsp;&nbsp; 786264 |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2035  | 1580000 | &nbsp;&nbsp; 1127620 |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2036  | 1620000 | &nbsp;&nbsp; 1098743 |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2038  | 2845000 | &nbsp;&nbsp; 1737785 |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2039  | 3095000 | &nbsp;&nbsp; 1787977 |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2040  | 1340000 | &nbsp;&nbsp; 731145 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2032  | 740000 | &nbsp;&nbsp; 600392 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2033  | 710000 | &nbsp;&nbsp; 554305 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2034  | 655000 | &nbsp;&nbsp; 490479 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2035  | 840000 | &nbsp;&nbsp; 599494 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2036  | 815000 | &nbsp;&nbsp; 552763 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2037  | 815000 | &nbsp;&nbsp; 524633 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2038  | 840000 | &nbsp;&nbsp; 513089 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2039  | 790000 | &nbsp;&nbsp; 456382 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2040  | 195000 | &nbsp;&nbsp; 106398 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 4.375%, 8/01/2027 (a)(d) | 100000 | &nbsp;&nbsp; 55000 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2027 (a)(d) | 1520000 | &nbsp;&nbsp; 836000 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2032 (a)(d) | 2315000 | &nbsp;&nbsp; 1273250 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2037 (a)(d) | 1265000 | &nbsp;&nbsp; 695750 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2039 (a)(d) | 1315000 | &nbsp;&nbsp; 723250 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), 4%, 9/15/2036  | 530000 | &nbsp;&nbsp; 525810 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), 4%, 9/15/2036  | 800000 | &nbsp;&nbsp; 793676 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), 4%, 9/15/2041  | 770000 | &nbsp;&nbsp; 724977 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), 4%, 9/15/2045  | 650000 | &nbsp;&nbsp; 561800 |
| Wisconsin Health & Educational Facilities Authority Rev. (Benevolent Corp. Cedar Community), 5%, 6/01/2037  | 1110000 | &nbsp;&nbsp; 1120787 |
| Wisconsin Health & Educational Facilities Authority Rev. (Benevolent Corp. Cedar Community), 5%, 6/01/2041  | 1910000 | &nbsp;&nbsp; 1909063 |
| Wisconsin Health & Educational Facilities Authority Rev. (Cedar Crest, Inc. Project), 5.125%, 4/01/2057  | 13945000 | &nbsp;&nbsp; 12151737 |
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), "C", 5%, 2/15/2047  | 675000 | &nbsp;&nbsp; 675940 |
| Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), "A", 4.75%, 3/15/2043  | 465000 | &nbsp;&nbsp; 440513 |
| Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), "A", 5%, 3/15/2053  | 460000 | &nbsp;&nbsp; 417625 |
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2037  | 2665000 | &nbsp;&nbsp; 2629725 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Wisconsin – continued | Wisconsin – continued | Wisconsin – continued |
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2047  | $4540000 | &nbsp;&nbsp; $3798645 |
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2057  | 6015000 | &nbsp;&nbsp; 4683940 |
| Wisconsin Health & Educational Facilities Authority Rev. (Sauk-Prairie Memorial Hospital), 5.25%, 2/01/2043  | 4870000 | &nbsp;&nbsp; 4735580 |
| Wisconsin Health & Educational Facilities Authority Rev. (Sauk-Prairie Memorial Hospital), "A", 5.125%, 2/01/2038  | 5110000 | &nbsp;&nbsp; 5016683 |
| Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), "A", 5%, 11/01/2039  | 1060000 | &nbsp;&nbsp; 1075322 |
| Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), "A", 5%, 11/01/2046  | 1995000 | &nbsp;&nbsp; 1868081 |
| Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), "A", 5%, 11/01/2054  | 11510000 | &nbsp;&nbsp; 10357066 |
| Wisconsin Housing & Economic Development Authority, Home Ownership Rev., "D", 4%, 3/01/2047  | 1925000 | &nbsp;&nbsp; 1941104 |
| Wisconsin Public Finance Authority Rev. (Kahala Nui Project), 5.25%, 11/15/2050  | 890000 | &nbsp;&nbsp; 906021 |
| Wisconsin Public Finance Authority Rev. (Kahala Nui Project), 5.25%, 11/15/2055  | 765000 | &nbsp;&nbsp; 774945 |
| Wisconsin Public Finance Authority Rev. (Kahala Nui Project), 5.25%, 11/15/2061  | 1290000 | &nbsp;&nbsp; 1301111 |
| Wisconsin Public Finance Authority Rev. (McLemore Hotel & Conference Center), "B", 6.5%, 6/01/2056 (n) | 6165000 | &nbsp;&nbsp; 4685400 |
| Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2047  | 360000 | &nbsp;&nbsp; 320529 |
| Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2052  | 490000 | &nbsp;&nbsp; 419435 |
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5%, 4/01/2030 (n) | 600000 | &nbsp;&nbsp; 616143 |
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.75%, 4/01/2035  | 2805000 | &nbsp;&nbsp; 2807761 |
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5%, <br> 4/01/2040 (Prerefunded 4/01/2030) (n)<br>| 95000 | &nbsp;&nbsp; 104151 |
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5%, 4/01/2040 (n) | 1055000 | &nbsp;&nbsp; 1065009 |
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 4%, 4/01/2042 (n) | 1000000 | &nbsp;&nbsp; 899913 |
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.875%, 4/01/2045  | 3780000 | &nbsp;&nbsp; 3780124 |
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5%, <br> 4/01/2050 (Prerefunded 4/01/2030) (n)<br>| 100000 | &nbsp;&nbsp; 109633 |
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5%, 4/01/2050 (n) | 1900000 | &nbsp;&nbsp; 1760530 |
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 4%, 4/01/2052 (n) | 1950000 | &nbsp;&nbsp; 1540204 |
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 4%, <br> 4/01/2052 (Prerefunded 4/01/2032) (n)<br>| 105000 | &nbsp;&nbsp; 112939 |
| Wisconsin Public Finance Authority Rev., Bluehub Loan Fund (Sustainability Bonds), "B", 4.5%, 7/01/2044  | 1105000 | &nbsp;&nbsp; 1107437 |
| Wisconsin Public Finance Authority, Affordable Housing Multi-Family Certificates, "B-1", 7.125%, 7/25/2034  | 5115000 | &nbsp;&nbsp; 5353616 |
| Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2035  | 1295000 | &nbsp;&nbsp; 1416121 |
| Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2038  | 1140000 | &nbsp;&nbsp; 1214200 |
| Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.25%, 7/01/2053  | 1000000 | &nbsp;&nbsp; 960002 |
| Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), "B", 5%, 7/01/2042  | 17855000 | &nbsp;&nbsp; 17861442 |
| Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), "C", 5%, 7/01/2042  | 2870000 | &nbsp;&nbsp; 2871035 |
| Wisconsin Public Finance Authority, Charter School Rev. (Alamance Community School Project), "A", 4.25%, 6/15/2031 (n) | 170000 | &nbsp;&nbsp; 169291 |
| Wisconsin Public Finance Authority, Charter School Rev. (Alamance Community School Project), "A", 5%, 6/15/2041 (n) | 515000 | &nbsp;&nbsp; 498738 |
| Wisconsin Public Finance Authority, Charter School Rev. (Alamance Community School Project), "A", 6.5%, 6/15/2043  | 1030000 | &nbsp;&nbsp; 1099022 |
| Wisconsin Public Finance Authority, Charter School Rev. (Alamance Community School Project), "A", 5%, 6/15/2051 (n) | 930000 | &nbsp;&nbsp; 800783 |
| Wisconsin Public Finance Authority, Charter School Rev. (Alamance Community School Project), "A", 7%, 6/15/2053  | 1105000 | &nbsp;&nbsp; 1175973 |
| Wisconsin Public Finance Authority, Charter School Rev. (Alamance Community School Project), "A", 5%, 6/15/2056 (n) | 900000 | &nbsp;&nbsp; 757576 |
| Wisconsin Public Finance Authority, Charter School Rev. (Alamance Community School Project), "A", 7%, 6/15/2058  | 1400000 | &nbsp;&nbsp; 1477371 |
| Wisconsin Public Finance Authority, Charter School Rev. (Eno River Academy Project), "A", 4%, 6/15/2030 (n) | 375000 | &nbsp;&nbsp; 375281 |
| Wisconsin Public Finance Authority, Charter School Rev. (Eno River Academy Project), "A", 5%, 6/15/2040 (n) | 815000 | &nbsp;&nbsp; 819324 |
| Wisconsin Public Finance Authority, Charter School Rev. (Eno River Academy Project), "A", 5%, 6/15/2054 (n) | 1380000 | &nbsp;&nbsp; 1260948 |
| Wisconsin Public Finance Authority, Charter School Rev. (Foundation Academy Charter School Project), 5%, 7/01/2055  | 2000000 | &nbsp;&nbsp; 1816777 |
| Wisconsin Public Finance Authority, Charter School Rev. (Foundation Academy Charter School Project), 5%, 7/01/2060  | 675000 | &nbsp;&nbsp; 601512 |
| Wisconsin Public Finance Authority, Charter School Rev. (North East Carolina Preparatory School Project), "A", 4.25%, 6/15/2034  | 1000000 | &nbsp;&nbsp; 1028673 |
| Wisconsin Public Finance Authority, Charter School Rev. (North East Carolina Preparatory School Project), "A", 5%, 6/15/2044  | 1000000 | &nbsp;&nbsp; 999328 |
| Wisconsin Public Finance Authority, Charter School Rev. (North East Carolina Preparatory School Project), "A", 5.25%, 6/15/2054  | 725000 | &nbsp;&nbsp; 717686 |
| Wisconsin Public Finance Authority, Charter School Rev. (Rocketship Tennessee Obligated Group - Issue No. 1), "A", 5.75%, <br> 6/01/2045 <br>| 1000000 | &nbsp;&nbsp; 994486 |
| Wisconsin Public Finance Authority, Charter School Rev. (Rocketship Tennessee Obligated Group - Issue No. 1), "A", 6%, 6/01/2055  | 1320000 | &nbsp;&nbsp; 1296541 |
| Wisconsin Public Finance Authority, Charter School Rev. (Rocketship Tennessee Obligated Group - Issue No. 1), "A", 6%, 6/01/2060  | 1250000 | &nbsp;&nbsp; 1220150 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Wisconsin – continued | Wisconsin – continued | Wisconsin – continued |
| Wisconsin Public Finance Authority, Charter School Rev. (Unity Classical Charter School; A Challenge Foundation Academy), <br> 5.75%, 7/01/2033 (n)<br>| $485000 | &nbsp;&nbsp; $507696 |
| Wisconsin Public Finance Authority, Charter School Rev. (Unity Classical Charter School; A Challenge Foundation Academy), <br> 6.625%, 7/01/2043 (n)<br>| 1000000 | &nbsp;&nbsp; 1026910 |
| Wisconsin Public Finance Authority, Charter School Rev. (Unity Classical Charter School; A Challenge Foundation Academy), <br> 6.875%, 7/01/2053 (n)<br>| 1650000 | &nbsp;&nbsp; 1676375 |
| Wisconsin Public Finance Authority, Charter School Rev. (Unity Classical Charter School; A Challenge Foundation Academy), 7%, <br> 7/01/2058 (n)<br>| 1130000 | &nbsp;&nbsp; 1148378 |
| Wisconsin Public Finance Authority, Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2039  | 285000 | &nbsp;&nbsp; 290806 |
| Wisconsin Public Finance Authority, Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2049  | 1265000 | &nbsp;&nbsp; 1217946 |
| Wisconsin Public Finance Authority, Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2053  | 580000 | &nbsp;&nbsp; 551070 |
| Wisconsin Public Finance Authority, Education Refunding Rev. (Pinecrest Academy of Nevada - Sloan Canyon Campus Project), <br> "A", 4.5%, 7/15/2053 (n)<br>| 715000 | &nbsp;&nbsp; 617787 |
| Wisconsin Public Finance Authority, Education Rev. (Master Academy of Nevada-Cactus Park Campus Project), "A", 6%, <br> 12/15/2045 <br>| 385000 | &nbsp;&nbsp; 398988 |
| Wisconsin Public Finance Authority, Education Rev. (Master Academy of Nevada-Cactus Park Campus Project), "A", 6%, <br> 12/15/2055 <br>| 590000 | &nbsp;&nbsp; 604953 |
| Wisconsin Public Finance Authority, Education Rev. (Master Academy of Nevada-Cactus Park Campus Project), "A", 6.125%, <br> 12/15/2060 <br>| 625000 | &nbsp;&nbsp; 643702 |
| Wisconsin Public Finance Authority, Education Rev. (Mountain Island Charter School), 5%, 7/01/2037  | 665000 | &nbsp;&nbsp; 665291 |
| Wisconsin Public Finance Authority, Education Rev. (Mountain Island Charter School), 5%, 7/01/2047  | 1015000 | &nbsp;&nbsp; 959900 |
| Wisconsin Public Finance Authority, Education Rev. (Signature Preparatory), "A", 5%, 6/15/2041 (n) | 1945000 | &nbsp;&nbsp; 1865818 |
| Wisconsin Public Finance Authority, Education Rev. (Signature Preparatory), "A", 5%, 6/15/2051 (n) | 2435000 | &nbsp;&nbsp; 2122149 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2042  | 520000 | &nbsp;&nbsp; 515099 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5.5%, 6/15/2050  | 660000 | &nbsp;&nbsp; 638267 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5.25%, 6/15/2052  | 735000 | &nbsp;&nbsp; 684561 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5.5%, 6/15/2055  | 955000 | &nbsp;&nbsp; 921401 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5.375%, 6/15/2057  | 705000 | &nbsp;&nbsp; 660981 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5.5%, 6/15/2062  | 1750000 | &nbsp;&nbsp; 1655676 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5.25%, 6/15/2065  | 740000 | &nbsp;&nbsp; 674058 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5.4%, 6/15/2065  | 500000 | &nbsp;&nbsp; 466970 |
| Wisconsin Public Finance Authority, Education Rev. (Wilson Preparatory Academy), "A", 4.125%, 6/15/2029 (n) | 270000 | &nbsp;&nbsp; 267926 |
| Wisconsin Public Finance Authority, Education Rev. (Wilson Preparatory Academy), "A", 5%, 6/15/2039 (n) | 500000 | &nbsp;&nbsp; 494035 |
| Wisconsin Public Finance Authority, Education Rev. (Wilson Preparatory Academy), "A", 5%, 6/15/2049 (n) | 1100000 | &nbsp;&nbsp; 973370 |
| Wisconsin Public Finance Authority, Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2033 (n) | 560000 | &nbsp;&nbsp; 571481 |
| Wisconsin Public Finance Authority, Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2048 (n) | 8865000 | &nbsp;&nbsp; 8254213 |
| Wisconsin Public Finance Authority, Educational Facility Rev. (Cornerstone Charter Academy), 5%, 2/01/2054  | 900000 | &nbsp;&nbsp; 850954 |
| Wisconsin Public Finance Authority, Educational Facility Rev. (Cornerstone Charter Academy), 5%, 2/01/2064  | 1310000 | &nbsp;&nbsp; 1210088 |
| Wisconsin Public Finance Authority, Healthcare Facility Rev. (Appalachian Regional Healthcare System Obligated Group), "A", 5%, <br> 7/01/2039 <br>| 500000 | &nbsp;&nbsp; 511045 |
| Wisconsin Public Finance Authority, Healthcare Facility Rev. (Appalachian Regional Healthcare System Obligated Group), "A", 4%, <br> 7/01/2046 <br>| 2200000 | &nbsp;&nbsp; 1756601 |
| Wisconsin Public Finance Authority, Healthcare Facility Rev. (Blue Ridge Healthcare), "A", 4%, 1/01/2045  | 715000 | &nbsp;&nbsp; 658932 |
| Wisconsin Public Finance Authority, Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), "A", 5%, 9/01/2030 (n) | 920000 | &nbsp;&nbsp; 920736 |
| Wisconsin Public Finance Authority, Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), "A", 5%, 9/01/2038 (n) | 1215000 | &nbsp;&nbsp; 1215574 |
| Wisconsin Public Finance Authority, Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2042  | 595000 | &nbsp;&nbsp; 579145 |
| Wisconsin Public Finance Authority, Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2047  | 650000 | &nbsp;&nbsp; 588986 |
| Wisconsin Public Finance Authority, Hospital Rev. (Renown Regional Medical Center Project), "A", 5.5%, 6/01/2055  | 12100000 | &nbsp;&nbsp; 12590241 |
| Wisconsin Public Finance Authority, Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at <br> Charlotte, Inc.), "A", 4%, 9/01/2036 (n)<br>| 2040000 | &nbsp;&nbsp; 1986926 |
| Wisconsin Public Finance Authority, Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at <br> Charlotte, Inc.), "A", 4%, 9/01/2041 (n)<br>| 1860000 | &nbsp;&nbsp; 1673277 |
| Wisconsin Public Finance Authority, Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at <br> Charlotte, Inc.), "A", 4%, 9/01/2051 (n)<br>| 5480000 | &nbsp;&nbsp; 4181190 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Wisconsin – continued | Wisconsin – continued | Wisconsin – continued |
| Wisconsin Public Finance Authority, Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at <br> Charlotte, Inc.), "A", 4%, 9/01/2056 (n)<br>| $2665000 | &nbsp;&nbsp; $1973379 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", 6.25%, <br> 8/01/2027 (a)(d)(n)<br>| 22105000 | &nbsp;&nbsp; 17684000 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", <br> 5.625%, 8/01/2024 (a)(d)(n)<br>| 5730000 | &nbsp;&nbsp; 5157000 |
| Wisconsin Public Finance Authority, Multi-Family Affordable Housing Certificates (Dominium Holdings I), "B-1", 6.81%, 4/28/2036  | 7245000 | &nbsp;&nbsp; 7501372 |
| Wisconsin Public Finance Authority, Multi-Family Housing Rev. (Foothill Affordable Housing Foundation-Elliot Baymeadows <br> Apartments Project), "A", 7.125%, 7/01/2065 (Put Date 1/01/2036)<br>| 5295000 | &nbsp;&nbsp; 5221863 |
| Wisconsin Public Finance Authority, Multi-Family Housing Rev. (Promenade Apartments), 6.25%, 2/01/2039 (n) | 3185000 | &nbsp;&nbsp; 3261313 |
| Wisconsin Public Finance Authority, Municipal Certificates, "B-1", 4%, 12/28/2044 (n) | 13297280 | &nbsp;&nbsp; 10807733 |
| Wisconsin Public Finance Authority, Retirement Communities Rev. (ACTS Retirement-Life Communities, Inc. Obligated Group), "A", <br> 5%, 11/15/2041 <br>| 1115000 | &nbsp;&nbsp; 1160825 |
| Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (Galloway Ridge Project), "A", 6.875%, 1/01/2043  | 5100000 | &nbsp;&nbsp; 5293573 |
| Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (Southminister), 5%, 10/01/2048  | 5840000 | &nbsp;&nbsp; 5539851 |
| Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), "A", 4%, <br> 10/01/2041 <br>| 265000 | &nbsp;&nbsp; 260347 |
| Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), "A", 4%, <br> 10/01/2046 <br>| 360000 | &nbsp;&nbsp; 319828 |
| Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), "A", 4%, <br> 10/01/2051 <br>| 1010000 | &nbsp;&nbsp; 858759 |
| Wisconsin Public Finance Authority, Retirement Facilities Rev. (Penick Village), 5%, 9/01/2039 (n) | 770000 | &nbsp;&nbsp; 780906 |
| Wisconsin Public Finance Authority, Retirement Facilities Rev. (Penick Village), 5%, 9/01/2049 (n) | 2905000 | &nbsp;&nbsp; 2678906 |
| Wisconsin Public Finance Authority, Retirement Facilities Rev. (Penick Village), 5%, 9/01/2054 (n) | 1365000 | &nbsp;&nbsp; 1234264 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 6/30/2060  | 4420000 | &nbsp;&nbsp; 4577385 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065  | 7925000 | &nbsp;&nbsp; 8195300 |
| Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), "A", 5.25%, <br> 5/15/2037 (n)<br>| 2415000 | &nbsp;&nbsp; 2449968 |
| Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), "A", 5.25%, <br> 5/15/2042 (n)<br>| 5000000 | &nbsp;&nbsp; 5035769 |
| Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), "A", 5.25%, <br> 5/15/2047 (n)<br>| 5280000 | &nbsp;&nbsp; 5264917 |
| Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), "A", 5.25%, <br> 5/15/2052 (n)<br>| 11250000 | &nbsp;&nbsp; 10924337 |
| Wisconsin Public Finance Authority, Senior Secured Rev. (McLemore Hotel & Conference Center), "A", 4.5%, 6/01/2056 (n) | 17295000 | &nbsp;&nbsp; 12192975 |
| Wisconsin Public Finance Authority, Special Facility Convertible Rev. (Million Air Three General Aviation Facilities Project), "B", <br> 7%, 9/01/2054 <br>| 900000 | &nbsp;&nbsp; 953891 |
| Wisconsin Public Finance Authority, Special Facility Rev. (Million Air Three LLC General Aviation Facilities Project), "A", 6.25%, <br> 9/01/2046 <br>| 435000 | &nbsp;&nbsp; 447941 |
| Wisconsin Public Finance Authority, Special Facility Rev. Taxable (Million Air Three LLC General Aviation Facilities Project), "A", <br> 9.25%, 9/01/2055 <br>| 7500000 | &nbsp;&nbsp; 7040117 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Aggie Apartment Life Holding Corp II LLC Project), "A", <br> 5.25%, 6/01/2054 <br>| 2230000 | &nbsp;&nbsp; 2239107 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Campus Real Estate Holding Corp. LLC Project), "A", 5.5%, <br> 6/01/2055 <br>| 200000 | &nbsp;&nbsp; 202006 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (KSU Bixby Real Estate Foundation LLC Project), "A", 5.25%, <br> 6/15/2050 <br>| 420000 | &nbsp;&nbsp; 423978 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (KSU Bixby Real Estate Foundation LLC Project), "B", 5.25%, <br> 6/15/2045 <br>| 220000 | &nbsp;&nbsp; 222005 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (KSU Bixby Real Estate Foundation LLC Project), "B", 5.5%, <br> 6/15/2055 <br>| 305000 | &nbsp;&nbsp; 306797 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (NC A&T Real Estate Foundation LLC Project), "A", 5%, <br> 6/01/2049 <br>| 3525000 | &nbsp;&nbsp; 3362928 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Wisconsin – continued | Wisconsin – continued | Wisconsin – continued |
| Wisconsin Public Finance Authority, Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), "A", AGM, <br> 5%, 7/01/2044 <br>| $520000 | &nbsp;&nbsp; $527737 |
| Wisconsin Public Finance Authority, Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), "A", AGM, <br> 4%, 7/01/2045 <br>| 995000 | &nbsp;&nbsp; 924367 |
| Wisconsin Public Finance Authority, Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), "A", AGM, <br> 4%, 7/01/2050 <br>| 855000 | &nbsp;&nbsp; 752790 |
| Wisconsin Public Finance Authority, Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), "A", AGM, <br> 4%, 7/01/2055 <br>| 965000 | &nbsp;&nbsp; 826776 |
| Wisconsin Public Finance Authority, Student Housing Rev. (Campus Real Estate Holding Corp. LLC Project), "A", 5.25%, 6/01/2045  | 370000 | &nbsp;&nbsp; 373816 |
| Wisconsin Public Finance Authority, Student Housing Rev. (CHF - Wilmington LLC - University of North Carolina at Wilmington <br> Project), AGM, 5%, 7/01/2053 <br>| 3065000 | &nbsp;&nbsp; 3058993 |
| Wisconsin Public Finance Authority, Student Housing Rev. (KSU Bixby Real Estate Foundation LLC Project), "A", 5.25%, 6/15/2055  | 825000 | &nbsp;&nbsp; 826884 |
| Wisconsin Public Finance Authority, Student Housing Rev. (KSU Bixby Real Estate Foundation LLC Project), "C", 5%, 6/15/2035  | 475000 | &nbsp;&nbsp; 494156 |
| Wisconsin Public Finance Authority, Student Housing Rev. (KSU Bixby Real Estate Foundation LLC Project), "C", 5.5%, 6/15/2045  | 710000 | &nbsp;&nbsp; 705636 |
| Wisconsin Public Finance Authority, Student Housing Rev. (KSU Bixby Real Estate Foundation LLC Project), "C", 5.75%, 6/15/2055  | 435000 | &nbsp;&nbsp; 425894 |
| Wisconsin Public Finance Authority, Student Housing Rev. (NC A&T Real Estate Foundation LLC Project), "B", 5%, 6/01/2034  | 2380000 | &nbsp;&nbsp; 2465079 |
| Wisconsin Public Finance Authority, Student Housing Rev. (NC A&T Real Estate Foundation LLC Project), "B", 5%, 6/01/2044  | 1770000 | &nbsp;&nbsp; 1756578 |
| Wisconsin Public Finance Authority, Student Housing Rev. (NC A&T Real Estate Foundation LLC Project), "B", 5%, 6/01/2049  | 3470000 | &nbsp;&nbsp; 3310456 |
| Wisconsin Public Finance Authority, Student Housing Rev. (University of Hawai'i Foundation Project), "A-1", 4%, 7/01/2041 (n) | 365000 | &nbsp;&nbsp; 315441 |
| Wisconsin Public Finance Authority, Student Housing Rev. (University of Hawai'i Foundation Project), "A-1", 4%, 7/01/2051 (n) | 1835000 | &nbsp;&nbsp; 1364938 |
| Wisconsin Public Finance Authority, Student Housing Rev. (University of Hawai'i Foundation Project), "A-1", 4%, 7/01/2061 (n) | 2155000 | &nbsp;&nbsp; 1511560 |
| Wisconsin Public Finance Authority, Student Housing Rev. (Western Carolina University Project), 5.25%, 7/01/2047  | 2480000 | &nbsp;&nbsp; 2411589 |
| Wisconsin Public Finance Authority, Student Housing Rev., Taxable (University of Hawai'i Foundation Project), "A-2", 4.85%, <br> 7/01/2031 (n)<br>| 365000 | &nbsp;&nbsp; 344929 |
| Wisconsin Public Finance Authority, Student Housing Rev., Taxable (University of Hawai'i Foundation Project), "A-2", 5.35%, <br> 7/01/2040 (n)<br>| 1575000 | &nbsp;&nbsp; 1292604 |
| Wisconsin Public Finance Authority, Texas Infrastructure Program Improvement & Refunding Rev. (Astro Texas Land Projects), 5%, <br> 12/15/2036 <br>| 2381260 | &nbsp;&nbsp; 2380956 |
| Wisconsin Public Finance Authority, Texas Infrastructure Program Improvement & Refunding Rev. (Astro Texas Land Projects), <br> Capital Appreciation, 0%, 12/15/2037 <br>| 2412000 | &nbsp;&nbsp; 1244837 |
| Wisconsin Public Finance Authority, Texas Infrastructure Program Tax-Exempt Rev., Capital Appreciation (Heritage Bend Project), <br> 0%, 12/15/2042 <br>| 17500000 | &nbsp;&nbsp; 5425528 |
|  |  | &nbsp;&nbsp; $367341249 |
| **Total Municipal Bonds (Identified Cost, $5,449,330,908)** |  | &nbsp;&nbsp; **$5203848535** |
| Other Municipal Bonds – 0.7% | Other Municipal Bonds – 0.7% | Other Municipal Bonds – 0.7% |
| Multi-Family Housing Revenue – 0.7% | Multi-Family Housing Revenue – 0.7% |  |
| Affordable Housing Opportunities Trust Certificates, AH-01, "A", 3.528%, 5/01/2039 (n) | $8065000 | &nbsp;&nbsp; $6952499 |
| Affordable Housing Pass-Thru Trust Certificates, 6%, 10/05/2040 | 9919205 | &nbsp;&nbsp; 10024500 |
| Freddie Mac, 4.615%, 8/25/2041 | 9253003 | &nbsp;&nbsp; 9523342 |
| FRETE 2021-ML10 Trust, "X-CA", FHLMC, 1.518%, 6/25/2038 (i)(n) | 28933793 | &nbsp;&nbsp; 2979055 |
| FRETE 2021-ML10 Trust, "X-US", FHLMC, 2.06%, 1/25/2038 (i)(n) | 27344871 | &nbsp;&nbsp; 3745356 |
| FRETE 2021-ML12 Trust, "X-US", FHLMC, 1.227%, 7/25/2041 (i)(n) | 16910210 | &nbsp;&nbsp; 1476160 |
| FRETE 2022-ML13 Trust, "X-CA", 0.959%, 7/25/2036 (i) | 35669793 | &nbsp;&nbsp; 1911444 |
| **Total Other Municipal Bonds (Identified Cost, $36,065,888)** |  | &nbsp;&nbsp; **$36612356** |
| Bonds – 0.5% | Bonds – 0.5% | Bonds – 0.5% |
| Medical & Health Technology & Services – 0.1% | Medical & Health Technology & Services – 0.1% |  |
| ProMedica Toledo Hospital, "B", 5.325%, 11/15/2028 | $2215000 | &nbsp;&nbsp; $2249368 |

