Quarterly Report
April 30, 2025
MFS® Global High Yield Fund
HYO-Q1
Portfolio of Investments
4/30/25 (unaudited)
The Portfolio of Investments is a
complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
| Issuer | Shares/Par | Value ($) | ||
| Bonds – 31.6% | ||||
| Basic Industry – 0.3% | ||||
| PeopleCert Wisdom Issuer PLC, 5.75%, 9/15/2026 (n) | EUR | 435,000 | $493,085 | |
| PeopleCert Wisdom Issuer PLC, 5.75%, 9/15/2026 | 150,000 | 170,030 | ||
| $663,115 | ||||
| Broadcasting – 0.7% | ||||
| Banijay Group S.A.S., 8.125%, 5/01/2029 (n) | $ | 294,000 | $301,293 | |
| Summer (BC) Holdco S.à r.l., “A”, 9.25%, 10/31/2027 | EUR | 507,293 | 572,531 | |
| WMG Acquisition Corp., 2.25%, 8/15/2031 (n) | 410,000 | 425,688 | ||
| $1,299,512 | ||||
| Building – 0.2% | ||||
| Standard Industries, Inc., 2.25%, 11/21/2026 (n) | EUR | 430,000 | $475,055 | |
| Business Services – 1.0% | ||||
| Almaviva - The Italian Innovation Co. S.p.A., 5%, 10/30/2030 (n) | EUR | 447,000 | $516,191 | |
| Almaviva - The Italian Innovation Co. S.p.A., 5%, 10/30/2030 | 234,000 | 270,221 | ||
| ams-OSRAM AG, 10.5%, 3/30/2029 | 570,000 | 640,882 | ||
| Engineering Ingegneria Informatica S.p.A., 11.125%, 5/15/2028 | 461,000 | 551,254 | ||
| $1,978,548 | ||||
| Cable TV – 0.9% | ||||
| Summer BidCo B.V., 10% (10% Cash or 10.75% PIK), 2/15/2029 (n)(p) | EUR | 651,128 | $760,373 | |
| Virgin Media 02 Vendor Financing Notes V DAC, 7.875%, 3/15/2032 (n) | GBP | 381,000 | 495,125 | |
| Ziggo B.V., 2.875%, 1/15/2030 (n) | EUR | 260,000 | 269,231 | |
| Ziggo B.V., 2.875%, 1/15/2030 | 200,000 | 207,101 | ||
| $1,731,830 | ||||
| Chemicals – 0.9% | ||||
| Sasol Financing (USA) LLC, 5.5%, 3/18/2031 | $ | 1,019,000 | $788,804 | |
| SPCM S.A., 2.625%, 2/01/2029 | EUR | 456,000 | 491,144 | |
| Synthos S.A., 2.5%, 6/07/2028 | 483,000 | 508,265 | ||
| $1,788,213 | ||||
| Conglomerates – 0.6% | ||||
| Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 (n) | $ | 605,000 | $586,950 | |
| SCC Power PLC, 8%, 12/31/2028 (n) | 850,966 | 425,483 | ||
| SCC Power PLC, 4%, 5/17/2032 (n) | 460,939 | 110,856 | ||
| $1,123,289 | ||||
| Consumer Products – 0.4% | ||||
| Flos B&B Italia S.p.A., 10%, 11/15/2028 (n) | EUR | 406,400 | $482,259 | |
| Flos B&B ltalia S.p.A., 10%, 11/15/2028 | 120,000 | 142,399 | ||
| Perrigo Finance Unlimited Co., 6.125%, 9/30/2032 | $ | 220,000 | 218,382 | |
| $843,040 | ||||
| Consumer Services – 1.3% | ||||
| Amber Finco PLC, 6.625%, 7/15/2029 (n) | EUR | 250,000 | $295,249 | |
| Amber Finco PLC, 6.625%, 7/15/2029 | 437,000 | 516,095 | ||
| Emeria S.A.S.U., 7.75%, 3/31/2028 | 369,000 | 376,229 | ||
| Verisure Holding AB, 3.25%, 2/15/2027 | 315,000 | 352,369 | ||
| Verisure Midholding AB, 5.25%, 2/15/2029 | 915,000 | 1,041,288 | ||
| $2,581,230 | ||||
1
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Containers – 0.6% | ||||
| Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n) | $ | 434,000 | $397,261 | |
| San Miguel Industrias PET S.A., 3.75%, 8/02/2028 (n) | 640,000 | 587,200 | ||
| Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n) | 200,000 | 197,677 | ||
| $1,182,138 | ||||
| Emerging Market Quasi-Sovereign – 2.7% | ||||
| Bulgarian Energy Holding EAD, 2.45%, 7/22/2028 | EUR | 970,000 | $1,031,923 | |
| Navoi Mining & Metallurgical Co. (Republic of Uzbekistan), 6.95%, 10/17/2031 (n) | $ | 731,000 | 736,365 | |
| Petroleos Mexicanos, 6.5%, 3/13/2027 | 445,000 | 434,792 | ||
| Petroleos Mexicanos, 6.84%, 1/23/2030 | 450,000 | 400,831 | ||
| Petroleos Mexicanos, 10%, 2/07/2033 | 460,000 | 460,726 | ||
| Petroleos Mexicanos, 6.5%, 6/02/2041 | 1,385,000 | 953,892 | ||
| Petroleos Mexicanos, 7.69%, 1/23/2050 | 640,000 | 466,943 | ||
| Telecommunications Co. (Republic of Serbia), 7%, 10/28/2029 (n) | 697,000 | 690,961 | ||
| $5,176,433 | ||||
| Energy - Independent – 0.8% | ||||
| Azule Energy Finance PLC, 8.125%, 1/23/2030 (n) | $ | 471,000 | $454,044 | |
| Kosmos Energy Ltd., 8.75%, 10/01/2031 | 372,000 | 299,880 | ||
| Sierracol Energy Andina LLC, 6%, 6/15/2028 (n) | 450,000 | 413,920 | ||
| Trident Energy Finance PLC, 12.5%, 11/30/2029 (n) | 448,000 | 422,791 | ||
| $1,590,635 | ||||
| Entertainment – 0.4% | ||||
| Motion Bondco DAC, 6.625%, 11/15/2027 (n) | $ | 200,000 | $189,141 | |
| Pinnacle Bidco PLC, 10%, 10/11/2028 | GBP | 460,000 | 650,389 | |
| $839,530 | ||||
| Financial Institutions – 1.6% | ||||
| Heimstaden AB, 4.375%, 3/06/2027 | EUR | 400,000 | $427,198 | |
| Heimstaden AB, 6.75%, 1/15/2174 | 200,000 | 168,244 | ||
| IIFL Finance Ltd., 8.75%, 7/24/2028 (n) | $ | 554,000 | 526,300 | |
| Muthoot Finance Ltd., 7.125%, 2/14/2028 (n) | 686,000 | 681,671 | ||
| Project Grand UK PLC, 9%, 6/01/2029 (n) | EUR | 450,000 | 534,759 | |
| Vivion Investments S.à r.l., 6.5%, 8/31/2028 | 621,885 | 677,943 | ||
| $3,016,115 | ||||
| Food & Beverages – 0.9% | ||||
| Central American Bottling Corp., 5.25%, 4/27/2029 (n) | $ | 1,116,000 | $1,067,970 | |
| Flora Food Management B.V., 6.875%, 7/02/2029 | EUR | 533,000 | 622,839 | |
| $1,690,809 | ||||
| Forest & Paper Products – 0.2% | ||||
| Fedrigoni S.p.A., 6.125%, 6/15/2031 | EUR | 400,000 | $438,979 | |
| Gaming & Lodging – 1.6% | ||||
| AccorInvest Group S.A., 6.375%, 10/15/2029 (n) | EUR | 550,000 | $648,011 | |
| Allwyn International A.S., 3.875%, 2/15/2027 (n) | 565,000 | 636,860 | ||
| Allwyn International A.S., 3.875%, 2/15/2027 | 345,000 | 388,879 | ||
| Lottomatica S.p.A./Roma, 5.375%, 6/01/2030 (n) | 688,000 | 805,710 | ||
| Melco Resorts Finance Ltd., 5.375%, 12/04/2029 | $ | 411,000 | 370,876 | |
| Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | 294,000 | 280,624 | ||
| $3,130,960 | ||||
| Industrial – 0.4% | ||||
| Albion Financing 1 S.à r.l., 5.25%, 10/15/2026 | EUR | 128,000 | $145,423 | |
