NPORT-EX 3 edgar.htm NPORT PART F EDGAR HTML
MIO-Q3
 
Quarterly Report
June 30, 2025
MFS®  International New Discovery Fund
 
Portfolio of Investments
6/30/25 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
 
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – 96.6%
Aerospace & Defense – 1.3%
Babcock International Group PLC
 
1,118,721
$17,628,830
LISI Group
 
370,376
16,491,551
Melrose Industries PLC
 
312,167
2,274,457
MTU Aero Engines Holding AG
 
44,500
19,772,362
Singapore Technologies Engineering Ltd.
 
4,830,800
29,596,486
 
 
 
$85,763,686
Airlines – 0.8%
Enav S.p.A.
 
5,048,123
$23,321,924
Kamigumi Co. Ltd.
 
504,600
14,040,708
Mainfreight Ltd.
 
298,671
12,224,987
 
 
 
$49,587,619
Alcoholic Beverages – 0.8%
Carlsberg Group
 
191,118
$27,078,633
China Resources Beer Holdings Co. Ltd.
 
8,530,000
27,165,778
 
 
 
$54,244,411
Apparel Manufacturers – 0.8%
Burberry Group PLC (a)
 
500,970
$8,128,099
Eclat Textile Co. Ltd.
 
1,185,000
16,631,864
Shenzhou International Group Holdings Ltd.
 
3,566,000
25,348,289
 
 
 
$50,108,252
Automotive – 1.8%
ARB Corp.
 
431,639
$9,289,521
Daikyonishikawa Corp.
 
325,221
1,461,185
Hero MotoCorp Ltd.
 
401,936
19,858,244
Koito Manufacturing Co. Ltd.
 
1,128,000
13,508,115
Mahindra & Mahindra Ltd.
 
464,391
17,237,050
Niterra Co. Ltd.
 
371,900
12,396,236
Opmobility
 
312,687
4,000,060
Stanley Electric Co. Ltd.
 
565,431
11,204,176
TS Tech Co. Ltd.
 
975,700
11,460,689
USS Co. Ltd.
 
1,617,000
17,836,912
 
 
 
$118,252,188
Biotechnology – 0.1%
Virbac S.A.
 
17,652
$6,643,419
Broadcasting – 1.8%
4imprint Group PLC
 
58,121
$2,919,940
Nippon Television Holdings, Inc.
 
616,600
14,326,889
TBS Holdings, Inc.
 
539,000
18,939,203
Tencent Music Entertainment Group, ADR
 
2,259,999
44,047,381
Toho Co. Ltd.
 
592,700
35,025,707
 
 
 
$115,259,120
Brokerage & Asset Managers – 2.9%
B3 S.A. - Brasil Bolsa Balcao
 
10,582,800
$28,399,482
Bolsa Mexicana de Valores S.A. de C.V.
 
8,993,900
20,605,279
Euronext N.V.
 
239,067
40,861,462
IG Group Holdings PLC
 
628,352
9,177,078
IPH Ltd.
 
7,692,092
23,186,481
JAFCO Group Co. Ltd.
 
192,800
3,299,577
Omni Bridgeway Ltd. (a)(l)
 
6,564,988
5,789,801
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Brokerage & Asset Managers – continued
Partners Group Holding AG
 
1,872
$2,441,893
Rathbones Group PLC
 
595,477
14,206,091
TMX Group Ltd.
 
930,398
39,436,440
 
 
 
$187,403,584
Business Services – 8.2%
Amadeus Fire AG
 
98,620
$9,386,490
Auto Trader Group PLC
 
776,232
8,783,940
Bunzl PLC
 
758,654
24,159,701
CAR Group Ltd.
 
611,917
15,070,275
Compass Group PLC
 
1,016,151
34,410,201
dip Corp. (l)
 
393,800
6,234,950
Doshisha Co. Ltd.
 
138,700
2,386,713
Elis S.A.
 
291,962
8,370,931
Fullcast Holdings Co. Ltd. (l)
 
654,300
7,746,825
GMO Payment Gateway, Inc.
 
321,200
20,834,896
IMCD Group N.V.
 
111,806
15,020,599
Imdex Ltd.
 
9,827,270
17,592,464
Intertek Group PLC
 
371,220
24,152,913
Iwatani Corp.
 
