# EDGAR Filing Document

**Accession Number:** 0000200489
**File Stem:** 0001193125-26-243096
**Filing Date:** 2026-5
**Character Count:** 422110
**Document Hash:** 6d3a91a506afb2e48ac8a087c5ed1b60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-243096.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001193125-26-243096

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**EFFECTIVENESS DATE**: 20260528

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS SERIES TRUST V
- **CENTRAL INDEX KEY:** 0000200489

**ORGANIZATION NAME:**
- **EIN:** 042468583
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02031
- **FILM NUMBER:** 261028940

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS TOTAL RETURN FUND
- **DATE OF NAME CHANGE:** 19930408

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASSACHUSETTS MFS TOTAL RETURN FUND
- **DATE OF NAME CHANGE:** 19921023

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASSACHUSETTS FINANCIAL TOTAL RETURN TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### MFS International New Discovery Fund (Series ID: S000002437)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006520 | A            | MIDAX           |
| C000006521 | R4           | MIDJX           |
| C000006525 | B            | MIDBX           |
| C000006526 | C            | MIDCX           |
| C000006527 | I            | MWNIX           |
| C000006529 | R1           | MIDGX           |
| C000006531 | R2           | MIDRX           |
| C000006532 | R3           | MIDHX           |
| C000116933 | R6           | MIDLX           |

### MFS Research Fund (Series ID: S000002438)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006533 | A            | MFRFX           |
| C000006534 | R4           | MFRJX           |
| C000006538 | B            | MFRBX           |
| C000006539 | C            | MFRCX           |
| C000006540 | I            | MRFIX           |
| C000006542 | R1           | MFRLX           |
| C000006544 | R2           | MSRRX           |
| C000006545 | R3           | MFRHX           |
| C000034431 | R6           | MFRKX           |

### MFS Total Return Fund (Series ID: S000002439)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006546 | A            | MSFRX           |
| C000006547 | R4           | MSFJX           |
| C000006551 | B            | MTRBX           |
| C000006552 | C            | MTRCX           |
| C000006553 | I            | MTRIX           |
| C000006555 | R1           | MSFFX           |
| C000006557 | R2           | MTRRX           |
| C000006558 | R3           | MSFHX           |
| C000116934 | R6           | MSFKX           |

?xml version='1.0' encoding='ASCII'? bdd670ab-954a-4ae2-9951-1bd397f12927

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

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

------

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

#### Investment Company Act file number

#### 811-02031

#### MFS SERIES TRUST V
(Exact name of registrant as specified in charter)

------

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(617) 954-5000

#### Date of fiscal year end:

#### September 30

#### Date of reporting period:

#### March 31, 2026

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

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Research Fund
![TSR_Ribbon_red](images_1228.jpg)

Class A-MFRFX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $36 | 0.74% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7325858821 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 102 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.3% |
| Money Market Funds | 0.7% |

---

**Global equity sectors**

---

| | |
|:---|:---|
| Technology | 32.2% |
| Capital Goods | 13.3% |
| Financial Services | 12.9% |
| Communication Services | 10.5% |
| Consumer Cyclicals | 10.3% |
| Health Care | 9.9% |
| Energy | 7.0% |
| Consumer Staples | 3.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.4% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 5.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.5% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc., "A" | 2.9% |
| Mastercard, Inc., "A" | 2.5% |
| JPMorgan Chase & Co. | 2.5% |
| Exxon Mobil Corp. | 1.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MFRA-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Research Fund
![TSR_Ribbon_red](images_1228.jpg)

Class B-MFRBX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $73 | 1.49% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7325858821 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 102 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.3% |
| Money Market Funds | 0.7% |

---

**Global equity sectors**

---

| | |
|:---|:---|
| Technology | 32.2% |
| Capital Goods | 13.3% |
| Financial Services | 12.9% |
| Communication Services | 10.5% |
| Consumer Cyclicals | 10.3% |
| Health Care | 9.9% |
| Energy | 7.0% |
| Consumer Staples | 3.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.4% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 5.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.5% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc., "A" | 2.9% |
| Mastercard, Inc., "A" | 2.5% |
| JPMorgan Chase & Co. | 2.5% |
| Exxon Mobil Corp. | 1.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MFRB-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Research Fund
![TSR_Ribbon_red](images_1228.jpg)

Class C-MFRCX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $73 | 1.49% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7325858821 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 102 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.3% |
| Money Market Funds | 0.7% |

---

**Global equity sectors**

---

| | |
|:---|:---|
| Technology | 32.2% |
| Capital Goods | 13.3% |
| Financial Services | 12.9% |
| Communication Services | 10.5% |
| Consumer Cyclicals | 10.3% |
| Health Care | 9.9% |
| Energy | 7.0% |
| Consumer Staples | 3.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.4% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 5.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.5% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc., "A" | 2.9% |
| Mastercard, Inc., "A" | 2.5% |
| JPMorgan Chase & Co. | 2.5% |
| Exxon Mobil Corp. | 1.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MFRC-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Research Fund
![TSR_Ribbon_red](images_1228.jpg)

Class I-MRFIX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $24 | 0.49% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7325858821 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 102 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.3% |
| Money Market Funds | 0.7% |

---

**Global equity sectors**

---

| | |
|:---|:---|
| Technology | 32.2% |
| Capital Goods | 13.3% |
| Financial Services | 12.9% |
| Communication Services | 10.5% |
| Consumer Cyclicals | 10.3% |
| Health Care | 9.9% |
| Energy | 7.0% |
| Consumer Staples | 3.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.4% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 5.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.5% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc., "A" | 2.9% |
| Mastercard, Inc., "A" | 2.5% |
| JPMorgan Chase & Co. | 2.5% |
| Exxon Mobil Corp. | 1.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MFRI-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Research Fund
![TSR_Ribbon_red](images_1228.jpg)

Class R1-MFRLX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R1 | $73 | 1.50% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7325858821 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 102 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.3% |
| Money Market Funds | 0.7% |

---

**Global equity sectors**

---

| | |
|:---|:---|
| Technology | 32.2% |
| Capital Goods | 13.3% |
| Financial Services | 12.9% |
| Communication Services | 10.5% |
| Consumer Cyclicals | 10.3% |
| Health Care | 9.9% |
| Energy | 7.0% |
| Consumer Staples | 3.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.4% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 5.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.5% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc., "A" | 2.9% |
| Mastercard, Inc., "A" | 2.5% |
| JPMorgan Chase & Co. | 2.5% |
| Exxon Mobil Corp. | 1.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MFRR1-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Research Fund
![TSR_Ribbon_red](images_1228.jpg)

Class R2-MSRRX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R2 | $49 | 0.99% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7325858821 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 102 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.3% |
| Money Market Funds | 0.7% |

---

**Global equity sectors**

---

| | |
|:---|:---|
| Technology | 32.2% |
| Capital Goods | 13.3% |
| Financial Services | 12.9% |
| Communication Services | 10.5% |
| Consumer Cyclicals | 10.3% |
| Health Care | 9.9% |
| Energy | 7.0% |
| Consumer Staples | 3.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.4% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 5.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.5% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc., "A" | 2.9% |
| Mastercard, Inc., "A" | 2.5% |
| JPMorgan Chase & Co. | 2.5% |
| Exxon Mobil Corp. | 1.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MFRR2-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Research Fund
![TSR_Ribbon_red](images_1228.jpg)

Class R3-MFRHX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R3 | $36 | 0.74% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7325858821 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 102 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

#### Portfolio structure

---

| | |
|:---|:---|
| Equities | 99.3% |
| Money Market Funds | 0.7% |

---

#### Global equity sectors

---

| | |
|:---|:---|
| Technology | 32.2% |
| Capital Goods | 13.3% |
| Financial Services | 12.9% |
| Communication Services | 10.5% |
| Consumer Cyclicals | 10.3% |
| Health Care | 9.9% |
| Energy | 7.0% |
| Consumer Staples | 3.2% |

---

#### Top ten holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.4% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 5.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.5% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc., "A" | 2.9% |
| Mastercard, Inc., "A" | 2.5% |
| JPMorgan Chase & Co. | 2.5% |
| Exxon Mobil Corp. | 1.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MFRR3-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Research Fund
![TSR_Ribbon_red](images_1228.jpg)

Class R4-MFRJX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R4 | $24 | 0.49% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7325858821 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 102 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

#### Portfolio structure

---

| | |
|:---|:---|
| Equities | 99.3% |
| Money Market Funds | 0.7% |

---

#### Global equity sectors

---

| | |
|:---|:---|
| Technology | 32.2% |
| Capital Goods | 13.3% |
| Financial Services | 12.9% |
| Communication Services | 10.5% |
| Consumer Cyclicals | 10.3% |
| Health Care | 9.9% |
| Energy | 7.0% |
| Consumer Staples | 3.2% |

---

#### Top ten holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.4% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 5.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.5% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc., "A" | 2.9% |
| Mastercard, Inc., "A" | 2.5% |
| JPMorgan Chase & Co. | 2.5% |
| Exxon Mobil Corp. | 1.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MFRR4-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Research Fund
![TSR_Ribbon_red](images_1228.jpg)

Class R6-MFRKX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $21 | 0.43% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7325858821 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 102 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

#### Portfolio structure

---

| | |
|:---|:---|
| Equities | 99.3% |
| Money Market Funds | 0.7% |

---

#### Global equity sectors

---

| | |
|:---|:---|
| Technology | 32.2% |
| Capital Goods | 13.3% |
| Financial Services | 12.9% |
| Communication Services | 10.5% |
| Consumer Cyclicals | 10.3% |
| Health Care | 9.9% |
| Energy | 7.0% |
| Consumer Staples | 3.2% |

---

#### Top ten holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.4% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 5.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.5% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc., "A" | 2.9% |
| Mastercard, Inc., "A" | 2.5% |
| JPMorgan Chase & Co. | 2.5% |
| Exxon Mobil Corp. | 1.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MFRR6-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> International New Discovery Fund
![TSR_Ribbon_red](images_1228.jpg)

Class A-MIDAX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $64 | 1.30% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7283032971 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 295 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.6% |
| Money Market Funds | 3.4% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| Japan | 24.8% |
| United Kingdom | 10.1% |
| Australia | 5.7% |
| Italy | 5.6% |
| Canada | 5.0% |
| Hong Kong | 4.3% |
| South Korea | 4.3% |
| India | 4.2% |
| Taiwan | 4.0% |
| Other Countries | 32.0% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 1.3% |
| Italgas S.p.A. | 1.1% |
| ASMPT Ltd. | 1.1% |
| Symrise AG | 1.1% |
| OBIC Co. Ltd. | 1.1% |
| Alamos Gold, Inc. | 1.0% |
| GEA Group AG | 1.0% |
| Dollarama, Inc. | 1.0% |
| Techtronic Industries Co. Ltd. | 0.9% |
| Federal Bank Ltd. | 0.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MIOA-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> International New Discovery Fund
![TSR_Ribbon_red](images_1228.jpg)

Class B-MIDBX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $100 | 2.04% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7283032971 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 295 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.6% |
| Money Market Funds | 3.4% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| Japan | 24.8% |
| United Kingdom | 10.1% |
| Australia | 5.7% |
| Italy | 5.6% |
| Canada | 5.0% |
| Hong Kong | 4.3% |
| South Korea | 4.3% |
| India | 4.2% |
| Taiwan | 4.0% |
| Other Countries | 32.0% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 1.3% |
| Italgas S.p.A. | 1.1% |
| ASMPT Ltd. | 1.1% |
| Symrise AG | 1.1% |
| OBIC Co. Ltd. | 1.1% |
| Alamos Gold, Inc. | 1.0% |
| GEA Group AG | 1.0% |
| Dollarama, Inc. | 1.0% |
| Techtronic Industries Co. Ltd. | 0.9% |
| Federal Bank Ltd. | 0.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MIOB-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> International New Discovery Fund
![TSR_Ribbon_red](images_1228.jpg)

Class C-MIDCX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $101 | 2.05% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7283032971 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 295 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.6% |
| Money Market Funds | 3.4% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| Japan | 24.8% |
| United Kingdom | 10.1% |
| Australia | 5.7% |
| Italy | 5.6% |
| Canada | 5.0% |
| Hong Kong | 4.3% |
| South Korea | 4.3% |
| India | 4.2% |
| Taiwan | 4.0% |
| Other Countries | 32.0% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 1.3% |
| Italgas S.p.A. | 1.1% |
| ASMPT Ltd. | 1.1% |
| Symrise AG | 1.1% |
| OBIC Co. Ltd. | 1.1% |
| Alamos Gold, Inc. | 1.0% |
| GEA Group AG | 1.0% |
| Dollarama, Inc. | 1.0% |
| Techtronic Industries Co. Ltd. | 0.9% |
| Federal Bank Ltd. | 0.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MIOC-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> International New Discovery Fund
![TSR_Ribbon_red](images_1228.jpg)

Class I-MWNIX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $52 | 1.05% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7283032971 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 295 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

#### Portfolio structure

---

| | |
|:---|:---|
| Equities | 96.6% |
| Money Market Funds | 3.4% |

---

#### Issuer country weightings

---

| | |
|:---|:---|
| Japan | 24.8% |
| United Kingdom | 10.1% |
| Australia | 5.7% |
| Italy | 5.6% |
| Canada | 5.0% |
| Hong Kong | 4.3% |
| South Korea | 4.3% |
| India | 4.2% |
| Taiwan | 4.0% |
| Other Countries | 32.0% |

---

#### Top ten holdings

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 1.3% |
| Italgas S.p.A. | 1.1% |
| ASMPT Ltd. | 1.1% |
| Symrise AG | 1.1% |
| OBIC Co. Ltd. | 1.1% |
| Alamos Gold, Inc. | 1.0% |
| GEA Group AG | 1.0% |
| Dollarama, Inc. | 1.0% |
| Techtronic Industries Co. Ltd. | 0.9% |
| Federal Bank Ltd. | 0.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MIOI-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> International New Discovery Fund
![TSR_Ribbon_red](images_1228.jpg)

Class R1-MIDGX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R1 | $101 | 2.05% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7283032971 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 295 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

#### Portfolio structure

---

| | |
|:---|:---|
| Equities | 96.6% |
| Money Market Funds | 3.4% |

---

#### Issuer country weightings

---

| | |
|:---|:---|
| Japan | 24.8% |
| United Kingdom | 10.1% |
| Australia | 5.7% |
| Italy | 5.6% |
| Canada | 5.0% |
| Hong Kong | 4.3% |
| South Korea | 4.3% |
| India | 4.2% |
| Taiwan | 4.0% |
| Other Countries | 32.0% |