| Pachelbel Bidco S.p.A., 7.125%, 5/17/2031 (n) | 310,000 | 370,572 | ||
| Pachelbel Bidco S.p.A., 7.125%, 5/17/2031 | 250,000 | 298,849 | ||
| $814,844 | ||||
2
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| International Market Quasi-Sovereign – 0.3% | ||||
| Wolf Midstream Canada LP, 6.4%, 7/18/2029 (n) | CAD | 813,000 | $605,946 | |
| Major Banks – 0.5% | ||||
| UniCredit S.p.A., 3.875% to 6/03/2027, FLR (EUR ICE Swap Rate - 5yr. + 4.081%) to 6/03/2070 | EUR | 845,000 | $923,754 | |
| Medical & Health Technology & Services – 0.5% | ||||
| Ephios Subco 3 S.à r.l., 7.875%, 1/31/2031 (n) | EUR | 388,000 | $463,352 | |
| Laboratoire Eimer Selas, 5%, 2/01/2029 | 494,000 | 506,799 | ||
| $970,151 | ||||
| Metals & Mining – 1.5% | ||||
| Aris Mining Corp., 8%, 10/31/2029 (n) | $ | 405,000 | $408,026 | |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n) | 140,000 | 123,019 | ||
| Compania de Minas Buenaventura S.A.A., 6.8%, 2/04/2032 (n) | 525,000 | 521,068 | ||
| First Quantum Minerals Ltd., 8%, 3/01/2033 (n) | 235,000 | 232,504 | ||
| Novelis Sheet Ingot GmbH, 3.375%, 4/15/2029 (n) | EUR | 460,000 | 494,378 | |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n) | $ | 359,667 | 194,259 | |
| Samarco Mineracao S.A., 9.5% PIK to 12/30/2025, (4% Cash + 5% PIK) to 12/30/2026, (5.5% Cash + 3.5% PIK) to 12/30/2027, 9.25% Cash to 12/30/2029, 9.5% Cash to 6/30/2031 (p) | 1,031,095 | 970,440 | ||
| $2,943,694 | ||||
| Midstream – 0.2% | ||||
| Peru LNG, 5.375%, 3/22/2030 | $ | 537,543 | $486,082 | |
| Network & Telecom – 1.1% | ||||
| Iliad Holding S.A.S., 5.625%, 10/15/2028 (n) | EUR | 280,000 | $322,749 | |
| Iliad Holding S.A.S., 5.375%, 4/15/2030 (n) | 124,000 | 143,462 | ||
| Iliad Holding S.A.S., 6.875%, 4/15/2031 (n) | 151,000 | 182,402 | ||
| Iliad S.A., 5.625%, 2/15/2030 | 300,000 | 360,671 | ||
| Kaixo Bondco Telecom S.A., 5.125%, 9/30/2029 (n) | 835,000 | 954,964 | ||
| Kaixo Bondco Telecom S.A., 5.125%, 9/30/2029 | 100,000 | 114,367 | ||
| $2,078,615 | ||||
| Oils – 0.5% | ||||
| FS Luxembourg S.à r.l., 8.875%, 2/12/2031 (n) | $ | 429,000 | $431,268 | |
| MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031 (n) | 701,531 | 542,284 | ||
| $973,552 | ||||
| Other Banks & Diversified Financials – 1.3% | ||||
| Banco GNB Sudameris S.A., 7.5% to 4/16/2026, FLR (CMT - 5yr. + 6.66%) to 4/16/2031 | $ | 755,000 | $732,557 | |
| BBVA Bancomer S.A. (Texas), 8.125%, 1/08/2039 (n) | 754,000 | 768,266 | ||
| Intesa Sanpaolo S.p.A., 4.125% to 2/27/2030, FLR (EUR Swap Rate - 5yr. + 4.274%) to 2/27/2070 | EUR | 895,000 | 935,263 | |
| $2,436,086 | ||||
| Pharmaceuticals – 1.8% | ||||
| Biocon Biologics Global PLC, 6.67%, 10/09/2029 (n) | $ | 450,000 | $405,687 | |
| Grifols S.A., 3.875%, 10/15/2028 | EUR | 442,000 | 469,425 | |
| Neopharmed Gentili S.p.A., 7.125%, 4/08/2030 (n) | 596,000 | 694,294 | ||
| Neopharmed Gentili S.p.A., 7.125%, 4/08/2030 | 100,000 | 116,492 | ||