1,225,200
13,030,060
Johnson Service Group PLC
 
2,726,604
5,688,863
Karnov Group AB (a)
 
796,286
9,039,427
Moltiply Group S.p.A
 
208,390
11,169,022
MONY Group PLC
 
6,959,211
21,130,265
NS Solutions Corp. (l)
 
2,318,000
65,642,193
Pasona Group, Inc. (l)
 
452,700
7,035,468
Pluxee N.V. (l)
 
579,806
12,628,346
Rightmove PLC
 
2,487,834
26,930,101
RS Group PLC
 
2,416,868
19,059,117
San-Ai Obbli Co. Ltd.
 
1,919,700
24,195,379
Scout24 AG
 
252,602
34,843,401
Sodexo
 
760,836
46,783,037
Sohgo Security Services Co. Ltd.
 
2,783,300
19,492,088
TIS, Inc.
 
534,400
17,953,732
 
 
 
$528,771,397
Chemicals – 0.5%
Borregaard ASA
 
579,967
$11,415,903
JCU Corp.
 
606,100
13,973,487
KH Neochem Co. Ltd. (l)
 
400,700
7,028,702
 
 
 
$32,418,092
Computer Software – 3.7%
ARGO GRAPHICS, Inc.
 
745,300
$27,171,452
Douzone Bizon Co. Ltd.
 
520,101
26,012,757
Iress Ltd.
 
1,531,682
8,064,612
Kingdee International Software Group Co. Ltd. (a)
 
6,225,000
12,243,900
OBIC Co. Ltd.
 
2,620,300
102,097,172
PCA Corp. (h)
 
1,368,600
17,125,914
Temairazu, Inc. (l)
 
255,700
5,495,583
Totvs S.A.
 
1,573,800
12,226,924
Wisetech Global Ltd.
 
409,512
29,385,801
 
 
 
$239,824,115
Computer Software - Systems – 2.5%
Alten S.A.
 
25,235
$2,213,068
Amadeus IT Group S.A.
 
382,535
32,209,396
DTS Corp.
 
766,500
27,518,524
Elecom Co. Ltd.
 
831,800
10,454,901
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Computer Software - Systems – continued
EPAM Systems, Inc. (a)
 
103,862
$18,364,879
Kardex Holding AG
 
84,087
29,249,495
Pole To Win Holdings, Inc. (l)
 
1,669,900
4,278,970
Venture Corp. Ltd.
 
4,122,200
36,991,193
 
 
 
$161,280,426
Conglomerates – 0.0%
Koc Holding A.S.
 
444,920
$1,720,782
Construction – 3.5%
Bellway PLC
 
391,475
$15,497,409
Breedon Group PLC
 
9,301,024
49,280,815
Forterra PLC (h)
 
12,731,491
34,427,486
Grupo Cementos de Chihuahua S.A.B. de C.V.
 
1,144,251
10,942,783
James Hardie Industries PLC, GDR (a)
 
671,423
18,427,107
Kingspan Group PLC
 
32,113
2,731,146
Marshalls PLC
 
493,185
1,821,050
PT Indocement Tunggal Prakarsa Tbk
 
24,290,400
7,967,132
Reliance Worldwide Corp.
 
4,744,190
12,801,793
Rinnai Corp.
 
263,900
6,558,787
Techtronic Industries Co. Ltd.
 
4,066,000
44,700,387
Zhejiang Supor Co. Ltd., “A”
 
2,630,679
19,234,006
 
 
 
$224,389,901
Consumer Products – 1.1%
Dabur India Ltd.
 
6,536,683
$36,986,071
Essity AB
 
846,684
23,447,157
Kobayashi Pharmaceutical Co. Ltd. (l)
 
114,000
4,269,310
Lion Corp. (l)
 
652,000
6,746,155
Mitsubishi Pencil Co. Ltd. (l)
 
84,900
1,200,939
PZ Cussons PLC
 
356,972
362,598
 
 
 
$73,012,230
Consumer Services – 1.2%
Asante, Inc.
 
166,500
$1,882,310
Heian Ceremony Service Co.
 
356,067
2,188,253
Meitec Group Holdings, Inc.
 
1,091,500
24,072,803
SMS Co. Ltd.
 
543,100
5,594,867
Trip.com Group Ltd.
 
584,431
33,949,329
WEB Travel Group Ltd. (a)
 
3,203,803
9,383,194
 
 
 
$77,070,756
Containers – 2.1%
CCL Industries, Inc.
 
