PG&E Corp.

Quarterly Report

July 31, 2023

MFS^® Utilities Fund

MMU-Q3

Portfolio of Investments

7/31/23 (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 – 97.7%
Energy - Renewables – 4.6%
AES Corp.	1,242,755	$26,880,791
EDP Renovaveis S.A.	4,664,561	89,085,255
Orsted A/S	261,057	22,772,287
		$138,738,333
Natural Gas - Distribution – 2.7%
Atmos Energy Corp.	396,597	$48,269,821
China Resources Gas Group Ltd.	4,478,200	15,446,227
Southwest Gas Holdings, Inc.	244,029	16,091,272
		$79,807,320
Telecommunications - Wireless – 6.6%
Cellnex Telecom S.A.	2,126,546	$86,838,420
Rogers Communications, Inc.	699,848	30,644,389
SBA Communications Corp., REIT	328,695	71,967,770
Vodafone Group PLC	8,289,989	7,918,576
		$197,369,155
Telephone Services – 0.6%
Hellenic Telecommunications Organization S.A.	1,128,630	$17,807,327
Utilities - Electric Power – 81.7%
Alliant Energy Corp.	1,384,887	$74,423,827
Ameren Corp.	1,131,698	96,952,568
American Electric Power Co., Inc.	923,328	78,242,815
CenterPoint Energy, Inc.	993,003	29,879,460
CLP Holdings Ltd.	2,480,500	20,180,760
Constellation Energy	817,593	79,020,364
Dominion Energy, Inc.	3,150,097	168,687,694
DTE Energy Co.	1,109,939	126,866,028
E.ON SE	4,068,876	51,470,254
Edison International	1,559,343	112,210,322
Enel S.p.A.	10,113,120	69,740,723
Energias de Portugal S.A.	8,226,319	38,440,561
Energisa S.A., IEU	1,390,100	14,754,241
Equatorial Energia S.A.	2,093,000	14,845,196
Evergy, Inc.	1,054,093	63,213,957
Exelon Corp.	1,138,894	47,674,103
Iberdrola S.A.	2,365,834	29,537,018
National Grid PLC	3,994,517	52,878,438
NextEra Energy, Inc.	4,826,759	353,801,435
PG&E Corp. (a)	10,410,969	183,337,164
Pinnacle West Capital Corp.	564,756	46,773,092
Portland General Electric Co.	779,717	37,169,109
PPL Corp.	3,602,970	99,189,764
Public Service Enterprise Group, Inc.	746,785	47,137,069
RWE AG	2,364,634	101,734,677
Sempra Energy	820,769	122,310,996
Southern Co.	2,078,042	150,325,558
SSE PLC	2,826,961	61,149,610
Xcel Energy, Inc.	1,110,711	69,674,901
		$2,441,621,704

Portfolio of Investments (unaudited) – continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Utilities - Water – 1.5%
United Utilities Group PLC	204,563	$2,622,634
Veolia Environnement S.A.	1,265,304	41,179,572
		$43,802,206
Total Common Stocks		$2,919,146,045
Preferred Stocks – 0.9%
Utilities - Electric Power – 0.9%
AES Corp.	317,420	$27,167,978
Investment Companies (h) – 0.7%
Money Market Funds – 0.7%
MFS Institutional Money Market Portfolio, 5.25% (v)	21,087,629	$21,087,629

Other Assets, Less Liabilities – 0.7%		20,102,721
Net Assets – 100.0%		$2,987,504,373

(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 $21,087,629 and $2,946,314,023, respectively.
(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:
IEU	International Equity Unit
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:
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound

Derivative Contracts at 7/31/23
Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Asset Derivatives
USD	18,339,678	CAD	24,148,261	HSBC Bank	10/20/2023	$7,136
USD	379,365,093	EUR	336,432,713	State Street Bank Corp.	10/20/2023	7,998,900
USD	286,526	GBP	222,757	HSBC Bank	10/20/2023	588
USD	286,262	GBP	222,257	Morgan Stanley Capital Services, Inc.	10/20/2023	966
USD	82,756,081	GBP	64,134,255	State Street Bank Corp.	10/20/2023	431,399
						$8,438,989
Liability Derivatives
EUR	6,177,917	USD	6,938,132	Morgan Stanley Capital Services, Inc.	10/20/2023	$(118,731)
EUR	5,027,612	USD	5,577,461	State Street Bank Corp.	10/20/2023	(27,807)
GBP	1,839,674	USD	2,372,668	BNP Paribas S.A.	10/20/2023	(11,207)
USD	1,680,174	CAD	2,219,708	Citibank N.A.	10/20/2023	(4,953)
						$(162,698)

At July 31, 2023, the fund had cash collateral of $43,000 to cover any collateral or margin obligations for certain derivative contracts.

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

Supplemental Information

7/31/23 (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. 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. 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 July 31, 2023 in valuing the fund's assets and liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Equity Securities	$2,946,314,023	$—	$—	$2,946,314,023
Mutual Funds	21,087,629	—	—	21,087,629
Total	$2,967,401,652	$—	$—	$2,967,401,652
Other Financial Instruments
Forward Foreign Currency Exchange Contracts – Assets	$—	$8,438,989	$—	$8,438,989
Forward Foreign Currency Exchange Contracts – Liabilities	—	(162,698)	—	(162,698)

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

Supplemental Information (unaudited) – continued

(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:

Affiliated Issuers	Beginning Value	Purchases	Sales Proceeds	Realized Gain (Loss)	Change in Unrealized Appreciation or Depreciation	Ending Value
MFS Institutional Money Market Portfolio	$25,673,112	$304,063,594	$308,657,857	$10,354	$(1,574)	$21,087,629

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Institutional Money Market Portfolio	$720,667	$—

(3) Issuer Country Weightings

Issuer country weighting percentages of portfolio holdings based on net assets, as of July 31, 2023, are as follows:

United States	74.3%
Germany	5.1%
Portugal	4.3%
United Kingdom	4.2%
Spain	3.9%
Italy	2.3%
France	1.4%
Canada	1.0%
Brazil	1.0%
Other Countries	2.5%