---

#### Top ten holdings

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 1.3% |
| Italgas S.p.A. | 1.1% |
| ASMPT Ltd. | 1.1% |
| Symrise AG | 1.1% |
| OBIC Co. Ltd. | 1.1% |
| Alamos Gold, Inc. | 1.0% |
| GEA Group AG | 1.0% |
| Dollarama, Inc. | 1.0% |
| Techtronic Industries Co. Ltd. | 0.9% |
| Federal Bank Ltd. | 0.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MIOR1-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> International New Discovery Fund
![TSR_Ribbon_red](images_1228.jpg)

Class R2-MIDRX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R2 | $76 | 1.55% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7283032971 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 295 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

#### Portfolio structure

---

| | |
|:---|:---|
| Equities | 96.6% |
| Money Market Funds | 3.4% |

---

#### Issuer country weightings

---

| | |
|:---|:---|
| Japan | 24.8% |
| United Kingdom | 10.1% |
| Australia | 5.7% |
| Italy | 5.6% |
| Canada | 5.0% |
| Hong Kong | 4.3% |
| South Korea | 4.3% |
| India | 4.2% |
| Taiwan | 4.0% |
| Other Countries | 32.0% |

---

#### Top ten holdings

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 1.3% |
| Italgas S.p.A. | 1.1% |
| ASMPT Ltd. | 1.1% |
| Symrise AG | 1.1% |
| OBIC Co. Ltd. | 1.1% |
| Alamos Gold, Inc. | 1.0% |
| GEA Group AG | 1.0% |
| Dollarama, Inc. | 1.0% |
| Techtronic Industries Co. Ltd. | 0.9% |
| Federal Bank Ltd. | 0.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MIOR2-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> International New Discovery Fund
![TSR_Ribbon_red](images_1228.jpg)

Class R3-MIDHX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R3 | $64 | 1.30% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7283032971 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 295 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.6% |
| Money Market Funds | 3.4% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| Japan | 24.8% |
| United Kingdom | 10.1% |
| Australia | 5.7% |
| Italy | 5.6% |
| Canada | 5.0% |
| Hong Kong | 4.3% |
| South Korea | 4.3% |
| India | 4.2% |
| Taiwan | 4.0% |
| Other Countries | 32.0% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 1.3% |
| Italgas S.p.A. | 1.1% |
| ASMPT Ltd. | 1.1% |
| Symrise AG | 1.1% |
| OBIC Co. Ltd. | 1.1% |
| Alamos Gold, Inc. | 1.0% |
| GEA Group AG | 1.0% |
| Dollarama, Inc. | 1.0% |
| Techtronic Industries Co. Ltd. | 0.9% |
| Federal Bank Ltd. | 0.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MIOR3-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> International New Discovery Fund
![TSR_Ribbon_red](images_1228.jpg)

Class R4-MIDJX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R4 | $52 | 1.05% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7283032971 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 295 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.6% |
| Money Market Funds | 3.4% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| Japan | 24.8% |
| United Kingdom | 10.1% |
| Australia | 5.7% |
| Italy | 5.6% |
| Canada | 5.0% |
| Hong Kong | 4.3% |
| South Korea | 4.3% |
| India | 4.2% |
| Taiwan | 4.0% |
| Other Countries | 32.0% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 1.3% |
| Italgas S.p.A. | 1.1% |
| ASMPT Ltd. | 1.1% |
| Symrise AG | 1.1% |
| OBIC Co. Ltd. | 1.1% |
| Alamos Gold, Inc. | 1.0% |
| GEA Group AG | 1.0% |
| Dollarama, Inc. | 1.0% |
| Techtronic Industries Co. Ltd. | 0.9% |
| Federal Bank Ltd. | 0.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MIOR4-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> International New Discovery Fund
![TSR_Ribbon_red](images_1228.jpg)

Class R6-MIDLX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $44 | 0.89% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7283032971 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 295 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.6% |
| Money Market Funds | 3.4% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| Japan | 24.8% |
| United Kingdom | 10.1% |
| Australia | 5.7% |
| Italy | 5.6% |
| Canada | 5.0% |
| Hong Kong | 4.3% |
| South Korea | 4.3% |
| India | 4.2% |
| Taiwan | 4.0% |
| Other Countries | 32.0% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 1.3% |
| Italgas S.p.A. | 1.1% |
| ASMPT Ltd. | 1.1% |
| Symrise AG | 1.1% |
| OBIC Co. Ltd. | 1.1% |
| Alamos Gold, Inc. | 1.0% |
| GEA Group AG | 1.0% |
| Dollarama, Inc. | 1.0% |
| Techtronic Industries Co. Ltd. | 0.9% |
| Federal Bank Ltd. | 0.9% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MIOR6-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Total Return Fund
![TSR_Ribbon_red](images_1228.jpg)

Class A-MSFRX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $37 | 0.72% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7475317176 | Portfolio Turnover Rate (%): | 24.0 |
| Total Number of Holdings: | 953 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 58.0% |
| Fixed Income | 40.3% |
| Money Market Funds | 1.7% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 14.2% |
| Health Care | 10.6% |
| Industrials | 6.4% |
| Consumer Staples | 5.8% |
| Information Technology | 5.0% |
| Energy | 4.7% |
| Utilities | 3.3% |
| Communication Services | 3.3% |
| Consumer Discretionary | 2.5% |
| Materials | 2.2% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 6.2% |
| AA | 1.7% |
| A | 5.7% |
| BBB | 7.0% |
| CCC | 0.0% |
| U.S. Government | 10.5% |
| Federal Agencies | 9.2% |
| Not Rated | 0.0% |
| Non-Fixed Income | 58.0% |
| Money Market Funds | 1.7% |

---

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

MFS uses the Global Industry Classification Standard (GICS<sup>®</sup>) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MTRA-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Total Return Fund
![TSR_Ribbon_red](images_1228.jpg)

Class B-MTRBX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $74 | 1.47% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7475317176 | Portfolio Turnover Rate (%): | 24.0 |
| Total Number of Holdings: | 953 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 58.0% |
| Fixed Income | 40.3% |
| Money Market Funds | 1.7% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 14.2% |
| Health Care | 10.6% |
| Industrials | 6.4% |
| Consumer Staples | 5.8% |
| Information Technology | 5.0% |
| Energy | 4.7% |
| Utilities | 3.3% |
| Communication Services | 3.3% |
| Consumer Discretionary | 2.5% |
| Materials | 2.2% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 6.2% |
| AA | 1.7% |
| A | 5.7% |
| BBB | 7.0% |
| CCC | 0.0% |
| U.S. Government | 10.5% |
| Federal Agencies | 9.2% |
| Not Rated | 0.0% |
| Non-Fixed Income | 58.0% |
| Money Market Funds | 1.7% |

---

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

MFS uses the Global Industry Classification Standard (GICS<sup>®</sup>) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MTRB-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Total Return Fund
![TSR_Ribbon_red](images_1228.jpg)

Class C-MTRCX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $74 | 1.47% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7475317176 | Portfolio Turnover Rate (%): | 24.0 |
| Total Number of Holdings: | 953 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 58.0% |
| Fixed Income | 40.3% |
| Money Market Funds | 1.7% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 14.2% |
| Health Care | 10.6% |
| Industrials | 6.4% |
| Consumer Staples | 5.8% |
| Information Technology | 5.0% |
| Energy | 4.7% |
| Utilities | 3.3% |
| Communication Services | 3.3% |
| Consumer Discretionary | 2.5% |
| Materials | 2.2% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 6.2% |
| AA | 1.7% |
| A | 5.7% |
| BBB | 7.0% |
| CCC | 0.0% |
| U.S. Government | 10.5% |
| Federal Agencies | 9.2% |
| Not Rated | 0.0% |
| Non-Fixed Income | 58.0% |
| Money Market Funds | 1.7% |

---

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

MFS uses the Global Industry Classification Standard (GICS<sup>®</sup>) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MTRC-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Total Return Fund
![TSR_Ribbon_red](images_1228.jpg)

Class I-MTRIX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $24 | 0.47% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7475317176 | Portfolio Turnover Rate (%): | 24.0 |
| Total Number of Holdings: | 953 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 58.0% |
| Fixed Income | 40.3% |
| Money Market Funds | 1.7% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 14.2% |
| Health Care | 10.6% |
| Industrials | 6.4% |
| Consumer Staples | 5.8% |
| Information Technology | 5.0% |
| Energy | 4.7% |
| Utilities | 3.3% |
| Communication Services | 3.3% |
| Consumer Discretionary | 2.5% |
| Materials | 2.2% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 6.2% |
| AA | 1.7% |
| A | 5.7% |
| BBB | 7.0% |
| CCC | 0.0% |
| U.S. Government | 10.5% |
| Federal Agencies | 9.2% |
| Not Rated | 0.0% |
| Non-Fixed Income | 58.0% |
| Money Market Funds | 1.7% |

---

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

MFS uses the Global Industry Classification Standard (GICS<sup>®</sup>) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MTRI-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Total Return Fund
![TSR_Ribbon_red](images_1228.jpg)

Class R1-MSFFX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R1 | $74 | 1.47% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7475317176 | Portfolio Turnover Rate (%): | 24.0 |
| Total Number of Holdings: | 953 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 58.0% |
| Fixed Income | 40.3% |
| Money Market Funds | 1.7% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 14.2% |
| Health Care | 10.6% |
| Industrials | 6.4% |
| Consumer Staples | 5.8% |
| Information Technology | 5.0% |
| Energy | 4.7% |
| Utilities | 3.3% |
| Communication Services | 3.3% |
| Consumer Discretionary | 2.5% |
| Materials | 2.2% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 6.2% |
| AA | 1.7% |
| A | 5.7% |
| BBB | 7.0% |
| CCC | 0.0% |
| U.S. Government | 10.5% |
| Federal Agencies | 9.2% |
| Not Rated | 0.0% |
| Non-Fixed Income | 58.0% |
| Money Market Funds | 1.7% |

---

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

MFS uses the Global Industry Classification Standard (GICS<sup>®</sup>) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MTRR1-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Total Return Fund
![TSR_Ribbon_red](images_1228.jpg)

Class R2-MTRRX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R2 | $49 | 0.97% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7475317176 | Portfolio Turnover Rate (%): | 24.0 |
| Total Number of Holdings: | 953 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 58.0% |
| Fixed Income | 40.3% |
| Money Market Funds | 1.7% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 14.2% |
| Health Care | 10.6% |
| Industrials | 6.4% |
| Consumer Staples | 5.8% |
| Information Technology | 5.0% |
| Energy | 4.7% |
| Utilities | 3.3% |
| Communication Services | 3.3% |
| Consumer Discretionary | 2.5% |
| Materials | 2.2% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 6.2% |
| AA | 1.7% |
| A | 5.7% |
| BBB | 7.0% |
| CCC | 0.0% |
| U.S. Government | 10.5% |
| Federal Agencies | 9.2% |
| Not Rated | 0.0% |
| Non-Fixed Income | 58.0% |
| Money Market Funds | 1.7% |

---

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

MFS uses the Global Industry Classification Standard (GICS<sup>®</sup>) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MTRR2-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Total Return Fund
![TSR_Ribbon_red](images_1228.jpg)

Class R3-MSFHX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R3 | $37 | 0.72% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7475317176 | Portfolio Turnover Rate (%): | 24.0 |
| Total Number of Holdings: | 953 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 58.0% |
| Fixed Income | 40.3% |
| Money Market Funds | 1.7% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 14.2% |
| Health Care | 10.6% |
| Industrials | 6.4% |
| Consumer Staples | 5.8% |
| Information Technology | 5.0% |
| Energy | 4.7% |
| Utilities | 3.3% |
| Communication Services | 3.3% |
| Consumer Discretionary | 2.5% |
| Materials | 2.2% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 6.2% |
| AA | 1.7% |
| A | 5.7% |
| BBB | 7.0% |
| CCC | 0.0% |
| U.S. Government | 10.5% |
| Federal Agencies | 9.2% |
| Not Rated | 0.0% |
| Non-Fixed Income | 58.0% |
| Money Market Funds | 1.7% |

---

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

MFS uses the Global Industry Classification Standard (GICS<sup>®</sup>) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MTRR3-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Total Return Fund
![TSR_Ribbon_red](images_1228.jpg)

Class R4-MSFJX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R4 | $24 | 0.47% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7475317176 | Portfolio Turnover Rate (%): | 24.0 |
| Total Number of Holdings: | 953 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 58.0% |
| Fixed Income | 40.3% |
| Money Market Funds | 1.7% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 14.2% |
| Health Care | 10.6% |
| Industrials | 6.4% |
| Consumer Staples | 5.8% |
| Information Technology | 5.0% |
| Energy | 4.7% |
| Utilities | 3.3% |
| Communication Services | 3.3% |
| Consumer Discretionary | 2.5% |
| Materials | 2.2% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 6.2% |
| AA | 1.7% |
| A | 5.7% |
| BBB | 7.0% |
| CCC | 0.0% |
| U.S. Government | 10.5% |
| Federal Agencies | 9.2% |
| Not Rated | 0.0% |
| Non-Fixed Income | 58.0% |
| Money Market Funds | 1.7% |

---

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

MFS uses the Global Industry Classification Standard (GICS<sup>®</sup>) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MTRR4-SEM

![MFSLOGO_RED.EPS](images_1224.jpg)

## MFS<sup>®</sup> Total Return Fund
![TSR_Ribbon_red](images_1228.jpg)

Class R6-MSFKX

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $20 | 0.39% |

---

FUND STATISTICS AS OF 3/31/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 7475317176 | Portfolio Turnover Rate (%): | 24.0 |
| Total Number of Holdings: | 953 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 3/31/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 58.0% |
| Fixed Income | 40.3% |
| Money Market Funds | 1.7% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 14.2% |
| Health Care | 10.6% |
| Industrials | 6.4% |
| Consumer Staples | 5.8% |
| Information Technology | 5.0% |
| Energy | 4.7% |
| Utilities | 3.3% |
| Communication Services | 3.3% |
| Consumer Discretionary | 2.5% |
| Materials | 2.2% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 6.2% |
| AA | 1.7% |
| A | 5.7% |
| BBB | 7.0% |
| CCC | 0.0% |
| U.S. Government | 10.5% |
| Federal Agencies | 9.2% |
| Not Rated | 0.0% |
| Non-Fixed Income | 58.0% |
| Money Market Funds | 1.7% |

---

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

MFS uses the Global Industry Classification Standard (GICS<sup>®</sup>) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MTRR6-SEM

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1(b):
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 2. CODE OF ETHICS.
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the "Code") that relates to an element of the Code's definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.