---

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Transportation - Services – 0.4% | Transportation - Services – 0.4% |  |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026 (n) | $8338000 | &nbsp;&nbsp; $8319576 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027 (n) | 1149000 | &nbsp;&nbsp; 1084651 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028 (n) | 2923000 | &nbsp;&nbsp; 2543449 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2033 (n) | 4735000 | &nbsp;&nbsp; 2940483 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 18908415 | &nbsp;&nbsp; 6530967 |
|  |  | &nbsp;&nbsp; $21419126 |
| **Total Bonds (Identified Cost, $29,814,552)** |  | &nbsp;&nbsp; **$23668494** |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |  |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $5,823,949) | $10217454 | &nbsp;&nbsp; $6692432 |
| Escrow Interests (e) – 0.0% |  |  |
| Healthcare Revenue - Long Term Care – 0.0% |  |  |
| Michigan Strategic Fund Ltd. (Canterbury Health Care, Inc.) (a) | $900000 | &nbsp;&nbsp; $200700 |
| Michigan Strategic Fund Ltd. (Canterbury Health Care, Inc.) (a) | 1000000 | &nbsp;&nbsp; 223000 |
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), "A" (a) | 2070000 | &nbsp;&nbsp; 461610 |
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), "A" (a) | 2070000 | &nbsp;&nbsp; 461610 |
| **Total Escrow Interests (Identified Cost, $1,346,920)** |  | &nbsp;&nbsp; **$1346920** |
| Preferred Stocks – 0.0% |  |  |
| Utilities - Electric Power – 0.0% |  |  |
| AES Guayama Holdings B.V. (a) (Identified Cost, $171,332) | 65897 | &nbsp;&nbsp; $659 |
| Mutual Funds (h) – 2.5% | Mutual Funds (h) – 2.5% | Mutual Funds (h) – 2.5% |
| Money Market Funds – 2.5% | Money Market Funds – 2.5% |  |
| MFS Institutional Money Market Portfolio, 3.73% (v) (Identified Cost, $135,257,853) | 135244508 | &nbsp;&nbsp; $135271557 |
| Other Assets, Less Liabilities – (1.4)% |  | &nbsp;&nbsp; (76551696) |
| **Net Assets – 100.0%** |  | &nbsp;&nbsp; **$5330889257** |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Escrow interests represent beneficial interests in liquidation proceedings. The interests
 cannot be sold and the amount and timing of related future payments, if any, cannot be predicted with certainty.

&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 $135,271,557 and $5,272,169,396, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest only security for which the fund receives interest on notional principal
 (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.

&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 $914,892,421, representing 17.2% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Interest received was less than stated coupon rate.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Scheduled interest payment was not received. Coupon payments are paid at the election
 of the issuer and any unpaid amounts are accumulated.

&nbsp;&nbsp;&nbsp;&nbsp;(u) Underlying security deposited into special purpose trust upon creation of self-deposited
 inverse floaters.

&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;(w) When-issued security.

&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:

------

MFS Municipal High Income Fund

*Portfolio of Investments – continued*

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Cost** | **Value** |
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 7.5%, <br> 7/01/2032<br>| 10/08/2020 | $1800000 | $25313 |
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, <br> 7/01/2039<br>| 5/25/2017-6/01/2018 | 11564858 | 128306 |
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 7.5%, <br> 12/01/2039<br>| 7/26/2019 | 10988623 | 126 |
| California School Finance Authority, Charter School Rev. (Downtown College Prep - Obligated <br> Group), 5%, 6/01/2046<br>| 4/22/2016 | 1330671 | 795000 |
| Illinois Housing Development Authority Rev., "A", FHLMC, 3.87%, 11/15/2035 | 2/04/2021 | 10093650 | 8027215 |
| Illinois Housing Development Authority Rev., "B", FHLMC, 3.87%, 11/15/2035 | 2/04/2021 | 4116404 | 3273668 |
| Illinois Housing Development Authority Rev., "C", FHLMC, 3.87%, 11/15/2035 | 12/16/2013-8/29/2018 | 4107647 | 3266704 |
| Illinois Housing Development Authority Rev., "D", FHLMC, 3.87%, 11/15/2035 | 11/15/2017 | 3747574 | 2980862 |
| Illinois Housing Development Authority Rev., "E", FHLMC, 3.87%, 11/15/2035 | 2/04/2021 | 2580845 | 2052484 |
| Total Restricted Securities |  |  | $20549678 |
| % of Net assets |  |  | 0.4% |

---

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| COP | Certificate of Participation |
| ETM | Escrowed to Maturity |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |

---

**See Notes to Financial Statements**

------

MFS Municipal High Income 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 1/31/26** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $5,522,553,549) | &nbsp;&nbsp; $5272169396 |
| Investments in affiliated issuers, at value (identified cost, $135,257,853) | &nbsp;&nbsp; 135271557 |
| Cash | &nbsp;&nbsp; 276488 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 3045481 |
| Fund shares sold | &nbsp;&nbsp; 10277743 |
| Interest and dividends | &nbsp;&nbsp; 57748206 |
| Receivable for floating rate certificates issued | &nbsp;&nbsp; 5000000 |
| Other assets | &nbsp;&nbsp; 12208 |
| Total assets | &nbsp;&nbsp; $5483801079 |
| **Liabilities** |  |
| Payables for |  |
| Distributions | &nbsp;&nbsp; $2695091 |
| When-issued investments purchased | &nbsp;&nbsp; 18532166 |
| Fund shares reacquired | &nbsp;&nbsp; 9861648 |
| Interest expense and fees | &nbsp;&nbsp; 859169 |
| Payable to the holders of the floating rate certificates | &nbsp;&nbsp; 119536574 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 48579 |
| Administrative services fee | &nbsp;&nbsp; 4793 |
| Shareholder servicing costs | &nbsp;&nbsp; 1019635 |
| Distribution and service fees | &nbsp;&nbsp; 3605 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 11 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 350551 |
| Total liabilities | &nbsp;&nbsp; $152911822 |
| Net assets | &nbsp;&nbsp; $5330889257 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $5912801305 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (581912048)<br>|
| Net assets | &nbsp;&nbsp; $5330889257 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 715128514 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share (a)**<br>|
| Class A | &nbsp;&nbsp;&nbsp; $1791015203 | &nbsp;&nbsp;&nbsp; 240150805 | &nbsp;&nbsp;&nbsp; $7.46 |
| Class B | &nbsp;&nbsp;&nbsp; 341579 | &nbsp;&nbsp;&nbsp; 45753 | &nbsp;&nbsp;&nbsp;&nbsp;7.47 |
| Class C | &nbsp;&nbsp;&nbsp; 43711548 | &nbsp;&nbsp;&nbsp; 5854821 | &nbsp;&nbsp;&nbsp;&nbsp;7.47 |
| Class I | &nbsp;&nbsp;&nbsp; 2326088641 | &nbsp;&nbsp;&nbsp; 312082380 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1169732286 | &nbsp;&nbsp;&nbsp; 156994755 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 |

---

&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 $7.79 [100 / 95.75 x $7.46]. 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 and R6.

**See Notes to Financial Statements**

------

MFS Municipal High Income 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 1/31/26** <br> **Net investment income (loss)**<br>|  |
| Income |  |
| Interest | &nbsp;&nbsp; $249441139 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 5108984 |
| Other | &nbsp;&nbsp; 527 |
| Total investment income | &nbsp;&nbsp; $254550650 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $26123682 |
| Distribution and service fees | &nbsp;&nbsp; 512019 |
| Shareholder servicing costs | &nbsp;&nbsp; 3331560 |
| Administrative services fee | &nbsp;&nbsp; 554014 |
| Independent Trustees' compensation | &nbsp;&nbsp; 104669 |
| Custodian fee | &nbsp;&nbsp; 411038 |
| Shareholder communications | &nbsp;&nbsp; 133431 |
| Audit and tax fees | &nbsp;&nbsp; 83239 |
| Legal fees | &nbsp;&nbsp; 320057 |
| Interest expense and fees | &nbsp;&nbsp; 3730208 |
| Miscellaneous | &nbsp;&nbsp; 380036 |
| Total expenses | &nbsp;&nbsp; $35683953 |
| Fees paid indirectly | &nbsp;&nbsp; (2218)<br>|
| Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp; (3339543)<br>|
| Net expenses | &nbsp;&nbsp; $32342192 |
| Net investment income (loss) | &nbsp;&nbsp; $222208458 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(31503879)<br>|
| Affiliated issuers | &nbsp;&nbsp; (2603)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; $(31506482)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(3116577)<br>|
| Affiliated issuers | &nbsp;&nbsp; (14330)<br>|
| Net unrealized gain (loss) | &nbsp;&nbsp; $(3130907)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $(34637389)<br>|
| Change in net assets from operations | &nbsp;&nbsp; $187571069 |

---

**See Notes to Financial Statements**

------

MFS Municipal High Income 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** |
|  | **1/31/26** | **1/31/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $222208458 | &nbsp;&nbsp; $188245768 |
| Net realized gain (loss) | (31506482)<br>| &nbsp;&nbsp; (33972429)<br>|
| Net unrealized gain (loss) | (3130907)<br>| &nbsp;&nbsp; 142159881 |
| Change in net assets from operations | $187571069 | &nbsp;&nbsp; $296433220 |
| Total distributions to shareholders | $(219226098)<br>| &nbsp;&nbsp; $(189449416)<br>|
| Change in net assets from fund share transactions | $617772021 | &nbsp;&nbsp; $333477301 |
| Total change in net assets | $586116992 | &nbsp;&nbsp; $440461105 |
| **Net assets** |  |  |
| At beginning of period | 4744772265 | &nbsp;&nbsp; 4304311160 |
| At end of period | $5330889257 | &nbsp;&nbsp; $4744772265 |

---

**See Notes to Financial Statements**

------

MFS Municipal High Income 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** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $7.51 | &nbsp;&nbsp; $7.32 | &nbsp;&nbsp; $7.44 | &nbsp;&nbsp; $8.42 | &nbsp;&nbsp; $8.62 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.33 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.26 |
| Net realized and unrealized gain (loss) | (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.21)<br>|
| Total from investment operations | $0.27 | &nbsp;&nbsp; $0.51 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $(0.69)<br>| &nbsp;&nbsp; $0.05 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.32)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.25)<br>|
| Net asset value, end of period (x) | $7.46 | &nbsp;&nbsp; $7.51 | &nbsp;&nbsp; $7.32 | &nbsp;&nbsp; $7.44 | &nbsp;&nbsp; $8.42 |
| Total return (%) (r)(s)(t)(x) | 3.79 | &nbsp;&nbsp;&nbsp;&nbsp;7.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp; (8.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Expenses after expense reductions (f) | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Net investment income (loss) | 4.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 |
| Portfolio turnover rate | 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17 |
| Net assets at end of period (000 omitted) | $1791015 | &nbsp;&nbsp; $1779818 | &nbsp;&nbsp; $1539740 | &nbsp;&nbsp; $1585048 | &nbsp;&nbsp; $2066744 |
| **Supplemental Ratios (%):** |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and excluding <br> interest expense and fees (f)(l)<br>| 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |

---

**See Notes to Financial Statements**

------

MFS Municipal High Income Fund

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class B**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $7.52 | &nbsp;&nbsp; $7.33 | &nbsp;&nbsp; $7.45 | &nbsp;&nbsp; $8.42 | &nbsp;&nbsp; $8.63 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.27 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.19 |
| Net realized and unrealized gain (loss) | (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.21)<br>|
| Total from investment operations | $0.22 | &nbsp;&nbsp; $0.45 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $(0.73)<br>| &nbsp;&nbsp; $(0.02)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.27)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.19)<br>|
| Net asset value, end of period (x) | $7.47 | &nbsp;&nbsp; $7.52 | &nbsp;&nbsp; $7.33 | &nbsp;&nbsp; $7.45 | &nbsp;&nbsp; $8.42 |
| Total return (%) (r)(s)(t)(x) | 3.03 | &nbsp;&nbsp;&nbsp;&nbsp;6.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp; (8.67)<br>| &nbsp;&nbsp; (0.28)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Expenses after expense reductions (f) | 1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| Net investment income (loss) | 3.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| Portfolio turnover rate | 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17 |
| Net assets at end of period (000 omitted) | $342 | &nbsp;&nbsp; $795 | &nbsp;&nbsp; $1642 | &nbsp;&nbsp; $2792 | &nbsp;&nbsp; $5096 |
| **Supplemental Ratios (%):** |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and excluding interest <br> expense and fees (f)(l)<br>| 1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $7.52 | &nbsp;&nbsp; $7.33 | &nbsp;&nbsp; $7.45 | &nbsp;&nbsp; $8.42 | &nbsp;&nbsp; $8.63 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.25 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.17 |
| Net realized and unrealized gain (loss) | (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.21)<br>|
| Total from investment operations | $0.20 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $(0.75)<br>| &nbsp;&nbsp; $(0.04)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.25)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.17)<br>|
| Net asset value, end of period (x) | $7.47 | &nbsp;&nbsp; $7.52 | &nbsp;&nbsp; $7.33 | &nbsp;&nbsp; $7.45 | &nbsp;&nbsp; $8.42 |
| Total return (%) (r)(s)(t)(x) | 2.77 | &nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp; (8.90)<br>| &nbsp;&nbsp; (0.53)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Expenses after expense reductions (f) | 1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| Net investment income (loss) | 3.45 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| Portfolio turnover rate | 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17 |
| Net assets at end of period (000 omitted) | $43712 | &nbsp;&nbsp; $59643 | &nbsp;&nbsp; $71836 | &nbsp;&nbsp; $92366 | &nbsp;&nbsp; $148124 |
| **Supplemental Ratios (%):** |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and excluding interest <br> expense and fees (f)(l)<br>| 1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 |

---

**See Notes to Financial Statements**

------

MFS Municipal High Income Fund

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $7.51 | &nbsp;&nbsp; $7.32 | &nbsp;&nbsp; $7.44 | &nbsp;&nbsp; $8.41 | &nbsp;&nbsp; $8.62 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.33 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.25 |
| Net realized and unrealized gain (loss) | (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.21)<br>|
| Total from investment operations | $0.26 | &nbsp;&nbsp; $0.51 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $(0.68)<br>| &nbsp;&nbsp; $0.04 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.32)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.25)<br>|
| Net asset value, end of period (x) | $7.45 | &nbsp;&nbsp; $7.51 | &nbsp;&nbsp; $7.32 | &nbsp;&nbsp; $7.44 | &nbsp;&nbsp; $8.41 |
| Total return (%) (r)(s)(t)(x) | 3.64 | &nbsp;&nbsp;&nbsp;&nbsp;7.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp; (8.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Expenses after expense reductions (f) | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Net investment income (loss) | 4.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 |
| Portfolio turnover rate | 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17 |
| Net assets at end of period (000 omitted) | $2326089 | &nbsp;&nbsp; $2029265 | &nbsp;&nbsp; $1835036 | &nbsp;&nbsp; $1832629 | &nbsp;&nbsp; $2792475 |
| **Supplemental Ratios (%):** |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and excluding <br> interest expense and fees (f)(l)<br>| 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $7.51 | &nbsp;&nbsp; $7.32 | &nbsp;&nbsp; $7.43 | &nbsp;&nbsp; $8.41 | &nbsp;&nbsp; $8.62 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.33 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.26 |
| Net realized and unrealized gain (loss) | (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.21)<br>|
| Total from investment operations | $0.27 | &nbsp;&nbsp; $0.52 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $(0.68)<br>| &nbsp;&nbsp; $0.05 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.33)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.26)<br>|
| Net asset value, end of period (x) | $7.45 | &nbsp;&nbsp; $7.51 | &nbsp;&nbsp; $7.32 | &nbsp;&nbsp; $7.43 | &nbsp;&nbsp; $8.41 |
| Total return (%) (r)(s)(t)(x) | 3.73 | &nbsp;&nbsp;&nbsp;&nbsp;7.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp; (8.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Expenses after expense reductions (f) | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net investment income (loss) | 4.53 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| Portfolio turnover rate | 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17 |
| Net assets at end of period (000 omitted) | $1169732 | &nbsp;&nbsp; $875251 | &nbsp;&nbsp; $856058 | &nbsp;&nbsp; $910932 | &nbsp;&nbsp; $1802449 |
| **Supplemental Ratios (%):** |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and excluding <br> interest expense and fees (f)(l)<br>| 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |

---

**See Notes to Financial Statements**

------

MFS Municipal High Income Fund

*Financial Highlights - continued*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Interest expense and fees include payments made to the holders of the floating rate
 certificates.

