Quarterly Report
December 31, 2022
MFS® International New Discovery Fund
MIO-Q1
Portfolio of Investments
12/31/22 (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 – 97.9% | ||||
Aerospace & Defense – 1.0% | ||||
Babcock International Group PLC (a) | 1,393,969 | $4,755,744 | ||
LISI Group | 516,538 | 10,759,981 | ||
MTU Aero Engines Holding AG | 38,986 | 8,438,324 | ||
Saab AB, “B” | 138,860 | 5,465,321 | ||
Singapore Technologies Engineering Ltd. | 12,378,800 | 30,960,863 | ||
$60,380,233 | ||||
Airlines – 0.6% | ||||
Enav S.p.A. | 4,662,291 | $19,763,368 | ||
Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR | 36,092 | 8,409,075 | ||
Mainfreight Ltd. | 262,213 | 11,172,563 | ||
$39,345,006 | ||||
Alcoholic Beverages – 0.8% | ||||
Carlsberg Group | 132,479 | $17,605,892 | ||
China Resources Beer Holdings Co. Ltd. | 4,316,000 | 30,163,258 | ||
$47,769,150 | ||||
Apparel Manufacturers – 0.7% | ||||
Burberry Group PLC | 574,654 | $14,102,978 | ||
Coats Group PLC | 5,250,030 | 4,201,730 | ||
Eclat Textile Co. Ltd. | 540,000 | 8,705,568 | ||
Pacific Textiles Holdings Ltd. | 38,809,000 | 12,728,419 | ||
$39,738,695 | ||||
Automotive – 1.8% | ||||
Cie Plastic Omnium S.A. | 319,197 | $4,630,785 | ||
Daikyonishikawa Corp. | 332,421 | 1,396,819 | ||
Hero MotoCorp Ltd. | 591,167 | 19,571,108 | ||
Koito Manufacturing Co. Ltd. | 1,291,600 | 19,239,387 | ||
Mahindra & Mahindra Ltd. | 922,321 | 13,880,972 | ||
NGK Spark Plug Co. Ltd | 748,600 | 13,812,951 | ||
Stanley Electric Co. Ltd. | 871,131 | 16,557,590 | ||
TS Tech Co. Ltd. | 997,300 | 11,404,661 | ||
USS Co. Ltd. | 472,300 | 7,484,850 | ||
$107,979,123 | ||||
Biotechnology – 0.5% | ||||
Abcam PLC, ADR (a) | 495,341 | $7,707,506 | ||
Virbac S.A. | 88,791 | 21,767,213 | ||
$29,474,719 | ||||
Broadcasting – 0.4% | ||||
4imprint Group PLC | 109,785 | $5,673,976 | ||
Nippon Television Holdings, Inc. | 767,100 | 6,090,507 | ||
TBS Holdings, Inc. | 891,400 | 10,341,341 | ||
$22,105,824 | ||||
Brokerage & Asset Managers – 2.7% | ||||
ASX Ltd. | 67,893 | $3,113,480 | ||
Bolsa Mexicana de Valores S.A. de C.V. | 7,252,800 | 14,002,019 | ||
Euronext N.V. | 228,582 | 16,943,559 | ||
Hargreaves Lansdown PLC | 432,848 | 4,480,423 | ||
IPH Ltd. | 6,574,487 | 38,711,414 | ||
JAFCO Group Co. Ltd. (l) | 197,100 | 3,350,665 | ||
Japan Exchange Group, Inc. | 145,300 | 2,100,783 |
1
Portfolio of Investments (unaudited) –
continued
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Brokerage & Asset Managers – continued | ||||
Moscow Exchange MICEX-RTS PJSC (a)(u) | 7,428,305 | $0 | ||
Omni Bridgeway Ltd. (a) | 5,790,314 | 14,217,094 | ||
Partners Group Holding AG | 3,296 | 2,929,782 | ||
Pinnacle Investment Management Group Ltd. | 1,139,173 | 6,771,040 | ||
Rathbones Group PLC | 804,689 | 19,797,066 | ||
Schroders PLC | 3,792,519 | 19,990,451 | ||
TMX Group Ltd. | 191,146 | 19,131,540 | ||
$165,539,316 | ||||
Business Services – 6.8% | ||||
AEON Delight Co. Ltd. | 295,700 | $6,788,489 | ||
Amadeus Fire AG | 135,656 | 16,786,619 | ||
Bunzl PLC | 774,450 | 25,831,726 | ||
Central Automotive Products Ltd. | 47,300 | 883,364 | ||
Compass Group PLC | 1,325,120 | 30,718,424 | ||
Comture Corp. | 667,200 | 12,216,410 | ||
Doshisha Co. Ltd. | 141,800 | 1,743,530 | ||
Eurofins Scientific SE | 33,073 | 2,381,653 | ||
Fuji Soft, Inc. | 166,300 | 9,579,610 | ||
Fullcast Holdings Co., Ltd. | 747,500 | 16,084,578 | ||