------

#### ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 6. INVESTMENTS
A schedule of investments for each series covered by this Form N-CSR is included in the financial statements of such series under Item 7 of this Form N-CSR.

------

MFS Research Fund

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

MFS Research Fund

**Portfolio of Investments - 3/31/26 (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 – 99.3% | Common Stocks – 99.3% | Common Stocks – 99.3% |
| Aerospace & Defense – 3.3% | Aerospace & Defense – 3.3% |  |
| Curtiss-Wright Corp. | 54493 | &nbsp;&nbsp; $37116272 |
| General Dynamics Corp. | 177010 | &nbsp;&nbsp; 60753372 |
| Howmet Aerospace, Inc. | 224554 | &nbsp;&nbsp; 51750715 |
| RTX Corp. | 470649 | &nbsp;&nbsp; 90788192 |
|  |  | &nbsp;&nbsp; $240408551 |
| Auto & Auto Components – 0.4% | Auto & Auto Components – 0.4% |  |
| Aptiv PLC (a) | 504482 | &nbsp;&nbsp; $29512197 |
| Brokerage & Asset Managers – 1.3% | Brokerage & Asset Managers – 1.3% |  |
| Charles Schwab Corp. | 736198 | &nbsp;&nbsp; $69187888 |
| KKR & Co., Inc. | 286132 | &nbsp;&nbsp; 26467210 |
|  |  | &nbsp;&nbsp; $95655098 |
| Business Services – 1.8% | Business Services – 1.8% |  |
| Accenture PLC, "A" | 303552 | &nbsp;&nbsp; $60191326 |
| Cognizant Technology Solutions Corp., "A" | 475488 | &nbsp;&nbsp; 29171189 |
| TransUnion | 631196 | &nbsp;&nbsp; 43672451 |
|  |  | &nbsp;&nbsp; $133034966 |
| Conglomerates – 0.6% | Conglomerates – 0.6% |  |
| Honeywell International, Inc. | 196726 | &nbsp;&nbsp; $44465978 |
| Construction – 2.6% | Construction – 2.6% |  |
| Allegion PLC | 191705 | &nbsp;&nbsp; $27852819 |
| CRH PLC | 526643 | &nbsp;&nbsp; 55360712 |
| Ferguson Enterprises, Inc. | 192780 | &nbsp;&nbsp; 44967863 |
| Pulte Homes, Inc. | 276806 | &nbsp;&nbsp; 32555154 |
| Sherwin-Williams Co. | 85115 | &nbsp;&nbsp; 27283613 |
|  |  | &nbsp;&nbsp; $188020161 |
| Consumer Products – 1.0% | Consumer Products – 1.0% |  |
| Colgate-Palmolive Co. | 445810 | &nbsp;&nbsp; $37996386 |
| Estée Lauder Cos., Inc., "A" | 72386 | &nbsp;&nbsp; 5195143 |
| Kenvue, Inc. | 1709044 | &nbsp;&nbsp; 29463919 |
|  |  | &nbsp;&nbsp; $72655448 |
| Consumer Services – 0.7% | Consumer Services – 0.7% |  |
| Uber Technologies, Inc. (a) | 667775 | &nbsp;&nbsp; $48033056 |
| Diversified Financial Services – 4.2% | Diversified Financial Services – 4.2% |  |
| CME Group, Inc. | 241850 | &nbsp;&nbsp; $71430397 |
| Mastercard, Inc., "A" | 369522 | &nbsp;&nbsp; 184635363 |
| Moody's Corp. | 115961 | &nbsp;&nbsp; 50587986 |
|  |  | &nbsp;&nbsp; $306653746 |

---

MFRFS-SEM

------

MFS Research Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electrical Equipment – 2.3% | Electrical Equipment – 2.3% |  |
| Amphenol Corp., "A" | 544223 | &nbsp;&nbsp; $68762576 |
| Emerson Electric Co. | 328205 | &nbsp;&nbsp; 43001419 |
| Versigent PLC (a) | 168160 | &nbsp;&nbsp; 5355917 |
| W.W. Grainger, Inc. | 44928 | &nbsp;&nbsp; 49007912 |
|  |  | &nbsp;&nbsp; $166127824 |
| Energy - Independent – 3.5% | Energy - Independent – 3.5% |  |
| ConocoPhillips | 561218 | &nbsp;&nbsp; $74080776 |
| EQT Corp. | 245307 | &nbsp;&nbsp; 15611337 |
| Exxon Mobil Corp. | 835527 | &nbsp;&nbsp; 141755511 |
| Valero Energy Corp. | 97336 | &nbsp;&nbsp; 24049779 |
|  |  | &nbsp;&nbsp; $255497403 |
| Energy - Renewables – 0.6% | Energy - Renewables – 0.6% |  |
| GE Vernova, Inc. | 49992 | &nbsp;&nbsp; $43638017 |
| Food & Beverages – 1.4% | Food & Beverages – 1.4% |  |
| Mondelez International, Inc. | 494404 | &nbsp;&nbsp; $28497447 |
| PepsiCo, Inc. | 382663 | &nbsp;&nbsp; 59423737 |
| Tyson Foods, Inc., "A" | 239588 | &nbsp;&nbsp; 15350403 |
|  |  | &nbsp;&nbsp; $103271587 |
| Global Systemically Important Banks – 3.4% | Global Systemically Important Banks – 3.4% |  |
| JPMorgan Chase & Co. | 619334 | &nbsp;&nbsp; $182183289 |
| Morgan Stanley | 410147 | &nbsp;&nbsp; 67497892 |
|  |  | &nbsp;&nbsp; $249681181 |
| Hardware, Peripherals, & Assembly – 8.7% | Hardware, Peripherals, & Assembly – 8.7% |  |
| Apple, Inc. | 1975830 | &nbsp;&nbsp; $501445896 |
| Arista Networks, Inc. (a) | 499702 | &nbsp;&nbsp; 61353412 |
| Seagate Technology Holdings PLC | 110982 | &nbsp;&nbsp; 43478308 |
| Shopify, Inc. (a) | 267957 | &nbsp;&nbsp; 31785059 |
|  |  | &nbsp;&nbsp; $638062675 |
| Health Maintenance Organizations – 1.1% | Health Maintenance Organizations – 1.1% |  |
| Cigna Group | 221596 | &nbsp;&nbsp; $59110733 |
| Humana, Inc. | 128499 | &nbsp;&nbsp; 22280442 |
|  |  | &nbsp;&nbsp; $81391175 |
| Insurance – 3.0% | Insurance – 3.0% |  |
| Aon PLC | 212269 | &nbsp;&nbsp; $68516188 |
| Chubb Ltd. | 223798 | &nbsp;&nbsp; 72942482 |
| Progressive Corp. | 253482 | &nbsp;&nbsp; 50250272 |
| Willis Towers Watson PLC | 86380 | &nbsp;&nbsp; 25110666 |
|  |  | &nbsp;&nbsp; $216819608 |
| Interactive Media Services – 7.4% | Interactive Media Services – 7.4% |  |
| Alphabet, Inc., "A" | 1176414 | &nbsp;&nbsp; $338289610 |
| Meta Platforms, Inc., "A" | 362827 | &nbsp;&nbsp; 207584211 |
|  |  | &nbsp;&nbsp; $545873821 |

---

------

MFS Research Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Machinery & Tools – 3.3% | Machinery & Tools – 3.3% |  |
| Caterpillar, Inc. | 106629 | &nbsp;&nbsp; $75542381 |
| Ingersoll Rand, Inc. | 366794 | &nbsp;&nbsp; 29387535 |
| Nordson Corp. | 126476 | &nbsp;&nbsp; 33650205 |
| Pentair PLC | 454909 | &nbsp;&nbsp; 39627123 |
| Trane Technologies PLC | 144695 | &nbsp;&nbsp; 60300194 |
|  |  | &nbsp;&nbsp; $238507438 |
| Media – 2.1% | Media – 2.1% |  |
| Omnicom Group, Inc. | 629360 | &nbsp;&nbsp; $47397102 |
| Spotify Technology S.A. (a) | 164253 | &nbsp;&nbsp; 79647922 |
| TKO Group Holdings, Inc. | 121294 | &nbsp;&nbsp; 24458935 |
|  |  | &nbsp;&nbsp; $151503959 |
| Medical & Health Technology & Services – 0.7% | Medical & Health Technology & Services – 0.7% |  |
| McKesson Corp. | 58291 | &nbsp;&nbsp; $50442700 |
| Medical Equipment – 4.3% | Medical Equipment – 4.3% |  |
| Becton, Dickinson and Co. | 318996 | &nbsp;&nbsp; $50155741 |
| Boston Scientific Corp. (a) | 644533 | &nbsp;&nbsp; 40444446 |
| Medtronic PLC | 752912 | &nbsp;&nbsp; 65239825 |
| STERIS PLC | 161430 | &nbsp;&nbsp; 35697016 |
| Thermo Fisher Scientific, Inc. | 149840 | &nbsp;&nbsp; 73650855 |
| Waters Corp. (a) | 174253 | &nbsp;&nbsp; 51892543 |
|  |  | &nbsp;&nbsp; $317080426 |
| Natural Gas - Pipeline – 0.2% | Natural Gas - Pipeline – 0.2% |  |
| Cheniere Energy, Inc. | 51629 | &nbsp;&nbsp; $14650245 |
| Non-Global Systemically Important Banks – 1.0% | Non-Global Systemically Important Banks – 1.0% |  |
| PNC Financial Services Group, Inc. | 367472 | &nbsp;&nbsp; $76467248 |
| Oil Services – 0.1% | Oil Services – 0.1% |  |
| TechnipFMC PLC | 162486 | &nbsp;&nbsp; $11232657 |
| Pharmaceuticals & Biotechnology – 3.7% | Pharmaceuticals & Biotechnology – 3.7% |  |
| Gilead Sciences, Inc. | 475810 | &nbsp;&nbsp; $66313640 |
| Johnson & Johnson | 434333 | &nbsp;&nbsp; 106168358 |
| Pfizer, Inc. | 2555850 | &nbsp;&nbsp; 71768268 |
| Vertex Pharmaceuticals, Inc. (a) | 65477 | &nbsp;&nbsp; 29238100 |
|  |  | &nbsp;&nbsp; $273488366 |
| Pollution Control – 0.5% | Pollution Control – 0.5% |  |
| GFL Environmental, Inc. | 846621 | &nbsp;&nbsp; $35321028 |
| Restaurants – 2.0% | Restaurants – 2.0% |  |
| Aramark | 1653376 | &nbsp;&nbsp; $67027863 |
| Starbucks Corp. | 462913 | &nbsp;&nbsp; 41472376 |
| U.S. Foods Holding Corp. (a) | 390824 | &nbsp;&nbsp; 36037881 |
|  |  | &nbsp;&nbsp; $144538120 |

---

------

MFS Research Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Retail & E-commerce – 6.6% | Retail & E-commerce – 6.6% |  |
| Amazon.com, Inc. (a)(s) | 1582494 | &nbsp;&nbsp; $329586025 |
| BJ's Wholesale Club Holdings, Inc. (a) | 488818 | &nbsp;&nbsp; 48109468 |
| Floor & Decor Holdings, Inc., "A" (a) | 461890 | &nbsp;&nbsp; 23464012 |
| TJX Cos., Inc. | 343570 | &nbsp;&nbsp; 54868129 |
| Tractor Supply Co. | 565204 | &nbsp;&nbsp; 25603741 |
|  |  | &nbsp;&nbsp; $481631375 |
| Semiconductor & Electronic Components – 13.5% | Semiconductor & Electronic Components – 13.5% |  |
| Broadcom, Inc. | 730233 | &nbsp;&nbsp; $226014416 |
| Coherent Corp. (a) | 164942 | &nbsp;&nbsp; 39290834 |
| Lam Research Corp. | 512837 | &nbsp;&nbsp; 109572753 |
| NVIDIA Corp. (s) | 3505420 | &nbsp;&nbsp; 611345248 |
|  |  | &nbsp;&nbsp; $986223251 |
| Software – 8.2% | Software – 8.2% |  |
| Autodesk, Inc. (a) | 186962 | &nbsp;&nbsp; $44758703 |
| Cadence Design Systems, Inc. (a) | 161587 | &nbsp;&nbsp; 44900179 |
| Microsoft Corp. (s) | 1164669 | &nbsp;&nbsp; 431125524 |
| Okta, Inc. (a) | 332352 | &nbsp;&nbsp; 26159426 |
| Salesforce, Inc. | 279194 | &nbsp;&nbsp; 52117144 |
|  |  | &nbsp;&nbsp; $599060976 |
| Telecom - Infrastructure – 0.2% | Telecom - Infrastructure – 0.2% |  |
| American Tower Corp., REIT | 105403 | &nbsp;&nbsp; $18190450 |
| Telecom Services – 0.7% | Telecom Services – 0.7% |  |
| T-Mobile USA, Inc. | 254934 | &nbsp;&nbsp; $53543788 |
| Tobacco – 0.8% | Tobacco – 0.8% |  |
| Philip Morris International, Inc. | 378833 | &nbsp;&nbsp; $62636248 |
| Transportation & Logistics – 0.4% | Transportation & Logistics – 0.4% |  |
| XPO, Inc. (a) | 153544 | &nbsp;&nbsp; $29871985 |
| Travel, Gaming, & Lodging – 1.1% | Travel, Gaming, & Lodging – 1.1% |  |
| Hilton Worldwide Holdings, Inc. | 185081 | &nbsp;&nbsp; $56279431 |
| Viking Holdings Ltd. (a) | 327717 | &nbsp;&nbsp; 24080645 |
|  |  | &nbsp;&nbsp; $80360076 |
| Utilities – 2.6% | Utilities – 2.6% |  |
| Alliant Energy Corp. | 544124 | &nbsp;&nbsp; $39046338 |
| Duke Energy Corp. | 357167 | &nbsp;&nbsp; 46767447 |
| NextEra Energy, Inc. | 416417 | &nbsp;&nbsp; 38676811 |
| PG&E Corp. | 1722995 | &nbsp;&nbsp; 30273022 |
| PPL Corp. | 901002 | &nbsp;&nbsp; 34418277 |
|  |  | &nbsp;&nbsp; $189181895 |
| **Total Common Stocks (Identified Cost, $4,525,219,996)** |  | &nbsp;&nbsp; **$7272734723** |

---

------

MFS Research Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Strike** <br>**Price**<br>| &nbsp;&nbsp; **First** <br>**Exercise**<br>| **Shares/Par** | **Value ($)** |
| Warrants – 0.0% |  |  |  |  |
| Software – 0.0% | Software – 0.0% | Software – 0.0% | Software – 0.0% | Software – 0.0% |
| Constellation Software, Inc. (CAD 100 principal amount of Series 2 Debentures for 1 warrant, Expiration <br> 3/31/40) (Identified Cost, $0)<br>| CAD 11.5 | N/A | 30929 | &nbsp;&nbsp; $0 |

---

---

| | | |
|:---|:---|:---|
| Mutual Funds (h) – 0.7% | Mutual Funds (h) – 0.7% | Mutual Funds (h) – 0.7% |
| Money Market Funds – 0.7% | Money Market Funds – 0.7% |  |
| MFS Institutional Money Market Portfolio, 3.71% (v) (Identified Cost, $51,535,892) | 51535811 | &nbsp;&nbsp; $51535811 |
| Other Assets, Less Liabilities – 0.0% |  | &nbsp;&nbsp; 1588287 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$7325858821** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $51,535,811 and $7,272,734,723, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Security or a portion of the security was pledged to cover collateral requirements.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| REIT | Real Estate Investment Trust |
| Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of <br> abbreviations is shown below: | Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of <br> abbreviations is shown below: |
| CAD | Canadian Dollar |

---

At March 31, 2026, the fund had cash collateral of $10,674 and other liquid securities collateral with an aggregate value of $553,042. Cash collateral posted and/or cash pledged in the Statement of Assets and Liabilities are comprised of cash collateral.