&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 Municipal High Income Fund

**Notes to Financial Statements**

**(1) Business and Organization**

MFS Municipal High Income Fund (the fund) is a diversified series of MFS Series Trust III which 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 primarily in municipal instruments, which generally trade in the over-the-counter market. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The credit quality of, and the ability to pay principal and interest when due by, an issuer of a municipal instrument depends on the credit quality of the entity supporting the municipal instrument, how essential any services supported by the municipal instrument are, the sufficiency of any revenues or taxes that support the municipal instrument, and/or the willingness or ability of the appropriate government entity to approve any appropriations necessary to support the municipal instrument. Municipal instruments may be supported by insurance which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument. The value of a municipal instrument can be volatile and significantly affected by adverse tax changes or court rulings, legislative or political changes, changes in specific or general market and economic conditions and developments in the region where the instrument is issued, and the financial condition of municipal issuers and of municipal instrument insurers of which there are a limited number. Also, because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the fund and the overall municipal market. Municipal instruments may be more susceptible to downgrades or defaults during economic downturns or similar periods of economic stress, which in turn could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession. If the Internal Revenue Service determines an issuer of a municipal instrument has not complied with the applicable tax requirements, interest from the security could become taxable, the security could decline in value, and certain distributions made by the fund could be taxable to shareholders. 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.

**Segment Reporting** — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the

------

MFS Municipal High Income Fund

*Notes to Financial Statements - continued* 

Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.

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. The following is a summary of the levels used as of January 31, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| Netherlands | $— | $659 | $— | $659 |
| Municipal Bonds |  | 5248500243 |  | 5248500243 |
| U.S. Corporate Bonds |  | 23668494 |  | 23668494 |
| Investment Companies | 135271557 |  |  | 135271557 |
| Total | $135271557 | $5272169396 | $— | $5407440953 |

---

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

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

------

MFS Municipal High Income Fund

*Notes to Financial Statements - continued* 

---

| | |
|:---|:---|
|  | **Equity** <br>**Securities**<br>|
| Balance as of 1/31/25 | $67215 |
| Change in unrealized appreciation or depreciation | (66556) |
| Transfers out of level 3 | (659) |
| Balance as of 1/31/26 | $— |

---

**Inverse Floaters** — The fund invests in municipal inverse floating rate securities in the form of self-deposited secondary market inverse floaters which have variable rates of interest that typically move in the opposite direction of short-term rates. A self-deposited secondary market inverse floater is created when the fund transfers a municipal bond from its portfolio to a special purpose trust ("the trust") and causes the trust to issue (a) inverse floaters to be held by the fund and (b) floating rate certificates to be held by third parties. The floating rate certificates usually pay tax-exempt interest at short-term rates that reset daily or weekly and the holders of those certificates typically have the option to tender at par plus accrued interest. Self-deposited secondary market inverse floaters are accounted for as secured borrowings, with the municipal bonds transferred to the trust being reflected as fund investments and the amounts owed to floating rate certificate holders being reflected as fund liabilities in the Statement of Assets and Liabilities as "Payable to the holders of the floating rate certificates". The carrying value of that liability as reported in the fund's Statement of Assets and Liabilities approximates its fair value which would be considered level 2 under the fair value hierarchy.

At January 31, 2026, the fund's payable to the holders of the floating rate certificates was $119,536,574 and the related weighted average interest rate on the settled floating rate certificates issued by the trust was 2.61%. For the year ended January 31, 2026, the average payable to the holders of the settled floating rate certificates was $102,260,099 at a weighted average interest rate of 2.68%. Interest expense and fees, which are recorded as incurred, include interest payments made to the holders of the floating rate certificates and associated fees. For the year ended January 31, 2026, the related interest expense and fees amounted to $3,705,594 which is included in "Interest expense and fees" in the Statement of Operations.

**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. 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. 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.

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.

The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statement of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities.

------

MFS Municipal High Income Fund

*Notes to Financial Statements - continued* 

Legal fees and other related expenses incurred to preserve and protect the value of a security owned are added to the cost of the security; other legal fees are expensed. Capital infusions made directly to the security issuer, which are generally non-recurring, incurred to protect or enhance the value of high-yield debt securities, are reported as additions to the cost basis of the security. Costs that are incurred to negotiate the terms or conditions of capital infusions or that are expected to result in a plan of reorganization are reported as realized losses. Ongoing costs incurred to protect or enhance an investment, or costs incurred to pursue other claims or legal actions, are expensed.

**Fees Paid Indirectly** — The fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by the fund. The amount of the credit, for the year ended January 31, 2026, is shown as a reduction of total expenses in the Statement of Operations.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt 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.

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, and treating a portion of the proceeds from redemptions as a distribution for tax purposes.

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**1/31/26**<br>| &nbsp;&nbsp; **Year ended** <br>**1/31/25**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $3234581 | &nbsp;&nbsp; $5214231 |
| Tax-exempt income | &nbsp;&nbsp; 215991517 | &nbsp;&nbsp; 184235185 |
| Total distributions | &nbsp;&nbsp; $219226098 | &nbsp;&nbsp; $189449416 |

---

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

---

| | |
|:---|:---|
| **As of 1/31/26** |  |
| Cost of investments | &nbsp;&nbsp; $5561509328 |
| Gross appreciation | &nbsp;&nbsp; 83263054 |
| Gross depreciation | &nbsp;&nbsp; (356868003)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(273604949)<br>|
| Undistributed ordinary income | &nbsp;&nbsp; 1896514 |
| Undistributed tax-exempt income | &nbsp;&nbsp; 44167762 |
| Capital loss carryforwards | &nbsp;&nbsp; (334481014)<br>|
| Other temporary differences | &nbsp;&nbsp; (19890361)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $(581912048)<br>|

---

As of January 31, 2026, 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 | $(116580947)<br>|
| Long-Term | (217900067)<br>|
| Total | $(334481014)<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

------

MFS Municipal High Income Fund

*Notes to Financial Statements - continued* 

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:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br>**1/31/26**<br>| **Year ended** <br>**1/31/25**<br>|
| Class A | $77268788 | &nbsp;&nbsp; $70828700 |
| Class B | 20302 | &nbsp;&nbsp; 41173 |
| Class C | 1719730 | &nbsp;&nbsp; 2179664 |
| Class I | 91652701 | &nbsp;&nbsp; 79731534 |
| Class R6 | 48564577 | &nbsp;&nbsp; 36668345 |
| Total | $219226098 | &nbsp;&nbsp; $189449416 |

---

**(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 $2.5 billion | 0.55% |
| In excess of $2.5 billion and up to $5 billion | 0.50% |
| In excess of $5 billion and up to $10 billion | 0.45% |
| In excess of $10 billion | 0.425% |

---

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 May 31, 2027. For the year ended January 31, 2026, this management fee reduction amounted to $689,000, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended January 31, 2026 was equivalent to an annual effective rate of 0.51% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses (such as interest expense and fees associated with investments in inverse floating rate instruments), such that total fund operating expenses do not exceed the following rates annually of each class's average daily net assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Classes** | **Classes** | **Classes** | **Classes** | **Classes** |
| **A** | **B** | **C** | **I** | **R6** |
| 0.59% | 1.34% | 1.59% | 0.59% | 0.50% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until May 31, 2027. For the year ended January 31, 2026, this reduction amounted to $2,649,150, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $41,127 for the year ended January 31, 2026, as its portion of the initial sales charge on sales of Class A shares of the fund.

The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and service fees are computed daily and paid monthly.

------

MFS Municipal High Income 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 B | 0.75% | 0.25% | 1.00% | 0.75% | $5572 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 506447 |
| Total Distribution and Service Fees  |  |  |  |  | $512019 |

---

(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 January 31, 2026 based on each class's average daily net assets. MFD has agreed in writing to reduce the Class B service fee rate to 0.00% for all Class B shares. This agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue until at least May 31, 2027. For the year ended January 31, 2026, this waiver amounted to $1,393, which is included in the reduction of total expenses in the Statement of Operations. MFD has also 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 January 31, 2026, there were no service fee rebates.

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 January 31, 2026, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $260924 |
| Class B | 75 |
| Class C | 6919 |

---

**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 January 31, 2026, the fee was $95,012, which equated to 0.0019% 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 January 31, 2026, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $3,236,548.

**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 January 31, 2026 was equivalent to an annual effective rate of 0.0111% 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Transaction** | **Class** | **Shares** | **Amount** |
| 8/19/2024 | Redemption | Class C | 4 | $27 |
| 8/19/2024 | Redemption | Class I | 3 | 20 |

---

------

MFS Municipal High Income Fund

*Notes to Financial Statements - continued* 

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

**(4) Portfolio Securities**

For the period ended January 31, 2026, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $— | &nbsp;&nbsp; $47234 |
| Non-U.S. Government securities | 1165393301 | &nbsp;&nbsp; 443921480 |

---

**(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>**1/31/26** | **Year ended** <br>**1/31/26** | **Year ended** <br>**1/31/25** | **Year ended** <br>**1/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Class A | 50879199 | &nbsp;&nbsp; $374739151 | &nbsp;&nbsp; 60186282 | &nbsp;&nbsp; $451010239 |
| Class B | 47 | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 398 |
| Class C | 643513 | &nbsp;&nbsp; 4761271 | &nbsp;&nbsp; 1138103 | &nbsp;&nbsp; 8529945 |
| Class I | 130086145 | &nbsp;&nbsp; 955873519 | &nbsp;&nbsp; 93774892 | &nbsp;&nbsp; 700610324 |
| Class R6 | 87731378 | &nbsp;&nbsp; 645012728 | &nbsp;&nbsp; 47350241 | &nbsp;&nbsp; 353783255 |
|  | 269340282 | &nbsp;&nbsp; $1980387016 | &nbsp;&nbsp; 202449572 | &nbsp;&nbsp; $1513934161 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Class A | 9987246 | &nbsp;&nbsp; $73463717 | &nbsp;&nbsp; 8964672 | &nbsp;&nbsp; $66978538 |
| Class B | 2721 | &nbsp;&nbsp; 20035 | &nbsp;&nbsp; 5369 | &nbsp;&nbsp; 39987 |
| Class C | 220193 | &nbsp;&nbsp; 1621075 | &nbsp;&nbsp; 276663 | &nbsp;&nbsp; 2066124 |
| Class I | 11393521 | &nbsp;&nbsp; 83784919 | &nbsp;&nbsp; 9650820 | &nbsp;&nbsp; 72051343 |
| Class R6 | 4081958 | &nbsp;&nbsp; 29990530 | &nbsp;&nbsp; 3415071 | &nbsp;&nbsp; 25456872 |
|  | 25685639 | &nbsp;&nbsp; $188880276 | &nbsp;&nbsp; 22312595 | &nbsp;&nbsp; $166592864 |
| Shares reacquired |  |  |  |  |
| Class A | (57627181)<br>| &nbsp;&nbsp; $(422708720)<br>| &nbsp;&nbsp; (42537768)<br>| &nbsp;&nbsp; $(317607683)<br>|
| Class B | (62678)<br>| &nbsp;&nbsp; (460979)<br>| &nbsp;&nbsp; (123801)<br>| &nbsp;&nbsp; (924937)<br>|
| Class C | (2939372)<br>| &nbsp;&nbsp; (21595162)<br>| &nbsp;&nbsp; (3285132)<br>| &nbsp;&nbsp; (24559990)<br>|
| Class I | (99676010)<br>| &nbsp;&nbsp; (729625687)<br>| &nbsp;&nbsp; (83921371)<br>| &nbsp;&nbsp; (622874865)<br>|
| Class R6 | (51429416)<br>| &nbsp;&nbsp; (377104723)<br>| &nbsp;&nbsp; (51175944)<br>| &nbsp;&nbsp; (381082249)<br>|
|  | (211734657)<br>| &nbsp;&nbsp; $(1551495271)<br>| &nbsp;&nbsp; (181044016)<br>| &nbsp;&nbsp; $(1347049724)<br>|
| Net change |  |  |  |  |
| Class A | 3239264 | &nbsp;&nbsp; $25494148 | &nbsp;&nbsp; 26613186 | &nbsp;&nbsp; $200381094 |
| Class B | (59910)<br>| &nbsp;&nbsp; (440597)<br>| &nbsp;&nbsp; (118378)<br>| &nbsp;&nbsp; (884552)<br>|
| Class C | (2075666)<br>| &nbsp;&nbsp; (15212816)<br>| &nbsp;&nbsp; (1870366)<br>| &nbsp;&nbsp; (13963921)<br>|
| Class I | 41803656 | &nbsp;&nbsp; 310032751 | &nbsp;&nbsp; 19504341 | &nbsp;&nbsp; 149786802 |
| Class R6 | 40383920 | &nbsp;&nbsp; 297898535 | &nbsp;&nbsp; (410632)<br>| &nbsp;&nbsp; (1842122)<br>|
|  | 83291264 | &nbsp;&nbsp; $617772021 | &nbsp;&nbsp; 43718151 | &nbsp;&nbsp; $333477301 |

---

Effective June 1, 2019, purchases of the fund's Class B shares were closed to new and existing investors subject to certain exceptions.

------

MFS Municipal High Income Fund

*Notes to Financial Statements - continued* 

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

**(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 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended January 31, 2026, the fund's commitment fee and interest expense were $23,098 and $0, respectively, and are included in "Interest expense and fees" 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. The following were affiliated issuers for the year ended January 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio | $266728129 | $918160929 | $1049600568 | $(2603)<br>| $(14330)<br>| $135271557 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $5108984 | $— |

---

------

MFS Municipal High Income Fund

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of MFS Municipal High Income Fund and the Board of Trustees of MFS Series Trust III

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of MFS Municipal High Income Fund (the "Fund") (one of the funds constituting MFS Series Trust III (the "Trust")), including the portfolio of investments, as of January 31, 2026, 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 III) at January 31, 2026, 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 January 31, 2026, 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

March 18, 2026

------

MFS Municipal High Income Fund

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2026 income tax forms in January 2027. The following information is provided pursuant to provisions of the Internal Revenue Code.

Of the dividends paid from net investment income during the fiscal year, 98.52% is designated as exempt interest dividends for federal income tax purposes. If the fund has earned income on private activity bonds, a portion of the dividends paid may be considered a tax preference item for purposes of computing a shareholder's alternative minimum tax.

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).

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

There is nothing to report for this item for MFS Municipal High Income Fund.

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

There is nothing to report for this item for MFS Municipal High Income 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 Municipal High Income Fund. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Global High Yield Fund

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

MFS Global High Yield Fund

**Portfolio of Investments - 1/31/26** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 32.8% | Bonds – 32.8% | Bonds – 32.8% |
| Aerospace & Defense – 0.4% | Aerospace & Defense – 0.4% | Aerospace & Defense – 0.4% |
| Czechoslovak Group A.S., 5.25%, 1/10/2031 (n) | 638000 | &nbsp;&nbsp; $791639 |
| Czechoslovak Group A.S., 5.25%, 1/10/2031  | 100000 | &nbsp;&nbsp; 124081 |
|  |  | &nbsp;&nbsp; $915720 |
| Automotive – 0.8% | Automotive – 0.8% | Automotive – 0.8% |
| Clarios Global LP/Clarios US Finance Co., 4.75%, 6/15/2031 (n) | 100000 | &nbsp;&nbsp; $120431 |
| Forvia SE, 5.5%, 6/15/2031  | 534000 | &nbsp;&nbsp; 656475 |
| Grupo Antolin Irausa S.A., 10.375%, 1/30/2030  | 267000 | &nbsp;&nbsp; 232693 |
| Mahle GmbH, 6.5%, 5/02/2031  | 456000 | &nbsp;&nbsp; 563688 |
|  |  | &nbsp;&nbsp; $1573287 |
| Broadcasting – 0.2% | Broadcasting – 0.2% | Broadcasting – 0.2% |
| Arqiva Broadcast Finance PLC, 8.625%, 7/01/2030  | 300000 | &nbsp;&nbsp; $411079 |
| Business Services – 0.7% | Business Services – 0.7% | Business Services – 0.7% |
| ams-OSRAM AG, 10.5%, 3/30/2029  | 670000 | &nbsp;&nbsp; $842039 |
| Worldline S.A., 5.5%, 6/10/2030  | 500000 | &nbsp;&nbsp; 513250 |
|  |  | &nbsp;&nbsp; $1355289 |
| Cable TV – 0.9% | Cable TV – 0.9% | Cable TV – 0.9% |
| Summer BidCo B.V., 10% (10% Cash or 10.75% PIK), 2/15/2029 (n)(p) | 586126 | &nbsp;&nbsp; $696064 |
| Summer BidCo B.V., 10%, 2/15/2029  | 100000 | &nbsp;&nbsp; 118757 |
| Summer BidCo B.V., 8.875%, 1/31/2031 (n)(p) | 545000 | &nbsp;&nbsp; 654575 |
| Ziggo B.V., 2.875%, 1/15/2030 (n) | 260000 | &nbsp;&nbsp; 291572 |
| Ziggo B.V., 2.875%, 1/15/2030  | 100000 | &nbsp;&nbsp; 112143 |
|  |  | &nbsp;&nbsp; $1873111 |
| Chemicals – 1.5% | Chemicals – 1.5% | Chemicals – 1.5% |
| Currenta Group Holdings S.à r.l., 5.5%, 5/15/2030 (n) | 504000 | &nbsp;&nbsp; $612540 |
| Currenta Group Holdings S.à r.l., 5.5%, 5/15/2030  | 100000 | &nbsp;&nbsp; 121536 |
| F.I.S. Fabbrica Italiana Sintetici S.p.A., 5.25%, 2/05/2031 (n)(w) | 425000 | &nbsp;&nbsp; 505663 |
| Maxam Prill S.à r.l., 6%, 7/15/2030  | 353000 | &nbsp;&nbsp; 434379 |
| Sasol Financing (USA) LLC, 5.5%, 3/18/2031  | $1019000 | &nbsp;&nbsp; 898687 |
| SPCM S.A., 2.625%, 2/01/2029  | 456000 | &nbsp;&nbsp; 530609 |
|  |  | &nbsp;&nbsp; $3103414 |
| Conglomerates – 0.3% | Conglomerates – 0.3% | Conglomerates – 0.3% |
| SCC Power PLC, 8%, 12/31/2028 (n) | $850966 | &nbsp;&nbsp; $518881 |
| SCC Power PLC, 4%, 5/17/2032 (n) | 460939 | &nbsp;&nbsp; 78360 |
|  |  | &nbsp;&nbsp; $597241 |
| Consumer Products – 0.7% | Consumer Products – 0.7% | Consumer Products – 0.7% |
| Dometic Group AB, 5%, 9/11/2030  | 512000 | &nbsp;&nbsp; $613673 |
| Flos B&B Italia S.p.A., 10%, 11/15/2028 (n) | 326400 | &nbsp;&nbsp; 377861 |
| Flos B&B ltalia S.p.A., 10%, 11/15/2028  | 120000 | &nbsp;&nbsp; 149450 |
| Perrigo Finance Unlimited Co., 6.125%, 9/30/2032  | $220000 | &nbsp;&nbsp; 216376 |
|  |  | &nbsp;&nbsp; $1357360 |