212,811
$12,410,003
Elopak ASA
 
523,195
2,439,646
Huhtamaki Oyj
 
602,759
21,499,404
Mayr-Melnhof Karton AG
 
130,926
11,782,735
Toyo Seikan Group Holdings Ltd.
 
884,300
17,335,363
Verallia
 
1,069,188
35,516,490
Viscofan S.A.
 
394,133
28,041,846
Winpak Ltd.
 
288,410
9,454,468
 
 
 
$138,479,955
Electrical Equipment – 2.7%
Advantech Co. Ltd.
 
886,843
$10,322,012
Cembre S.p.A. (l)
 
530,945
35,461,692
Halma PLC
 
583,742
25,640,751
Legrand S.A.
 
387,630
51,825,094
LS Electric Co. Ltd.
 
118,676
26,292,327
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Electrical Equipment – continued
Sagami Rubber Industries Co. Ltd.
 
259,000
$1,661,859
TAKUMA Co. Ltd.
 
948,000
13,482,198
Voltronic Power Technology Corp.
 
287,659
12,407,584
 
 
 
$177,093,517
Electronics – 4.4%
Amano Corp.
 
183,120
$5,701,955
ASM International N.V.
 
22,632
14,486,699
ASM Pacific Technology Ltd.
 
4,264,800
31,266,344
Chroma Ate, Inc.
 
2,394,000
36,264,035
Fukui Computer Holdings, Inc.
 
200,700
4,156,018
Globalwafers Co. Ltd.
 
1,825,000
18,836,009
INTER ACTION Corp. (l)
 
457,600
4,362,937
Samsung Electro-Mechanics Co. Ltd.
 
283,605
28,305,864
Silergy Corp.
 
2,262,000
27,527,763
Silicon Motion Technology Corp., ADR
 
687,185
51,655,696
Tripod Technology Corp.
 
4,678,000
39,634,568
VAT Group AG
 
11,359
4,791,553
Zuken, Inc.
 
547,200
20,367,293
 
 
 
$287,356,734
Energy - Independent – 0.6%
PT United Tractors Tbk
 
13,900,400
$18,365,481
Santos Ltd.
 
3,964,948
19,989,004
 
 
 
$38,354,485
Energy - Integrated – 0.8%
Capricorn Energy PLC (a)
 
131,896
$416,408
Galp Energia SGPS S.A., “B”
 
1,738,503
31,885,330
Petronet LNG Ltd.
 
5,549,509
19,535,877
 
 
 
$51,837,615
Engineering - Construction – 1.1%
Comsys Holdings Corp.
 
157,400
$3,648,493
Doosan Bobcat, Inc.
 
416,016
17,940,228
Johns Lyng Group Ltd. (l)
 
3,994,428
8,333,717
NRW Holdings Ltd.
 
5,424,013
10,673,744
Prologis Property Mexico S.A. de C.V., REIT
 
1,396,624
5,278,508
Technip Energies N.V.
 
669,169
28,171,970
 
 
 
$74,046,660
Entertainment – 1.0%
CTS Eventim AG
 
418,223
$51,924,866
Toei Co. Ltd. (l)
 
388,400
14,105,982
 
 
 
$66,030,848
Food & Beverages – 6.0%
ARIAKE JAPAN Co. Ltd.
 
835,700
$38,417,652
AVI Ltd.
 
2,948,805
15,678,657
Bakkafrost P/f
 
574,752
25,876,784
Cranswick PLC
 
744,621
54,682,565
Ezaki Glico Co. Ltd. (l)
 
327,400
10,480,983
Gruma S.A.B. de C.V.
 
880,733
15,196,511
Kato Sangyo Co. Ltd.
 
696,300
26,593,868
Kerry Group PLC
 
180,943
19,982,044
Morinaga & Co. Ltd.
 
1,137,700
18,763,498
Orion Corp.
 
453,272
36,541,193
S Foods, Inc.
 
822,800
14,958,442
Shenguan Holdings Group Ltd.
 
12,955,505
462,110
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Food & Beverages – continued
T. Hasegawa Co. Ltd. (h)
 
2,480,800
$50,647,908
Tate & Lyle PLC
 
369,294
2,618,197
Tingyi (Cayman Islands) Holdings Corp.
 
13,280,000
19,454,901
Toyo Suisan Kaisha Ltd.
 