Gruppo Mutuionline S.p.A. | 143,416 | 4,040,637 | ||
Imdex Ltd. | 7,956,130 | 11,971,418 | ||
Intertek Group PLC | 495,834 | 24,181,350 | ||
Iwatani Corp. | 493,800 | 21,574,325 | ||
Johnson Service Group PLC | 2,118,752 | 2,482,060 | ||
Karnov Group AB (a) | 1,201,680 | 6,750,357 | ||
NS Solutions Corp. | 3,613,300 | 87,134,779 | ||
Pasona Group, Inc. | 612,500 | 8,685,328 | ||
RS Group PLC | 4,251,051 | 46,022,505 | ||
San-Ai Obbli Co. Ltd. | 3,112,500 | 29,325,393 | ||
SCSK Corp. | 848,700 | 12,810,183 | ||
Sohgo Security Services Co. Ltd. | 569,000 | 15,484,044 | ||
Thoughtworks Holding, Inc. (a) | 105,309 | 1,073,099 | ||
TIS, Inc. | 546,200 | 14,483,206 | ||
$409,033,087 | ||||
Chemicals – 1.0% | ||||
Borregaard ASA | 112,533 | $1,745,980 | ||
IMCD Group N.V. | 208,397 | 29,702,912 | ||
JCU Corp. | 817,100 | 19,176,074 | ||
KH Neochem Co. Ltd. (l) | 409,600 | 8,404,852 | ||
$59,029,818 | ||||
Computer Software – 3.7% | ||||
ARGO GRAPHICS, Inc. | 688,500 | $19,292,462 | ||
Douzone Bizon Co. Ltd. (a) | 447,057 | 13,101,280 | ||
EMIS Group PLC | 489,193 | 11,071,193 | ||
OBIC Business Consultants Co. Ltd. | 91,900 | 3,007,547 | ||
OBIC Co. Ltd. | 633,400 | 93,677,949 | ||
Oracle Corp. Japan | 255,700 | 16,636,882 | ||
PCA Corp. (h) | 1,398,900 | 14,304,509 | ||
Sage Group PLC | 679,854 | 6,128,157 | ||
SimCorp A/S | 68,114 | 4,688,794 | ||
Temairazu, Inc. (l) | 261,400 | 9,862,592 | ||
Totvs S.A. | 1,646,400 | 8,612,826 | ||
Wisetech Global Ltd. | 605,647 | 20,885,025 | ||
$221,269,216 |
2
Portfolio of Investments (unaudited) –
continued
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Computer Software - Systems – 2.5% | ||||
Alten S.A. | 139,757 | $17,549,417 | ||
Amadeus IT Group S.A. (a) | 600,104 | 30,947,407 | ||
Cancom SE | 431,801 | 12,646,377 | ||
DTS Corp. | 783,500 | 17,611,313 | ||
Elecom Co. Ltd. | 850,200 | 8,745,580 | ||
Kardex Holding AG | 91,953 | 15,175,360 | ||
Pole To Win Holdings, Inc. | 1,706,900 | 10,639,713 | ||
Temenos AG | 86,543 | 4,780,641 | ||
Toshiba Tec Corp. | 209,700 | 5,700,869 | ||
Venture Corp. Ltd. | 2,272,600 | 28,973,480 | ||
$152,770,157 | ||||
Conglomerates – 0.3% | ||||
Ansell Ltd. | 1,061,273 | $20,388,743 | ||
Construction – 3.4% | ||||
Bellway PLC | 610,687 | $14,082,883 | ||
Breedon Group PLC | 67,967,739 | 50,123,455 | ||
Fletcher Building Ltd. | 1,719,119 | 5,208,557 | ||
Forterra PLC (h) | 14,582,719 | 32,897,166 | ||
Grupo Cementos de Chihuahua S.A.B. de C.V. | 1,158,231 | 7,750,665 | ||
Kingspan Group PLC | 68,375 | 3,703,516 | ||
Marshalls PLC | 1,037,459 | 3,426,573 | ||
PT Indocement Tunggal Prakarsa Tbk | 24,754,200 | 15,742,192 | ||
Reliance Worldwide Corp. | 4,834,770 | 9,743,589 | ||
Rinnai Corp. | 89,900 | 6,733,595 | ||
Somfy S.A. | 92,596 | 14,174,073 | ||
Techtronic Industries Co. Ltd. | 1,823,000 | 20,342,620 | ||
Toto Ltd. | 145,700 | 4,930,574 | ||
Zhejiang Supor Co. Ltd. | 2,302,302 | 16,380,433 | ||
$205,239,891 | ||||
Consumer Products – 2.2% | ||||
Amorepacific Corp. (a) | 208,183 | $22,828,595 | ||
Dabur India Ltd. | 2,506,366 | 16,972,204 | ||
Essity AB | 864,312 | 22,686,411 | ||
Kobayashi Pharmaceutical Co. Ltd. | 273,600 | 18,825,114 | ||
Lion Corp. | 1,082,500 | 12,487,847 | ||
Mitsubishi Pencil Co. Ltd. | 231,500 | 2,525,968 | ||
PZ Cussons PLC | 364,404 | 922,944 | ||
Uni-Charm Corp. | 883,600 | 33,883,686 | ||
$131,132,769 | ||||