---

HYOFS-ANN

------

MFS Global High Yield Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Consumer Services – 1.1% | Consumer Services – 1.1% | Consumer Services – 1.1% |
| Aegis Lux 1A S.à r.l., 5.625%, 10/29/2031 (p) | 421000 | &nbsp;&nbsp; $505281 |
| Amber Finco PLC, 6.625%, 7/15/2029 (n) | 250000 | &nbsp;&nbsp; 310030 |
| Amber Finco PLC, 6.625%, 7/15/2029  | 537000 | &nbsp;&nbsp; 665946 |
| Verisure Midholding AB, 5.25%, 2/15/2029  | 691000 | &nbsp;&nbsp; 820126 |
|  |  | &nbsp;&nbsp; $2301383 |
| Containers – 0.3% | Containers – 0.3% | Containers – 0.3% |
| San Miguel Industrias PET S.A., 3.75%, 8/02/2028 (n) | $640000 | &nbsp;&nbsp; $616826 |
| Electronics – 0.4% | Electronics – 0.4% | Electronics – 0.4% |
| MKS, Inc., 4.25%, 2/15/2034 (n)(w) | 718000 | &nbsp;&nbsp; $851013 |
| Emerging Market Quasi-Sovereign – 2.6% | Emerging Market Quasi-Sovereign – 2.6% | Emerging Market Quasi-Sovereign – 2.6% |
| Bulgarian Energy Holding EAD, 2.45%, 7/22/2028  | 970000 | &nbsp;&nbsp; $1111034 |
| Navoi Mining & Metallurgical Co. (Republic of Uzbekistan), 6.95%, 10/17/2031 (n) | $731000 | &nbsp;&nbsp; 783808 |
| Petroleos Mexicanos, 6.84%, 1/23/2030  | 389000 | &nbsp;&nbsp; 399010 |
| Petroleos Mexicanos, 10%, 2/07/2033  | 460000 | &nbsp;&nbsp; 536257 |
| Petroleos Mexicanos, 6.5%, 6/02/2041  | 1163000 | &nbsp;&nbsp; 1014048 |
| Petroleos Mexicanos, 7.69%, 1/23/2050  | 640000 | &nbsp;&nbsp; 575757 |
| Telecommunications Co. (Republic of Serbia), 7%, 10/28/2029 (n) | 897000 | &nbsp;&nbsp; 900209 |
|  |  | &nbsp;&nbsp; $5320123 |
| Energy - Independent – 0.9% | Energy - Independent – 0.9% | Energy - Independent – 0.9% |
| Azule Energy Finance PLC, 8.125%, 1/23/2030 (n) | $671000 | &nbsp;&nbsp; $678896 |
| Azule Energy Finance PLC, 8.25%, 1/22/2031 (n) | 206000 | &nbsp;&nbsp; 206619 |
| SierraCol Energy Andina LLC/SierraCol Energy, 9%, 11/14/2030 (n) | 589000 | &nbsp;&nbsp; 589489 |
| Trident Energy Finance PLC, 12.5%, 11/30/2029 (n) | 448000 | &nbsp;&nbsp; 466076 |
|  |  | &nbsp;&nbsp; $1941080 |
| Entertainment – 0.4% | Entertainment – 0.4% | Entertainment – 0.4% |
| Pinnacle Bidco PLC, 10%, 10/11/2028  | 560000 | &nbsp;&nbsp; $807483 |
| Financial Institutions – 2.1% | Financial Institutions – 2.1% | Financial Institutions – 2.1% |
| Heimstaden AB, 6.75%, 1/15/2174  | 200000 | &nbsp;&nbsp; $242814 |
| IIFL Finance Ltd., 8.75%, 7/24/2028 (n) | $554000 | &nbsp;&nbsp; 577518 |
| Intrum Investments & Financing AB, 7.75%, 9/11/2028 (n) | 681779 | &nbsp;&nbsp; 733306 |
| Muangthai Capital PCL, 7.55%, 7/21/2030 (n) | $750000 | &nbsp;&nbsp; 777593 |
| Muthoot Finance Ltd., 7.125%, 2/14/2028 (n) | 886000 | &nbsp;&nbsp; 907475 |
| Muthoot Finance Ltd., 6.375%, 3/02/2030 (n) | 200000 | &nbsp;&nbsp; 205157 |
| Nova Securitisation S.à r.l., 5.75%, 2/03/2031 (n)(w) | 811000 | &nbsp;&nbsp; 803052 |
|  |  | &nbsp;&nbsp; $4246915 |
| Food & Beverages – 1.3% | Food & Beverages – 1.3% | Food & Beverages – 1.3% |
| Arcor S.A.I.C., 7.6%, 7/31/2033 (n) | $726000 | &nbsp;&nbsp; $750408 |
| Arcor S.A.I.C., 7.6%, 7/31/2033  | 100000 | &nbsp;&nbsp; 103362 |
| Central American Bottling Corp., 5.25%, 4/27/2029 (n) | 916000 | &nbsp;&nbsp; 911120 |
| Grupo Nutresa S.A., 8%, 5/12/2030 (n) | 896000 | &nbsp;&nbsp; 954218 |
|  |  | &nbsp;&nbsp; $2719108 |
| Gaming & Lodging – 1.0% | Gaming & Lodging – 1.0% | Gaming & Lodging – 1.0% |
| 888 Acquisitions Ltd., 10.75%, 5/15/2030  | 470000 | &nbsp;&nbsp; $580326 |
| Allwyn Entertainment Financing (UK) PLC, 4.125%, 2/15/2031  | 698000 | &nbsp;&nbsp; 816490 |
| Melco Resorts Finance Ltd., 5.375%, 12/04/2029  | $411000 | &nbsp;&nbsp; 406760 |

---

------

MFS Global High Yield Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Gaming & Lodging – continued | Gaming & Lodging – continued | Gaming & Lodging – continued |
| Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | $294000 | &nbsp;&nbsp; $293398 |
|  |  | &nbsp;&nbsp; $2096974 |
| Industrial – 0.4% | Industrial – 0.4% | Industrial – 0.4% |
| Multiversity S.p.A., 7.125%, 5/17/2031 (n) | 310000 | &nbsp;&nbsp; $386633 |
| Multiversity S.p.A., 7.125%, 5/17/2031  | 350000 | &nbsp;&nbsp; 436522 |
|  |  | &nbsp;&nbsp; $823155 |
| Insurance - Property & Casualty – 0.2% | Insurance - Property & Casualty – 0.2% | Insurance - Property & Casualty – 0.2% |
| Ardonagh Finco Ltd., 6.875%, 2/15/2031  | 363000 | &nbsp;&nbsp; $442089 |
| International Market Quasi-Sovereign – 0.3% | International Market Quasi-Sovereign – 0.3% | International Market Quasi-Sovereign – 0.3% |
| Wolf Midstream Canada LP, 6.4%, 7/18/2029 (n) | 813000 | &nbsp;&nbsp; $622445 |
| Medical & Health Technology & Services – 1.0% | Medical & Health Technology & Services – 1.0% | Medical & Health Technology & Services – 1.0% |
| Ephios Subco 3 S.à r.l., 7.875%, 1/31/2031 (n) | 388000 | &nbsp;&nbsp; $490424 |
| Ephios Subco 3 S.à r.l., 7.875%, 1/31/2031  | 100000 | &nbsp;&nbsp; 126398 |
| Gruppo San Donato S.p.A., 6.5%, 10/31/2031 (n) | 443000 | &nbsp;&nbsp; 532370 |
| Gruppo San Donato S.p.A., 6.5%, 10/31/2031  | 150000 | &nbsp;&nbsp; 180260 |
| Laboratoire Eimer Selas, 5%, 2/01/2029  | 594000 | &nbsp;&nbsp; 656595 |
|  |  | &nbsp;&nbsp; $1986047 |
| Metals & Mining – 2.2% | Metals & Mining – 2.2% | Metals & Mining – 2.2% |
| Artemis Gold, Inc., 5.625%, 2/15/2031 (n)(w) | 725000 | &nbsp;&nbsp; $539321 |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n) | $140000 | &nbsp;&nbsp; 121868 |
| Compania de Minas Buenaventura S.A.A., 6.8%, 2/04/2032 (n) | 525000 | &nbsp;&nbsp; 546407 |
| Endeavour Mining PLC, 7%, 5/28/2030 (n) | 591000 | &nbsp;&nbsp; 610063 |
| First Quantum Minerals Ltd., 8%, 3/01/2033 (n) | 835000 | &nbsp;&nbsp; 896006 |
| Novelis Sheet Ingot GmbH, 3.375%, 4/15/2029 (n) | 460000 | &nbsp;&nbsp; 537454 |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2030 (z) | $359667 | &nbsp;&nbsp; 218713 |
| Samarco Mineracao S.A., 9.5% (4% Cash + 5% PIK) to 12/30/2026, (5.5% Cash + 3.5% PIK) to 12/30/2027, 9.25% Cash to <br> 12/30/2029, 9.5% Cash to 6/30/2031 (p)<br>| 1102433 | &nbsp;&nbsp; 1106752 |
|  |  | &nbsp;&nbsp; $4576584 |
| Network & Telecom – 1.1% | Network & Telecom – 1.1% | Network & Telecom – 1.1% |
| Iliad Holding S.A.S., 5.625%, 10/15/2028 (n) | 280000 | &nbsp;&nbsp; $336533 |
| Iliad Holding S.A.S., 5.375%, 4/15/2030 (n) | 224000 | &nbsp;&nbsp; 274133 |
| Iliad Holding S.A.S., 6.875%, 4/15/2031 (n) | 151000 | &nbsp;&nbsp; 190832 |
| Iliad S.A., 5.625%, 2/15/2030  | 300000 | &nbsp;&nbsp; 382001 |
| Kaixo Bondco Telecom S.A., 5.125%, 9/30/2029 (n) | 835000 | &nbsp;&nbsp; 1000802 |
| Kaixo Bondco Telecom S.A., 5.125%, 9/30/2029  | 100000 | &nbsp;&nbsp; 119856 |
|  |  | &nbsp;&nbsp; $2304157 |
| Oils – 0.4% | Oils – 0.4% | Oils – 0.4% |
| MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031 (n) | $690500 | &nbsp;&nbsp; $613668 |
| Raizen Fuels Finance S.A., 6.25%, 7/08/2032  | 342000 | &nbsp;&nbsp; 286425 |
|  |  | &nbsp;&nbsp; $900093 |
| Other Banks & Diversified Financials – 1.1% | Other Banks & Diversified Financials – 1.1% | Other Banks & Diversified Financials – 1.1% |
| Banco GNB Sudameris S.A., 7.5% to 4/16/2026, FLR (CMT - 5yr. + 6.66%) to 4/16/2031  | $425000 | &nbsp;&nbsp; $422213 |
| BBVA Bancomer S.A. (Texas), 8.125%, 1/08/2039 (n) | 754000 | &nbsp;&nbsp; 823407 |
| Industrial Subordinated Trust 2.0, 6.55% to 4/15/2031, FLR (CMT - 5yr. + 2.864%) to 4/15/2036 (n) | 529000 | &nbsp;&nbsp; 536538 |

---

------

MFS Global High Yield Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Other Banks & Diversified Financials – continued | Other Banks & Diversified Financials – continued | Other Banks & Diversified Financials – continued |
| Ipoteka-Bank Akib, 6.45%, 10/09/2030  | $500000 | &nbsp;&nbsp; $509759 |
|  |  | &nbsp;&nbsp; $2291917 |
| Pharmaceuticals – 1.2% | Pharmaceuticals – 1.2% | Pharmaceuticals – 1.2% |
| Biocon Biologics Global PLC, 6.67%, 10/09/2029 (n) | $450000 | &nbsp;&nbsp; $456911 |
| Cheplapharm Arzneimittel GmbH, 6.75%, 2/15/2032 (n)(w) | 541000 | &nbsp;&nbsp; 642647 |
| Grifols S.A., 7.125%, 5/01/2030  | 394000 | &nbsp;&nbsp; 488258 |
| Neopharmed Gentili S.p.A., 7.125%, 4/08/2030 (n) | 596000 | &nbsp;&nbsp; 735927 |
| Neopharmed Gentili S.p.A., 7.125%, 4/08/2030  | 100000 | &nbsp;&nbsp; 123478 |
|  |  | &nbsp;&nbsp; $2447221 |
| Pollution Control – 0.6% | Pollution Control – 0.6% | Pollution Control – 0.6% |
| Ambipar Lux S.à r.l., 10.875%, 2/05/2033 (a)(d) | $385000 | &nbsp;&nbsp; $55820 |
| Biffa Group Holdings Ltd., 5.25%, 6/15/2031 (n) | 499000 | &nbsp;&nbsp; 591570 |
| Itelyum Regeneration S.p.A, 5.75%, 4/15/2030  | 432000 | &nbsp;&nbsp; 519574 |
|  |  | &nbsp;&nbsp; $1166964 |
| Precious Metals & Minerals – 0.4% | Precious Metals & Minerals – 0.4% | Precious Metals & Minerals – 0.4% |
| Capstone Copper Corp., 6.75%, 3/31/2033 (n) | $415000 | &nbsp;&nbsp; $430035 |
| Eldorado Gold Corp., 6.25%, 9/01/2029 (n) | 442000 | &nbsp;&nbsp; 444211 |
|  |  | &nbsp;&nbsp; $874246 |
| Restaurants – 0.3% | Restaurants – 0.3% | Restaurants – 0.3% |
| Punch Finance PLC, 7.875%, 12/30/2030 (n) | 383000 | &nbsp;&nbsp; $540414 |
| Punch Fnance PLC, 7.875%, 12/30/2030  | 100000 | &nbsp;&nbsp; 141100 |
|  |  | &nbsp;&nbsp; $681514 |
| Retailers – 1.4% | Retailers – 1.4% | Retailers – 1.4% |
| Beach Acquisition Bidco LLC, 5.25%, 7/15/2032 (n) | 189000 | &nbsp;&nbsp; $229385 |
| Bubbles Bidco S.p.A., 6.5%, 9/30/2031  | 200000 | &nbsp;&nbsp; 243422 |
| Bubbles BidCo S.p.A., 6.5%, 9/30/2031 (n) | 450000 | &nbsp;&nbsp; 547699 |
| CD&R Firefly Bidco PLC, 8.625%, 4/30/2029 (n) | 350000 | &nbsp;&nbsp; 500845 |
| CD&R Firefly Bidco PLC, 8.625%, 4/30/2029  | 200000 | &nbsp;&nbsp; 286197 |
| Fressnapf Holding SE, 5.25%, 10/31/2031  | 600000 | &nbsp;&nbsp; 714615 |
| Maxeda DIY Holding B.V., 5.875%, 10/01/2026  | 472000 | &nbsp;&nbsp; 435923 |
|  |  | &nbsp;&nbsp; $2958086 |
| Supermarkets – 0.3% | Supermarkets – 0.3% | Supermarkets – 0.3% |
| Eroski Sociedad Cooperativa, 5.75%, 5/15/2031 (n) | 431000 | &nbsp;&nbsp; $534435 |
| Telecommunications - Wireless – 2.5% | Telecommunications - Wireless – 2.5% | Telecommunications - Wireless – 2.5% |
| Altice France S.A., 5.5%, 10/15/2031  | 384017 | &nbsp;&nbsp; $441175 |
| IHS Holding Ltd., 6.25%, 11/29/2028 (n) | $785000 | &nbsp;&nbsp; 780833 |
| Millicom International Cellular S.A., 5.125%, 1/15/2028 (n) | 617400 | &nbsp;&nbsp; 616161 |
| Odido Group Holding B.V., 5.5%, 1/15/2030  | 852000 | &nbsp;&nbsp; 1018387 |
| PLT VII Finance S.à r.l., 6%, 6/15/2031 (n) | 548000 | &nbsp;&nbsp; 674676 |
| PLT VII Finance S.à r.l., 6%, 6/15/2031  | 100000 | &nbsp;&nbsp; 123116 |
| SoftBank Group Corp., 5.875%, 7/10/2031  | 100000 | &nbsp;&nbsp; 122016 |
| SoftBank Group Corp., 5.75%, 7/08/2032  | 550000 | &nbsp;&nbsp; 661480 |
| VMED O2 UK Financing I PLC, 4%, 1/31/2029  | 399000 | &nbsp;&nbsp; 528816 |
| Zegona Finance PLC, 6.75%, 7/15/2029 (n) | 112500 | &nbsp;&nbsp; 139937 |
|  |  | &nbsp;&nbsp; $5106597 |

---

------

MFS Global High Yield Fund

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Transportation - Services – 1.1% | Transportation - Services – 1.1% | Transportation - Services – 1.1% |
| Acu Petroleo Luxembourg S.à r.l., 7.5%, 1/13/2032  | $383855 | &nbsp;&nbsp; $395259 |
| Edge Finco PLC, 8.125%, 8/15/2031 (n) | 414000 | &nbsp;&nbsp; 604045 |
| Edge Finco PLC, 8.125%, 8/15/2031  | 200000 | &nbsp;&nbsp; 291809 |
| Kingston Airport Revenue Finance, 6.75%, 12/15/2036 (n) | $735000 | &nbsp;&nbsp; 749465 |
| Montego Bay Airport Revenue Finance Ltd., 6.6%, 6/15/2035 (n) | 288000 | &nbsp;&nbsp; 287770 |
|  |  | &nbsp;&nbsp; $2328348 |
| Utilities - Electric Power – 2.4% | Utilities - Electric Power – 2.4% | Utilities - Electric Power – 2.4% |
| 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, FLR <br> (CMT - 5yr. + 4.835%) to 6/10/2055 (n)<br>| $872000 | &nbsp;&nbsp; $926858 |
| Azure Power Energy Ltd., 3.575%, 8/19/2026 (n) | 367210 | &nbsp;&nbsp; 365851 |
| Energuate Trust, 6.35%, 9/15/2035 (n) | 601000 | &nbsp;&nbsp; 600614 |
| Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 (n) | 544039 | &nbsp;&nbsp; 542800 |
| PT Sorik Marapi Geothermal Power, 7.75%, 8/05/2031  | 480150 | &nbsp;&nbsp; 493533 |
| ReNew Wind Energy AP2/ReNew Power Private Ltd., 4.5%, 7/14/2028 (n) | 529000 | &nbsp;&nbsp; 511069 |
| Saavi Energia S.à r.l., 8.875%, 2/10/2035 (n) | 574000 | &nbsp;&nbsp; 621441 |
| Termocandelaria Power S.A., 7.75%, 9/17/2031 (n) | 376000 | &nbsp;&nbsp; 390032 |
| Termocandelaria Power S.A., 7.75%, 9/17/2031  | 400000 | &nbsp;&nbsp; 414928 |
| TerraForm Global Operating LP, 6.125%, 3/01/2026 (n) | 174000 | &nbsp;&nbsp; 172800 |
|  |  | &nbsp;&nbsp; $5039926 |
| Utilities - Other – 0.3% | Utilities - Other – 0.3% | Utilities - Other – 0.3% |
| Aegea Finance S.à r.l., 7.625%, 1/20/2036 (n) | $710000 | &nbsp;&nbsp; $692903 |
| **Total Bonds (Identified Cost, $65,775,150)** |  | &nbsp;&nbsp; **$67864133** |
| Common Stocks – 0.0% | Common Stocks – 0.0% | Common Stocks – 0.0% |
| Metals & Mining – 0.0% | Metals & Mining – 0.0% |  |
| Petra Diamonds Ltd. (a) (Identified Cost, $0) | 24457 | &nbsp;&nbsp; $5020 |
| Mutual Funds (h) – 68.5% | Mutual Funds (h) – 68.5% | Mutual Funds (h) – 68.5% |
| Mutual Funds – 65.8% | Mutual Funds – 65.8% | Mutual Funds – 65.8% |
| MFS High Yield Pooled Portfolio (v)(y) | 16056517 | &nbsp;&nbsp; $136159264 |
| Money Market Funds – 2.7% | Money Market Funds – 2.7% |  |
| MFS Institutional Money Market Portfolio, 3.73% (v) | 5554812 | &nbsp;&nbsp; $5555924 |
| **Total Mutual Funds (Identified Cost, $136,316,383)** | **Total Mutual Funds (Identified Cost, $136,316,383)** | &nbsp;&nbsp; **$141715188** |
| Other Assets, Less Liabilities – (1.3)% |  | &nbsp;&nbsp; (2631650) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$206952691** |

---

------

MFS Global High Yield Fund

*Portfolio of Investments – continued*

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

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

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

&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 $141,715,188 and $67,869,153, 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 $40,354,035, representing 19.5% 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;(w) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;(y) The current Financial & Other Information report for MFS High Yield Pooled Portfolio
 as of January 31, 2026 has been included at the end of this report.

&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%, 3/08/2030 | 3/10/2021-1/31/2022 | $351806 | $218713 |
| % 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>|
| 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: |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** | **Derivative Contracts at 1/31/26** |
| **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** |
| EUR | &nbsp;&nbsp; 58298 | USD | 68964 | Citibank N.A. | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $382 |
| EUR | &nbsp;&nbsp; 599391 | USD | 702977 | Morgan Stanley Capital Services LLC | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10009 |
| USD | &nbsp;&nbsp; 535479 | CAD | 725000 | Citibank N.A. | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1397 |
| USD | &nbsp;&nbsp; 723559 | EUR | 603093 | HSBC Bank | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6169 |
| USD | &nbsp;&nbsp; 1758704 | EUR | 1467619 | Morgan Stanley Capital Services LLC | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12947 |
| USD | &nbsp;&nbsp; 70611 | EUR | 59168 | State Street Corp. | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $31134 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| EUR | &nbsp;&nbsp; 1033103 | USD | 1237658 | JPMorgan Chase Bank N.A. | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $(8765)<br>|
| USD | &nbsp;&nbsp; 624034 | CAD | 863128 | Merrill Lynch International | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (11803)<br>|
| USD | &nbsp;&nbsp; 25843894 | EUR | 22095281 | HSBC Bank | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (438808)<br>|
| USD | &nbsp;&nbsp; 166011 | EUR | 142030 | JPMorgan Chase Bank N.A. | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (2936)<br>|
| USD | &nbsp;&nbsp; 189586 | EUR | 162800 | Morgan Stanley Capital Services LLC | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (4067)<br>|
| USD | &nbsp;&nbsp; 905400 | EUR | 771272 | NatWest Markets PLC | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (12041)<br>|
| USD | &nbsp;&nbsp; 1980661 | EUR | 1685646 | State Street Corp. | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (24443)<br>|
| USD | &nbsp;&nbsp; 511796 | EUR | 438072 | UBS AG | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (9297)<br>|
| USD | &nbsp;&nbsp; 4118187 | GBP | 3061283 | HSBC Bank | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (70274)<br>|

---

------

MFS Global High Yield 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; 682844 | GBP | 507369 | State Street Corp. | 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $(11341)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(593775)<br>|