**See Notes to Financial Statements**

------

MFS Research Fund

**Financial Statements** \| **Statement of Assets and Liabilities**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 3/31/26 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $4,525,219,996) | &nbsp;&nbsp; $7272734723 |
| Investments in affiliated issuers, at value (identified cost, $51,535,892) | &nbsp;&nbsp; 51535811 |
| Cash pledged | &nbsp;&nbsp; 10674 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 4189421 |
| Dividends | &nbsp;&nbsp; 3770943 |
| Other assets | &nbsp;&nbsp; 49355 |
| Total assets | &nbsp;&nbsp; $7332290927 |
| **Liabilities** |  |
| Payable to custodian | &nbsp;&nbsp; $64814 |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; 3053918 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 159180 |
| Administrative services fee | &nbsp;&nbsp; 3196 |
| Shareholder servicing costs | &nbsp;&nbsp; 917810 |
| Distribution and service fees | &nbsp;&nbsp; 18886 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 49477 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 2164825 |
| Total liabilities | &nbsp;&nbsp; $6432106 |
| Net assets | &nbsp;&nbsp; $7325858821 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $4210336731 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 3115522090 |
| Net assets | &nbsp;&nbsp; $7325858821 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 134224397 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share (a)**<br>|
| Class A | &nbsp;&nbsp;&nbsp; $1403853048 | &nbsp;&nbsp;&nbsp; 26285489 | &nbsp;&nbsp;&nbsp; $53.41 |
| Class B | &nbsp;&nbsp;&nbsp; 1564790 | &nbsp;&nbsp;&nbsp; 35823 | &nbsp;&nbsp;&nbsp;&nbsp;43.68 |
| Class C | &nbsp;&nbsp;&nbsp; 33772953 | &nbsp;&nbsp;&nbsp; 784557 | &nbsp;&nbsp;&nbsp;&nbsp;43.05 |
| Class I | &nbsp;&nbsp;&nbsp; 3966711333 | &nbsp;&nbsp;&nbsp; 70993069 | &nbsp;&nbsp;&nbsp;&nbsp;55.87 |
| Class R1 | &nbsp;&nbsp;&nbsp; 1879342 | &nbsp;&nbsp;&nbsp; 45321 | &nbsp;&nbsp;&nbsp;&nbsp;41.47 |
| Class R2 | &nbsp;&nbsp;&nbsp; 10466559 | &nbsp;&nbsp;&nbsp; 207929 | &nbsp;&nbsp;&nbsp;&nbsp;50.34 |
| Class R3 | &nbsp;&nbsp;&nbsp; 17293649 | &nbsp;&nbsp;&nbsp; 328239 | &nbsp;&nbsp;&nbsp;&nbsp;52.69 |
| Class R4 | &nbsp;&nbsp;&nbsp; 11436553 | &nbsp;&nbsp;&nbsp; 214220 | &nbsp;&nbsp;&nbsp;&nbsp;53.39 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1878880594 | &nbsp;&nbsp;&nbsp; 35329750 | &nbsp;&nbsp;&nbsp;&nbsp;53.18 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Maximum offering price per share was equal to the net asset value per share for all
 share classes, except for Class A, for which the maximum offering price per share was $56.67 [100 / 94.25 x $53.41]. On sales of $50,000 or
 more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class
 A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and
 R6.

**See Notes to Financial Statements**

------

MFS Research Fund

**Financial Statements** \| **Statement of Operations**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

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| | |
|:---|:---|
| **Six months ended 3/31/26 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $48154838 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 1023328 |
| Other | &nbsp;&nbsp; 90827 |
| Income on securities loaned | &nbsp;&nbsp; 847 |
| Foreign taxes withheld | &nbsp;&nbsp; (5003)<br>|
| Total investment income | &nbsp;&nbsp; $49264837 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $16630869 |
| Distribution and service fees | &nbsp;&nbsp; 2171001 |
| Shareholder servicing costs | &nbsp;&nbsp; 2126736 |
| Administrative services fee | &nbsp;&nbsp; 280115 |
| Independent Trustees' compensation | &nbsp;&nbsp; 74855 |
| Custodian fee | &nbsp;&nbsp; 139681 |
| Shareholder communications | &nbsp;&nbsp; 71703 |
| Audit and tax fees | &nbsp;&nbsp; 36445 |
| Legal fees | &nbsp;&nbsp; 20021 |
| Miscellaneous | &nbsp;&nbsp; 154977 |
| Total expenses | &nbsp;&nbsp; $21706403 |
| Fees paid indirectly | &nbsp;&nbsp; (9)<br>|
| Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp; (544765)<br>|
| Net expenses | &nbsp;&nbsp; $21161629 |
| Net investment income (loss) | &nbsp;&nbsp; $28103208 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $467069425 |
| Affiliated issuers | &nbsp;&nbsp; (19232)<br>|
| Foreign currency | &nbsp;&nbsp; 6094 |
| Net realized gain (loss) | &nbsp;&nbsp; $467056287 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(720093124)<br>|
| Affiliated issuers | &nbsp;&nbsp; 815 |
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 131 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $(720092178)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $(253035891)<br>|
| Change in net assets from operations | &nbsp;&nbsp; $(224932683)<br>|

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**See Notes to Financial Statements**

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MFS Research Fund

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

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| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**3/31/26** <br>**(unaudited)**<br>| <br>**9/30/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $28103208 | &nbsp;&nbsp; $53160445 |
| Net realized gain (loss) | 467056287 | &nbsp;&nbsp; 1172510502 |
| Net unrealized gain (loss) | (720092178)<br>| &nbsp;&nbsp; (223312669)<br>|
| Change in net assets from operations | $(224932683)<br>| &nbsp;&nbsp; $1002358278 |
| Total distributions to shareholders | $(1122307689)<br>| &nbsp;&nbsp; $(744757210)<br>|
| Change in net assets from fund share transactions | $480476224 | &nbsp;&nbsp; $(333610175)<br>|
| Total change in net assets | $(866764148)<br>| &nbsp;&nbsp; $(76009107)<br>|
| **Net assets** |  |  |
| At beginning of period | 8192622969 | &nbsp;&nbsp; 8268632076 |
| At end of period | $7325858821 | &nbsp;&nbsp; $8192622969 |

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**See Notes to Financial Statements**

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MFS Research Fund

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $64.05 | &nbsp;&nbsp; $62.33 | &nbsp;&nbsp; $50.69 | &nbsp;&nbsp; $46.50 | &nbsp;&nbsp; $58.66 | &nbsp;&nbsp; $48.66 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.15 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.20 |
| Net realized and unrealized gain (loss) | (1.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.25 | &nbsp;&nbsp;&nbsp;&nbsp;14.91 | &nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp; (9.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.41 |
| Total from investment operations | $(1.61)<br>| &nbsp;&nbsp; $7.52 | &nbsp;&nbsp; $15.20 | &nbsp;&nbsp; $7.71 | &nbsp;&nbsp; $(8.88)<br>| &nbsp;&nbsp; $12.61 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.32)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.28)<br>|
| From net realized gain | (8.71)<br>| &nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.33)<br>|
| Total distributions declared to shareholders | $(9.03)<br>| &nbsp;&nbsp; $(5.80)<br>| &nbsp;&nbsp; $(3.56)<br>| &nbsp;&nbsp; $(3.52)<br>| &nbsp;&nbsp; $(3.28)<br>| &nbsp;&nbsp; $(2.61)<br>|
| Net asset value, end of period (x) | $53.41 | &nbsp;&nbsp; $64.05 | &nbsp;&nbsp; $62.33 | &nbsp;&nbsp; $50.69 | &nbsp;&nbsp; $46.50 | &nbsp;&nbsp; $58.66 |
| Total return (%) (r)(s)(t)(x) | (3.19)(n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.74 | &nbsp;&nbsp;&nbsp;&nbsp;31.41 | &nbsp;&nbsp;&nbsp;&nbsp;17.07 | &nbsp;&nbsp; (16.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.85 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.76<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Expenses after expense reductions (f) | 0.74<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net investment income (loss) | 0.50<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $1403853 | &nbsp;&nbsp; $1573491 | &nbsp;&nbsp; $1549852 | &nbsp;&nbsp; $1288552 | &nbsp;&nbsp; $1198757 | &nbsp;&nbsp; $1536575 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense <br> reductions excluding short sale expenses and interest expense <br> and fees (f)<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |

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**See Notes to Financial Statements**

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MFS Research Fund

*Financial Highlights - continued*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $53.87 | &nbsp;&nbsp; $53.38 | &nbsp;&nbsp; $43.91 | &nbsp;&nbsp; $40.69 | &nbsp;&nbsp; $51.91 | &nbsp;&nbsp; $43.39 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.06)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.19)<br>|
| Net realized and unrealized gain (loss) | (1.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.14 | &nbsp;&nbsp;&nbsp;&nbsp;12.84 | &nbsp;&nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp; (8.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.04 |
| Total from investment operations | $(1.48)<br>| &nbsp;&nbsp; $5.99 | &nbsp;&nbsp; $12.73 | &nbsp;&nbsp; $6.40 | &nbsp;&nbsp; $(8.13)<br>| &nbsp;&nbsp; $10.85 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | $— | $— | $— | $— | $— |
| From net realized gain | (8.71)<br>| &nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.33)<br>|
| Total distributions declared to shareholders | $(8.71)<br>| &nbsp;&nbsp; $(5.50)<br>| &nbsp;&nbsp; $(3.26)<br>| &nbsp;&nbsp; $(3.18)<br>| &nbsp;&nbsp; $(3.09)<br>| &nbsp;&nbsp; $(2.33)<br>|
| Net asset value, end of period (x) | $43.68 | &nbsp;&nbsp; $53.87 | &nbsp;&nbsp; $53.38 | &nbsp;&nbsp; $43.91 | &nbsp;&nbsp; $40.69 | &nbsp;&nbsp; $51.91 |
| Total return (%) (r)(s)(t)(x) | (3.55)(n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.90 | &nbsp;&nbsp;&nbsp;&nbsp;30.45 | &nbsp;&nbsp;&nbsp;&nbsp;16.18 | &nbsp;&nbsp; (16.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.91 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.51<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Expenses after expense reductions (f) | 1.49<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Net investment income (loss) | (0.26)(a)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.39)<br>|
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $1565 | &nbsp;&nbsp; $2544 | &nbsp;&nbsp; $4390 | &nbsp;&nbsp; $5386 | &nbsp;&nbsp; $7126 | &nbsp;&nbsp; $12047 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions excluding <br> short sale expenses and interest expense and fees (f)<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |

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**See Notes to Financial Statements**

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MFS Research Fund

*Financial Highlights - continued*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $53.22 | &nbsp;&nbsp; $52.79 | &nbsp;&nbsp; $43.46 | &nbsp;&nbsp; $40.30 | &nbsp;&nbsp; $51.44 | &nbsp;&nbsp; $43.02 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.06)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.19)<br>|
| Net realized and unrealized gain (loss) | (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp;12.70 | &nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp; (7.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.94 |
| Total from investment operations | $(1.46)<br>| &nbsp;&nbsp; $5.93 | &nbsp;&nbsp; $12.59 | &nbsp;&nbsp; $6.34 | &nbsp;&nbsp; $(8.05)<br>| &nbsp;&nbsp; $10.75 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | $— | $— | $— | $— | $— |
| From net realized gain | (8.71)<br>| &nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.33)<br>|
| Total distributions declared to shareholders | $(8.71)<br>| &nbsp;&nbsp; $(5.50)<br>| &nbsp;&nbsp; $(3.26)<br>| &nbsp;&nbsp; $(3.18)<br>| &nbsp;&nbsp; $(3.09)<br>| &nbsp;&nbsp; $(2.33)<br>|
| Net asset value, end of period (x) | $43.05 | &nbsp;&nbsp; $53.22 | &nbsp;&nbsp; $52.79 | &nbsp;&nbsp; $43.46 | &nbsp;&nbsp; $40.30 | &nbsp;&nbsp; $51.44 |
| Total return (%) (r)(s)(t)(x) | (3.56)(n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.92 | &nbsp;&nbsp;&nbsp;&nbsp;30.44 | &nbsp;&nbsp;&nbsp;&nbsp;16.19 | &nbsp;&nbsp; (16.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.90 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.51<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Expenses after expense reductions (f) | 1.49<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Net investment income (loss) | (0.25)(a)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.38)<br>|
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $33773 | &nbsp;&nbsp; $40130 | &nbsp;&nbsp; $45538 | &nbsp;&nbsp; $44532 | &nbsp;&nbsp; $47651 | &nbsp;&nbsp; $68140 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions excluding <br> short sale expenses and interest expense and fees (f)<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |

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**See Notes to Financial Statements**