Consumer Services – 1.5% | ||||
Afya Ltd. (a) | 559,664 | $8,741,952 | ||
Asante, Inc. | 170,200 | 2,103,508 | ||
Carsales.com Ltd. | 582,054 | 8,215,797 | ||
Heian Ceremony Service Co. | 363,967 | 2,027,277 | ||
Localiza Rent a Car S.A. | 654,579 | 6,595,692 | ||
Meitec Corp. | 1,115,700 | 20,146,187 | ||
Park24 Co. Ltd. (a) | 358,200 | 6,191,067 | ||
Seek Ltd. | 762,170 | 10,850,497 | ||
Trip.com Group Ltd. (a) | 276,181 | 9,598,190 | ||
Webjet Ltd. (a) | 3,441,422 | 14,480,310 | ||
$88,950,477 |
3
Portfolio of Investments (unaudited) –
continued
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Containers – 2.0% | ||||
Mayr-Melnhof Karton AG | 133,652 | $21,631,849 | ||
Toyo Seikan Group Holdings, Ltd. | 1,427,000 | 17,509,576 | ||
Verallia | 1,784,413 | 60,512,757 | ||
Viscofan S.A. | 372,627 | 24,056,913 | ||
$123,711,095 | ||||
Electrical Equipment – 2.7% | ||||
Advantech Co. Ltd. | 2,721,191 | $29,305,338 | ||
Bharat Heavy Electricals Ltd. | 14,453,222 | 13,786,444 | ||
Halma PLC | 552,548 | 13,186,377 | ||
Legrand S.A. | 571,266 | 45,996,896 | ||
LS Electric Co. Ltd. (a) | 622,072 | 27,922,167 | ||
OMRON Corp. | 163,021 | 7,956,031 | ||
Sagami Rubber Industries Co. Ltd. | 264,700 | 1,480,853 | ||
TAKUMA Co. Ltd. | 969,000 | 9,025,560 | ||
Voltronic Power Technology Corp. | 350,659 | 17,626,788 | ||
$166,286,454 | ||||
Electronics – 2.9% | ||||
Amano Corp. | 246,720 | $4,529,773 | ||
ASM International N.V. | 81,672 | 20,601,888 | ||
ASM Pacific Technology Ltd. | 3,681,000 | 26,244,182 | ||
Cembre S.p.A. | 542,000 | 17,811,646 | ||
Chroma Ate, Inc. | 5,253,000 | 30,934,685 | ||
Fukui Computer Holdings, Inc. | 205,100 | 4,082,979 | ||
INTER ACTION Corp. | 467,700 | 5,402,115 | ||
Melexis N.V. | 178,211 | 15,518,410 | ||
Silergy Corp. | 183,000 | 2,598,933 | ||
Tripod Technology Corp. | 7,069,000 | 21,619,495 | ||
WIN Semiconductors Corp. | 2,853,000 | 12,670,511 | ||
Zuken, Inc. | 559,300 | 12,806,636 | ||
$174,821,253 | ||||
Energy - Independent – 0.4% | ||||
PT United Tractors Tbk | 14,165,800 | $23,727,203 | ||
Energy - Integrated – 0.5% | ||||
Capricorn Energy PLC (a) | 545,875 | $1,727,711 | ||
Galp Energia SGPS S.A., “B” | 2,267,659 | 30,684,735 | ||
$32,412,446 | ||||
Engineering - Construction – 0.8% | ||||
Comsys Holdings Corp. | 384,800 | $6,730,056 | ||
Corporacion Inmobiliaria Vesta S.A.B. de C.V. | 4,200,348 | 10,025,309 | ||
Doosan Bobcat, Inc. | 830,627 | 22,903,434 | ||
JGC Holdings Corp. | 257,000 | 3,252,572 | ||
Prologis Peroperty Mexico S.A. de C.V., REIT | 2,330,235 | 6,676,264 | ||
$49,587,635 | ||||
Entertainment – 1.3% | ||||
CTS Eventim AG (a) | 734,786 | $46,878,480 | ||
Toei Co. Ltd. | 79,400 | 10,678,223 | ||
Toho Co. Ltd. | 605,800 | 23,449,132 | ||
$81,005,835 | ||||
Food & Beverages – 6.6% | ||||
ARIAKE JAPAN Co. Ltd. | 424,500 | $14,039,964 | ||
AVI Ltd. | 4,871,301 | 21,562,307 | ||
Bakkafrost P/f | 525,592 | 33,048,003 |
4
Portfolio of Investments (unaudited) –
continued
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Food & Beverages – continued | ||||
Britvic PLC | 655,513 | $6,157,589 | ||
Cranswick PLC | 995,669 | 37,050,318 | ||
Ezaki Glico Co. Ltd. | 454,000 | 12,486,528 | ||
Greencore Group PLC (a) | 1,183,806 | 918,091 | ||
Gruma S.A.B. de C.V. | 891,493 | 11,928,663 | ||
Kato Sangyo Co. Ltd. | 711,700 | 19,034,342 | ||
Kerry Group PLC | 206,732 | 18,641,998 | ||