---

**See Notes to Financial Statements**

------

MFS Global High Yield 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 1/31/26** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $65,775,150) | &nbsp;&nbsp; $67869153 |
| Investments in affiliated issuers, at value (identified cost, $136,316,383) | &nbsp;&nbsp; 141715188 |
| Cash | &nbsp;&nbsp; 44640 |
| Foreign currency, at value (identified cost, $317,508) | &nbsp;&nbsp; 317507 |
| Receivables for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 31134 |
| Investments sold | &nbsp;&nbsp; 168618 |
| Fund shares sold | &nbsp;&nbsp; 1263446 |
| Interest and dividends | &nbsp;&nbsp; 1041963 |
| Receivable from investment adviser | &nbsp;&nbsp; 51864 |
| Other assets | &nbsp;&nbsp; 711 |
| Total assets | &nbsp;&nbsp; $212504224 |
| **Liabilities** |  |
| Payables for |  |
| Distributions | &nbsp;&nbsp; $23361 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 593775 |
| Investments purchased | &nbsp;&nbsp; 904819 |
| When-issued investments purchased | &nbsp;&nbsp; 3361616 |
| Fund shares reacquired | &nbsp;&nbsp; 494701 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 316 |
| Shareholder servicing costs | &nbsp;&nbsp; 54100 |
| Distribution and service fees | &nbsp;&nbsp; 2310 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 11 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 116524 |
| Total liabilities | &nbsp;&nbsp; $5551533 |
| Net assets | &nbsp;&nbsp; $206952691 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $276928007 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (69975316)<br>|
| Net assets | &nbsp;&nbsp; $206952691 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 36018850 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share (a)**<br>|
| Class A | &nbsp;&nbsp;&nbsp; $95365152 | &nbsp;&nbsp;&nbsp; 16590666 | &nbsp;&nbsp;&nbsp; $5.75 |
| Class B | &nbsp;&nbsp;&nbsp; 121730 | &nbsp;&nbsp;&nbsp; 21131 | &nbsp;&nbsp;&nbsp;&nbsp;5.76 |
| Class C | &nbsp;&nbsp;&nbsp; 3151634 | &nbsp;&nbsp;&nbsp; 548909 | &nbsp;&nbsp;&nbsp;&nbsp;5.74 |
| Class I | &nbsp;&nbsp;&nbsp; 84446934 | &nbsp;&nbsp;&nbsp; 14704311 | &nbsp;&nbsp;&nbsp;&nbsp;5.74 |
| Class R1 | &nbsp;&nbsp;&nbsp; 96716 | &nbsp;&nbsp;&nbsp; 16828 | &nbsp;&nbsp;&nbsp;&nbsp;5.75 |
| Class R2 | &nbsp;&nbsp;&nbsp; 475880 | &nbsp;&nbsp;&nbsp; 82660 | &nbsp;&nbsp;&nbsp;&nbsp;5.76 |
| Class R3 | &nbsp;&nbsp;&nbsp; 2964274 | &nbsp;&nbsp;&nbsp; 512664 | &nbsp;&nbsp;&nbsp;&nbsp;5.78 |
| Class R4 | &nbsp;&nbsp;&nbsp; 1795215 | &nbsp;&nbsp;&nbsp; 310469 | &nbsp;&nbsp;&nbsp;&nbsp;5.78 |
| Class R6 | &nbsp;&nbsp;&nbsp; 18535156 | &nbsp;&nbsp;&nbsp; 3231212 | &nbsp;&nbsp;&nbsp;&nbsp;5.74 |

---

&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 $6.01 [100 / 95.75 x $5.75]. 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 Global High Yield 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 1/31/26** <br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from affiliated issuers | &nbsp;&nbsp; $8858253 |
| Interest | &nbsp;&nbsp; 4291972 |
| Other | &nbsp;&nbsp; 121013 |
| Total investment income | &nbsp;&nbsp; $13271238 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $1226811 |
| Distribution and service fees | &nbsp;&nbsp; 288497 |
| Shareholder servicing costs | &nbsp;&nbsp; 251314 |
| Administrative services fee | &nbsp;&nbsp; 35229 |
| Independent Trustees' compensation | &nbsp;&nbsp; 5951 |
| Custodian fee | &nbsp;&nbsp; 26438 |
| Shareholder communications | &nbsp;&nbsp; 24661 |
| Audit and tax fees | &nbsp;&nbsp; 105054 |
| Legal fees | &nbsp;&nbsp; 1165 |
| Registration fees | &nbsp;&nbsp; 153995 |
| Miscellaneous | &nbsp;&nbsp; 41713 |
| Total expenses | &nbsp;&nbsp; $2160828 |
| Fees paid indirectly | &nbsp;&nbsp; (1742)<br>|
| Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp; (423415)<br>|
| Net expenses | &nbsp;&nbsp; $1735671 |
| Net investment income (loss) | &nbsp;&nbsp; $11535567 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $1148340 |
| Affiliated issuers | &nbsp;&nbsp; (2007944)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (3603452)<br>|
| Foreign currency | &nbsp;&nbsp; 39231 |
| Net realized gain (loss) | &nbsp;&nbsp; $(4423825)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $3956287 |
| Affiliated issuers | &nbsp;&nbsp; 4040450 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (271473)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 19403 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $7744667 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $3320842 |
| Change in net assets from operations | &nbsp;&nbsp; $14856409 |

---

**See Notes to Financial Statements**

------

MFS Global High Yield 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** |
|  | **1/31/26** | **1/31/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $11535567 | &nbsp;&nbsp; $11799720 |
| Net realized gain (loss) | (4423825)<br>| &nbsp;&nbsp; (4368194)<br>|
| Net unrealized gain (loss) | 7744667 | &nbsp;&nbsp; 10339110 |
| Change in net assets from operations | $14856409 | &nbsp;&nbsp; $17770636 |
| Total distributions to shareholders | $(9862917)<br>| &nbsp;&nbsp; $(11149625)<br>|
| Change in net assets from fund share transactions | $20056501 | &nbsp;&nbsp; $(36574581)<br>|
| Total change in net assets | $25049993 | &nbsp;&nbsp; $(29953570)<br>|
| **Net assets** |  |  |
| At beginning of period | 181902698 | &nbsp;&nbsp; 211856268 |
| At end of period | $206952691 | &nbsp;&nbsp; $181902698 |

---

**See Notes to Financial Statements**

------

MFS Global High Yield 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** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $5.61 | &nbsp;&nbsp; $5.43 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $5.94 | &nbsp;&nbsp; $6.24 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.34 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.26 |
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.24)<br>|
| Total from investment operations | $0.43 | &nbsp;&nbsp; $0.48 | &nbsp;&nbsp; $0.46 | &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $0.02 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.29)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.44)<br>| &nbsp;&nbsp; $(0.32)<br>|
| Net asset value, end of period (x) | $5.75 | &nbsp;&nbsp; $5.61 | &nbsp;&nbsp; $5.43 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $5.94 |
| Total return (%) (r)(s)(t)(x) | 7.85 | &nbsp;&nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp; (4.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f)(h) | 1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Expenses after expense reductions (f)(h) | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Net investment income (loss) | 6.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.76 | &nbsp;&nbsp;&nbsp;&nbsp;5.50 | &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.16 |
| Portfolio turnover rate | 38 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $95365 | &nbsp;&nbsp; $100703 | &nbsp;&nbsp; $106280 | &nbsp;&nbsp; $108712 | &nbsp;&nbsp; $133193 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class B**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $5.63 | &nbsp;&nbsp; $5.44 | &nbsp;&nbsp; $5.22 | &nbsp;&nbsp; $5.95 | &nbsp;&nbsp; $6.25 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.30 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.21 |
| Net realized and unrealized gain (loss) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.23)<br>|
| Total from investment operations | $0.38 | &nbsp;&nbsp; $0.45 | &nbsp;&nbsp; $0.42 | &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.02)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.25)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $(0.28)<br>|
| Net asset value, end of period (x) | $5.76 | &nbsp;&nbsp; $5.63 | &nbsp;&nbsp; $5.44 | &nbsp;&nbsp; $5.22 | &nbsp;&nbsp; $5.95 |
| Total return (%) (r)(s)(t)(x) | 6.86 | &nbsp;&nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp; (5.28)<br>| &nbsp;&nbsp; (0.44)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f)(h) | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 |
| Expenses after expense reductions (f)(h) | 1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| Net investment income (loss) | 5.28 | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 |
| Portfolio turnover rate | 38 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $122 | &nbsp;&nbsp; $258 | &nbsp;&nbsp; $483 | &nbsp;&nbsp; $924 | &nbsp;&nbsp; $1831 |

---

**See Notes to Financial Statements**

------

MFS Global High Yield Fund

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $5.61 | &nbsp;&nbsp; $5.43 | &nbsp;&nbsp; $5.20 | &nbsp;&nbsp; $5.93 | &nbsp;&nbsp; $6.23 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.30 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.21 |
| Net realized and unrealized gain (loss) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.23)<br>|
| Total from investment operations | $0.38 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.02)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.25)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $(0.28)<br>|
| Net asset value, end of period (x) | $5.74 | &nbsp;&nbsp; $5.61 | &nbsp;&nbsp; $5.43 | &nbsp;&nbsp; $5.20 | &nbsp;&nbsp; $5.93 |
| Total return (%) (r)(s)(t)(x) | 6.86 | &nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;8.56 | &nbsp;&nbsp; (5.33)<br>| &nbsp;&nbsp; (0.45)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f)(h) | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 |
| Expenses after expense reductions (f)(h) | 1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| Net investment income (loss) | 5.28 | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 |
| Portfolio turnover rate | 38 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $3152 | &nbsp;&nbsp; $4163 | &nbsp;&nbsp; $4474 | &nbsp;&nbsp; $5314 | &nbsp;&nbsp; $7408 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $5.61 | &nbsp;&nbsp; $5.43 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $5.94 | &nbsp;&nbsp; $6.24 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.35 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.27 |
| Net realized and unrealized gain (loss) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.23)<br>|
| Total from investment operations | $0.43 | &nbsp;&nbsp; $0.49 | &nbsp;&nbsp; $0.47 | &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $0.04 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.30)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.46)<br>| &nbsp;&nbsp; $(0.34)<br>|
| Net asset value, end of period (x) | $5.74 | &nbsp;&nbsp; $5.61 | &nbsp;&nbsp; $5.43 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $5.94 |
| Total return (%) (r)(s)(t)(x) | 7.93 | &nbsp;&nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;&nbsp;&nbsp;9.43 | &nbsp;&nbsp; (4.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f)(h) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Expenses after expense reductions (f)(h) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Net investment income (loss) | 6.23 | &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;4.42 |
| Portfolio turnover rate | 38 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $84447 | &nbsp;&nbsp; $55178 | &nbsp;&nbsp; $75223 | &nbsp;&nbsp; $49233 | &nbsp;&nbsp; $96925 |

---

**See Notes to Financial Statements**

------

MFS Global High Yield Fund

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R1**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $5.61 | &nbsp;&nbsp; $5.43 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $5.94 | &nbsp;&nbsp; $6.24 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.30 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.21 |
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.23)<br>|
| Total from investment operations | $0.39 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $0.42 | &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.02)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.25)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $(0.28)<br>|
| Net asset value, end of period (x) | $5.75 | &nbsp;&nbsp; $5.61 | &nbsp;&nbsp; $5.43 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $5.94 |
| Total return (%) (r)(s)(t)(x) | 7.05 | &nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;8.36 | &nbsp;&nbsp; (5.30)<br>| &nbsp;&nbsp; (0.45)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f)(h) | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 |
| Expenses after expense reductions (f)(h) | 1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| Net investment income (loss) | 5.27 | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 |
| Portfolio turnover rate | 38 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $97 | &nbsp;&nbsp; $88 | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $68 | &nbsp;&nbsp; $68 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R2**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $5.62 | &nbsp;&nbsp; $5.44 | &nbsp;&nbsp; $5.22 | &nbsp;&nbsp; $5.95 | &nbsp;&nbsp; $6.25 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.33 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.24 |
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.23)<br>|
| Total from investment operations | $0.42 | &nbsp;&nbsp; $0.47 | &nbsp;&nbsp; $0.45 | &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $0.01 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.28)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $(0.31)<br>|
| Net asset value, end of period (x) | $5.76 | &nbsp;&nbsp; $5.62 | &nbsp;&nbsp; $5.44 | &nbsp;&nbsp; $5.22 | &nbsp;&nbsp; $5.95 |
| Total return (%) (r)(s)(t)(x) | 7.58 | &nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp;&nbsp;8.89 | &nbsp;&nbsp; (4.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f)(h) | 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
| Expenses after expense reductions (f)(h) | 1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Net investment income (loss) | 5.77 | &nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 |
| Portfolio turnover rate | 38 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $476 | &nbsp;&nbsp; $516 | &nbsp;&nbsp; $509 | &nbsp;&nbsp; $427 | &nbsp;&nbsp; $443 |

---

**See Notes to Financial Statements**

------

MFS Global High Yield Fund

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R3**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $5.64 | &nbsp;&nbsp; $5.46 | &nbsp;&nbsp; $5.24 | &nbsp;&nbsp; $5.97 | &nbsp;&nbsp; $6.28 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.34 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.26 |
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.24)<br>|
| Total from investment operations | $0.43 | &nbsp;&nbsp; $0.48 | &nbsp;&nbsp; $0.46 | &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $0.02 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.29)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(0.33)<br>|
| Net asset value, end of period (x) | $5.78 | &nbsp;&nbsp; $5.64 | &nbsp;&nbsp; $5.46 | &nbsp;&nbsp; $5.24 | &nbsp;&nbsp; $5.97 |
| Total return (%) (r)(s)(t)(x) | 7.84 | &nbsp;&nbsp;&nbsp;&nbsp;9.03 | &nbsp;&nbsp;&nbsp;&nbsp;9.14 | &nbsp;&nbsp; (4.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f)(h) | 1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Expenses after expense reductions (f)(h) | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Net investment income (loss) | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.76 | &nbsp;&nbsp;&nbsp;&nbsp;5.50 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 |
| Portfolio turnover rate | 38 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $2964 | &nbsp;&nbsp; $1925 | &nbsp;&nbsp; $1713 | &nbsp;&nbsp; $2328 | &nbsp;&nbsp; $2567 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R4**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $5.64 | &nbsp;&nbsp; $5.46 | &nbsp;&nbsp; $5.23 | &nbsp;&nbsp; $5.97 | &nbsp;&nbsp; $6.27 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.36 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.28 |
| Net realized and unrealized gain (loss) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.24)<br>|
| Total from investment operations | $0.44 | &nbsp;&nbsp; $0.49 | &nbsp;&nbsp; $0.49 | &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $0.04 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.30)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.46)<br>| &nbsp;&nbsp; $(0.34)<br>|
| Net asset value, end of period (x) | $5.78 | &nbsp;&nbsp; $5.64 | &nbsp;&nbsp; $5.46 | &nbsp;&nbsp; $5.23 | &nbsp;&nbsp; $5.97 |
| Total return (%) (r)(s)(t)(x) | 8.11 | &nbsp;&nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f)(h) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Expenses after expense reductions (f)(h) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Net investment income (loss) | 6.27 | &nbsp;&nbsp;&nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.76 | &nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;&nbsp;4.42 |
| Portfolio turnover rate | 38 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $1795 | &nbsp;&nbsp; $2031 | &nbsp;&nbsp; $7063 | &nbsp;&nbsp; $6804 | &nbsp;&nbsp; $6316 |

---

**See Notes to Financial Statements**

------

MFS Global High Yield Fund

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $5.60 | &nbsp;&nbsp; $5.42 | &nbsp;&nbsp; $5.20 | &nbsp;&nbsp; $5.93 | &nbsp;&nbsp; $6.23 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.36 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.28 |
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.23)<br>|
| Total from investment operations | $0.45 | &nbsp;&nbsp; $0.50 | &nbsp;&nbsp; $0.48 | &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $0.05 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.31)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.46)<br>| &nbsp;&nbsp; $(0.35)<br>|
| Net asset value, end of period (x) | $5.74 | &nbsp;&nbsp; $5.60 | &nbsp;&nbsp; $5.42 | &nbsp;&nbsp; $5.20 | &nbsp;&nbsp; $5.93 |
| Total return (%) (r)(s)(t)(x) | 8.23 | &nbsp;&nbsp;&nbsp;&nbsp;9.44 | &nbsp;&nbsp;&nbsp;&nbsp;9.56 | &nbsp;&nbsp; (4.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f)(h) | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Expenses after expense reductions (f)(h) | 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Net investment income (loss) | 6.36 | &nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;4.53 |
| Portfolio turnover rate | 38 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $18535 | &nbsp;&nbsp; $17040 | &nbsp;&nbsp; $16035 | &nbsp;&nbsp; $16294 | &nbsp;&nbsp; $20365 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly
 bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the
 fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the
 fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund
 will vary.

&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 Global High Yield Fund

**Notes to Financial Statements**

**(1) Business and Organization**

MFS Global High Yield Fund (the fund) is a diversified series of MFS Series Trust III (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. As of January 31, 2026, 65.8% of the fund's net assets was invested in the MFS High Yield Pooled Portfolio ("High Yield Pooled Portfolio"). MFS does not receive a management fee from the High Yield Pooled Portfolio. The High Yield Pooled Portfolio's investment objective is to seek total return with an emphasis on high current income, but also considering capital appreciation. The accounting policies of the High Yield Pooled Portfolio are outlined in its financial statements. The accounting policies detailed in the Significant Accounting Policies note cover both the fund and the High Yield Pooled Portfolio. For purposes of this policy disclosure, "fund" refers to both the fund and the High Yield Pooled Portfolio in which the fund invests. The High Yield Pooled Portfolio's financial statements are not covered by this report. The current Financial & Other Information report for the High Yield Pooled Portfolio as of January 31, 2026 has been included at the end of this report. The fund and the High Yield Pooled Portfolio invest 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 and the High Yield Pooled Portfolio invest in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.

**Segment Reporting** — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — The investments of the fund and the High Yield Pooled Portfolio are valued as described below.

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.

------

MFS Global High Yield Fund

*Notes to Financial Statements - continued* 

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their 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. 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 forward foreign currency exchange contracts. The following is a summary of the levels used as of January 31, 2026 in valuing the fund's assets and liabilities:

------

MFS Global High Yield Fund

*Notes to Financial Statements - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $5020 | $— | $— | $5020 |
| Non - U.S. Sovereign Debt |  | 5942568 |  | 5942568 |
| U.S. Corporate Bonds |  | 1954659 |  | 1954659 |
| Foreign Bonds |  | 59966906 |  | 59966906 |
| Investment Companies | 141715188 |  |  | 141715188 |
| Total | $141720208 | $67864133 | $— | $209584341 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange <br> Contracts – Assets<br>| $— | $31134 | $31134 |
| Forward Foreign Currency Exchange <br> Contracts – Liabilities<br>|  | (593775)<br>| (593775)<br>|

---

For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the High Yield Pooled Portfolio's financial statements for further information regarding the levels used in valuing its assets and liabilities.

**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 forward foreign currency exchange contracts. 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 January 31, 2026 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value** | **Fair Value** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Foreign Exchange | Forward Foreign Currency Exchange Contracts | $31134 | $(593775) |

---

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the year ended January 31, 2026 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Foreign Exchange | $(3603452)<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 January 31, 2026 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Foreign Exchange | $(271473)<br>|

---

------

MFS Global High Yield Fund

*Notes to Financial Statements - continued* 

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.

**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.

**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. Distributions of income and capital gains from the High Yield Pooled Portfolio are recorded on the ex-dividend date.

The MFS Global High Yield 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.

------

MFS Global High Yield Fund

*Notes to Financial Statements - continued* 

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statement of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities.

**Fees Paid Indirectly** — The fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by the fund. The amount of the credit, for the year ended January 31, 2026, is shown as a reduction of total expenses in the Statement of Operations.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to wash sale loss deferrals and derivative transactions.

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**1/31/26**<br>| &nbsp;&nbsp; **Year ended** <br>**1/31/25**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $9862917 | &nbsp;&nbsp; $11149625 |

---

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

---

| | |
|:---|:---|
| **As of 1/31/26** |  |
| Cost of investments | &nbsp;&nbsp; $220273348 |
| Gross appreciation | &nbsp;&nbsp; 7947464 |
| Gross depreciation | &nbsp;&nbsp; (19199112)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(11251648)<br>|
| Undistributed ordinary income | &nbsp;&nbsp; 1621571 |
| Capital loss carryforwards | &nbsp;&nbsp; (59497191)<br>|
| Other temporary differences | &nbsp;&nbsp; (848048)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $(69975316)<br>|

---

As of January 31, 2026, 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:

------

MFS Global High Yield Fund

*Notes to Financial Statements - continued* 

---

| | |
|:---|:---|
| Short-Term | $(3707156)<br>|
| Long-Term | (55790035)<br>|
| Total | $(59497191)<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:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br>**1/31/26**<br>| **Year ended** <br>**1/31/25**<br>|
| Class A | $4976052 | &nbsp;&nbsp; $5610000 |
| Class B | 8243 | &nbsp;&nbsp; 18040 |
| Class C | 155105 | &nbsp;&nbsp; 210103 |
| Class I | 3534272 | &nbsp;&nbsp; 3865459 |
| Class R1 | 3998 | &nbsp;&nbsp; 3852 |
| Class R2 | 25354 | &nbsp;&nbsp; 28382 |
| Class R3 | 101190 | &nbsp;&nbsp; 97500 |
| Class R4 | 109680 | &nbsp;&nbsp; 374925 |
| Class R6 | 949023 | &nbsp;&nbsp; 941364 |
| Total | $9862917 | &nbsp;&nbsp; $11149625 |

---

**(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 $1.5 billion | 0.65% |
| In excess of $1.5 billion and up to $2.5 billion | 0.60% |
| In excess of $2.5 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 May 31, 2027. For the year ended January 31, 2026, this management fee reduction amounted to $26,124, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended January 31, 2026 was equivalent to an annual effective rate of 0.64% of the fund's average daily net assets.

The investment adviser had agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), such that total fund operating expenses did not exceed the following rates annually of each class's average daily net assets:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Classes | Classes | Classes | Classes | Classes | Classes | Classes | Classes | Classes |
| A | B | C | I | R1 | R2 | R3 | R4 | R6 |
| 1.05% | 1.80% | 1.80% | 0.80% | 1.80% | 1.30% | 1.05% | 0.80% | 0.72% |

---

This written agreement was terminated on July 31, 2025. For the period from February 1, 2025 through July 31, 2025, this reduction amounted to $160,865, which is included in the reduction of total expenses in the Statement of Operations. Effective August 1, 2025, the investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes,extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and

------

MFS Global High Yield Fund

*Notes to Financial Statements - continued* 

closing agreement expenses), and investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), such that total annual operating expenses do not exceed the following rates annually of each class's average daily net assets:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Classes | Classes | Classes | Classes | Classes | Classes | Classes | Classes | Classes |
| A | B | C | I | R1 | R2 | R3 | R4 | R6 |
| 1.00% | 1.75% | 1.75% | 0.75% | 1.75% | 1.25% | 1.00% | 0.75% | 0.67% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until May 31, 2027. For the period from August 1, 2025 through January 31, 2026, this reduction amounted to $236,260, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $1,580 for the year ended January 31, 2026, as its portion of the initial sales charge on sales of Class A shares of the fund.

The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and service fees are computed daily and paid monthly.

**Distribution Plan Fee Table:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution** <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% | $242853 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | 1864 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 35292 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 917 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 2615 |
| Class R3 |  | 0.25% | 0.25% | 0.25% | 4956 |
| Total Distribution and Service Fees  |  |  |  |  | $288497 |

---

(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 January 31, 2026 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the year ended January 31, 2026, this rebate amounted to $127 and $39 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 January 31, 2026, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $172 |
| Class B |  |
| Class C | 81 |

---

**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 January 31, 2026, the fee was $66,028, which equated to 0.0350% 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 January 31, 2026, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $185,286.