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MFS Research Fund

*Financial Highlights - continued*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $66.68 | &nbsp;&nbsp; $64.66 | &nbsp;&nbsp; $52.45 | &nbsp;&nbsp; $48.01 | &nbsp;&nbsp; $60.47 | &nbsp;&nbsp; $50.09 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.23 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $0.45 | &nbsp;&nbsp; $0.48 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $0.35 |
| Net realized and unrealized gain (loss) | (1.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.53 | &nbsp;&nbsp;&nbsp;&nbsp;15.45 | &nbsp;&nbsp;&nbsp;&nbsp;7.61 | &nbsp;&nbsp; (9.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.77 |
| Total from investment operations | $(1.63)<br>| &nbsp;&nbsp; $7.97 | &nbsp;&nbsp; $15.90 | &nbsp;&nbsp; $8.09 | &nbsp;&nbsp; $(9.03)<br>| &nbsp;&nbsp; $13.12 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.47)<br>| &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $(0.47)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.41)<br>|
| From net realized gain | (8.71)<br>| &nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.33)<br>|
| Total distributions declared to shareholders | $(9.18)<br>| &nbsp;&nbsp; $(5.95)<br>| &nbsp;&nbsp; $(3.69)<br>| &nbsp;&nbsp; $(3.65)<br>| &nbsp;&nbsp; $(3.43)<br>| &nbsp;&nbsp; $(2.74)<br>|
| Net asset value, end of period (x) | $55.87 | &nbsp;&nbsp; $66.68 | &nbsp;&nbsp; $64.66 | &nbsp;&nbsp; $52.45 | &nbsp;&nbsp; $48.01 | &nbsp;&nbsp; $60.47 |
| Total return (%) (r)(s)(t)(x) | (3.08)(n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.02 | &nbsp;&nbsp;&nbsp;&nbsp;31.76 | &nbsp;&nbsp;&nbsp;&nbsp;17.36 | &nbsp;&nbsp; (16.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.16 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.51<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Expenses after expense reductions (f) | 0.49<br> (a)<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Net investment income (loss) | 0.75<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $3966711 | &nbsp;&nbsp; $4500046 | &nbsp;&nbsp; $4547962 | &nbsp;&nbsp; $3701927 | &nbsp;&nbsp; $3665406 | &nbsp;&nbsp; $4577919 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense <br> reductions excluding short sale expenses and interest expense <br> and fees (f)<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |

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**See Notes to Financial Statements**

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MFS Research Fund

*Financial Highlights - continued*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $51.58 | &nbsp;&nbsp; $51.33 | &nbsp;&nbsp; $42.34 | &nbsp;&nbsp; $39.38 | &nbsp;&nbsp; $50.34 | &nbsp;&nbsp; $42.14 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.06)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.18)<br>|
| Net realized and unrealized gain (loss) | (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.89 | &nbsp;&nbsp;&nbsp;&nbsp;12.36 | &nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp; (7.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.71 |
| Total from investment operations | $(1.40)<br>| &nbsp;&nbsp; $5.75 | &nbsp;&nbsp; $12.25 | &nbsp;&nbsp; $6.19 | &nbsp;&nbsp; $(7.87)<br>| &nbsp;&nbsp; $10.53 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | $— | $— | &nbsp;&nbsp; $(0.05)<br>| $— | $— |
| From net realized gain | (8.71)<br>| &nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.33)<br>|
| Total distributions declared to shareholders | $(8.71)<br>| &nbsp;&nbsp; $(5.50)<br>| &nbsp;&nbsp; $(3.26)<br>| &nbsp;&nbsp; $(3.23)<br>| &nbsp;&nbsp; $(3.09)<br>| &nbsp;&nbsp; $(2.33)<br>|
| Net asset value, end of period (x) | $41.47 | &nbsp;&nbsp; $51.58 | &nbsp;&nbsp; $51.33 | &nbsp;&nbsp; $42.34 | &nbsp;&nbsp; $39.38 | &nbsp;&nbsp; $50.34 |
| Total return (%) (r)(s)(t)(x) | (3.55)(n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.91 | &nbsp;&nbsp;&nbsp;&nbsp;30.44 | &nbsp;&nbsp;&nbsp;&nbsp;16.20 | &nbsp;&nbsp; (16.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.92 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.51<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Expenses after expense reductions (f) | 1.50<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Net investment income (loss) | (0.25)(a)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.39)<br>|
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $1879 | &nbsp;&nbsp; $1932 | &nbsp;&nbsp; $2757 | &nbsp;&nbsp; $3329 | &nbsp;&nbsp; $2933 | &nbsp;&nbsp; $3416 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions excluding <br> short sale expenses and interest expense and fees (f)<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |

---

**See Notes to Financial Statements**

------

MFS Research Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $60.78 | &nbsp;&nbsp; $59.40 | &nbsp;&nbsp; $48.30 | &nbsp;&nbsp; $44.44 | &nbsp;&nbsp; $56.29 | &nbsp;&nbsp; $46.78 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.07 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.06 |
| Net realized and unrealized gain (loss) | (1.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.89 | &nbsp;&nbsp;&nbsp;&nbsp;14.22 | &nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp; (8.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.92 |
| Total from investment operations | $(1.59)<br>| &nbsp;&nbsp; $7.01 | &nbsp;&nbsp; $14.36 | &nbsp;&nbsp; $7.25 | &nbsp;&nbsp; $(8.62)<br>| &nbsp;&nbsp; $11.98 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.14)<br>| &nbsp;&nbsp; $(0.13)<br>| $— | &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.14)<br>|
| From net realized gain | (8.71)<br>| &nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.33)<br>|
| Total distributions declared to shareholders | $(8.85)<br>| &nbsp;&nbsp; $(5.63)<br>| &nbsp;&nbsp; $(3.26)<br>| &nbsp;&nbsp; $(3.39)<br>| &nbsp;&nbsp; $(3.23)<br>| &nbsp;&nbsp; $(2.47)<br>|
| Net asset value, end of period (x) | $50.34 | &nbsp;&nbsp; $60.78 | &nbsp;&nbsp; $59.40 | &nbsp;&nbsp; $48.30 | &nbsp;&nbsp; $44.44 | &nbsp;&nbsp; $56.29 |
| Total return (%) (r)(s)(t)(x) | (3.31)(n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.47 | &nbsp;&nbsp;&nbsp;&nbsp;31.09 | &nbsp;&nbsp;&nbsp;&nbsp;16.78 | &nbsp;&nbsp; (16.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.53 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.01<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Expenses after expense reductions (f) | 0.99<br> (a)<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Net investment income (loss) | 0.25<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $10467 | &nbsp;&nbsp; $12683 | &nbsp;&nbsp; $14229 | &nbsp;&nbsp; $13611 | &nbsp;&nbsp; $32036 | &nbsp;&nbsp; $43862 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions excluding <br> short sale expenses and interest expense and fees (f)<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |

---

**See Notes to Financial Statements**

------

MFS Research Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $63.29 | &nbsp;&nbsp; $61.64 | &nbsp;&nbsp; $50.16 | &nbsp;&nbsp; $46.05 | &nbsp;&nbsp; $58.12 | &nbsp;&nbsp; $48.23 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.14 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.20 |
| Net realized and unrealized gain (loss) | (1.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.17 | &nbsp;&nbsp;&nbsp;&nbsp;14.75 | &nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp; (9.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.29 |
| Total from investment operations | $(1.59)<br>| &nbsp;&nbsp; $7.43 | &nbsp;&nbsp; $15.04 | &nbsp;&nbsp; $7.63 | &nbsp;&nbsp; $(8.80)<br>| &nbsp;&nbsp; $12.49 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.30)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.27)<br>|
| From net realized gain | (8.71)<br>| &nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.33)<br>|
| Total distributions declared to shareholders | $(9.01)<br>| &nbsp;&nbsp; $(5.78)<br>| &nbsp;&nbsp; $(3.56)<br>| &nbsp;&nbsp; $(3.52)<br>| &nbsp;&nbsp; $(3.27)<br>| &nbsp;&nbsp; $(2.60)<br>|
| Net asset value, end of period (x) | $52.69 | &nbsp;&nbsp; $63.29 | &nbsp;&nbsp; $61.64 | &nbsp;&nbsp; $50.16 | &nbsp;&nbsp; $46.05 | &nbsp;&nbsp; $58.12 |
| Total return (%) (r)(s)(t)(x) | (3.19)(n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.74 | &nbsp;&nbsp;&nbsp;&nbsp;31.43 | &nbsp;&nbsp;&nbsp;&nbsp;17.06 | &nbsp;&nbsp; (16.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.85 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.76<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Expenses after expense reductions (f) | 0.74<br> (a)<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Net investment income (loss) | 0.49<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $17294 | &nbsp;&nbsp; $22863 | &nbsp;&nbsp; $30411 | &nbsp;&nbsp; $35981 | &nbsp;&nbsp; $34133 | &nbsp;&nbsp; $43493 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions excluding <br> short sale expenses and interest expense and fees (f)<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |

---

**See Notes to Financial Statements**

------

MFS Research Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $64.11 | &nbsp;&nbsp; $62.39 | &nbsp;&nbsp; $50.73 | &nbsp;&nbsp; $46.55 | &nbsp;&nbsp; $58.72 | &nbsp;&nbsp; $48.71 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.22 | &nbsp;&nbsp; $0.42 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $0.47 | &nbsp;&nbsp; $0.42 | &nbsp;&nbsp; $0.34 |
| Net realized and unrealized gain (loss) | (1.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.26 | &nbsp;&nbsp;&nbsp;&nbsp;14.92 | &nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp; (9.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.40 |
| Total from investment operations | $(1.54)<br>| &nbsp;&nbsp; $7.68 | &nbsp;&nbsp; $15.35 | &nbsp;&nbsp; $7.84 | &nbsp;&nbsp; $(8.74)<br>| &nbsp;&nbsp; $12.74 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.47)<br>| &nbsp;&nbsp; $(0.46)<br>| &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $(0.48)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.40)<br>|
| From net realized gain | (8.71)<br>| &nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.33)<br>|
| Total distributions declared to shareholders | $(9.18)<br>| &nbsp;&nbsp; $(5.96)<br>| &nbsp;&nbsp; $(3.69)<br>| &nbsp;&nbsp; $(3.66)<br>| &nbsp;&nbsp; $(3.43)<br>| &nbsp;&nbsp; $(2.73)<br>|
| Net asset value, end of period (x) | $53.39 | &nbsp;&nbsp; $64.11 | &nbsp;&nbsp; $62.39 | &nbsp;&nbsp; $50.73 | &nbsp;&nbsp; $46.55 | &nbsp;&nbsp; $58.72 |
| Total return (%) (r)(s)(t)(x) | (3.07)(n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.02 | &nbsp;&nbsp;&nbsp;&nbsp;31.75 | &nbsp;&nbsp;&nbsp;&nbsp;17.35 | &nbsp;&nbsp; (16.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.16 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.51<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Expenses after expense reductions (f) | 0.49<br> (a)<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Net investment income (loss) | 0.75<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $11437 | &nbsp;&nbsp; $12000 | &nbsp;&nbsp; $14458 | &nbsp;&nbsp; $9985 | &nbsp;&nbsp; $11620 | &nbsp;&nbsp; $16260 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions excluding <br> short sale expenses and interest expense and fees (f)<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |

---

**See Notes to Financial Statements**

------

MFS Research Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $63.92 | &nbsp;&nbsp; $62.22 | &nbsp;&nbsp; $50.60 | &nbsp;&nbsp; $46.44 | &nbsp;&nbsp; $58.60 | &nbsp;&nbsp; $48.62 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.24 | &nbsp;&nbsp; $0.46 | &nbsp;&nbsp; $0.47 | &nbsp;&nbsp; $0.50 | &nbsp;&nbsp; $0.46 | &nbsp;&nbsp; $0.38 |
| Net realized and unrealized gain (loss) | (1.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.23 | &nbsp;&nbsp;&nbsp;&nbsp;14.88 | &nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp; (9.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.37 |
| Total from investment operations | $(1.52)<br>| &nbsp;&nbsp; $7.69 | &nbsp;&nbsp; $15.35 | &nbsp;&nbsp; $7.85 | &nbsp;&nbsp; $(8.69)<br>| &nbsp;&nbsp; $12.75 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.51)<br>| &nbsp;&nbsp; $(0.49)<br>| &nbsp;&nbsp; $(0.47)<br>| &nbsp;&nbsp; $(0.51)<br>| &nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp; $(0.44)<br>|
| From net realized gain | (8.71)<br>| &nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.33)<br>|
| Total distributions declared to shareholders | $(9.22)<br>| &nbsp;&nbsp; $(5.99)<br>| &nbsp;&nbsp; $(3.73)<br>| &nbsp;&nbsp; $(3.69)<br>| &nbsp;&nbsp; $(3.47)<br>| &nbsp;&nbsp; $(2.77)<br>|
| Net asset value, end of period (x) | $53.18 | &nbsp;&nbsp; $63.92 | &nbsp;&nbsp; $62.22 | &nbsp;&nbsp; $50.60 | &nbsp;&nbsp; $46.44 | &nbsp;&nbsp; $58.60 |
| Total return (%) (r)(s)(t)(x) | (3.05)(n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.09 | &nbsp;&nbsp;&nbsp;&nbsp;31.85 | &nbsp;&nbsp;&nbsp;&nbsp;17.44 | &nbsp;&nbsp; (16.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.25 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.45<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Expenses after expense reductions (f) | 0.43<br> (a)<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Net investment income (loss) | 0.81<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $1878881 | &nbsp;&nbsp; $2026936 | &nbsp;&nbsp; $2059035 | &nbsp;&nbsp; $1927972 | &nbsp;&nbsp; $1788197 | &nbsp;&nbsp; $2180565 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense <br> reductions excluding short sale expenses and interest expense <br> and fees (f)<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Research Fund

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Research Fund (the fund) is a diversified series of MFS Series Trust V (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

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

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

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

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. 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

------

MFS Research Fund

*Notes to Financial Statements (unaudited) - continued* 

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 March 31, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United States | $7125980714 | $— | $— | $7125980714 |
| Sweden | 79647922 |  |  | 79647922 |
| Canada | 67106087 | 0 |  | 67106087 |
| Investment Companies | 51535811 |  |  | 51535811 |
| Total | $7324270534 | $0 | $— | $7324270534 |

---

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

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, JPMorgan Chase and Co., as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within three business days. The loans are collateralized by cash and/or U.S. Treasury and federal agency obligations in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or, when such purchase is commercially impracticable, pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. Treasury and/or federal agency obligations, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At March 31, 2026, there were no securities on loan or collateral outstanding.

------

MFS Research Fund

*Notes to Financial Statements (unaudited) - continued* 

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

**Investment Transactions and Income** — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.

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

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

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

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

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

Book/tax differences primarily relate to wash sale loss deferrals and treating a portion of the proceeds from redemptions as a distribution for tax purposes.