Kikkoman Corp. | 121,900 | 6,446,099 | ||
Morinaga & Co. Ltd. | 878,000 | 26,258,382 | ||
Orion Corp. (a) | 370,291 | 37,610,700 | ||
S Foods, Inc. | 841,000 | 19,025,670 | ||
Shenguan Holdings Group Ltd. | 13,203,505 | 507,473 | ||
T. Hasegawa Co. Ltd. (h) | 3,128,400 | 68,986,903 | ||
Takasago International Corp. | 161,300 | 3,127,922 | ||
Tate & Lyle PLC | 376,983 | 3,241,320 | ||
Tingyi (Cayman Islands) Holdings Corp. | 13,534,000 | 23,835,932 | ||
Universal Robina Corp. | 13,463,790 | 32,857,663 | ||
$396,765,867 | ||||
Food & Drug Stores – 1.6% | ||||
Cosmos Pharmaceutical Corp. | 59,200 | $6,017,434 | ||
DFI Retail Group Holdings Ltd. | 6,359,109 | 18,590,601 | ||
JM Holdings Co. Ltd. | 253,700 | 3,299,801 | ||
Patlac Corp. | 463,300 | 16,223,962 | ||
SAN-A Co. Ltd. | 87,700 | 2,871,635 | ||
Sendas Distribuidora S.A. | 1,753,600 | 6,466,706 | ||
Spencer's Retail Ltd. (a) | 723,473 | 567,386 | ||
Sugi Holdings Co. Ltd. | 234,200 | 10,442,369 | ||
Sundrug Co. Ltd. | 1,075,300 | 31,977,155 | ||
$96,457,049 | ||||
Forest & Paper Products – 0.2% | ||||
Suzano S.A. | 1,122,200 | $10,253,313 | ||
Furniture & Appliances – 1.0% | ||||
Codan Ltd. | 1,797,141 | $5,016,692 | ||
Howden Joinery Group PLC | 1,757,505 | 11,932,516 | ||
Paramount Bed Holdings Co. Ltd. | 1,356,400 | 26,384,128 | ||
SEB S.A. | 162,083 | 13,623,975 | ||
Zojirushi Corp. | 177,300 | 2,216,926 | ||
$59,174,237 | ||||
Gaming & Lodging – 0.8% | ||||
Flutter Entertainment PLC (a) | 172,611 | $23,559,754 | ||
Shangri-La Asia Ltd. (a) | 29,944,000 | 24,552,281 | ||
$48,112,035 | ||||
General Merchandise – 1.0% | ||||
Dollarama, Inc. | 841,907 | $49,239,745 | ||
Falabella S.A. | 3,015,393 | 5,865,486 | ||
Seria Co. Ltd. | 183,200 | 4,004,883 | ||
$59,110,114 | ||||
Insurance – 2.1% | ||||
Admiral Group PLC | 212,870 | $5,499,552 | ||
AUB Group Ltd. | 2,779,348 | 42,633,949 | ||
Hiscox Ltd. | 1,978,378 | 26,058,226 | ||
Samsung Fire & Marine Insurance Co. Ltd. (a) | 96,292 | 15,265,340 | ||
Steadfast Group Ltd. | 7,747,030 | 28,851,873 |
5
Portfolio of Investments (unaudited) –
continued
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Insurance – continued | ||||
Unipol Gruppo S.p.A. | 1,962,447 | $9,574,997 | ||
$127,883,937 | ||||
Internet – 2.1% | ||||
Auto Trader Group PLC | 1,496,505 | $9,328,234 | ||
Demae-Can Co. Ltd. (a)(l) | 607,900 | 1,991,748 | ||
Digital Garage, Inc. | 353,700 | 12,159,104 | ||
Kakaku.com, Inc. | 556,300 | 8,952,344 | ||
MakeMyTrip Ltd. (a) | 1,069,505 | 29,486,253 | ||
Moneysupermarket.com Group PLC | 6,874,005 | 15,989,072 | ||
Proto Corp. | 1,137,400 | 10,657,265 | ||
Rakuten Group, Inc. (l) | 119,300 | 541,777 | ||
Rightmove PLC | 2,649,182 | 16,378,754 | ||
Scout24 AG | 468,540 | 23,537,678 | ||
$129,022,229 | ||||
Leisure & Toys – 1.2% | ||||
DeNA Co. Ltd. | 339,900 | $4,534,454 | ||
GungHo Online Entertainment, Inc. (l) | 326,600 | 5,305,632 | ||
Kawai Musical Instruments Manufacturing Co. Ltd. | 119,800 | 2,374,275 | ||
Konami Group Corp. | 80,900 | 3,680,075 | ||
NCSoft Corp. (a) | 66,779 | 23,878,610 | ||
Thule Group AB | 296,227 | 6,180,119 | ||
VTech Holdings Ltd. | 3,825,465 | 24,579,544 | ||
$70,532,709 | ||||
Machinery & Tools – 6.0% | ||||
Aalberts Industries N.V. | 314,000 | $12,177,675 | ||
AirTAC International Group | 306,000 | 9,268,956 | ||
Azbil Corp. | 820,800 | 20,795,184 | ||
Carel Industries S.p.A. | 139,219 | 3,502,134 | ||