------

MFS Global High Yield Fund

*Notes to Financial Statements - continued* 

**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 January 31, 2026 was equivalent to an annual effective rate of 0.0187% 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.

The fund invests in the MFS High Yield Pooled Portfolio, which is a mutual fund advised by MFS that does not pay management fees to MFS and does not pay distribution and/or service fees to MFD, but does incur investment and operating costs. The fund invests in MFS High Yield Pooled Portfolio to gain exposure to high income debt instruments, rather than investing in high income debt instruments directly. Income earned on this investment is included in "Dividends from affiliated issuers" in the Statement of Operations.

MFS purchased or redeemed fund shares on the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Transaction** | **Class** | **Shares** | **Amount** |
| 8/19/2024 | Redemption | Class I | 3 | $16 |
| 8/19/2024 | Redemption | Class R3 | 4 | 22 |
| 8/19/2024 | Redemption | Class R4 | 4 | 20 |

---

At January 31, 2026, MFS held approximately 79% of the outstanding shares of Class R1.

**(4) Portfolio Securities**

For the year ended January 31, 2026, purchases and sales of investments, other than short-term obligations, aggregated $79,072,326 and $69,763,148, respectively.

**(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>**1/31/26** | **Year ended** <br>**1/31/26** | **Year ended** <br>**1/31/25** | **Year ended** <br>**1/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Class A | 1820483 | &nbsp;&nbsp; $10262741 | &nbsp;&nbsp; 1362309 | &nbsp;&nbsp; $7499808 |
| Class B |  |  | &nbsp;&nbsp; 1584 | &nbsp;&nbsp; 8572 |
| Class C | 55974 | &nbsp;&nbsp; 316689 | &nbsp;&nbsp; 97373 | &nbsp;&nbsp; 532046 |
| Class I | 11493342 | &nbsp;&nbsp; 64716191 | &nbsp;&nbsp; 4878231 | &nbsp;&nbsp; 26823434 |
| Class R1 | 543 | &nbsp;&nbsp; 3062 | &nbsp;&nbsp; 668 | &nbsp;&nbsp; 3668 |
| Class R2 | 18093 | &nbsp;&nbsp; 102496 | &nbsp;&nbsp; 16294 | &nbsp;&nbsp; 89102 |
| Class R3 | 352820 | &nbsp;&nbsp; 2012337 | &nbsp;&nbsp; 53801 | &nbsp;&nbsp; 298217 |
| Class R4 | 70152 | &nbsp;&nbsp; 399505 | &nbsp;&nbsp; 146066 | &nbsp;&nbsp; 804307 |
| Class R6 | 515609 | &nbsp;&nbsp; 2911925 | &nbsp;&nbsp; 449984 | &nbsp;&nbsp; 2482870 |
|  | 14327016 | &nbsp;&nbsp; $80724946 | &nbsp;&nbsp; 7006310 | &nbsp;&nbsp; $38542024 |

---

------

MFS Global High Yield Fund

*Notes to Financial Statements - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended**<br> **1/31/26** | **Year ended**<br> **1/31/26** | **Year ended**<br> **1/31/25** | **Year ended**<br> **1/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Class A | 847712 | &nbsp;&nbsp; $4796300 | &nbsp;&nbsp; 979398 | &nbsp;&nbsp; $5406572 |
| Class B | 1422 | &nbsp;&nbsp; 8051 | &nbsp;&nbsp; 3240 | &nbsp;&nbsp; 17888 |
| Class C | 26088 | &nbsp;&nbsp; 147342 | &nbsp;&nbsp; 36779 | &nbsp;&nbsp; 202704 |
| Class I | 619900 | &nbsp;&nbsp; 3507531 | &nbsp;&nbsp; 696469 | &nbsp;&nbsp; 3837488 |
| Class R1 | 706 | &nbsp;&nbsp; 3997 | &nbsp;&nbsp; 697 | &nbsp;&nbsp; 3852 |
| Class R2 | 4432 | &nbsp;&nbsp; 25142 | &nbsp;&nbsp; 5134 | &nbsp;&nbsp; 28382 |
| Class R3 | 17347 | &nbsp;&nbsp; 98775 | &nbsp;&nbsp; 17555 | &nbsp;&nbsp; 97499 |
| Class R4 | 19270 | &nbsp;&nbsp; 109654 | &nbsp;&nbsp; 67657 | &nbsp;&nbsp; 374832 |
| Class R6 | 152585 | &nbsp;&nbsp; 862282 | &nbsp;&nbsp; 154209 | &nbsp;&nbsp; 849775 |
|  | 1689462 | &nbsp;&nbsp; $9559074 | &nbsp;&nbsp; 1961138 | &nbsp;&nbsp; $10818992 |
| Shares reacquired |  |  |  |  |
| Class A | (4022089)<br>| &nbsp;&nbsp; $(22727851)<br>| &nbsp;&nbsp; (3963398)<br>| &nbsp;&nbsp; $(21853129)<br>|
| Class B | (26131)<br>| &nbsp;&nbsp; (146989)<br>| &nbsp;&nbsp; (47625)<br>| &nbsp;&nbsp; (263812)<br>|
| Class C | (275858)<br>| &nbsp;&nbsp; (1554803)<br>| &nbsp;&nbsp; (216102)<br>| &nbsp;&nbsp; (1194435)<br>|
| Class I | (7245874)<br>| &nbsp;&nbsp; (41006200)<br>| &nbsp;&nbsp; (9591544)<br>| &nbsp;&nbsp; (52996039)<br>|
| Class R1 | (37)<br>| &nbsp;&nbsp; (209)<br>| &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; (55)<br>|
| Class R2 | (31719)<br>| &nbsp;&nbsp; (181248)<br>| &nbsp;&nbsp; (23182)<br>| &nbsp;&nbsp; (128504)<br>|
| Class R3 | (198640)<br>| &nbsp;&nbsp; (1118642)<br>| &nbsp;&nbsp; (43844)<br>| &nbsp;&nbsp; (241934)<br>|
| Class R4 | (138831)<br>| &nbsp;&nbsp; (791581)<br>| &nbsp;&nbsp; (1148167)<br>| &nbsp;&nbsp; (6399209)<br>|
| Class R6 | (479679)<br>| &nbsp;&nbsp; (2699996)<br>| &nbsp;&nbsp; (519489)<br>| &nbsp;&nbsp; (2858480)<br>|
|  | (12418858)<br>| &nbsp;&nbsp; $(70227519)<br>| &nbsp;&nbsp; (15553361)<br>| &nbsp;&nbsp; $(85935597)<br>|
| Net change |  |  |  |  |
| Class A | (1353894)<br>| &nbsp;&nbsp; $(7668810)<br>| &nbsp;&nbsp; (1621691)<br>| &nbsp;&nbsp; $(8946749)<br>|
| Class B | (24709)<br>| &nbsp;&nbsp; (138938)<br>| &nbsp;&nbsp; (42801)<br>| &nbsp;&nbsp; (237352)<br>|
| Class C | (193796)<br>| &nbsp;&nbsp; (1090772)<br>| &nbsp;&nbsp; (81950)<br>| &nbsp;&nbsp; (459685)<br>|
| Class I | 4867368 | &nbsp;&nbsp; 27217522 | &nbsp;&nbsp; (4016844)<br>| &nbsp;&nbsp; (22335117)<br>|
| Class R1 | 1212 | &nbsp;&nbsp; 6850 | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; 7465 |
| Class R2 | (9194)<br>| &nbsp;&nbsp; (53610)<br>| &nbsp;&nbsp; (1754)<br>| &nbsp;&nbsp; (11020)<br>|
| Class R3 | 171527 | &nbsp;&nbsp; 992470 | &nbsp;&nbsp; 27512 | &nbsp;&nbsp; 153782 |
| Class R4 | (49409)<br>| &nbsp;&nbsp; (282422)<br>| &nbsp;&nbsp; (934444)<br>| &nbsp;&nbsp; (5220070)<br>|
| Class R6 | 188515 | &nbsp;&nbsp; 1074211 | &nbsp;&nbsp; 84704 | &nbsp;&nbsp; 474165 |
|  | 3597620 | &nbsp;&nbsp; $20056501 | &nbsp;&nbsp; (6585913)<br>| &nbsp;&nbsp; $(36574581)<br>|

---

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 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended January 31, 2026, the fund's commitment fee and interest expense were $863 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

------

MFS Global High Yield Fund

*Notes to Financial Statements - continued* 

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

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the year ended January 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 High Yield Pooled Portfolio | &nbsp;&nbsp; $117133676 | &nbsp;&nbsp; $47752323 | &nbsp;&nbsp; $30759025 | &nbsp;&nbsp; $(2008071)<br>| &nbsp;&nbsp; $4040361 | &nbsp;&nbsp; $136159264 |
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; 3066027 | &nbsp;&nbsp; 69702410 | &nbsp;&nbsp; 67212729 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 5555924 |
|  | &nbsp;&nbsp; $120199703 | &nbsp;&nbsp; $117454733 | &nbsp;&nbsp; $97971754 | &nbsp;&nbsp; $(2007944)<br>| &nbsp;&nbsp; $4040450 | &nbsp;&nbsp; $141715188 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS High Yield Pooled Portfolio | &nbsp;&nbsp; $8688940 | $— |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; 169313 |  |
|  | &nbsp;&nbsp; $8858253 | $— |

---

------

MFS Global High Yield Fund

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Series Trust III and the Shareholders of MFS Global High Yield Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Global High Yield Fund (the "Fund"), including the portfolio of investments, as of January 31, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, and 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 the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights 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 Fund 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund'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 and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

March 18, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Global High Yield Fund

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2026 income tax forms in January 2027. 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 Global High Yield Fund.

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

There is nothing to report for this item for MFS Global High Yield Fund.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Global High Yield Fund. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS High Yield Pooled Portfolio

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

MFS High Yield Pooled Portfolio

**PORTFOLIO OF INVESTMENTS - 1/31/26**

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 94.7% |  |  |
| Aerospace & Defense – 3.0% |  |  |
| Axon Enterprise, Inc., 6.125%, 3/15/2030 (n) | $1917000 | $1970578 |
| Axon Enterprise, Inc., 6.25%, 3/15/2033 (n) | 643000 | 666244 |
| Bombardier, Inc., 7.5%, 2/01/2029 (n) | 455000 | 472640 |
| Bombardier, Inc., 8.75%, 11/15/2030 (n) | 404000 | 432954 |
| Bombardier, Inc., 7.25%, 7/01/2031 (n) | 1133000 | 1202865 |
| Bombardier, Inc., 7%, 6/01/2032 (n) | 500000 | 524859 |
| Bombardier, Inc., 6.75%, 6/15/2033 (n) | 1332000 | 1399122 |
| TransDigm, Inc., 6.75%, 8/15/2028 (n) | 1111000 | 1129697 |
| TransDigm, Inc., 4.625%, 1/15/2029 | 1688000 | 1677797 |
| TransDigm, Inc., 6.375%, 3/01/2029 (n) | 868000 | 892586 |
| TransDigm, Inc., 6.875%, 12/15/2030 (n) | 2753000 | 2867484 |
| TransDigm, Inc., 6.375%, 5/31/2033 (n) | 3116000 | 3172125 |
|  |  | $16408951 |
| Automotive – 2.9% |  |  |
| Allison Transmission, Inc., 3.75%, 1/30/2031 (n) | $2941000 | $2772280 |
| Allison Transmission, Inc., 5.875%, 12/01/2033 (n) | 420000 | 425945 |
| American Axle & Manufacturing, Inc., 6.375%, 10/15/2032 (n) | 756000 | 771343 |
| American Axle & Manufacturing, Inc., 7.75%, 10/15/2033 (n) | 1420000 | 1460793 |
| Clarios Global LP/Clarios US Finance Co., 6.75%, 2/15/2030 (n) | 944000 | 987548 |
| Clarios Global LP/Clarios US Finance Co., 4.75%, 6/15/2031 (n) | 952000 | 1146501 |
| Clarios Global LP/Clarios US Finance Co., 6.75%, 9/15/2032 (n) | $481000 | 497849 |
| Dealer Tire LLC/DT Issuer LLC, 8%, 2/01/2028 (n) | 1602000 | 1599438 |
| Forvia SE, 6.75%, 9/15/2033 (n) | 1396000 | 1431376 |
| J.B. Poindexter & Co., Inc., 8.75%, 12/15/2031 (n) | 919000 | 954666 |
| New Flyer Holdings, Inc., 9.25%, 7/01/2030 (n) | 1716000 | 1848778 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n) | 989000 | 487894 |
| Wabash National Corp., 4.5%, 10/15/2028 (n) | 1889000 | 1757976 |
|  |  | $16142387 |
| Broadcasting – 2.7% |  |  |
| Banijay Group S.A.S., 8.125%, 5/01/2029 (n) | $1391000 | $1445332 |
| Dotdash Meredith, Inc., 7.625%, 6/15/2032 (n) | 1429000 | 1302787 |
| Gray Media, Inc., 9.625%, 7/15/2032 (n) | 1302000 | 1342299 |
| Gray Media, Inc., 7.25%, 8/15/2033 (n) | 943000 | 965418 |
| Scripps Escrow II, Inc., 3.875%, 1/15/2029 (n) | 698000 | 644187 |
| Sinclair Television Group, Inc., 8.125%, 2/15/2033 (n) | 1770000 | 1830923 |
| Stagwell Global LLC, 5.625%, 8/15/2029 (n) | 1918000 | 1859815 |
| Univision Communications, Inc., 8%, 8/15/2028 (n) | 992000 | 1023741 |
| Univision Communications, Inc., 8.5%, 7/31/2031 (n) | 2072000 | 2160800 |
| Versant Media Group, Inc., 7.25%, 1/30/2031 (n) | 929000 | 952030 |
| WarnerMedia Holdings, Inc., 5.05%, 3/15/2042 | 1690000 | 1187225 |
|  |  | $14714557 |
| Brokerage & Asset Managers – 1.8% |  |  |
| Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n) | $1148000 | $1236614 |
| Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n) | 445000 | 443910 |
| Hightower Holding LLC, 6.75%, 4/15/2029 (n) | 1278000 | 1276244 |
| Hightower Holding LLC, 9.125%, 1/31/2030 (n) | 772000 | 814872 |

---

HYPFS-ANN 1

MFS High Yield Pooled Portfolio

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued |  |  |
| Brokerage & Asset Managers – continued |  |  |
| Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n) | $3819000 | $3889678 |
| Osaic Holdings, Inc., 8%, 8/01/2033 (n) | 1808000 | 1874046 |
| Osaic Holdings, Inc., 8%, 8/01/2033 (n) | 504000 | 522275 |
|  |  | $10057639 |
| Building – 3.1% |  |  |
| AmeriTex Holdco Intermediate LLC, 7.625%, 8/15/2033 (n) | $1773000 | $1864770 |
| Cornerstone Building Brands, Inc., 6.125%, 1/15/2029 (n) | 1550000 | 684340 |
| Cornerstone Building Brands, Inc., 9.5%, 8/15/2029 (n) | 714000 | 539319 |
| Knife River Corp., 7.75%, 5/01/2031 (n) | 1204000 | 1253665 |
| LBM Acquisition LLC, 6.25%, 1/15/2029 (n) | 955000 | 881826 |
| LBM Acquisition LLC, 9.5%, 6/15/2031 (n) | 1440000 | 1516491 |
| Miter Brands Acquisition Holdco, Inc., 6.75%, 4/01/2032 (n) | 590000 | 605967 |
| MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n) | 1594000 | 1548555 |
| New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n) | 652000 | 655260 |
| Patrick Industries, Inc., 6.375%, 11/01/2032 (n) | 2234000 | 2286448 |
| Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n) | 3579000 | 3711751 |
| White Cap Supply Holding Co., 7.375%, 11/15/2030 (n) | 1690000 | 1755374 |
|  |  | $17303766 |
| Business Services – 2.5% |  |  |
| ams-OSRAM AG, 10.5%, 3/30/2029 | 876000 | $1100934 |
| athenahealth, Inc., 6.5%, 2/15/2030 (n) | $1940000 | 1881497 |
| CACI International, Inc., 6.375%, 6/15/2033 (n) | 2223000 | 2306445 |
| ION Platform Finance US, Inc., 7.875%, 9/30/2032 (n) | 1584000 | 1389190 |
| Iron Mountain, Inc., 5.25%, 3/15/2028 (n) | 1568000 | 1567553 |
| Iron Mountain, Inc., 5.625%, 7/15/2032 (n) | 1887000 | 1863359 |
| Iron Mountain, Inc., 6.25%, 1/15/2033 (n) | 1537000 | 1553125 |
| Wulf Compute LLC, 7.75%, 10/15/2030 (n) | 2324000 | 2423979 |
|  |  | $14086082 |
| Cable TV – 4.3% |  |  |
| Cable One, Inc., 4%, 11/15/2030 (n) | $1308000 | $952035 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n) | 4715000 | 4504244 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | 3482000 | 3272526 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 5/01/2032 | 1165000 | 1045456 |
| CSC Holdings LLC, 5.375%, 2/01/2028 (n) | 2150000 | 1604648 |
| CSC Holdings LLC, 5.75%, 1/15/2030 (n) | 1290000 | 507040 |
| CSC Holdings LLC, 4.125%, 12/01/2030 (n) | 775000 | 469963 |
| DIRECTV Financing LLC, 8.875%, 2/01/2030 (n) | 710000 | 719276 |
| DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 10%, 2/15/2031 (n) | 512000 | 527406 |
| DISH DBS Corp., 5.125%, 6/01/2029 | 1646000 | 1456738 |
| DISH Network Corp., 11.75%, 11/15/2027 (n) | 1356000 | 1403403 |
| EchoStar Corp., 10.75%, 11/30/2029 | 1741355 | 1908908 |
| EchoStar Corp., 6.75% (6.75% Cash or 6.75% PIK) to 5/30/2027, 6.75% Cash to 11/30/2030 (p) | 1422664 | 1421758 |
| Virgin Media Finance PLC, 5%, 7/15/2030 (n) | 1579000 | 1379685 |
| Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n) | 2906000 | 2553062 |
|  |  | $23726148 |
| Chemicals – 2.9% |  |  |
| Cerdia Finanz GmbH, 9.375%, 10/03/2031 (n) | $1865000 | $1897115 |
| Chemours Co., 4.625%, 11/15/2029 (n) | 2344000 | 2185760 |
| Consolidated Energy Finance S.A., 6.5%, 5/15/2026 (n) | 300000 | 297000 |

---

MFS High Yield Pooled Portfolio

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued |  |  |
| Chemicals – continued |  |  |
| Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n) | $1648000 | $1359600 |
| Maxam Prill S.à r.l., 6%, 7/15/2030 (n) | 1728000 | 2126365 |
| Qnity Electronics, Inc., 5.75%, 8/15/2032 (n) | $1377000 | 1402769 |
| Qnity Electronics, Inc., 6.25%, 8/15/2033 (n) | 770000 | 794713 |
| SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n) | 2097000 | 2095967 |
| SNF Group SACA, 3.375%, 3/15/2030 (n) | 2168000 | 2038589 |
| Tronox, Inc., 4.625%, 3/15/2029 (n) | 474000 | 364332 |
| W.R. Grace Holdings LLC, 7%, 8/01/2033 (n) | 1404000 | 1405755 |
|  |  | $15967965 |
| Computer Software – 2.3% |  |  |
| Amentum Escrow Corp., 7.25%, 8/01/2032 (n) | $2207000 | $2325787 |
| Cloud Software Group, Inc., 9%, 9/30/2029 (n) | 492000 | 496807 |
| Cloud Software Group, Inc., 8.25%, 6/30/2032 (n) | 1906000 | 1938560 |
| Cloud Software Group, Inc., 6.625%, 8/15/2033 (n) | 1242000 | 1190564 |
| Fair Isaac Corp., 6%, 5/15/2033 (n) | 2708000 | 2759276 |
| Flash Compute LLC, 7.25%, 12/31/2030 (n) | 467000 | 468585 |
| Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n) | 1975000 | 2027942 |
| Neptune Bidco U.S., Inc., 10.375%, 5/15/2031 (n) | 585000 | 618517 |
| Neptune Bidco U.S., Inc., 9.5%, 2/15/2033 (n) | 649000 | 660855 |
|  |  | $12486893 |
| Computer Software - Systems – 1.1% |  |  |
| SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n) | $2048000 | $2046228 |
| SS&C Technologies Holdings, Inc., 6.5%, 6/01/2032 (n) | 585000 | 603968 |
| Virtusa Corp., 7.125%, 12/15/2028 (n) | 1107000 | 1085993 |
| Zebra Technologies Corp., "A", 6.5%, 6/01/2032 (n) | 2062000 | 2123934 |
|  |  | $5860123 |
| Conglomerates – 1.2% |  |  |
| Amsted Industries, Inc., 6.375%, 3/15/2033 (n) | $1297000 | $1342318 |
| CompoSecure Holdings LLC, 5.625%, 2/01/2033 (n) | 1408000 | 1403494 |
| Emerald Debt Merger, 6.625%, 12/15/2030 (n) | 1724000 | 1784473 |
| SPX Flow, Inc., 8.75%, 4/01/2030 (n) | 1927000 | 1979887 |
|  |  | $6510172 |
| Construction – 1.2% |  |  |
| Empire Communities Corp., 9.75%, 5/01/2029 (n) | $1537000 | $1588222 |
| Mattamy Group Corp., 4.625%, 3/01/2030 (n) | 1037000 | 1012572 |
| Mattamy Group Corp., 6%, 12/15/2033 (n) | 772000 | 758543 |
| New Home Co., 8.5%, 11/01/2030 (n) | 1603000 | 1669762 |
| Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n) | 1360000 | 1339785 |
|  |  | $6368884 |
| Consumer Products – 2.9% |  |  |
| Acushnet Co., 5.625%, 12/01/2033 (n) | $1932000 | $1950161 |
| Amer Sports Co., 6.75%, 2/16/2031 (n) | 1517000 | 1580093 |
| CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.5%, 10/15/2029 (n) | 1456000 | 1284548 |
| Champ Acquisition Corp., 8.375%, 12/01/2031 (n) | 1536000 | 1637705 |
| Energizer Holdings, Inc., 4.375%, 3/31/2029 (n) | 1346000 | 1292809 |
| Energizer Holdings, Inc., 6%, 9/15/2033 (n) | 540000 | 518988 |
| MajorDrive Holdings IV LLC, 6.375%, 6/01/2029 (n) | 739000 | 594507 |
| Newell Brands, Inc., 6.375%, 5/15/2030 | 1708000 | 1688239 |