| Organon Finance 1 LLC, 2.875%, 4/30/2028 (n) | 135,000 | 145,498 | ||
| Rossini S.à r.l., 6.75%, 12/31/2029 (n) | 401,000 | 472,653 | ||
| Rossini S.à r.l., 6.75%, 12/31/2029 | 100,000 | 117,869 | ||
| Teva Pharmaceutical Finance Netherlands III B.V., 4.75%, 5/09/2027 | $ | 1,025,000 | 1,005,549 | |
| $3,427,467 | ||||
| Pollution Control – 0.2% | ||||
| Ambipar Lux S.à r.l., 10.875%, 2/05/2033 | $ | 385,000 | $376,106 | |
3
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Precious Metals & Minerals – 0.4% | ||||
| Capstone Copper Corp., 6.75%, 3/31/2033 (n) | $ | 415,000 | $407,762 | |
| Eldorado Gold Corp., 6.25%, 9/01/2029 (n) | 342,000 | 337,111 | ||
| $744,873 | ||||
| Restaurants – 0.2% | ||||
| Waga Bondco Ltd., 8.5%, 6/15/2030 | GBP | 300,000 | $390,634 | |
| Retailers – 1.7% | ||||
| B&M European Value Retail S.A., 8.125%, 11/15/2030 | GBP | 685,000 | $954,181 | |
| Bubbles Bidco S.p.A., 6.5%, 9/30/2031 | EUR | 100,000 | 113,191 | |
| Bubbles BidCo S.p.A., 6.5%, 9/30/2031 (n) | 450,000 | 509,358 | ||
| CD&R Firefly Bidco PLC, 8.625%, 4/30/2029 (n) | GBP | 350,000 | 475,779 | |
| Fressnapf Holding SE, 5.25%, 10/31/2031 | EUR | 600,000 | 684,831 | |
| Maxeda DIY Holding B.V., 5.875%, 10/01/2026 | 572,000 | 532,518 | ||
| $3,269,858 | ||||
| Telecommunications - Wireless – 2.6% | ||||
| Altice France S.A., 3.375%, 1/15/2028 | EUR | 286,000 | $260,411 | |
| IHS Holding Ltd., 6.25%, 11/29/2028 (n) | $ | 785,000 | 745,701 | |
| Millicom International Cellular S.A., 5.125%, 1/15/2028 (n) | 617,400 | 602,243 | ||
| PLT VII Finance S.à r.l., 6%, 6/15/2031 (n) | EUR | 648,000 | 752,531 | |
| PLT VII Finance S.à r.l., 6%, 6/15/2031 | 100,000 | 116,131 | ||
| VMED O2 UK Financing I PLC, 4%, 1/31/2029 | GBP | 299,000 | 366,233 | |
| Vodafone Group PLC, 3% to 8/27/2030, FLR (EUR Swap Rate - 5yr. + 3.477%) to 8/27/2050, FLR (EUR Swap Rate - 5yr. + 4.227%) to 8/27/2080 | EUR | 705,000 | 746,667 | |
| WP / AP Telecom Holdings III B.V., 5.5%, 1/15/2030 | 852,000 | 957,949 | ||
| Zegona Finance PLC, 6.75%, 7/15/2029 (n) | 125,000 | 149,607 | ||
| Zegona Finance PLC, 6.75%, 7/15/2029 | 238,000 | 284,852 | ||
| $4,982,325 | ||||
| Transportation - Services – 1.1% | ||||
| Acu Petroleo Luxembourg S.à r.l., 7.5%, 1/13/2032 | $ | 419,802 | $421,094 | |
| Edge Finco PLC, 8.125%, 8/15/2031 (n) | GBP | 414,000 | 559,600 | |
| Edge Finco PLC, 8.125%, 8/15/2031 | 100,000 | 135,169 | ||
| Hidrovias International Finance S.à r.l., 4.95%, 2/08/2031 | $ | 650,000 | 581,296 | |
| Kingston Airport Revenue Finance, 6.75%, 12/15/2036 (n) | 535,000 | 528,848 | ||
| $2,226,007 | ||||
| Utilities - Electric Power – 1.9% | ||||
| 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 (CMT - 5yr. + 4.835%) to 6/10/2055 (n) | $ | 672,000 | $684,767 | |
| Azure Power Energy Ltd., 3.575%, 8/19/2026 (n) | 387,093 | 363,868 | ||
| Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 (n) | 715,942 | 687,368 | ||
| ReNew Wind Energy AP2/ReNew Power Private Ltd., 4.5%, 7/14/2028 (n) | 529,000 | 490,288 | ||
| Saavi Energia S.à r.l., 8.875%, 2/10/2035 (n) | 374,000 | 375,870 | ||
| Termocandelaria Power S.A., 7.75%, 9/17/2031 (n) | 376,000 | 374,192 | ||
| Termocandelaria Power S.A., 7.75%, 9/17/2031 | 400,000 | 398,076 | ||
| TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 304,000 | 297,224 | ||
| $3,671,653 | ||||
| Utilities - Other – 0.3% | ||||
| Aegea Finance S.à r.l., 6.75%, 5/20/2029 (n) | $ | 586,000 | $580,354 | |
| Total Bonds | $61,451,432 | |||
| Mutual Funds (h) – 67.9% | ||||
| Mutual Funds – 66.4% | ||||
| MFS High Yield Pooled Portfolio (v)(y) | 15,737,185 | $129,202,292 | ||
4
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Mutual Funds (h) – continued | ||||
| Money Market Funds – 1.5% | ||||
| MFS Institutional Money Market Portfolio, 4.36% (v) | 2,893,005 | $2,893,004 | ||
| Total Mutual Funds | $132,095,296 | |||
| Other Assets, Less Liabilities – 0.5% | 997,990 | |||
| Net Assets – 100.0% | $194,544,718 | |||
| (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 $132,095,296 and $61,451,432, respectively. | |||
| (n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $32,307,225, representing 16.6% of net assets. | |||
| (p) | Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash. | |||
| (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. | |||
| (y) | The current Financial & Other Information report for MFS High Yield Pooled Portfolio as of April 30, 2025 has been included at the end of this report. |
| 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 reported may not be the current rate. All reference rates are USD unless otherwise noted. |
| ICE | Intercontinental Exchange |
| 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: | |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| Derivative Contracts at 4/30/25 | ||||||
| Forward Foreign Currency Exchange Contracts | ||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
| Asset Derivatives | ||||||
| USD | 1,377,122 | EUR | 1,200,917 | HSBC Bank | 7/18/2025 | $9,919 |
| USD | 137,333 | GBP | 102,480 | State Street Corp. | 7/18/2025 | 717 |
| $10,636 | ||||||
| Liability Derivatives | ||||||
| EUR | 148,146 | USD | 169,232 | Merrill Lynch International | 7/18/2025 | $(573) |
| EUR | 3,004,155 | USD | 3,435,880 | State Street Corp. | 7/18/2025 | (15,752) |
| USD | 173,334 | CAD | 239,471 | BNP Paribas S.A. | 7/18/2025 | (1,062) |
| USD | 171,549 | CAD | 236,995 | Goldman Sachs International | 7/18/2025 | (1,043) |
| USD | 243,768 | CAD | 336,534 | Merrill Lynch International | 7/18/2025 | (1,314) |
| USD | 7,373,101 | EUR | 6,497,895 | Barclays Bank PLC | 7/18/2025 | (24,531) |
| USD | 9,932,896 | EUR | 8,755,076 | JPMorgan Chase Bank N.A. | 7/18/2025 | (34,459) |