DAIFUKU Co. Ltd. | 84,700 | 3,988,464 | ||
Fuji Seal International, Inc. | 1,662,300 | 21,169,713 | ||
Fujitec Co. Ltd. (l) | 1,443,300 | 32,885,440 | ||
Fukushima Galilei Co. Ltd. | 610,000 | 19,380,888 | ||
GEA Group AG | 1,208,466 | 49,415,613 | ||
Haitian International Holdings Ltd. | 13,725,000 | 36,750,283 | ||
METAWATER Co. Ltd. | 1,086,000 | 13,321,029 | ||
MISUMI Group, Inc. | 225,900 | 4,955,548 | ||
MonotaRO Co. Ltd. | 663,700 | 9,391,122 | ||
Nabtesco Corp. (l) | 815,900 | 20,919,716 | ||
Nissei ASB Machine Co. Ltd. | 151,400 | 4,895,697 | ||
Obara Group, Inc. (l) | 128,500 | 3,524,840 | ||
Rational AG | 2,758 | 1,638,527 | ||
Rotork PLC | 2,206,516 | 8,178,762 | ||
Seven Group Holdings Ltd. | 980,316 | 13,996,388 | ||
Shima Seiki Manufacturing Ltd. | 191,900 | 2,673,476 | ||
SIG Combibloc Group AG | 1,599,421 | 35,054,292 | ||
Spirax-Sarco Engineering PLC | 110,367 | 14,163,402 | ||
THK Co. Ltd. (l) | 133,700 | 2,525,388 | ||
Valmet Oyj | 369,810 | 9,996,071 | ||
VAT Group AG | 30,209 | 8,320,041 | ||
$362,888,649 | ||||
Major Banks – 0.4% | ||||
Resona Holdings, Inc. | 4,847,900 | $26,632,065 |
6
Portfolio of Investments (unaudited) –
continued
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Medical & Health Technology & Services – 1.4% | ||||
ARATA Corp. | 148,400 | $4,704,033 | ||
Arvida Group Ltd. | 4,691,293 | 3,395,492 | ||
AS ONE Corp. | 358,400 | 15,729,838 | ||
BML, Inc. | 587,500 | 14,866,849 | ||
Burning Rock Biotech Ltd., ADR (a)(l) | 285,384 | 642,114 | ||
DKSH Holding Ltd. | 45,850 | 3,486,102 | ||
Guangzhou KingMed Diagnostics Group Co. Ltd., “A” | 1,147,400 | 12,874,656 | ||
ICON PLC (a) | 37,520 | 7,288,260 | ||
Medipal Holdings Corp. | 724,100 | 9,541,983 | ||
Ryman Healthcare Ltd. | 1,571,180 | 5,315,193 | ||
Selcuk Ecza Deposu Ticaret ve Sanayi A.S. | 2,590,718 | 5,610,238 | ||
$83,454,758 | ||||
Medical Equipment – 3.6% | ||||
ConvaTec Group PLC | 3,915,066 | $11,009,235 | ||
Demant A.S. (a) | 271,692 | 7,530,704 | ||
Eiken Chemical Co. Ltd. | 753,900 | 9,817,244 | ||
Fukuda Denshi Co. Ltd. | 625,400 | 21,753,665 | ||
Gerresheimer AG | 548,567 | 36,877,011 | ||
Hogy Medical Co. Ltd. | 79,600 | 2,052,194 | ||
JEOL Ltd. | 239,800 | 6,441,095 | ||
Nakanishi, Inc. | 2,069,900 | 40,328,667 | ||
Nihon Kohden Corp. | 521,600 | 12,737,946 | ||
Shimadzu Corp. | 624,700 | 17,826,132 | ||
Smith & Nephew PLC | 1,794,613 | 24,071,683 | ||
Sonova Holding AG | 104,118 | 24,773,537 | ||
Straumann Holding AG | 11,710 | 1,326,078 | ||
$216,545,191 | ||||
Metals & Mining – 0.7% | ||||
Deterra Royalties Ltd. | 3,908,506 | $12,136,518 | ||
Iluka Resources Ltd. | 2,666,873 | 17,178,329 | ||
MOIL Ltd. | 6,090,545 | 11,856,428 | ||
$41,171,275 | ||||
Natural Gas - Distribution – 1.3% | ||||
China Resources Gas Group Ltd. | 6,976,000 | $25,980,465 | ||
DCC PLC | 419,603 | 20,696,986 | ||
Italgas S.p.A. | 5,939,723 | 32,998,936 | ||
$79,676,387 | ||||
Network & Telecom – 0.1% | ||||
NOHMI BOSAI Ltd. | 678,100 | $8,115,126 | ||
Other Banks & Diversified Financials – 5.4% | ||||
AEON Financial Service Co. Ltd. | 2,490,600 | $26,453,941 | ||
AEON Thana Sinsap Public Co. Ltd. | 2,563,700 | 13,471,731 | ||
Allfunds Group PLC | 645,334 | 4,507,456 | ||
Banco Santander Chile S.A. | 157,118,269 | 6,288,435 | ||
Bank of Kyoto Ltd. | 575,700 | 25,619,042 | ||
Chiba Bank Ltd. | 3,910,951 | 28,667,593 | ||