280,200
18,650,165
Universal Robina Corp.
 
13,556,010
21,550,518
 
 
 
$390,555,996
Food & Drug Stores – 1.8%
BIM Birlesik Magazalar A.S.
 
331,070
$4,113,665
Cosmos Pharmaceutical Corp.
 
178,500
11,335,596
DFI Retail Group Holdings Ltd.
 
6,240,009
17,222,425
Jeronimo Martins, SGPS S.A.
 
600,027
15,182,103
JM Holdings Co. Ltd.
 
248,200
4,513,981
Nahdi Medical Co.
 
240,517
8,189,314
Paltac Corp.
 
453,300
12,710,846
SAN-A Co. Ltd.
 
171,600
3,517,678
Spencer's Retail Ltd. (a)
 
709,919
529,376
Sugi Holdings Co. Ltd.
 
1,023,200
23,411,992
Sundrug Co. Ltd.
 
570,300
17,856,899
 
 
 
$118,583,875
Forest & Paper Products – 0.2%
Sakata Seed Corp.
 
177,400
$4,317,815
Suzano S.A.
 
1,108,600
10,449,174
 
 
 
$14,766,989
Furniture & Appliances – 1.0%
De'Longhi S.p.A.
 
272,373
$9,143,990
Howden Joinery Group PLC
 
1,914,453
22,494,601
Paramount Bed Holdings Co. Ltd.
 
1,441,800
25,671,159
SEB S.A. (l)
 
108,267
10,215,402
 
 
 
$67,525,152
Gaming & Lodging – 1.2%
Flutter Entertainment PLC (a)
 
80,928
$23,125,985
Galaxy Entertainment Group Ltd.
 
2,143,000
9,513,888
Sands China Ltd.
 
13,650,400
28,413,880
Shangri-La Asia Ltd.
 
29,382,000
15,982,413
 
 
 
$77,036,166
General Merchandise – 2.0%
B&M European Value Retail S.A.
 
3,323,017
$12,379,475
Dollarama, Inc.
 
819,592
115,480,167
Seria Co. Ltd.
 
179,200
3,341,217
 
 
 
$131,200,859
Insurance – 2.9%
Admiral Group PLC
 
208,528
$9,359,916
AUB Group Ltd.
 
2,225,067
51,957,900
Hiscox Ltd.
 
1,707,855
29,420,804
Samsung Fire & Marine Insurance Co. Ltd.
 
122,311
39,332,375
Steadfast Group Ltd.
 
9,449,683
37,378,046
Unipol Gruppo S.p.A.
 
1,160,173
22,993,479
 
 
 
$190,442,520
Interactive Media Services – 0.5%
Digital Garage, Inc. (l)
 
460,800
$15,119,475
Kakaku.com, Inc.
 
823,000
15,304,983
 
 
 
$30,424,458
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Leisure & Toys – 0.4%
Kawai Musical Instruments Manufacturing Co. Ltd. (l)
 
117,200
$2,108,713
Thule Group AB
 
328,509
9,444,603
VTech Holdings Ltd.
 
1,736,465
12,597,747
 
 
 
$24,151,063
Machinery & Tools – 5.1%
AirTAC International Group
 
860,000
$25,642,202
Azbil Corp.
 
2,469,700
23,495,636
Carel Industries S.p.A. (l)
 
112,175
2,986,286
DAIFUKU Co. Ltd. (l)
 
248,600
6,425,396
Finning International, Inc.
 
344,348
14,722,189
Fuji Seal International, Inc.
 
1,373,500
26,601,101
Fujitec Co. Ltd. (l)
 
424,600
18,274,857
Galilei Co. Ltd.
 
1,098,300
23,261,796
GEA Group AG
 
876,565
61,333,455
Haitian International Holdings Ltd.
 
7,943,000
20,641,813
Interpump Group S.p.A.
 
54,235
2,257,735
METAWATER Co. Ltd.
 
851,700
13,118,090
MISUMI Group, Inc.
 
221,000
2,963,446
MonotaRO Co. Ltd.
 
542,800
10,723,697
Nabtesco Corp. (l)
 
712,800
12,777,981
Nissei ASB Machine Co. Ltd.
 
148,100
6,026,638
Obara Group, Inc.
 
125,700
3,129,298
Rational AG
 
2,934
2,460,747
Rotork PLC
 
2,161,512
9,530,002
SGH Ltd.
 