The tax character of distributions made during the six months ended March 31, 2026 will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**9/30/25**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $61112321 |
| Long-term capital gains | &nbsp;&nbsp; 683644889 |
| Total distributions | &nbsp;&nbsp; $744757210 |

---

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

------

MFS Research Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 3/31/26** |  |
| Cost of investments | &nbsp;&nbsp; $4599711919 |
| Gross appreciation | &nbsp;&nbsp; 2904235145 |
| Gross depreciation | &nbsp;&nbsp; (179676530)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $2724558615 |
| **As of 9/30/25** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 35430744 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 982136843 |
| Other temporary differences | &nbsp;&nbsp; (131)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 3445195006 |

---

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class C shares will convert to Class A shares approximately eight years after purchase. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**3/31/26**<br>| **Year** <br>**ended** <br>**9/30/25**<br>|
| Class A | $218227627 | &nbsp;&nbsp; $142020228 |
| Class B | 365637 | &nbsp;&nbsp; 410258 |
| Class C | 6322220 | &nbsp;&nbsp; 4521234 |
| Class I | 606895005 | &nbsp;&nbsp; 406701430 |
| Class R1 | 325458 | &nbsp;&nbsp; 282659 |
| Class R2 | 1739721 | &nbsp;&nbsp; 1304102 |
| Class R3 | 3181440 | &nbsp;&nbsp; 2745407 |
| Class R4 | 1711787 | &nbsp;&nbsp; 1346640 |
| Class R6 | 283538794 | &nbsp;&nbsp; 185425252 |
| Total | $1122307689 | &nbsp;&nbsp; $744757210 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $5 billion | 0.43% |
| In excess of $5 billion and up to $10 billion | 0.40% |
| In excess of $10 billion | 0.37% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until January 31, 2027. For the six months ended March 31, 2026, this management fee reduction amounted to $538,567, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended March 31, 2026 was equivalent to an annual effective rate of 0.41% of the fund's average daily net assets.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $20,925 for the six months ended March 31, 2026, as its portion of the initial sales charge on sales of Class A shares of the fund.

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

------

MFS Research Fund

*Notes to Financial Statements (unaudited) - continued* 

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

**Distribution Plan Fee Table:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Class A |  | 0.25% | 0.25% | 0.25% | $1905459 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | 10780 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 189453 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 9688 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 29305 |
| Class R3 |  | 0.25% | 0.25% | 0.25% | 26316 |
| Total Distribution and Service Fees  |  |  |  |  | $2171001 |

---

(d) In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each

class's average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting

period. Any rate changes, if applicable, are detailed below.

(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended March 31, 2026 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended March 31, 2026, this rebate amounted to $6,190 and $8 for Class A and Class B shares, respectively, and is included in the reduction of total expenses in the Statement of Operations.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended March 31, 2026, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $24488 |
| Class B |  |
| Class C | 1295 |

---

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the six months ended March 31, 2026, the fee was $241,040, which equated to 0.0061% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended March 31, 2026, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $1,885,696.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended March 31, 2026 was equivalent to an annual effective rate of 0.0071% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

------

MFS Research Fund

*Notes to Financial Statements (unaudited) - continued* 

During the six months ended March 31, 2026, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the "Act") and relevant guidance, the fund engaged in sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") which amounted to $7,114,991. The sales transactions resulted in net realized gains (losses) of $445,588.

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the six months ended March 31, 2026, this reimbursement amounted to $90,827, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the six months ended March 31, 2026, purchases and sales of investments, other than short-term obligations, aggregated $1,488,879,034 and $2,112,032,749, respectively.

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**3/31/26** | **Six months ended** <br>**3/31/26** | **Year ended** <br>**9/30/25** | **Year ended** <br>**9/30/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Class A | 428962 | &nbsp;&nbsp; $24715351 | &nbsp;&nbsp; 793098 | &nbsp;&nbsp; $47012805 |
| Class B | 3 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 11883 |
| Class C | 26877 | &nbsp;&nbsp; 1277645 | &nbsp;&nbsp; 62685 | &nbsp;&nbsp; 3149963 |
| Class I | 5004664 | &nbsp;&nbsp; 306509433 | &nbsp;&nbsp; 8924770 | &nbsp;&nbsp; 548153598 |
| Class R1 | 1376 | &nbsp;&nbsp; 61853 | &nbsp;&nbsp; 2112 | &nbsp;&nbsp; 102528 |
| Class R2 | 8268 | &nbsp;&nbsp; 454861 | &nbsp;&nbsp; 21501 | &nbsp;&nbsp; 1222529 |
| Class R3 | 13697 | &nbsp;&nbsp; 805303 | &nbsp;&nbsp; 32025 | &nbsp;&nbsp; 1891230 |
| Class R4 | 8979 | &nbsp;&nbsp; 507383 | &nbsp;&nbsp; 19779 | &nbsp;&nbsp; 1176783 |
| Class R6 | 541372 | &nbsp;&nbsp; 31002859 | &nbsp;&nbsp; 2548824 | &nbsp;&nbsp; 131547992 |
|  | 6034198 | &nbsp;&nbsp; $365334764 | &nbsp;&nbsp; 12405013 | &nbsp;&nbsp; $734269311 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Class A | 3655419 | &nbsp;&nbsp; $205032467 | &nbsp;&nbsp; 2225488 | &nbsp;&nbsp; $132928399 |
| Class B | 7952 | &nbsp;&nbsp; 365637 | &nbsp;&nbsp; 8103 | &nbsp;&nbsp; 409522 |
| Class C | 135558 | &nbsp;&nbsp; 6142141 | &nbsp;&nbsp; 87597 | &nbsp;&nbsp; 4372877 |
| Class I | 10267817 | &nbsp;&nbsp; 602002079 | &nbsp;&nbsp; 6501281 | &nbsp;&nbsp; 403469519 |
| Class R1 | 7456 | &nbsp;&nbsp; 325458 | &nbsp;&nbsp; 5841 | &nbsp;&nbsp; 282659 |
| Class R2 | 32884 | &nbsp;&nbsp; 1739573 | &nbsp;&nbsp; 22964 | &nbsp;&nbsp; 1304102 |
| Class R3 | 57499 | &nbsp;&nbsp; 3181440 | &nbsp;&nbsp; 46516 | &nbsp;&nbsp; 2745407 |
| Class R4 | 26413 | &nbsp;&nbsp; 1479651 | &nbsp;&nbsp; 18079 | &nbsp;&nbsp; 1078754 |
| Class R6 | 5011920 | &nbsp;&nbsp; 279665135 | &nbsp;&nbsp; 3075778 | &nbsp;&nbsp; 182885736 |
|  | 19202918 | &nbsp;&nbsp; $1099933581 | &nbsp;&nbsp; 11991647 | &nbsp;&nbsp; $729476975 |

---

------

MFS Research Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **3/31/26** | **Six months ended**<br> **3/31/26** | **Year ended**<br> **9/30/25** | **Year ended**<br> **9/30/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares reacquired |  |  |  |  |
| Class A | (2364511)<br>| &nbsp;&nbsp; $(136396397)<br>| &nbsp;&nbsp; (3316237)<br>| &nbsp;&nbsp; $(197202924)<br>|
| Class B | (19346)<br>| &nbsp;&nbsp; (922294)<br>| &nbsp;&nbsp; (43339)<br>| &nbsp;&nbsp; (2184926)<br>|
| Class C | (131972)<br>| &nbsp;&nbsp; (6224840)<br>| &nbsp;&nbsp; (258756)<br>| &nbsp;&nbsp; (12857479)<br>|
| Class I | (11768975)<br>| &nbsp;&nbsp; (715083962)<br>| &nbsp;&nbsp; (18273743)<br>| &nbsp;&nbsp; (1133508573)<br>|
| Class R1 | (968)<br>| &nbsp;&nbsp; (46141)<br>| &nbsp;&nbsp; (24218)<br>| &nbsp;&nbsp; (1191607)<br>|
| Class R2 | (41902)<br>| &nbsp;&nbsp; (2324816)<br>| &nbsp;&nbsp; (75318)<br>| &nbsp;&nbsp; (4246740)<br>|
| Class R3 | (104211)<br>| &nbsp;&nbsp; (5916177)<br>| &nbsp;&nbsp; (210667)<br>| &nbsp;&nbsp; (11867826)<br>|
| Class R4 | (8338)<br>| &nbsp;&nbsp; (476557)<br>| &nbsp;&nbsp; (82416)<br>| &nbsp;&nbsp; (4831366)<br>|
| Class R6 | (1934273)<br>| &nbsp;&nbsp; (117400937)<br>| &nbsp;&nbsp; (7006097)<br>| &nbsp;&nbsp; (429465020)<br>|
|  | (16374496)<br>| &nbsp;&nbsp; $(984792121)<br>| &nbsp;&nbsp; (29290791)<br>| &nbsp;&nbsp; $(1797356461)<br>|
| Net change |  |  |  |  |
| Class A | 1719870 | &nbsp;&nbsp; $93351421 | &nbsp;&nbsp; (297651)<br>| &nbsp;&nbsp; $(17261720)<br>|
| Class B | (11391)<br>| &nbsp;&nbsp; (556581)<br>| &nbsp;&nbsp; (35017)<br>| &nbsp;&nbsp; (1763521)<br>|
| Class C | 30463 | &nbsp;&nbsp; 1194946 | &nbsp;&nbsp; (108474)<br>| &nbsp;&nbsp; (5334639)<br>|
| Class I | 3503506 | &nbsp;&nbsp; 193427550 | &nbsp;&nbsp; (2847692)<br>| &nbsp;&nbsp; (181885456)<br>|
| Class R1 | 7864 | &nbsp;&nbsp; 341170 | &nbsp;&nbsp; (16265)<br>| &nbsp;&nbsp; (806420)<br>|
| Class R2 | (750)<br>| &nbsp;&nbsp; (130382)<br>| &nbsp;&nbsp; (30853)<br>| &nbsp;&nbsp; (1720109)<br>|
| Class R3 | (33015)<br>| &nbsp;&nbsp; (1929434)<br>| &nbsp;&nbsp; (132126)<br>| &nbsp;&nbsp; (7231189)<br>|
| Class R4 | 27054 | &nbsp;&nbsp; 1510477 | &nbsp;&nbsp; (44558)<br>| &nbsp;&nbsp; (2575829)<br>|
| Class R6 | 3619019 | &nbsp;&nbsp; 193267057 | &nbsp;&nbsp; (1381495)<br>| &nbsp;&nbsp; (115031292)<br>|
|  | 8862620 | &nbsp;&nbsp; $480476224 | &nbsp;&nbsp; (4894131)<br>| &nbsp;&nbsp; $(333610175)<br>|

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Growth Allocation Fund, the MFS Moderate Allocation Fund, the MFS Aggressive Growth Allocation Fund, and the MFS Conservative Allocation Fund were the owners of record of approximately 8%, 6%, 4%, and 3%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Lifetime 2025 Fund, the MFS Lifetime 2030 Fund, the MFS Lifetime 2035 Fund, the MFS Lifetime 2040 Fund, the MFS Lifetime 2045 Fund, the MFS Lifetime 2050 Fund, the MFS Lifetime 2055 Fund, the MFS Lifetime 2060 Fund, the MFS Lifetime 2065 Fund, and the MFS Lifetime Income Fund were each the owners of record of less than 1% of the value of outstanding voting shares of the fund.

Effective June 1, 2019, purchases of the fund's Class B shares were closed to new and existing investors subject to certain exceptions. Effective September 29, 2023, purchases of the fund's Class R1 and Class R2 shares were closed to new eligible investors.

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate), 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended March 31, 2026, the fund's commitment fee and interest expense were $18,439 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the six months ended March 31, 2026:

------

MFS Research Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $47673585 | &nbsp;&nbsp; $616965722 | &nbsp;&nbsp; $613085079 | &nbsp;&nbsp; $(19232)<br>| &nbsp;&nbsp; $815 | &nbsp;&nbsp; $51535811 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $1023328 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Research Fund.

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

There is nothing to report for this item for MFS Research Fund.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Research Fund. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

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

Not Applicable.

------

MFS International New Discovery Fund

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

MFS International New Discovery Fund

**Portfolio of Investments - 3/31/26 (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 – 97.2% | Common Stocks – 97.2% | Common Stocks – 97.2% |
| Aerospace & Defense – 1.4% | Aerospace & Defense – 1.4% |  |
| Babcock International Group PLC | 1350737 | &nbsp;&nbsp; $20806195 |
| LISI Group | 336061 | &nbsp;&nbsp; 20769173 |
| Melrose Industries PLC | 3203825 | &nbsp;&nbsp; 21580792 |
| MTU Aero Engines Holding AG | 62450 | &nbsp;&nbsp; 22376678 |
| RENK Group AG | 87072 | &nbsp;&nbsp; 5096520 |
| Singapore Technologies Engineering Ltd. | 1757200 | &nbsp;&nbsp; 14976040 |
|  |  | &nbsp;&nbsp; $105605398 |
| Alcoholic Beverages – 0.9% | Alcoholic Beverages – 0.9% |  |
| Carlsberg Group | 230756 | &nbsp;&nbsp; $28792587 |
| China Resources Beer Holdings Co. Ltd. | 10059500 | &nbsp;&nbsp; 33202441 |
|  |  | &nbsp;&nbsp; $61995028 |
| Apparel, Footwear, & Accessories – 0.9% | Apparel, Footwear, & Accessories – 0.9% |  |
| Burberry Group PLC (a) | 604868 | &nbsp;&nbsp; $8850377 |
| Eclat Textile Co. Ltd. | 1333000 | &nbsp;&nbsp; 13958176 |
| Prada S.p.A. | 3442900 | &nbsp;&nbsp; 16271752 |
| Shenzhou International Group Holdings Ltd. | 4205200 | &nbsp;&nbsp; 25557924 |
|  |  | &nbsp;&nbsp; $64638229 |
| Auto & Auto Components – 1.9% | Auto & Auto Components – 1.9% |  |
| Hero MotoCorp Ltd. | 473979 | &nbsp;&nbsp; $26237253 |
| Koito Manufacturing Co. Ltd. (l) | 1001200 | &nbsp;&nbsp; 15554614 |
| Mahindra & Mahindra Ltd. | 547627 | &nbsp;&nbsp; 17695065 |
| Niterra Co. Ltd. (l) | 235400 | &nbsp;&nbsp; 10985799 |
| Shimano, Inc. | 227700 | &nbsp;&nbsp; 23861054 |
| TS Tech Co. Ltd. (l) | 962100 | &nbsp;&nbsp; 10836318 |
| USS Co. Ltd. | 3034900 | &nbsp;&nbsp; 31775637 |
|  |  | &nbsp;&nbsp; $136945740 |
| Brokerage & Asset Managers – 0.6% | Brokerage & Asset Managers – 0.6% |  |
| Julius Baer Group Ltd. | 257888 | &nbsp;&nbsp; $19003395 |
| Omni Bridgeway Ltd. (a)(l) | 7741689 | &nbsp;&nbsp; 8471314 |
| Rathbones Group PLC | 718975 | &nbsp;&nbsp; 19100557 |
|  |  | &nbsp;&nbsp; $46575266 |
| Business Services – 7.4% | Business Services – 7.4% |  |
| ALSOK Co. Ltd. | 3212400 | &nbsp;&nbsp; $25690193 |
| Amadeus Fire AG | 111628 | &nbsp;&nbsp; 3167500 |
| Auto Trader Group PLC | 937218 | &nbsp;&nbsp; 5862584 |
| Bunzl PLC | 915995 | &nbsp;&nbsp; 27442992 |
| CAR Group Ltd. (l) | 1068348 | &nbsp;&nbsp; 17276736 |
| Compass Group PLC | 1226894 | &nbsp;&nbsp; 34087687 |
| Diploma PLC | 333867 | &nbsp;&nbsp; 26640288 |
| Elis S.A. | 1696583 | &nbsp;&nbsp; 48023632 |
| Fullcast Holdings Co. Ltd. (l) | 755200 | &nbsp;&nbsp; 7952464 |
| IMCD Group N.V. (l) | 134666 | &nbsp;&nbsp; 14054950 |
| Imdex Ltd. | 11588697 | &nbsp;&nbsp; 31130241 |