Credicorp Ltd. | 70,398 | 9,550,193 | ||
E.Sun Financial Holding Co. Ltd. | 20,629,379 | 16,142,134 | ||
FinecoBank S.p.A. | 897,262 | 14,906,558 | ||
Hachijuni Bank Ltd. | 3,710,800 | 15,483,113 | ||
Iress Ltd. | 1,560,926 | 10,149,324 | ||
Julius Baer Group Ltd. | 391,642 | 22,764,578 | ||
Jyske Bank A.S. (a) | 285,747 | 18,563,601 | ||
Komercni Banka A.S. | 462,760 | 13,412,502 |
7
Portfolio of Investments (unaudited) –
continued
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Other Banks & Diversified Financials – continued | ||||
Metropolitan Bank & Trust Co. | 27,226,417 | $26,382,424 | ||
Shizuoka Financial Group, Inc. | 4,668,200 | 37,526,295 | ||
Shriram Transport Finance Ltd. | 1,710,637 | 28,419,279 | ||
Zenkoku Hosho Co. Ltd. | 180,300 | 6,904,554 | ||
$325,212,753 | ||||
Pharmaceuticals – 1.7% | ||||
Daito Pharmaceutical Co. Ltd. | 632,900 | $12,036,867 | ||
Genomma Lab Internacional S.A., “B” | 14,460,645 | 12,570,925 | ||
Hypera S.A. | 733,005 | 6,275,264 | ||
Ipca Laboratories Ltd. | 1,514,795 | 15,418,540 | ||
Kalbe Farma Tbk PT | 224,705,600 | 30,167,638 | ||
Santen Pharmaceutical Co. Ltd. | 2,042,300 | 16,713,122 | ||
Suzuken Co. Ltd./Aichi Japan | 339,200 | 9,188,015 | ||
$102,370,371 | ||||
Pollution Control – 1.4% | ||||
ALS Ltd. | 1,231,065 | $10,250,826 | ||
Daiseki Co. Ltd. | 2,084,440 | 71,773,698 | ||
$82,024,524 | ||||
Precious Metals & Minerals – 0.6% | ||||
Agnico Eagle Mines Ltd. | 647,601 | $33,652,294 | ||
Printing & Publishing – 0.4% | ||||
China Literature Ltd. (a) | 2,235,200 | $8,582,287 | ||
Wolters Kluwer N.V. | 177,849 | 18,611,398 | ||
$27,193,685 | ||||
Railroad & Shipping – 0.4% | ||||
Sankyu, Inc. | 610,100 | $22,216,013 | ||
Real Estate – 3.7% | ||||
Aldar Properties PJSC | 9,684,574 | $11,681,823 | ||
Big Yellow Group PLC, REIT | 1,051,241 | 14,577,198 | ||
CapitaLand India Trusts IEU, REIT | 12,556,800 | 10,593,687 | ||
CapitaLand Investment Ltd. | 5,080,900 | 14,035,635 | ||
CDL Hospitality Trusts, REIT | 460,877 | 430,115 | ||
Cedar Woods Properties Ltd. | 1,914,153 | 5,627,293 | ||
City Developments Ltd. | 2,898,600 | 17,749,872 | ||
Embassy Office Parks REIT | 3,371,200 | 13,693,845 | ||
ESR Group Ltd. | 6,615,600 | 13,883,060 | ||
LEG Immobilien SE | 642,550 | 41,860,582 | ||
Mapletree Pan Asia Commercial Trust, REIT | 10,507,100 | 13,100,535 | ||
Midland Holdings Ltd. (a)(h) | 43,113,000 | 4,344,049 | ||
Shaftesbury PLC, REIT | 1,325,995 | 5,899,267 | ||
Swire Properties Ltd. | 8,252,600 | 20,877,667 | ||
TAG Immobilien AG | 766,358 | 4,959,003 | ||
Unite Group PLC, REIT | 2,864,472 | 31,513,331 | ||
$224,826,962 | ||||
Restaurants – 2.2% | ||||
Cafe de Coral Holdings Ltd. | 16,092,000 | $30,718,383 | ||
Domino's Pizza Enterprises Ltd. | 225,636 | 10,177,608 | ||
Greggs PLC | 1,547,547 | 43,891,477 | ||
Sodexo | 490,376 | 46,910,786 | ||
$131,698,254 |
8
Portfolio of Investments (unaudited) –
continued
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Specialty Chemicals – 5.1% | ||||
Air Water, Inc. | 783,300 | $9,085,326 | ||
Croda International PLC | 691,556 | 55,213,180 | ||
Essentra PLC | 11,186,806 | 31,984,944 | ||
Japan Pure Chemical Co. Ltd. | 41,700 | 758,124 | ||
Kansai Paint Co. Ltd. | 1,037,000 | 12,792,617 | ||
Kureha Corp. | 137,000 | 8,309,499 | ||
Nihon Parkerizing Co. Ltd. | 1,049,600 | 7,416,546 | ||
Nitto Denko Corp. | 144,400 | 8,306,540 | ||