910,570
32,403,699
Spirax-Sarco Engineering PLC
 
113,711
9,294,886
 
 
 
$328,070,950
Major Banks – 1.2%
Banco Bradesco S.A., ADR
 
3,642,226
$11,254,478
Bank of Ireland Group PLC
 
1,225,299
17,442,775
BPER Banca S.p.A.
 
2,265,145
20,588,044
Kyoto Financial Group, Inc.
 
1,633,600
29,290,339
 
 
 
$78,575,636
Medical & Health Technology & Services – 1.4%
Amplifon S.p.A.
 
63,551
$1,491,958
ARATA Corp.
 
290,400
6,120,371
AS ONE Corp.
 
1,719,400
29,742,199
BML, Inc.
 
864,200
19,863,908
Burning Rock Biotech Ltd., ADR (a)
 
28,538
90,180
DKSH Holding Ltd.
 
44,915
3,487,005
Guangzhou KingMed Diagnostics Group Co. Ltd., “A”
 
1,125,900
4,487,573
Hapvida Participacoes e Investimentos S.A. (a)
 
951,960
6,456,669
ICON PLC (a)
 
20,712
3,012,560
Medipal Holdings Corp.
 
708,400
11,496,342
Ryman Healthcare Ltd. (a)
 
3,194,641
4,361,937
 
 
 
$90,610,702
Medical Equipment – 2.7%
ConvaTec Group PLC
 
8,050,508
$31,869,728
Demant A.S. (a)
 
196,988
8,216,969
Eiken Chemical Co. Ltd. (l)
 
588,600
8,710,160
Fukuda Denshi Co. Ltd.
 
561,000
27,269,887
Gerresheimer AG
 
287,112
16,193,188
Nakanishi, Inc.
 
1,067,100
14,049,662
Shimadzu Corp.
 
611,200
15,160,629
Smith & Nephew PLC
 
2,002,674
30,596,041
6
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Medical Equipment – continued
Sonova Holding AG
 
71,259
$21,230,862
Straumann Holding AG
 
15,395
2,009,140
Tecan Group AG
 
13,398
2,732,115
 
 
 
$178,038,381
Metals & Mining – 0.1%
Iluka Resources Ltd.
 
2,269,473
$5,675,884
Natural Gas - Distribution – 1.2%
China Resources Gas Group Ltd.
 
5,424,500
$13,855,021
DCC PLC
 
159,247
10,334,954
Italgas S.p.A.
 
6,111,947
51,836,890
 
 
 
$76,026,865
Natural Gas - Pipeline – 0.4%
APA Group
 
5,110,343
$27,478,751
Network & Telecom – 0.3%
NOHMI BOSAI Ltd.
 
663,400
$16,837,797
Oil Services – 1.6%
ADNOC Drilling Co. PJSC
 
9,800,020
$15,209,964
JGC Holdings Corp.
 
2,493,600
21,636,424
Samsung Engineering Co. Ltd.
 
1,794,884
29,391,624
TechnipFMC PLC
 
397,171
13,678,569
Tenaris S.A., ADR
 
655,294
24,507,996
 
 
 
$104,424,577
Other Banks & Diversified Financials – 5.1%
AEON Financial Service Co. Ltd.
 
2,436,600
$21,734,056
AEON Thana Sinsap Public Co. Ltd.
 
2,515,700
7,254,874
Allfunds Group PLC
 
914,847
7,004,686
Banco Comercial Portugues S.A.
 
10,241,602
7,969,541
Banco Santander Chile S.A.
 
94,394,751
5,928,391
Bank of Cyprus Holdings PLC
 
327,233
2,420,715
Credicorp Ltd.
 
108,451
24,240,967
E.Sun Financial Holding Co. Ltd.
 
12,830,477
14,428,357
Federal Bank Ltd.
 
18,919,534
47,016,454
FinecoBank S.p.A.
 
1,125,536
24,971,916
Hachijuni Bank Ltd.
 
3,365,400
27,366,296
Julius Baer Group Ltd.
 
213,590
14,439,432
Komercni Banka A.S.
 
457,174
22,106,955
Metropolitan Bank & Trust Co.
 
26,716,317
34,385,460
Saudi Awwal Bank
 
1,456,872
13,090,678
Shizuoka Financial Group, Inc.
 
2,804,900
32,683,741
Shriram Finance Ltd.
 