| USD | 13,971,007 | EUR | 12,308,553 | State Street Corp. | 7/18/2025 | (41,861) |
| USD | 3,650,959 | GBP | 2,796,316 | JPMorgan Chase Bank N.A. | 7/18/2025 | (76,813) |
| $(197,408) | ||||||
See attached supplemental
information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
5
Supplemental Information
4/30/25 (unaudited)
The fund is an investment company
and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment
Companies.
(1) Investment Valuations
The investments of the fund and the
MFS 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.
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).
6
Supplemental Information (unaudited) –
continued
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 April 30, 2025 in valuing the fund's assets and liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Non - U.S. Sovereign Debt | $— | $5,782,379 | $— | $5,782,379 |
| U.S. Corporate Bonds | — | 1,759,001 | — | 1,759,001 |
| Foreign Bonds | — | 53,910,052 | — | 53,910,052 |
| Investment Companies | 132,095,296 | — | — | 132,095,296 |
| Total | $132,095,296 | $61,451,432 | $— | $193,546,728 |
| Other Financial Instruments | ||||
| Forward Foreign Currency Exchange Contracts – Assets | $— | $10,636 | $— | $10,636 |
| Forward Foreign Currency Exchange Contracts – Liabilities | — | (197,408) | — | (197,408) |
For further information regarding
security characteristics, see the Portfolio of Investments. Please refer to the MFS High Yield Pooled Portfolio's shareholder report for further information regarding the levels used in valuing its assets and
liabilities.
(2) Investments in Affiliated
Issuers
An affiliated issuer may be
considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the
period ended April 30, 2025:
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS High Yield Pooled Portfolio | $117,133,676 | $17,456,424 | $3,293,478 | $(337,485) | $(1,756,845) | $129,202,292 |
| MFS Institutional Money Market Portfolio | 3,066,027 | 17,761,356 | 17,933,337 | (815) | (227) | 2,893,004 |
| $120,199,703 | $35,217,780 | $21,226,815 | $(338,300) | $(1,757,072) | $132,095,296 |
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS High Yield Pooled Portfolio | $2,121,060 | $— |
| MFS Institutional Money Market Portfolio | 41,475 | — |
| $2,162,535 | $— |
(3) Issuer Country
Weightings
Issuer country weighting percentages
of portfolio holdings based on net assets, as of April 30, 2025, are as follows:
| United States | 59.0% |
| United Kingdom | 4.8% |
| Italy | 4.2% |
| Canada | 3.7% |
| France | 3.0% |
| Brazil | 2.5% |
| Mexico | 2.3% |
| Netherlands | 2.2% |
| Luxembourg | 2.1% |
| Other Countries | 16.2% |
These issuer country weighting
percentages include both accrued interest amounts and the equivalent exposure from any derivative holdings, if applicable. Percentages reflect exposure to the underlying fund holdings including cash & cash
equivalents.
7