---

MIOFS-SEM

------

MFS International New Discovery Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Business Services – continued | Business Services – continued |  |
| Intertek Group PLC | 735332 | &nbsp;&nbsp; $35852483 |
| Iwatani Corp. | 1414100 | &nbsp;&nbsp; 18089170 |
| Moltiply Group S.p.A | 337083 | &nbsp;&nbsp; 12342566 |
| MONY Group PLC | 5426142 | &nbsp;&nbsp; 10872282 |
| OBIC Co. Ltd. | 3241700 | &nbsp;&nbsp; 78995709 |
| Otsuka Corp. | 582100 | &nbsp;&nbsp; 11163207 |
| Pasona Group, Inc. (l) | 452700 | &nbsp;&nbsp; 5342687 |
| Pluxee N.V. (l) | 613409 | &nbsp;&nbsp; 7515364 |
| Reply S.p.A. | 153843 | &nbsp;&nbsp; 14358919 |
| Rightmove PLC | 3315858 | &nbsp;&nbsp; 18887825 |
| RS Group PLC | 2833258 | &nbsp;&nbsp; 21156491 |
| San-Ai Obbli Co. Ltd. (l) | 1779600 | &nbsp;&nbsp; 27140775 |
| Scout24 AG | 427668 | &nbsp;&nbsp; 32768544 |
| SMS Co. Ltd. (l) | 626800 | &nbsp;&nbsp; 6585678 |
|  |  | &nbsp;&nbsp; $542400967 |
| Chemicals – 3.7% | Chemicals – 3.7% |  |
| Air Water, Inc. | 884500 | &nbsp;&nbsp; $12044059 |
| Borregaard ASA | 908116 | &nbsp;&nbsp; 16460336 |
| Croda International PLC | 807857 | &nbsp;&nbsp; 30186967 |
| Essentra PLC | 12494363 | &nbsp;&nbsp; 15109605 |
| JCU Corp. | 606100 | &nbsp;&nbsp; 20746653 |
| KH Neochem Co. Ltd. | 462500 | &nbsp;&nbsp; 8072634 |
| Kureha Corp. (l) | 464000 | &nbsp;&nbsp; 11680678 |
| Nihon Parkerizing Co. Ltd. | 1185100 | &nbsp;&nbsp; 10932207 |
| NOF Corp. | 1084000 | &nbsp;&nbsp; 21428584 |
| SK KAKEN Co. Ltd. | 577700 | &nbsp;&nbsp; 37316684 |
| Symrise AG | 945754 | &nbsp;&nbsp; 80062289 |
| Taisei Lamick GroupTaisei Lamick Group Head Quarter (l) | 205900 | &nbsp;&nbsp; 3265659 |
|  |  | &nbsp;&nbsp; $267306355 |
| Conglomerates – 0.1% | Conglomerates – 0.1% |  |
| Koc Holding A.S. | 930876 | &nbsp;&nbsp; $4136983 |
| Construction – 3.0% | Construction – 3.0% |  |
| Breedon Group PLC | 7962775 | &nbsp;&nbsp; $31648129 |
| Forterra PLC | 10069095 | &nbsp;&nbsp; 20864623 |
| Grupo Cementos de Chihuahua S.A.B. de C.V. | 1068513 | &nbsp;&nbsp; 11364762 |
| James Hardie Industries PLC, GDR | 1266485 | &nbsp;&nbsp; 23391484 |
| Kingspan Group PLC | 142386 | &nbsp;&nbsp; 12018683 |
| PT Indocement Tunggal Prakarsa Tbk | 25459900 | &nbsp;&nbsp; 7565536 |
| Reliance Worldwide Corp. (l) | 5594531 | &nbsp;&nbsp; 11943084 |
| Rinnai Corp. | 304600 | &nbsp;&nbsp; 7090093 |
| Sika AG | 64048 | &nbsp;&nbsp; 10651782 |
| Techtronic Industries Co. Ltd. | 4794500 | &nbsp;&nbsp; 63817881 |
| Zhejiang Supor Co. Ltd., "A" | 3102279 | &nbsp;&nbsp; 19759014 |
|  |  | &nbsp;&nbsp; $220115071 |
| Consumer Products – 0.8% | Consumer Products – 0.8% |  |
| Dabur India Ltd. | 7708309 | &nbsp;&nbsp; $33689763 |
| Essity AB (l) | 1022280 | &nbsp;&nbsp; 26352505 |
|  |  | &nbsp;&nbsp; $60042268 |

---

------

MFS International New Discovery Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Consumer Services – 1.0% | Consumer Services – 1.0% |  |
| Heian Ceremony Service Co. | 356067 | &nbsp;&nbsp; $3338306 |
| Meitec Group Holdings, Inc. (l) | 1259900 | &nbsp;&nbsp; 26200094 |
| Park24 Co. Ltd. | 1936200 | &nbsp;&nbsp; 23267941 |
| Trip.com Group Ltd. | 321031 | &nbsp;&nbsp; 15877975 |
| WEB Travel Group Ltd. (a)(l) | 3778049 | &nbsp;&nbsp; 7023560 |
|  |  | &nbsp;&nbsp; $75707876 |
| Containers – 1.6% | Containers – 1.6% |  |
| CCL Industries, Inc. | 263453 | &nbsp;&nbsp; $16506767 |
| Huhtamaki Oyj | 727767 | &nbsp;&nbsp; 23756641 |
| Mayr-Melnhof Karton AG | 92467 | &nbsp;&nbsp; 9416948 |
| Vidrala S.A. | 220689 | &nbsp;&nbsp; 19725366 |
| Viscofan S.A. | 489469 | &nbsp;&nbsp; 34328568 |
| Winpak Ltd. (l) | 357043 | &nbsp;&nbsp; 11585739 |
|  |  | &nbsp;&nbsp; $115320029 |
| Diversified Financial Services – 3.4% | Diversified Financial Services – 3.4% |  |
| AEON Thana Sinsap Public Co. Ltd. | 2966600 | &nbsp;&nbsp; $8095634 |
| B3 S.A. - Brasil Bolsa Balcao | 9882400 | &nbsp;&nbsp; 35104522 |
| Bolsa Mexicana de Valores S.A. de C.V. | 8398500 | &nbsp;&nbsp; 17768851 |
| Euronext N.V. | 287989 | &nbsp;&nbsp; 46337078 |
| GMO Payment Gateway, Inc. (l) | 912900 | &nbsp;&nbsp; 48080306 |
| IG Group Holdings PLC | 758666 | &nbsp;&nbsp; 14309675 |
| IPH Ltd. (l) | 11616641 | &nbsp;&nbsp; 26366822 |
| TMX Group Ltd. | 1151803 | &nbsp;&nbsp; 40844254 |
| Zenkoku Hosho Co. Ltd. (l) | 407100 | &nbsp;&nbsp; 8120850 |
|  |  | &nbsp;&nbsp; $245027992 |
| Electrical Equipment – 2.6% | Electrical Equipment – 2.6% |  |
| Advantech Co. Ltd. | 1966843 | &nbsp;&nbsp; $19900006 |
| Cembre S.p.A. (l) | 530945 | &nbsp;&nbsp; 40830413 |
| Halma PLC | 554546 | &nbsp;&nbsp; 28173412 |
| Legrand S.A. | 261556 | &nbsp;&nbsp; 40416851 |
| LS Electric Co. Ltd. | 63116 | &nbsp;&nbsp; 30394937 |
| TAKUMA Co. Ltd. (l) | 1094100 | &nbsp;&nbsp; 18889296 |
| Voltronic Power Technology Corp. | 586659 | &nbsp;&nbsp; 13530482 |
|  |  | &nbsp;&nbsp; $192135397 |
| Energy - Independent – 1.9% | Energy - Independent – 1.9% |  |
| Galp Energia SGPS S.A., "B" | 1634449 | &nbsp;&nbsp; $39691627 |
| Petronet LNG Ltd. | 14208468 | &nbsp;&nbsp; 38722868 |
| PT United Tractors Tbk | 16392100 | &nbsp;&nbsp; 29949378 |
| Santos Ltd. | 4894267 | &nbsp;&nbsp; 26879324 |
|  |  | &nbsp;&nbsp; $135243197 |
| Engineering - Construction – 2.2% | Engineering - Construction – 2.2% |  |
| Doosan Bobcat, Inc. | 490584 | &nbsp;&nbsp; $18489111 |
| JGC Holdings Corp. (l) | 2878100 | &nbsp;&nbsp; 42502236 |
| Prologis Property Mexico S.A. de C.V., REIT | 1214079 | &nbsp;&nbsp; 5301901 |
| Samsung Engineering Co. Ltd. | 2116596 | &nbsp;&nbsp; 49927081 |
| SPIE S.A. | 221903 | &nbsp;&nbsp; 11095478 |
| Technip Energies N.V. | 807951 | &nbsp;&nbsp; 33958806 |
|  |  | &nbsp;&nbsp; $161274613 |

---

------

MFS International New Discovery Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Entertainment & Leisure – 1.0% | Entertainment & Leisure – 1.0% |  |
| CTS Eventim AG | 773707 | &nbsp;&nbsp; $44410403 |
| Thule Group AB | 395546 | &nbsp;&nbsp; 8605226 |
| Toei Co. Ltd. (l) | 262500 | &nbsp;&nbsp; 9830515 |
| VTech Holdings Ltd. | 1427065 | &nbsp;&nbsp; 10778364 |
|  |  | &nbsp;&nbsp; $73624508 |
| Food & Beverages – 5.8% | Food & Beverages – 5.8% |  |
| ARIAKE JAPAN Co. Ltd. (l) | 835700 | &nbsp;&nbsp; $29606978 |
| AVI Ltd. | 6638308 | &nbsp;&nbsp; 40938002 |
| Bakkafrost P/F | 315407 | &nbsp;&nbsp; 14768445 |
| Cranswick PLC | 875164 | &nbsp;&nbsp; 60884845 |
| Gruma S.A.B. de C.V. | 2013104 | &nbsp;&nbsp; 36913833 |
| Kato Sangyo Co. Ltd. (l) | 696300 | &nbsp;&nbsp; 29552160 |
| Kerry Group PLC | 218469 | &nbsp;&nbsp; 17301863 |
| Morinaga & Co. Ltd. | 1313200 | &nbsp;&nbsp; 22444781 |
| Orion Corp. | 534515 | &nbsp;&nbsp; 44983269 |
| S Foods, Inc. | 949700 | &nbsp;&nbsp; 18115940 |
| T. Hasegawa Co. Ltd. (h) | 2480800 | &nbsp;&nbsp; 44507496 |
| Tingyi (Cayman Islands) Holdings Corp. | 15662000 | &nbsp;&nbsp; 25926231 |
| Toyo Suisan Kaisha Ltd. (l) | 323500 | &nbsp;&nbsp; 22585202 |
| Universal Robina Corp. | 15985770 | &nbsp;&nbsp; 17183058 |
|  |  | &nbsp;&nbsp; $425712103 |
| Food & Drug Stores – 1.8% | Food & Drug Stores – 1.8% |  |
| BIM Birlesik Magazalar A.S. | 1418935 | &nbsp;&nbsp; $22099006 |
| Cosmos Pharmaceutical Corp. | 150000 | &nbsp;&nbsp; 6444657 |
| DFI Retail Group Holdings Ltd. | 6240009 | &nbsp;&nbsp; 26256535 |
| Jeronimo Martins SGPS S.A. | 560310 | &nbsp;&nbsp; 13441271 |
| JM Holdings Co. Ltd. | 572900 | &nbsp;&nbsp; 5617519 |
| Paltac Corp. | 455000 | &nbsp;&nbsp; 13860376 |
| Sugi Holdings Co. Ltd. | 1095200 | &nbsp;&nbsp; 24128222 |
| Sundrug Co. Ltd. | 658200 | &nbsp;&nbsp; 16262908 |
|  |  | &nbsp;&nbsp; $128110494 |
| Forest & Paper Products – 0.1% | Forest & Paper Products – 0.1% |  |
| Sakata Seed Corp. | 16500 | &nbsp;&nbsp; $451661 |
| Suzano S.A. | 1035100 | &nbsp;&nbsp; 10371283 |
|  |  | &nbsp;&nbsp; $10822944 |
| Hardware, Peripherals, & Assembly – 2.9% | Hardware, Peripherals, & Assembly – 2.9% |  |
| Alten S.A. | 187125 | &nbsp;&nbsp; $11763541 |
| Amadeus IT Group S.A. | 646570 | &nbsp;&nbsp; 36754438 |
| DTS Corp. (l) | 3538800 | &nbsp;&nbsp; 23129569 |
| E Ink Holdings, Inc. | 5465000 | &nbsp;&nbsp; 23756646 |
| Elecom Co. Ltd. (l) | 960000 | &nbsp;&nbsp; 9730571 |
| EPAM Systems, Inc. (a) | 142357 | &nbsp;&nbsp; 19275138 |
| Kardex Holding AG | 101307 | &nbsp;&nbsp; 30307581 |
| Venture Corp. Ltd. | 4861200 | &nbsp;&nbsp; 58481820 |
|  |  | &nbsp;&nbsp; $213199304 |