---

MFS High Yield Pooled Portfolio

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued |  |  |
| Consumer Products – continued |  |  |
| Newell Brands, Inc., 6.625%, 5/15/2032 | $1111000 | $1088040 |
| Perrigo Finance Unlimited Co., 6.125%, 9/30/2032 | 1858000 | 1827393 |
| Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n) | 1256000 | 1256476 |
| Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n) | 1591000 | 1487148 |
|  |  | $16206107 |
| Consumer Services – 2.8% |  |  |
| Allied Universal Holdco LLC, 6.875%, 6/15/2030 (n) | $838000 | $870268 |
| Allied Universal Holdco LLC, 7.875%, 2/15/2031 (n) | 1487000 | 1564953 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 4/15/2030 (n) | 654000 | 713812 |
| Arches Buyer, Inc., 6.125%, 12/01/2028 (n) | 2006000 | 1961354 |
| Garda World Security Corp., 6.5%, 1/15/2031 (n) | 783000 | 802624 |
| Garda World Security Corp., 8.375%, 11/15/2032 (n) | 2014000 | 2067705 |
| Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 (n) | 2181000 | 2185635 |
| Service Corp. International, 5.75%, 10/15/2032 | 3269000 | 3320856 |
| TriNet Group, Inc., 3.5%, 3/01/2029 (n) | 1365000 | 1290045 |
| TriNet Group, Inc., 7.125%, 8/15/2031 (n) | 687000 | 706809 |
|  |  | $15484061 |
| Containers – 0.9% |  |  |
| Ball Corp., 6%, 6/15/2029 | $1113000 | $1145963 |
| Ball Corp., 2.875%, 8/15/2030 | 2575000 | 2370897 |
| Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/2030 (n) | 1709000 | 1710224 |
|  |  | $5227084 |
| Electronics – 0.2% |  |  |
| Diebold Nixdorf, Inc., 7.75%, 3/31/2030 (n) | $1301000 | $1377855 |
| Energy - Independent – 3.8% |  |  |
| Chord Energy Corp., 6%, 10/01/2030 (n) | $476000 | $485281 |
| Chord Energy Corp., 6.75%, 3/15/2033 (n) | 1701000 | 1763379 |
| CNX Resources Corp., 7.25%, 3/01/2032 (n) | 1893000 | 1980500 |
| Comstock Resources, Inc., 6.75%, 3/01/2029 (n) | 2446000 | 2461596 |
| Gulfport Energy Corp., 6.75%, 9/01/2029 (n) | 2066000 | 2130639 |
| Kraken Oil & Gas Partners LLC, 7.625%, 8/15/2029 (n) | 1166000 | 1165241 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.875%, 12/01/2032 (n) | 2138000 | 2220198 |
| Matador Resources Co., 6.875%, 4/15/2028 (n) | 1223000 | 1249603 |
| Matador Resources Co., 6.5%, 4/15/2032 (n) | 624000 | 635387 |
| Permian Resources Operating LLC, 5.875%, 7/01/2029 (n) | 1284000 | 1288313 |
| Permian Resources Operating LLC, 7%, 1/15/2032 (n) | 1241000 | 1300941 |
| Permian Resources Operating LLC, 6.25%, 2/01/2033 (n) | 478000 | 492412 |
| SM Energy Co., 8.375%, 7/01/2028 (n) | 328000 | 337610 |
| SM Energy Co., 8.625%, 11/01/2030 (n) | 646000 | 683226 |
| SM Energy Co., 8.75%, 7/01/2031 (n) | 1305000 | 1370717 |
| Wildfire Intermediate Holdings LLC, 7.5%, 10/15/2029 (n) | 1373000 | 1391928 |
|  |  | $20956971 |
| Entertainment – 2.4% |  |  |
| Kingpin Intermediate Holdings LLC, 7.25%, 10/15/2032 (n) | $1600000 | $1530620 |
| Life Time, Inc., 6%, 11/15/2031 (n) | 1229000 | 1260082 |
| Lindblad Expeditions Holdings, Inc., 7%, 9/15/2030 (n) | 1433000 | 1495962 |
| NCL Corp. Ltd., 6.25%, 3/01/2030 (n) | 2068000 | 2113624 |
| NCL Corp. Ltd., 6.75%, 2/01/2032 (n) | 779000 | 798324 |

---

MFS High Yield Pooled Portfolio

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued |  |  |
| Entertainment – continued |  |  |
| Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n) | $2203000 | $2251120 |
| Six Flags Entertainment Corp./Canada Wonderland Co., 8.625%, 1/15/2032 (n) | 474000 | 483693 |
| Viking Cruises Ltd. Co., 5.875%, 10/15/2033 (n) | 1233000 | 1250005 |
| Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n) | 2069000 | 2069087 |
|  |  | $13252517 |
| Financial Institutions – 7.2% |  |  |
| Azorra Finance Ltd., 7.75%, 4/15/2030 (n) | $2398000 | $2523631 |
| Azorra Finance Ltd., 7.25%, 1/15/2031 (n) | 690000 | 722664 |
| Credit Acceptance Corp., 9.25%, 12/15/2028 (n) | 661000 | 692643 |
| Credit Acceptance Corp., 6.625%, 3/15/2030 (n) | 1366000 | 1367341 |
| CrossCountry Intermediate HoldCo LLC, 6.5%, 10/01/2030 (n) | 1103000 | 1119534 |
| CrossCountry Intermediate HoldCo LLC, 6.75%, 12/01/2032 (n) | 600000 | 604933 |
| Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n) | 1441000 | 1508547 |
| Freedom Mortgage Holdings LLC, 6.875%, 5/01/2031 (n) | 745000 | 739319 |
| Freedom Mortgage Holdings LLC, 9.125%, 5/15/2031 (n) | 684000 | 723171 |
| FTAI Aviation Ltd., 5.5%, 5/01/2028 (n) | 1764000 | 1765695 |
| FTAI Aviation Ltd., 7.875%, 12/01/2030 (n) | 1205000 | 1277667 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 9/01/2027 (n) | 1607000 | 1663455 |
| goeasy Ltd., 6.875%, 2/15/2031 (n) | 1383000 | 1299969 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/2029 | 1622000 | 1631883 |
| Icahn Enterprises LP/Ichan Enterprises Finance Corp., 10%, 11/15/2029 (n) | 668000 | 674270 |
| Jefferson Capital Holdings LLC, 8.25%, 5/15/2030 (n) | 1945000 | 2049331 |
| LFS TopCo LLC, 8.75%, 7/15/2030 (n) | 741000 | 744629 |
| OneMain Finance Corp., 6.625%, 5/15/2029 | 1699000 | 1751290 |
| OneMain Finance Corp., 5.375%, 11/15/2029 | 901000 | 898626 |
| OneMain Finance Corp., 7.5%, 5/15/2031 | 1049000 | 1099712 |
| OneMain Finance Corp., 6.75%, 9/15/2033 | 1044000 | 1055571 |
| PennyMac Financial Services, Inc., 6.875%, 2/15/2033 (n) | 4053000 | 4134103 |
| Phoenix Aviation Capital, 9.25%, 7/15/2030 (n) | 1426000 | 1494484 |
| Rocket Cos., Inc., 6.5%, 8/01/2029 (n) | 1217000 | 1251830 |
| Rocket Cos., Inc., 6.125%, 8/01/2030 (n) | 1147000 | 1174309 |
| Rocket Cos., Inc., 6.375%, 8/01/2033 (n) | 2130000 | 2209792 |
| Rocket Cos., Inc., 4%, 10/15/2033 (n) | 536000 | 492171 |
| TrueNoord Capital DAC, 8.75%, 3/01/2030 (n) | 1260000 | 1328966 |
| Walker & Dunlop, Inc., 6.625%, 4/01/2033 (n) | 1533000 | 1571452 |
|  |  | $39570988 |
| Food & Beverages – 2.5% |  |  |
| Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n) | $892000 | $917409 |
| Fiesta Purchaser, Inc., 9.625%, 9/15/2032 (n) | 1071000 | 1083416 |
| Performance Food Group Co., 5.5%, 10/15/2027 (n) | 1381000 | 1381748 |
| Performance Food Group Co., 6.125%, 9/15/2032 (n) | 1171000 | 1202685 |
| Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 3278000 | 3201006 |
| Post Holdings, Inc., 6.25%, 10/15/2034 (n) | 1165000 | 1173337 |
| U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n) | 2634000 | 2623453 |
| U.S. Foods Holding Corp., 5.75%, 4/15/2033 (n) | 748000 | 760933 |
| Viking Baked Goods Acquisition Corp., 8.625%, 11/01/2031 (n) | 1450000 | 1435814 |
|  |  | $13779801 |
| Forest & Paper Products – 0.3% |  |  |
| Veritiv Operating Co., 10.5%, 11/30/2030 (n) | $1555000 | $1665012 |

---

MFS High Yield Pooled Portfolio

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued |  |  |
| Gaming & Lodging – 3.2% |  |  |
| CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n) | $3560000 | $3579299 |
| Hilton Domestic Operating Co., Inc., 4.875%, 1/15/2030 | 3263000 | 3269376 |
| Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n) | 1776000 | 1644127 |
| Hilton Domestic Operating Co., Inc., 5.875%, 3/15/2033 (n) | 806000 | 827053 |
| Rivers Enterprise Lender LLC, 6.25%, 10/15/2030 (n) | 1261000 | 1280114 |
| Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n) | 2014000 | 1990795 |
| Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | 2155000 | 2150586 |
| Wynn Macau Ltd., 6.75%, 2/15/2034 (n) | 694000 | 703451 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n) | 1553000 | 1557614 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/2031 (n) | 539000 | 580733 |
|  |  | $17583148 |
| Industrial – 1.2% |  |  |
| AECOM, 6%, 8/01/2033 (n) | $2454000 | $2513870 |
| APi Escrow Corp., 4.75%, 10/15/2029 (n) | 2930000 | 2872713 |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.5%, 2/01/2032 (n) | 1277000 | 1285454 |
|  |  | $6672037 |
| Insurance - Health – 0.4% |  |  |
| Molina Healthcare, Inc., 6.5%, 2/15/2031 (n) | $1997000 | $2046621 |
| Insurance - Property & Casualty – 3.9% |  |  |
| Acrisure LLC/Acrisure Finance, Inc., 7.5%, 11/06/2030 (n) | $511000 | $529034 |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, 7/01/2032 (n) | 2097000 | 2149849 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | 871000 | 868245 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7%, 1/15/2031 (n) | 1564000 | 1621488 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.5%, 10/01/2031 (n) | 1006000 | 1034017 |
| AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n) | 636000 | 627505 |
| Amynta Agency Borrower, Inc., 7.5%, 7/15/2033 (n) | 1581000 | 1611940 |
| Ardonagh Finco Ltd., 6.875%, 2/15/2031 | 852000 | 1037631 |
| Ardonagh Finco Ltd., 7.75%, 2/15/2031 (n) | $200000 | 206756 |
| Asurion LLC, 8%, 12/31/2032 (n) | 1707000 | 1783481 |
| Asurion LLC, 8.375%, 2/01/2034 (n) | 1560000 | 1577098 |
| Baldwin Insurance Group Holdings LLC, 7.125%, 5/15/2031 (n) | 2112000 | 2171820 |
| Hub International Ltd., 5.625%, 12/01/2029 (n) | 482000 | 481495 |
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 1817000 | 1895774 |
| Hub International Ltd., 7.375%, 1/31/2032 (n) | 1005000 | 1052743 |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 3069000 | 3160843 |
|  |  | $21809719 |
| Interactive Media Services – 0.5% |  |  |
| Snap, Inc., 6.875%, 3/01/2033 (n) | $2086000 | $2140560 |
| Snap, Inc., 6.875%, 3/15/2034 (n) | 483000 | 493203 |
|  |  | $2633763 |
| Machinery & Tools – 1.1% |  |  |
| Columbia Pipelines Holding Co., LLC, 7.125%, 2/01/2033 (n) | $1092000 | $1097678 |
| Manitowoc Co., Inc., 9.25%, 10/01/2031 (n) | 1370000 | 1487968 |
| Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n) | 3118000 | 3250163 |
|  |  | $5835809 |

---

MFS High Yield Pooled Portfolio

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued |  |  |
| Medical & Health Technology & Services – 3.6% |  |  |
| Acadia Healthcare Co., Inc., 7.375%, 3/15/2033 (n) | $1582000 | $1562691 |
| Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n) | 1464000 | 1526220 |
| CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n) | 874000 | 719264 |
| CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n) | 3842000 | 3622676 |
| Concentra, Inc., 6.875%, 7/15/2032 (n) | 1590000 | 1664738 |
| Encompass Health Corp., 4.75%, 2/01/2030 | 1958000 | 1949010 |
| Encompass Health Corp., 4.625%, 4/01/2031 | 599000 | 586320 |
| IQVIA, Inc., 5%, 5/15/2027 (n) | 1263000 | 1263425 |
| IQVIA, Inc., 6.5%, 5/15/2030 (n) | 1715000 | 1776526 |
| IQVIA, Inc., 6.25%, 6/01/2032 (n) | 820000 | 851939 |
| Prime Healthcare Services, Inc., 9.375%, 9/01/2029 (n) | 1242000 | 1293233 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/2032 (n) | 1839000 | 1851529 |
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/2029 (n) | 1180000 | 1185167 |
|  |  | $19852738 |
| Medical Equipment – 1.1% |  |  |
| Insulet Corp., 6.5%, 4/01/2033 (n) | $1990000 | $2071001 |
| Medline Borrower LP, 5.25%, 10/01/2029 (n) | 2289000 | 2292955 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/2029 (n) | 1644000 | 1696790 |
|  |  | $6060746 |
| Metals & Mining – 2.2% |  |  |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n) | $1854000 | $1613876 |
| First Quantum Minerals Ltd., 8%, 3/01/2033 (n) | 645000 | 692124 |
| Fortescue Treasury Pty Ltd., 4.375%, 4/01/2031 (n) | 2997000 | 2895702 |
| Mineral Resources Ltd., 9.25%, 10/01/2028 (n) | 2310000 | 2426445 |
| Mineral Resources Ltd., 7%, 4/01/2031 (n) | 465000 | 488694 |
| Novelis, Inc., 4.75%, 1/30/2030 (n) | 529000 | 512776 |
| Novelis, Inc., 6.875%, 1/30/2030 (n) | 1032000 | 1069617 |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2030 (z) | 901009 | 547903 |
| Taseko Mines Ltd., 8.25%, 5/01/2030 (n) | 1556000 | 1651604 |
|  |  | $11898741 |
| Midstream – 6.7% |  |  |
| Antero Midstream Corp., 5.75%, 7/01/2034 (n) | $3109000 | $3140357 |
| Buckeye Partners LP, 6.75%, 2/01/2030 (n) | 1281000 | 1342191 |
| Buckeye Partners LP, 5.85%, 11/15/2043 | 575000 | 536477 |
| Delek Logistics Partners LP/Delek Logistics Corp., 8.625%, 3/15/2029 (n) | 1985000 | 2075962 |
| Delek Logistics Partners LP/Delek Logistics Corp., 7.375%, 6/30/2033 (n) | 901000 | 926519 |
| Genesis Energy LP/Genesis Energy Finance Corp., 8.25%, 1/15/2029 | 2414000 | 2516537 |
| NuStar Logistics LP, 6.375%, 10/01/2030 | 1882000 | 1971865 |
| Prairie Acquiror LP, 9%, 8/01/2029 (n) | 1540000 | 1597290 |
| Rockies Express Pipeline LLC, 6.75%, 3/15/2033 (n) | 887000 | 935599 |
| Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n) | 1711000 | 1751595 |
| Sunoco LP, 4.625%, 5/01/2030 (n) | 1731000 | 1687859 |
| Sunoco LP, 7.25%, 5/01/2032 (n) | 2328000 | 2462144 |
| Sunoco LP, 6.625%, 8/15/2032 (n) | 791000 | 815783 |
| Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n) | 2538000 | 2537124 |
| Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n) | 750000 | 777504 |
| Tallgrass Energy Partners LP, 6.75%, 3/15/2034 (n) | 405000 | 412173 |
| TransMontaigne Partners LLC, 8.5%, 6/15/2030 (n) | 1164000 | 1207555 |
| Venture Global LNG, Inc., 8.125%, 6/01/2028 (n) | 812000 | 831242 |
| Venture Global LNG, Inc., 9.5%, 2/01/2029 (n) | 1684000 | 1793241 |
| Venture Global LNG, Inc., 8.375%, 6/01/2031 (n) | 1927000 | 1970965 |

---

MFS High Yield Pooled Portfolio

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued |  |  |
| Midstream – continued |  |  |
| Venture Global LNG, Inc., 9% to 9/30/2029, FLR (CMT - 5yr. + 5.44%) to 3/30/2173 (n) | $2081000 | $1830704 |
| Venture Global Plaquemines LNG LLC, 7.5%, 5/01/2033 (n) | 600000 | 657821 |
| Venture Global Plaquemines LNG LLC, 6.5%, 1/15/2034 (n) | 1557000 | 1615852 |
| Venture Global Plaquemines LNG LLC, 6.75%, 1/15/2036 (n) | 1407000 | 1474902 |
|  |  | $36869261 |
| Network & Telecom – 1.0% |  |  |
| Altice Financing S.A., 5.75%, 8/15/2029 (n) | $850000 | $611574 |
| Frontier Communications Holdings LLC, 6.75%, 5/01/2029 (n) | 813000 | 815854 |
| Iliad Holding S.A.S., 7%, 10/15/2028 (n) | 2107000 | 2131186 |
| Iliad Holding S.A.S., 5.375%, 4/15/2030 (n) | 450000 | 550714 |
| Iliad Holding S.A.S., 6.875%, 4/15/2031 (n) | 691000 | 873276 |
| Windstream Services LLC/Windstream Escrow, 8.25%, 10/01/2031 (n) | $687000 | 719650 |
|  |  | $5702254 |
| Oil Services – 1.0% |  |  |
| Nabors Industries, Inc., 8.875%, 8/15/2031 (n) | $1575000 | $1601501 |
| U.S.A. Compression Partners LP/Finance Co., 7.125%, 3/15/2029 (n) | 2419000 | 2504679 |
| Valaris Ltd., 8.375%, 4/30/2030 (n) | 1544000 | 1613341 |
|  |  | $5719521 |
| Oils – 0.1% |  |  |
| PBF Holding Co. LLC, 7.875%, 9/15/2030 (n) | $766000 | $767036 |
| Pharmaceuticals – 1.2% |  |  |
| 1261229 B.C. Ltd., 10%, 4/15/2032 (n) | $2433000 | $2496883 |
| Bausch Health Co., Inc., 4.875%, 6/01/2028 (n) | 405000 | 374619 |
| Bausch Health Co., Inc., 5.25%, 1/30/2030 (n) | 798000 | 567577 |
| Genmab A.S., 6.25%, 12/15/2032 (n) | 1873000 | 1919896 |
| Grifols S.A., 7.125%, 5/01/2030 | 1111000 | 1376788 |
|  |  | $6735763 |
| Pollution Control – 1.0% |  |  |
| Clean Harbors, Inc., 5.75%, 10/15/2033 (n) | $2299000 | $2348773 |
| GFL Environmental, Inc., 4%, 8/01/2028 (n) | 1370000 | 1348342 |
| GFL Environmental, Inc., 6.75%, 1/15/2031 (n) | 896000 | 937334 |
| Wrangler Holdco Corp., 6.625%, 4/01/2032 (n) | 966000 | 1005196 |
|  |  | $5639645 |
| Precious Metals & Minerals – 0.9% |  |  |
| Eldorado Gold Corp., 6.25%, 9/01/2029 (n) | $1750000 | $1758755 |
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | 1650000 | 1656666 |
| New Gold, Inc., 6.875%, 4/01/2032 (n) | 1328000 | 1410901 |
|  |  | $4826322 |
| Printing & Publishing – 0.3% |  |  |
| Graham Holdings Co., 5.625%, 12/01/2033 (n) | $1709000 | $1717242 |
| Real Estate - Healthcare – 0.3% |  |  |
| MPT Operating Partnership LP/MPT Finance Corp., REIT, 4.625%, 8/01/2029 | $703000 | $602734 |
| MPT Operating Partnership LP/MPT Finance Corp., REIT, 8.5%, 2/15/2032 (n) | 1212000 | 1298485 |
|  |  | $1901219 |