1,896,488
15,631,210
Zenkoku Hosho Co. Ltd.
 
352,800
7,920,575
 
 
 
$330,594,304
Pharmaceuticals – 1.5%
Daito Pharmaceutical Co. Ltd. (l)
 
1,362,180
$9,430,877
Ipca Laboratories Ltd.
 
2,273,546
36,844,383
Kalbe Farma Tbk PT
 
220,495,700
20,711,792
Santen Pharmaceutical Co. Ltd.
 
1,513,700
17,375,411
Suzuken Co. Ltd./Aichi Japan
 
331,800
11,999,683
 
 
 
$96,362,146
7
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Pollution Control – 0.9%
ALS Ltd.
 
1,606,900
$18,084,639
Daiseki Co. Ltd.
 
1,550,540
37,523,919
 
 
 
$55,608,558
Precious Metals & Minerals – 1.2%
Agnico Eagle Mines Ltd.
 
653,341
$77,839,577
Printing & Publishing – 0.2%
Wolters Kluwer N.V.
 
56,523
$9,451,211
Railroad & Shipping – 0.5%
Keisei Electric Railway Co. Ltd.
 
1,795,600
$16,851,869
Sankyu, Inc.
 
329,600
17,697,074
 
 
 
$34,548,943
Real Estate – 4.0%
Aldar Properties PJSC
 
6,658,305
$16,171,671
Big Yellow Group PLC, REIT
 
991,388
13,771,587
CapitaLand India Trusts REIT
 
22,402,359
18,499,785
CapitaLand Integrated Commercial Trust, REIT
 
504,227
860,537
CapitaLand Investment Ltd.
 
16,224,200
33,813,708
City Developments Ltd.
 
2,844,300
11,609,844
Embassy Office Parks REIT
 
3,714,194
16,868,920
LEG Immobilien SE
 
523,764
46,488,524
Midland Holdings Ltd. (a)(h)
 
42,305,000
8,622,730
Rural Funds Group, REIT (l)
 
11,073,567
12,827,000
Shaftesbury Capital PLC, REIT
 
5,322,154
11,403,815
Swire Properties Ltd.
 
11,742,800
29,319,789
TAG Immobilien AG
 
247,858
4,405,742
Unite Group PLC, REIT
 
2,962,763
34,466,441
 
 
 
$259,130,093
Restaurants – 0.8%
Cafe de Coral Holdings Ltd.
 
15,790,000
$13,919,426
Domino's Pizza Enterprises Ltd. (l)
 
440,877
5,591,445
Greggs PLC
 
1,288,583
33,942,763
 
 
 
$53,453,634
Specialty Chemicals – 3.5%
Air Water, Inc.
 
766,300
$11,456,852
Croda International PLC
 
670,299
26,903,312
Essentra PLC
 
12,516,134
18,382,890
Japan Pure Chemical Co. Ltd. (l)
 
40,800
896,719
Kureha Corp. (l)
 
402,100
8,781,671
Nihon Parkerizing Co. Ltd.
 
1,026,800
9,069,752
Nitto Denko Corp.
 
362,000
7,017,277
NOF Corp.
 
939,200
18,036,579
Sika AG
 
53,173
14,435,017
SK KAKEN Co. Ltd.
 
577,700
34,299,747
Symrise AG
 
695,898
73,071,004
Taisei Lamick GroupTaisei Lamick Group Head Quarter
 
215,000
3,725,044
 
 
 
$226,075,864
Specialty Stores – 1.6%
Just Eat Takeaway.com (a)
 
464,538
$10,629,409
Kitanotatsujin Corp. (l)
 
1,108,000
1,100,267
Multiplan Empreendimentos Imobiliarios S.A.
 
4,372,712
21,899,375
Nishimatsuya Chain Co. Ltd. (l)
 
1,287,600
18,705,317
Shimamura Co. Ltd.
 
223,600
15,713,566
8
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Common Stocks – continued
Specialty Stores – continued
ZOZO, Inc.
 
3,180,300
$34,385,800
 
 
 
$102,433,734
Telecom - Infrastructure – 1.5%
Cellnex Telecom S.A.
 
1,559,996
$60,548,831
Infrastrutture Wireless Italiane S.p.A.
 
2,816,313
34,435,400
 
 
 
$94,984,231
Telecom Services – 0.7%
Etihad Etisalat Co.
 