NOF Corp. | 320,000 | 12,755,811 | ||
Sika AG | 168,977 | 40,772,358 | ||
SK KAKEN Co. Ltd. | 118,100 | 37,704,892 | ||
Symrise AG | 735,961 | 80,080,831 | ||
Taisei Lamick Co. Ltd. | 219,800 | 4,967,440 | ||
$310,148,108 | ||||
Specialty Stores – 2.3% | ||||
ABC-Mart, Inc. | 97,500 | $5,537,312 | ||
Just Eat Takeaway (a) | 1,208,551 | 25,550,445 | ||
Just Eat Takeaway.com (a) | 75,723 | 1,590,692 | ||
Kitanotatsujin Corp. | 1,132,600 | 2,397,313 | ||
Lojas Renner S.A. | 1,769,199 | 6,862,673 | ||
Multiplan Empreendimentos Imobiliarios S.A. | 4,108,065 | 17,039,940 | ||
Nick Scali Ltd. | 400,116 | 2,898,538 | ||
Nishimatsuya Chain Co. Ltd. | 1,316,100 | 15,543,699 | ||
Ryohin Keikaku Co. Ltd. | 1,186,100 | 13,993,668 | ||
Shimamura Co. Ltd. | 52,800 | 5,259,419 | ||
Vipshop Holdings Ltd., ADR (a) | 810,507 | 11,055,315 | ||
ZOZO, Inc. | 1,281,600 | 31,834,928 | ||
$139,563,942 | ||||
Telecommunications - Wireless – 0.8% | ||||
Cellnex Telecom S.A. | 1,397,578 | $46,477,338 | ||
Etihad Etisalat Co. | 331,559 | 3,070,238 | ||
$49,547,576 | ||||
Telephone Services – 0.8% | ||||
Helios Towers PLC (a) | 3,888,393 | $4,987,626 | ||
Hellenic Telecommunications Organization S.A. | 1,031,343 | 16,107,376 | ||
Infrastrutture Wireless Italiane S.p.A. | 1,249,006 | 12,586,504 | ||
NOS, SGPS S.A. | 2,166,413 | 8,775,235 | ||
Operadora de Sites Mexicanos, S.A. de C.V., REIT, “A-1” (l) | 7,065,700 | 6,950,939 | ||
$49,407,680 | ||||
Trucking – 1.6% | ||||
Freightways Ltd. | 2,126,298 | $13,040,871 | ||
Hamakyorex Co. Ltd. | 114,900 | 2,728,787 | ||
Seino Holdings Co. Ltd. | 3,715,600 | 32,908,484 | ||
Senko Group Holdings Co. Ltd. | 657,300 | 4,833,088 | ||
SG Holdings Co. Ltd. | 1,043,800 | 14,554,663 | ||
Trancom Co. Ltd. | 95,100 | 5,354,991 | ||
Yamato Holdings Co. Ltd. | 1,283,100 | 20,404,066 | ||
$93,824,950 | ||||
Utilities - Electric Power – 0.8% | ||||
CESC Ltd. | 30,954,810 | $28,506,922 | ||
Energisa S.A., IEU | 1,146,300 | 9,598,546 | ||
Equatorial Energia S.A. | 1,408,500 | 7,208,234 | ||
Transmissora Alianca de Energia Eletrica S.A., IEU | 888,479 | 5,834,285 | ||
$51,147,987 |
9
Portfolio of Investments (unaudited) –
continued
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Utilities - Water – 0.1% | ||||
Aguas Andinas S.A., “A” | 36,715,629 | $8,479,330 | ||
Total Common Stocks | $5,918,807,515 | |||
Preferred Stocks – 0.2% | ||||
Metals & Mining – 0.2% | ||||
Gerdau S.A. | 2,660,500 | $14,799,732 |
Strike Price | First Exercise | |||
Rights – 0.0% | ||||
Consumer Services – 0.0% | ||||
Localiza Rent a Car S.A. (1 share for 1 right, Expiration 2/14/2023) (a) | BRL 42.25 | 2/14/23 | 2,860 | $5,829 |
Investment Companies (h) – 1.8% | ||||
Money Market Funds – 1.8% | ||||
MFS Institutional Money Market Portfolio, 4.02% (v) | 107,352,529 | $107,384,734 | ||
Collateral for Securities Loaned – 0.0% | ||||
JPMorgan U.S. Government Money Market Fund - Class IM Shares, 4.12% (j) | 1,685,623 | $1,685,623 | ||
Other Assets, Less Liabilities – 0.1% | 4,288,992 | |||
Net Assets – 100.0% | $6,046,972,425 |
(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 $227,917,361 and $5,814,766,072, 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. | |||
(u) | The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. | |||
(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 |
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: | |