---

MFS High Yield Pooled Portfolio

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued |  |  |
| Real Estate - Other – 1.7% |  |  |
| Park Intermediate Holdings LLC, 4.875%, 5/15/2029 (n) | $2162000 | $2114993 |
| RHP Hotel Properties LP/RHP Finance Corp., 7.25%, 7/15/2028 (n) | 2699000 | 2778836 |
| RHP Hotel Properties LP/RHP Finance Corp., 6.5%, 4/01/2032 (n) | 321000 | 331963 |
| Starwood Property Trust, Inc., 5.75%, 1/15/2031 (n) | 2477000 | 2508131 |
| XHR LP, REIT, 4.875%, 6/01/2029 (n) | 1976000 | 1947925 |
|  |  | $9681848 |
| Restaurants – 1.2% |  |  |
| 1011778 B.C. ULC/New Red Finance, Inc., 6.125%, 6/15/2029 (n) | $2102000 | $2154902 |
| 1011778 B.C. ULC/New Red Finance, Inc., 5.625%, 9/15/2029 (n) | 1220000 | 1240645 |
| 1011778 B.C. ULC/New Red Finance, Inc., 4%, 10/15/2030 (n) | 1376000 | 1312878 |
| Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n) | 2001000 | 1892276 |
|  |  | $6600701 |
| Retailers – 1.4% |  |  |
| Beach Acquisition Bidco LLC, 10% (10% Cash or 10.75% PIK), 7/15/2033 (n)(p) | $1951043 | $2136908 |
| Macy's Retail Holdings LLC, 5.875%, 3/15/2030 (n) | 108000 | 109113 |
| Macy's Retail Holdings LLC, 7.375%, 8/01/2033 (n) | 1649000 | 1741298 |
| Mavis Tire Express Services Corp., 6.5%, 5/15/2029 (n) | 1313000 | 1310423 |
| Maxeda DIY Holding B.V., 5.875%, 10/01/2026 | 810000 | 748089 |
| Penske Automotive Group Co., 3.75%, 6/15/2029 | $1861000 | 1798104 |
|  |  | $7843935 |
| Specialty Stores – 1.6% |  |  |
| Carvana Co., 9%, 6/01/2031 (n) | $3616450 | $3978339 |
| Michael Cos., Inc., 5.25%, 5/01/2028 (n) | 837000 | 827871 |
| Michael Cos., Inc., 7.875%, 5/01/2029 (n) | 1190000 | 1159427 |
| Petco Health & Wellness Co., Inc., 8.25%, 2/01/2031 (n)(w) | 1092000 | 1094860 |
| PetSmart LLC / PetSmart Finance Corp., 7.5%, 9/15/2032 (n) | 1790000 | 1835575 |
|  |  | $8896072 |
| Supermarkets – 1.0% |  |  |
| Albertsons Cos. LLC/Safeway, Inc., 6.25%, 3/15/2033 (n) | $3167000 | $3233828 |
| KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n) | 2342000 | 2453866 |
|  |  | $5687694 |
| Telecommunications - Wireless – 0.8% |  |  |
| Altice France S.A., 9.5%, 11/01/2029 (n) | $731708 | $750935 |
| Altice France S.A., 6.875%, 10/15/2030 (n) | 1594513 | 1567587 |
| Altice France S.A., 6.5%, 4/15/2032 (n) | 546493 | 533765 |
| Zegona Finance PLC, 6.75%, 7/15/2029 (n) | 181800 | 226137 |
| Zegona Finance PLC, 8.625%, 7/15/2029 (n) | $1178000 | 1241887 |
|  |  | $4320311 |
| Telephone Services – 0.8% |  |  |
| Level 3 Financing, Inc., 6.875%, 6/30/2033 (n) | $845660 | $871445 |
| Level 3 Financing, Inc., 7%, 3/31/2034 (n) | 813093 | 842206 |
| Uniti Group/CSL Capital Co., 6.5%, 2/15/2029 (n) | 1567000 | 1524041 |
| Uniti Group/CSL Capital Co., 8.625%, 6/15/2032 (n) | 1178000 | 1189391 |
|  |  | $4427083 |
| Tobacco – 0.4% |  |  |
| Turning Point Brands, Inc., 7.625%, 3/15/2032 (n) | $2030000 | $2177449 |

---

MFS High Yield Pooled Portfolio

Portfolio of Investments – continued

---

| | | | |
|:---|:---|:---|:---|
| **Issuer** |  | **Shares/Par** | **Value ($)** |
| Bonds – continued |  |  |  |
| Transportation - Services – 0.2% |  |  |  |
| Avis Budget Finance PLC, 7.25%, 7/31/2030 (n) |  | 734000 | $892659 |
| Utilities - Electric Power – 3.9% |  |  |  |
| Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n) |  | $2083000 | $1950841 |
| Clearway Energy Operating LLC, 5.75%, 1/15/2034 (n) |  | 1120000 | 1124083 |
| Hawaiian Electric Co., Inc., 6%, 10/01/2033 (n) |  | 1357000 | 1377641 |
| NRG Energy, Inc., 5.75%, 1/15/2034 (n) |  | 2309000 | 2324313 |
| NRG Energy, Inc., 6%, 1/15/2036 (n) |  | 2473000 | 2498811 |
| PG&E Corp., 5.25%, 7/01/2030 |  | 2838000 | 2820803 |
| PG&E Corp., 7.375% to 3/15/2030, FLR (CMT - 5yr. + 3.883%) to 3/15/2055 |  | 858000 | 885498 |
| Talen Energy Supply LLC, 6.25%, 2/01/2034 (n) |  | 1674000 | 1696532 |
| Talen Energy Supply LLC, 6.5%, 2/01/2036 (n) |  | 778000 | 797639 |
| TerraForm Global Operating LP, 6.125%, 3/01/2026 (n) |  | 367000 | 364470 |
| TerraForm Power Operating LLC, 5%, 1/31/2028 (n) |  | 1918000 | 1920158 |
| TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n) |  | 425000 | 412361 |
| XPLR Infrastructure Operating Partners LP, 4.5%, 9/15/2027 (n) |  | 1118000 | 1107835 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) |  | 1411000 | 1455988 |
| XPLR Infrastructure Operating Partners LP, 8.375%, 1/15/2031 (n) |  | 448000 | 470588 |
| XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/2033 (n) |  | 391000 | 410205 |
|  |  |  | $21617766 |
| **Total Bonds (Identified Cost, $516,881,273)** |  |  | **$523571066** |
| Exchange-Traded Funds – 1.5% |  |  |  |
| Fixed Income ETFs – 1.5% |  |  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF (Identified Cost, $8,291,920) |  | 221000 | $8318440 |
| Common Stocks – 0.1% |  |  |  |
| Metals & Mining – 0.0% |  |  |  |
| Petra Diamonds Ltd. (a) |  | 61268 | $12575 |
| Oil Services – 0.1% |  |  |  |
| LTRI Holdings LP (a)(u) |  | 3300 | $615912 |
| **Total Common Stocks (Identified Cost, $651,262)** |  |  | $**628487** |
|  | **Strike** | **First** |  |
|  | **Price** | **Exercise** |  |
| Warrants – 0.0% |  |  |  |
| Other Banks & Diversified Financials – 0.0% |  |  |  |
| Avation Capital S.A. (1 share for 1 warrant, Expiration 10/31/26) (a) (Identified Cost, $0) | GBP 1.14 | N/A 42,350 | $15646 |
| Mutual Funds (h) – 2.2% |  |  |  |
| Money Market Funds – 2.2% |  |  |  |
| MFS Institutional Money Market Portfolio, 3.73% (v) (Identified Cost, $12,162,210) |  | 12161440 | $12163873 |
| Other Assets, Less Liabilities – 1.5% |  |  | 8460550 |
| **Net Assets – 100.0%** |  |  | **$553158062** |

---

MFS High Yield Pooled Portfolio

Portfolio of Investments – continued

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

&nbsp;&nbsp;&nbsp;&nbsp;&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 $12,163,873 and $532,533,639, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&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 $475,246,645, representing 85.9% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(u)The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund's level 3 holdings, please see Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(w)When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;&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:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Restricted Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Acquisition**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date** | <br>&nbsp;&nbsp;**Cost** | <br>**Value** |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/10/21-12/19/24 | $893732 | $547903 |
| % of Net assets |  |  | 0.1% |

---

The following abbreviations are used in this report and are defined:

---

| | |
|:---|:---|
| CMT | Constant Maturity Treasury |
| ETF | Exchange-Traded Fund |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate |
|  | reported may not be the current rate. All reference rates are USD unless otherwise noted. |
| REIT | Real Estate Investment Trust |

---

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

EUR Euro <br> GBP British Pound

**Derivative Contracts at 1/31/26**

**Forward Foreign Currency Exchange Contracts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **Unrealized** | **Unrealized** |
|  | **Currency** | **Currency** | **Currency** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Settlement** | **Appreciation** | **Appreciation** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchased** |  | **Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date** | (Depreciation) | (Depreciation) |
| **Asset Derivatives** | **Asset Derivatives** |  |  |  |  |  |  |
| EUR | 319343 | USD | 377791 | Morgan Stanley Capital Services LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/17/2026 | $ | $2073 |
| USD | 384498 | EUR | 322188 | State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/17/2026 |  | 1250 |
|  |  |  |  |  |  | $ | $3323 |
| **Liability Derivatives** | **Liability Derivatives** |  |  |  |  |  |  |
| EUR | 230372 | USD | 275859 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/17/2026 | $ | $(1828) |
| EUR | 1207137 | USD | 1450206 | State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/17/2026 |  | (14295) |
| USD | 11566045 | EUR | 9888060 | HSBC Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/17/2026 |  | (195967) |
| USD | 370357 | EUR | 313054 | State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/17/2026 |  | (2026) |
|  |  |  |  |  |  |  | $(214116) |

---

**See Notes to Financial Statements**

---

| | | |
|:---|:---|:---|
| MFS High Yield Pooled Portfolio |  |  |
| **FINANCIAL STATEMENTS** | &nbsp;&nbsp;**STATEMENT OF ASSETS AND LIABILITIES** |  |
| **FINANCIAL STATEMENTS** | &nbsp;&nbsp;**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. | This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund. |  |
| **At 1/31/26** |  |  |
| **Assets** |  |  |
| Investments in unaffiliated issuers, at value (identified cost, $525,824,455) | Investments in unaffiliated issuers, at value (identified cost, $525,824,455) | $532533639 |
| Investments in affiliated issuers, at value (identified cost, $12,162,210) | Investments in affiliated issuers, at value (identified cost, $12,162,210) | 12163873 |
| Cash |  | 36576 |
| Foreign currency, at value (identified cost, $24,791) |  | 24770 |
| Receivables for |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts |  | 3323 |
| &nbsp;&nbsp;&nbsp;Investments sold |  | 809656 |
| &nbsp;&nbsp;&nbsp;Fund shares sold |  | 74809 |
| &nbsp;&nbsp;&nbsp;Interest and dividends |  | 9925259 |
| Other assets |  | 1542 |
| Total assets |  | $555573447 |
| **Liabilities** |  |  |
| Payables for |  |  |
| &nbsp;&nbsp;&nbsp;Distributions |  | $209 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts |  | 214116 |
| &nbsp;&nbsp;&nbsp;Investments purchased |  | 587119 |
| &nbsp;&nbsp;&nbsp;When-issued investments purchased |  | 1099327 |
| &nbsp;&nbsp;&nbsp;Fund shares reacquired |  | 441680 |
| Payable to affiliates |  |  |
| &nbsp;&nbsp;&nbsp;Administrative services fee |  | 142 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing costs |  | 4 |
| Accrued expenses and other liabilities |  | 72788 |
| Total liabilities |  | $2415385 |
| Net assets |  | $553158062 |
| **Net assets consist of** |  |  |
| Paid-in capital |  | $672008492 |
| Total distributable earnings (loss) |  | (118850430) |
| Net assets |  | $553158062 |
| Shares of beneficial interest outstanding |  | 65242606 |
| Net asset value per share (net assets of $553,158,062 / 65,242,606 shares of beneficial interest outstanding) | Net asset value per share (net assets of $553,158,062 / 65,242,606 shares of beneficial interest outstanding) | $8.48 |

---

**See Notes to Financial Statements**

![](gsa2ioca2yygj2gmzlbwt.jpg)

MFS High Yield Pooled Portfolio

**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 1/31/26**

**Net investment income (loss)**

---

| | |
|:---|:---|
| Income |  |
| &nbsp;&nbsp;&nbsp;Interest | $37839609 |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | 544164 |
| &nbsp;&nbsp;&nbsp;Other | 117931 |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | 57470 |
| Total investment income | $38559174 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;Shareholder servicing costs | $28 |
| &nbsp;&nbsp;&nbsp;Administrative services fee | 17500 |
| &nbsp;&nbsp;&nbsp;Custodian fee | 39029 |
| &nbsp;&nbsp;&nbsp;Shareholder communications | 5595 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 56441 |
| &nbsp;&nbsp;&nbsp;Legal fees | 2880 |
| &nbsp;&nbsp;&nbsp;Pricing service fees | 9888 |
| &nbsp;&nbsp;&nbsp;Form N-CEN/N-PORT preparation fees | 9800 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 21954 |
| Total expenses | $163115 |
| &nbsp;&nbsp;&nbsp;Fees paid indirectly | (353) |
| Net expenses | $162762 |
| Net investment income (loss) | $38396412 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $(551770) |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | (2075) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (654465) |
| &nbsp;&nbsp;&nbsp;Foreign currency | 27536 |
| Net realized gain (loss) | $(1180774) |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $9150477 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 587 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (172029) |
| &nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | (1856) |
| Net unrealized gain (loss) | $8977179 |
| Net realized and unrealized gain (loss) | $7796405 |
| Change in net assets from operations | $46192817 |

---

**See Notes to Financial Statements**

![](gmrykwm9y7u0mhafs6iu2.jpg)

MFS High Yield Pooled Portfolio

**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** |
| <br>**Change in net assets**<br>**From operations** | **1/31/26**<br>| **1/31/25**<br>|
| Net investment income (loss) | $38396412 | $42834641 |
| Net realized gain (loss) | (1180774) | (8019749) |
| Net unrealized gain (loss) | 8977179 | 18033538 |
| Change in net assets from operations | $46192817 | $52848430 |
| Total distributions to shareholders | $(39005078) | $(43210470) |
| Change in net assets from fund share transactions | $(33057785) | $(88268652) |
| Total change in net assets | $(25870046) | $(78630692) |
| **Net assets** |  |  |
| At beginning of period | 579028108 | 657658800 |
| At end of period | $553158062 | $579028108 |

---

**See Notes to Financial Statements**

![](gtje1kd1w9q0wjv20chl2.jpg)

MFS High Yield Pooled Portfolio

**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 (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Year ended** |  |  |
|  | **1/31/26** | **1/31/25** | **1/31/24** | **1/31/23** | **1/31/22** |
| Net asset value, beginning of period | $8.37 | $8.24 | $8.05 | $8.88 | $9.25 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.58 | $0.57 | $0.53 | $0.47 | $0.47 |
| Net realized and unrealized gain (loss) | 0.12 | 0.14 | 0.20 | (0.82) | (0.34) |
| Total from investment operations | $0.70 | $0.71 | $0.73 | $(0.35) | $0.13 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.59) | $(0.58) | $(0.54) | $(0.48) | $(0.50) |
| Net asset value, end of period (x) | $8.48 | $8.37 | $8.24 | $8.05 | $8.88 |
| Total return (%) (s)(x) | 8.64 | 8.89 | 9.46 | (3.84) | 1.39 |
| **Ratios (%) (to average net assets)** |  |  |  |  |  |
| **and Supplemental data:** |  |  |  |  |  |
| Expenses (f) | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 |
| Net investment income (loss) | 6.91 | 6.91 | 6.63 | 5.77 | 5.09 |
| Portfolio turnover rate | 50 | 56 | 44 | 25 | 60 |
| Net assets at end of period (000 omitted) | $553158 | $579028 | $657659 | $726615 | $997366 |

---

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

(f)Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.

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

(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 High Yield Pooled Portfolio

**NOTES TO FINANCIAL STATEMENTS**

(1) Business and Organization

MFS High Yield Pooled Portfolio (the fund) is a diversified series of MFS Series Trust III (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. This fund is available only to certain U.S. registered investment companies managed by MFS. MFS does not receive a management fee from this fund.

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. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.

**Segment Reporting** — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

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

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investment companies are generally valued at net asset value per share. Funds traded on a recognized securities exchange (such as Exchange Traded Funds or Closed End Funds) are generally valued at the official closing price on their primary market or exchange as provided by a third-party pricing service. If no sales are reported

MFS High Yield Pooled Portfolio

Notes to Financial Statements - continued

that day for these funds, generally they will be valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. 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 forward foreign currency exchange contracts. The following is a summary of the levels used as of January 31, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States | $— | $— | $615912 | $615912 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 12575 | 15646 |  | 28221 |
| U.S. Corporate Bonds |  | 446420779 |  | 446420779 |
| Foreign Bonds |  | 77150287 |  | 77150287 |
| Investment Companies | 20482313 |  |  | 20482313 |
| Total | $20494888 | $523586712 | $615912 | $544697512 |
| **Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange |  |  |  |  |
| Contracts – Assets | $— | $3323 | $— | $3323 |
| Forward Foreign Currency Exchange |  |  |  |  |
| Contracts – Liabilities |  | (214116) |  | (214116) |

---

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

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

MFS High Yield Pooled Portfolio

Notes to Financial Statements - continued

---

| | |
|:---|:---|
|  | **Equity** |
|  | **Securities** |
| Balance as of 1/31/25 | $750981 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation or depreciation | 401669 |
| &nbsp;&nbsp;&nbsp;Partial liquidation proceeds | (536738) |
| Balance as of 1/31/26 | $615912 |

---

The net change in unrealized appreciation or depreciation from investments held as level 3 at January 31, 2026 is $401,669. At January 31, 2026, the fund held one level 3 security.

**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 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 forward foreign currency exchange contracts. 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'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 January 31, 2026 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
| | | **Fair Value** | **Fair Value** |
| <br>**Risk** | <br>**Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Foreign Exchange | Forward Foreign Currency Exchange Contracts | $3323 | $(214116) |

---

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the year ended January 31, 2026 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| <br>**Risk** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Forward Foreign**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exchange**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contracts** |
| Foreign Exchange | $(654465) |

---

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 January 31, 2026 as reported in the Statement of Operations:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Forward Foreign** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exchange** |
| **Risk** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contracts** |
| Foreign Exchange | $(172029) |

---

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

MFS High Yield Pooled Portfolio

Notes to Financial Statements - continued

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.

**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.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is

MFS High Yield Pooled Portfolio

Notes to Financial Statements - continued

negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statement of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities.

**Fees Paid Indirectly** — The fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by the fund. The amount of the credit, for the year ended January 31, 2026, is shown as a reduction of total expenses in the Statement of Operations.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to amortization of premium and accretion of discount of debt securities and wash sale loss deferrals.

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

---

| | | |
|:---|:---|:---|
|  | **Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **1/31/26** | **1/31/25** |
| Ordinary income (including any short-term capital gains) | $39005078 | $43210470 |
| The federal tax cost and the tax basis components of distributable earnings were as follows: | The federal tax cost and the tax basis components of distributable earnings were as follows: |  |
| **As of 1/31/26** |  |  |
| Cost of investments |  | $539430106 |
| Gross appreciation |  | 12438264 |
| Gross depreciation |  | (7381651) |
| Net unrealized appreciation (depreciation) |  | $5056613 |
| Undistributed ordinary income |  | 3374014 |
| Capital loss carryforwards |  | (124103317) |
| Other temporary differences |  | (3177740) |
| Total distributable earnings (loss) |  | $(118850430) |

---

As of January 31, 2026, 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 | $(12381510) |
| Long-Term | (111721807) |
| Total | $(124103317) |

---

MFS High Yield Pooled Portfolio

Notes to Financial Statements - continued

(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. MFS receives no compensation under this agreement; however MFS receives management fees from MFS funds that invest in the fund.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, provides transfer agent and recordkeeping functions in connection with the issuance, transfer, and redemption of shares of the fund under a Shareholder Servicing Agent Agreement. MFSC is not paid a fee for providing these services. MFSC receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the year ended January 31, 2026, these costs amounted to $28.

**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 pays an annual fixed amount of $17,500. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended January 31, 2026 was equivalent to an annual effective rate of 0.0031% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** - The fund may pay 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, MFS Fund Distributors, Inc. (MFD), and MFSC. The independent Trustees do not currently receive compensation from the fund.

**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.

(4) Portfolio Securities

For the year ended January 31, 2026, purchases and sales of investments, other than short-term obligations, aggregated $270,915,401 and $311,968,674, respectively.

(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** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/26** | **1/31/26** | **1/31/25** | **1/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 5369315 | $44749514 | 1780399 | $14727846 |
| Shares issued to shareholders in |  |  |  |  |
| reinvestment of distributions | 4646039 | 39005078 | 5210874 | 43207316 |
| Shares reacquired | (13937740) | (116812377) | (17626873) | (146203814) |
| Net change | (3922386) | $(33057785) | (10635600) | $(88268652) |

---

The fund is an MFS Pooled Portfolio, which is designed to be used by certain MFS funds to invest in a particular security type rather than invest in the security type directly. The fund is solely invested in by other MFS funds for the purpose of gaining exposure to high income debt instruments, rather than investing in high income debt instruments directly. The MFS funds do not invest in this fund for the purpose of exercising management or control. At the end of the period, the MFS Diversified Income Fund and the MFS Global High Yield Fund were the owners of record of approximately 75% and 25%, respectively, of the value of outstanding voting shares of the fund.

MFS High Yield Pooled Portfolio

Notes to Financial Statements - continued

(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 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended January 31, 2026, the fund's commitment fee and interest expense were $2,665 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. The following were affiliated issuers for the year ended January 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Change in** |  |
|  |  |  |  |  | **Unrealized** |  |
|  |  |  |  | **Realized** | **Appreciation** |  |
|  | **Beginning** |  | **Sales** | **Gain** | **or** | **Ending** |
| **Affiliated Issuers** | **Value** | **Purchases** | **Proceeds** | (Loss) | **Depreciation** | **Value** |
| MFS Institutional Money Market |  |  |  |  |  |  |
| Portfolio | $8373051 | $155811277 | $152018967 | $(2075) | $587 | $12163873 |
|  |  |  |  |  | **Dividend** | **Capital Gain** |
| **Affiliated Issuers** |  |  |  |  | **Income** | **Distributions** |
| MFS Institutional Money Market Portfolio |  |  |  |  | $544164 | $— |

---

MFS High Yield Pooled Portfolio

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of MFS Series Trust III and the Shareholders of MFS High Yield Pooled Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS High Yield Pooled Portfolio (the "Fund"), including the portfolio of investments, as of January 31, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, and 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 the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights 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 Fund 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund'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 and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

March 18, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

MFS High Yield Pooled Portfolio

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2026 income tax forms in January 2027. 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 High Yield Pooled Portfolio.

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

There is nothing to report for this item for MFS High Yield Pooled Portfolio.

**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 High Yield Pooled Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 III

By (Signature and Title)\*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President

Date: March 18, 2026

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

By (Signature and Title)\*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President (Principal Executive Officer)

Date: March 18, 2026

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: March 18, 2026

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

------

## Ex-99

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

**MFS SERIES TRUST III**

**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 III;

&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: March 18, 2026

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

David L. DiLorenzo

President (Principal Executive Officer)

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

**MFS SERIES TRUST III**

**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 III;

&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: March 18, 2026

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

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

------

## Exhibit 99.906

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

**MFS SERIES TRUST III**

**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 III (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: March 18, 2026

<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 III**

**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 III (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: March 18, 2026

<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.Code

![Image is missing](gk0mvoq3mfdiz7l8y7r0y.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

------