1,342,425
$21,225,384
Hellenic Telecommunications Organization S.A.
 
1,018,894
19,371,328
NOS, SGPS S.A.
 
677,348
3,087,803
 
 
 
$43,684,515
Trucking – 0.7%
Freightways Group Ltd.
 
1,695,234
$11,480,295
Hamakyorex Co. Ltd.
 
449,600
4,233,586
Seino Holdings Co. Ltd.
 
917,200
14,107,830
SG Holdings Co. Ltd.
 
1,021,200
11,392,367
Yamato Holdings Co. Ltd.
 
523,100
7,010,750
 
 
 
$48,224,828
Utilities - Electric Power – 0.7%
CESC Ltd.
 
21,333,946
$42,725,108
Total Common Stocks
$6,264,493,159
Mutual Funds (h) – 3.3%
Money Market Funds – 3.3%
MFS Institutional Money Market Portfolio, 4.35% (v)
 
 
213,890,286
$213,911,675
Collateral for Securities Loaned – 0.0%
JPMorgan U.S. Government Money Market Fund - Class IM Shares, 4.26% (j)
 
 
505,384
$505,384
 
Other Assets, Less Liabilities – 0.1%
6,372,683
Net Assets – 100.0%
$6,485,282,901
 
(a)
Non-income producing security.
 
 
 
(h)
An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is
under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were
$324,735,713 and $6,154,174,505, respectively.
 
 
 
(j)
The rate quoted is the annualized seven-day yield of the fund at period end.
 
 
 
(l)
A portion of this security is on loan. See Note 2 for additional information.
 
 
 
(v)
Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is
the annualized seven-day yield of the fund at period end.
 
 
 
 
The following abbreviations are used in this report and are defined:
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
REIT
Real Estate Investment Trust
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
9
Supplemental Information
6/30/25 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided
by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which
approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to
sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other
10
Supplemental Information (unaudited) – continued
significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities: 
Financial Instruments
Level 1
Level 2
Level 3
Total
Equity Securities:
Japan
$1,755,747,077
$—
$—
$1,755,747,077
United Kingdom
707,548,090
—
—
707,548,090
Australia
379,384,878
—
—
379,384,878
Germany
319,879,779
—
—
319,879,779
Canada
269,342,844
—
—
269,342,844
Italy
265,166,332
—
—
265,166,332
France
263,720,830
—
—
263,720,830
Taiwan
253,350,090
—
—
253,350,090
India
253,232,693
—
—
253,232,693
Other Countries
1,789,865,672
7,254,874
—
1,797,120,546
Investment Companies
214,417,059
—
—
214,417,059
Total
$6,471,655,344
$7,254,874
$—
$6,478,910,218
For further information regarding security characteristics, see the Portfolio of Investments. 
(2) Securities Lending Collateral
At June 30, 2025, the value of securities loaned was $103,389,504. These loans were collateralized by cash of $505,384 and U.S. Treasury
Obligations (held by the custodian or a triparty custodian) of $109,284,769.
(3) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the period ended June 30, 2025:
 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
Forterra PLC
$33,923,677
$—
$4,886,452
$(1,637,430
)
$7,027,691
$34,427,486
MFS Institutional Money Market Portfolio
53,007,561
698,941,894
538,034,144
(9,062
)
5,426
213,911,675
Midland Holdings Ltd.
4,769,475
—
118,656
(320,871
)
4,292,782
8,622,730
PCA Corp.
20,108,197
—
373,128
(104,240
)
(2,504,915
)
17,125,914
T. Hasegawa Co. Ltd.
63,678,141
—
6,092,679
20,619
(6,958,173
)
50,647,908
 
$175,487,051
$698,941,894
$549,505,059
$(2,050,984
)
$1,862,811
$324,735,713
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
Forterra PLC
$366,130
$—
MFS Institutional Money Market Portfolio
4,072,196
—
Midland Holdings Ltd.
—
—
PCA Corp.
814,711
—
T. Hasegawa Co. Ltd.
626,521
—
 
$5,879,558
$—
11
Supplemental Information (unaudited) – continued
(4) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of June 30, 2025, are as follows: 
Japan
27.0%
United Kingdom
10.9%
Australia
5.8%
Germany
4.9%
United States
4.4%
Canada
4.1%
Italy
4.1%
France
4.1%
Taiwan
3.9%
Other Countries
30.8%
12