BRL | Brazilian Real |
See attached supplemental
information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
10
Supplemental Information
12/31/22 (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. Effective September 8, 2022, and 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. 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 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 December 31, 2022 in valuing the fund's assets and
liabilities:
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
Japan | $803,376,797 | $1,173,058,252 | $— | $1,976,435,049 |
United Kingdom | 742,253,161 | — | — | 742,253,161 |
Germany | 323,119,045 | — | — | 323,119,045 |
Australia | 166,941,555 | 151,324,190 | — | 318,265,745 |
France | 85,446,811 | 169,804,284 | — | 255,251,095 |
Hong Kong | 128,468,945 | 68,391,861 | — | 196,860,806 |
India | 74,607,634 | 117,551,747 | — | 192,159,381 |
China | 95,498,876 | 80,871,530 | — | 176,370,406 |
South Korea | — | 163,510,126 | — | 163,510,126 |
Other Countries | 1,163,134,774 | 426,253,488 | 0 | 1,589,388,262 |
Mutual Funds | 109,070,357 | — | — | 109,070,357 |
Total | $3,691,917,955 | $2,350,765,478 | $ 0 | $6,042,683,433 |
For further information regarding
security characteristics, see the Portfolio of Investments. At December 31, 2022, the fund held one level 3 security valued at $0, which was also held and valued at $0 at September 30, 2022.
11
Supplemental Information (unaudited) –
continued
(2) Securities Lending
Collateral
At December 31, 2022, the value of
securities loaned was $14,870,628. These loans were collateralized by cash of $1,685,623 and U.S. Treasury Obligations (held by the lending agent) of $14,088,278.
(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:
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
Forterra PLC | $40,036,956 | $— | $1,939,324 | $(706,893) | $(4,493,573) | $32,897,166 |
MFS Institutional Money Market Portfolio | 225,046,256 | 251,714,915 | 369,402,882 | 16,873 | 9,572 | 107,384,734 |
Midland Holdings Ltd. | 3,066,471 | — | — | — | 1,277,578 | 4,344,049 |
PCA Corp. | 9,878,227 | — | — | — | 4,426,282 | 14,304,509 |
T. Hasegawa Co. Ltd. | 64,351,878 | — | — | — | 4,635,025 | 68,986,903 |
$342,379,788 | $251,714,915 | $371,342,206 | $(690,020) | $5,854,884 | $227,917,361 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
Forterra PLC | $— | $— |
MFS Institutional Money Market Portfolio | 1,842,342 | — |
Midland Holdings Ltd. | — | — |
PCA Corp. | — | — |
T. Hasegawa Co. Ltd. | — | — |
$1,842,342 | $— |
(4) Russia and Ukraine
Conflict
The fund invests in securities
and/or derivative instruments that are economically tied to Russia and/or Ukraine. Escalation of the conflict between Russia and Ukraine in late February 2022 caused market volatility and disruption in the tradability
of Russian securities, including closure of the local securities market, temporary restriction on securities sales by non-residents, and disruptions to clearance and payment systems. To the extent that the fund is
unable to sell securities, whether due to market constraints or to the sanctions imposed on Russia by the United States and other countries, those securities are considered illiquid and the value of those securities
reflects their illiquid classification. Management continues to monitor these events and to evaluate the related impacts on fund performance.
12