---

------

MFS International New Discovery Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Insurance – 3.0% | Insurance – 3.0% |  |
| Admiral Group PLC | 251776 | &nbsp;&nbsp; $10621676 |
| AUB Group Ltd. (l) | 3273502 | &nbsp;&nbsp; 55390386 |
| Hiscox Ltd. | 2162554 | &nbsp;&nbsp; 43583104 |
| Samsung Fire & Marine Insurance Co. Ltd. | 144234 | &nbsp;&nbsp; 41817003 |
| Steadfast Group Ltd. (l) | 12720576 | &nbsp;&nbsp; 37541908 |
| Unipol Gruppo S.p.A. | 1400785 | &nbsp;&nbsp; 32791472 |
|  |  | &nbsp;&nbsp; $221745549 |
| Interactive Media Services – 0.3% | Interactive Media Services – 0.3% |  |
| Digital Garage, Inc. | 531900 | &nbsp;&nbsp; $6605681 |
| Kakaku.com, Inc. (l) | 949900 | &nbsp;&nbsp; 12453424 |
|  |  | &nbsp;&nbsp; $19059105 |
| Machinery & Tools – 5.4% | Machinery & Tools – 5.4% |  |
| AirTAC International Group | 1015000 | &nbsp;&nbsp; $32141384 |
| Azbil Corp. (l) | 2850500 | &nbsp;&nbsp; 24664838 |
| Finning International, Inc. | 426291 | &nbsp;&nbsp; 26378499 |
| Fuji Seal International, Inc. | 1585300 | &nbsp;&nbsp; 26050837 |
| Galilei Co. Ltd. (l) | 1267700 | &nbsp;&nbsp; 28766787 |
| GEA Group AG | 1058359 | &nbsp;&nbsp; 74794648 |
| Haitian International Holdings Ltd. | 9367000 | &nbsp;&nbsp; 24094541 |
| METAWATER Co. Ltd. | 983100 | &nbsp;&nbsp; 21579428 |
| MonotaRO Co. Ltd. (l) | 1224900 | &nbsp;&nbsp; 13159349 |
| Nabtesco Corp. | 822700 | &nbsp;&nbsp; 20528687 |
| Nissei ASB Machine Co. Ltd. | 14200 | &nbsp;&nbsp; 676927 |
| Obara Group, Inc. (l) | 30500 | &nbsp;&nbsp; 1013762 |
| Rational AG | 3516 | &nbsp;&nbsp; 2545046 |
| Rotork PLC | 3814288 | &nbsp;&nbsp; 15847645 |
| SGH Ltd. | 1073780 | &nbsp;&nbsp; 30452893 |
| Spirax Group PLC | 556758 | &nbsp;&nbsp; 49828760 |
|  |  | &nbsp;&nbsp; $392524031 |
| Media – 1.3% | Media – 1.3% |  |
| Nippon Television Holdings, Inc. | 711700 | &nbsp;&nbsp; $14321457 |
| TBS Holdings, Inc. | 622100 | &nbsp;&nbsp; 22389053 |
| Tencent Music Entertainment Group, ADR | 3458783 | &nbsp;&nbsp; 32097506 |
| Toho Co. Ltd. | 1805000 | &nbsp;&nbsp; 19040536 |
| Wolters Kluwer N.V. | 68245 | &nbsp;&nbsp; 5105419 |
|  |  | &nbsp;&nbsp; $92953971 |
| Medical & Health Technology & Services – 1.6% | Medical & Health Technology & Services – 1.6% |  |
| ARATA Corp. (l) | 290400 | &nbsp;&nbsp; $5465251 |
| AS ONE Corp. | 3085800 | &nbsp;&nbsp; 43130106 |
| BML, Inc. (l) | 997400 | &nbsp;&nbsp; 25652072 |
| Hangzhou Tigermed Consulting Co. Ltd. | 4899800 | &nbsp;&nbsp; 26057470 |
| Medipal Holdings Corp. | 691000 | &nbsp;&nbsp; 12896355 |
| Ryman Healthcare Ltd. (a) | 3194641 | &nbsp;&nbsp; 3901401 |
|  |  | &nbsp;&nbsp; $117102655 |
| Medical Equipment – 2.4% | Medical Equipment – 2.4% |  |
| ConvaTec Group PLC | 11544474 | &nbsp;&nbsp; $33196225 |
| Demant A.S. (a)(l) | 237842 | &nbsp;&nbsp; 7228457 |
| Eiken Chemical Co. Ltd. (l) | 679500 | &nbsp;&nbsp; 13204880 |

---

------

MFS International New Discovery Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Medical Equipment – continued | Medical Equipment – continued |  |
| Fukuda Denshi Co. Ltd. | 561000 | &nbsp;&nbsp; $34615664 |
| Nakanishi, Inc. | 922400 | &nbsp;&nbsp; 15874902 |
| Shimadzu Corp. | 705500 | &nbsp;&nbsp; 16736567 |
| Smith & Nephew PLC | 2228053 | &nbsp;&nbsp; 35195596 |
| Sonova Holding AG | 86037 | &nbsp;&nbsp; 19502281 |
|  |  | &nbsp;&nbsp; $175554572 |
| Metals & Mining – 3.2% | Metals & Mining – 3.2% |  |
| Agnico Eagle Mines Ltd. | 468423 | &nbsp;&nbsp; $95082023 |
| Alamos Gold, Inc. | 1697650 | &nbsp;&nbsp; 75528401 |
| Gerdau S.A., ADR | 3383774 | &nbsp;&nbsp; 12215424 |
| Ivanhoe Mines Ltd. (a)(l) | 2566676 | &nbsp;&nbsp; 21937875 |
| Northern Star Resources Ltd. Co. | 1778848 | &nbsp;&nbsp; 25969092 |
|  |  | &nbsp;&nbsp; $230732815 |
| Natural Gas - Pipeline – 0.5% | Natural Gas - Pipeline – 0.5% |  |
| APA Group | 4865683 | &nbsp;&nbsp; $33458909 |
| Network & Telecom – 0.2% | Network & Telecom – 0.2% |  |
| NOHMI BOSAI Ltd. | 455300 | &nbsp;&nbsp; $11936780 |
| Non-Global Systemically Important Banks – 8.5% | Non-Global Systemically Important Banks – 8.5% |  |
| Banco Bradesco S.A., ADR | 10124054 | &nbsp;&nbsp; $36952797 |
| Banco Comercial Portugues S.A. | 28897167 | &nbsp;&nbsp; 28328413 |
| Banco Santander Chile S.A. | 88146693 | &nbsp;&nbsp; 7299086 |
| Bank of Cyprus Holdings PLC | 2835530 | &nbsp;&nbsp; 27672140 |
| Bank of Ireland Group PLC | 2195947 | &nbsp;&nbsp; 40186949 |
| BPER Banca S.p.A. | 2734921 | &nbsp;&nbsp; 35701128 |
| Credicorp Ltd. | 101272 | &nbsp;&nbsp; 34349437 |
| Eurobank S.A. | 6154663 | &nbsp;&nbsp; 24244059 |
| Federal Bank Ltd. | 22310648 | &nbsp;&nbsp; 62741235 |
| FinecoBank S.p.A. | 2772893 | &nbsp;&nbsp; 61566409 |
| Hachijuni Nagano Bank Ltd. | 3667500 | &nbsp;&nbsp; 46064162 |
| Komercni Banka A.S. | 426912 | &nbsp;&nbsp; 21694134 |
| Kyoto Financial Group, Inc. | 1885400 | &nbsp;&nbsp; 49171831 |
| Metropolitan Bank & Trust Co. | 31504907 | &nbsp;&nbsp; 32931055 |
| Saudi Awwal Bank | 3597093 | &nbsp;&nbsp; 35754295 |
| Shizuoka Financial Group, Inc. (l) | 3071700 | &nbsp;&nbsp; 50746119 |
| Shriram Finance Ltd. | 2236410 | &nbsp;&nbsp; 20786440 |
|  |  | &nbsp;&nbsp; $616189689 |
| Oil Services – 1.1% | Oil Services – 1.1% |  |
| ADNOC Drilling Co. PJSC | 9151350 | &nbsp;&nbsp; $12755536 |
| TechnipFMC PLC | 479542 | &nbsp;&nbsp; 33150739 |
| Tenaris S.A., ADR | 611918 | &nbsp;&nbsp; 35601389 |
|  |  | &nbsp;&nbsp; $81507664 |
| Pharmaceuticals & Biotechnology – 1.9% | Pharmaceuticals & Biotechnology – 1.9% |  |
| Daito Pharmaceutical Co. Ltd. | 1019860 | &nbsp;&nbsp; $9357592 |
| Hugel, Inc. (a) | 260068 | &nbsp;&nbsp; 42178902 |
| Ipca Laboratories Ltd. | 2681053 | &nbsp;&nbsp; 45633766 |
| Kalbe Farma Tbk PT | 260017100 | &nbsp;&nbsp; 14841071 |
| Santen Pharmaceutical Co. Ltd. (l) | 1747100 | &nbsp;&nbsp; 19841319 |

---

------

MFS International New Discovery Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Pharmaceuticals & Biotechnology – continued | Pharmaceuticals & Biotechnology – continued |  |
| Virbac S.A. | 21313 | &nbsp;&nbsp; $8798439 |
|  |  | &nbsp;&nbsp; $140651089 |
| Pollution Control – 1.0% | Pollution Control – 1.0% |  |
| ALS Ltd. | 1894920 | &nbsp;&nbsp; $27514809 |
| Daiseki Co. Ltd. | 1789640 | &nbsp;&nbsp; 43991895 |
|  |  | &nbsp;&nbsp; $71506704 |
| Real Estate – 3.1% | Real Estate – 3.1% |  |
| Aldar Properties PJSC | 6217586 | &nbsp;&nbsp; $13185690 |
| Big Yellow Group PLC, REIT | 1194526 | &nbsp;&nbsp; 13505345 |
| CapitaLand India Trusts REIT | 26417759 | &nbsp;&nbsp; 20961486 |
| CapitaLand Investment Ltd. | 19132200 | &nbsp;&nbsp; 40782002 |
| City Developments Ltd. | 3200000 | &nbsp;&nbsp; 20619300 |
| Embassy Office Parks REIT | 4379920 | &nbsp;&nbsp; 19460529 |
| LEG Immobilien SE | 234873 | &nbsp;&nbsp; 15296133 |
| Midland Holdings Ltd. (a)(h) | 42305000 | &nbsp;&nbsp; 15149454 |
| Rural Funds Group, REIT (l) | 12458543 | &nbsp;&nbsp; 17331594 |
| Shaftesbury Capital PLC, REIT | 6425935 | &nbsp;&nbsp; 10900955 |
| Swire Properties Ltd. | 13847600 | &nbsp;&nbsp; 40246464 |
|  |  | &nbsp;&nbsp; $227438952 |
| Restaurants – 0.5% | Restaurants – 0.5% |  |
| Cafe de Coral Holdings Ltd. | 17764000 | &nbsp;&nbsp; $9737228 |
| Domino's Pizza Enterprises Ltd. (l) | 734349 | &nbsp;&nbsp; 8314908 |
| Greggs PLC (l) | 1075271 | &nbsp;&nbsp; 21826754 |
|  |  | &nbsp;&nbsp; $39878890 |
| Retail & E-commerce – 4.3% | Retail & E-commerce – 4.3% |  |
| ABC-Mart, Inc. | 1942800 | &nbsp;&nbsp; $31062468 |
| B&M European Value Retail S.A. | 3960691 | &nbsp;&nbsp; 8920397 |
| De'Longhi S.p.A. | 616543 | &nbsp;&nbsp; 21775933 |
| Dollarama, Inc. | 601028 | &nbsp;&nbsp; 73764295 |
| Grab Holdings Ltd., "A" (a) | 5239261 | &nbsp;&nbsp; 19175695 |
| Howden Joinery Group PLC | 2306817 | &nbsp;&nbsp; 24505666 |
| Multiplan Empreendimentos Imobiliarios S.A. | 4083278 | &nbsp;&nbsp; 25075837 |
| Nishimatsuya Chain Co. Ltd. (l) | 1294800 | &nbsp;&nbsp; 17183267 |
| Nitori Co. Ltd. (l) | 1574300 | &nbsp;&nbsp; 24972750 |
| SEB S.A. | 116991 | &nbsp;&nbsp; 6057670 |
| Seria Co. Ltd. | 542900 | &nbsp;&nbsp; 12986246 |
| Shimamura Co. Ltd. | 978900 | &nbsp;&nbsp; 20426673 |
| ZOZO, Inc. (l) | 3936400 | &nbsp;&nbsp; 27530653 |
|  |  | &nbsp;&nbsp; $313437550 |
| Semiconductor & Electronic Components – 5.2% | Semiconductor & Electronic Components – 5.2% |  |
| ASM International N.V. | 27214 | &nbsp;&nbsp; $20729647 |
| ASMPT Ltd. | 6148500 | &nbsp;&nbsp; 80194319 |
| Chroma ATE, Inc. | 777000 | &nbsp;&nbsp; 37149369 |
| Fukui Computer Holdings, Inc. (l) | 146800 | &nbsp;&nbsp; 2921831 |
| Globalwafers Co. Ltd. | 2152000 | &nbsp;&nbsp; 29011432 |
| Largan Precision Co. Ltd. | 311000 | &nbsp;&nbsp; 21608147 |
| Samsung Electro-Mechanics Co. Ltd. | 144656 | &nbsp;&nbsp; 39545756 |
| Silergy Corp. | 2668000 | &nbsp;&nbsp; 24514115 |

---

------

MFS International New Discovery Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Semiconductor & Electronic Components – continued | Semiconductor & Electronic Components – continued |  |
| Silicon Motion Technology Corp., ADR | 195167 | &nbsp;&nbsp; $21915303 |
| Tekscend Photomask Corp. (l) | 1543300 | &nbsp;&nbsp; 29272948 |
| Tripod Technology Corp. | 4913000 | &nbsp;&nbsp; 53843874 |
| Zuken, Inc. (l) | 550300 | &nbsp;&nbsp; 15148749 |
|  |  | &nbsp;&nbsp; $375855490 |
| Software – 2.3% | Software – 2.3% |  |
| ARGO GRAPHICS, Inc. (l) | 2981200 | &nbsp;&nbsp; $27260870 |
| Douzone Bizon Co. Ltd. | 540173 | &nbsp;&nbsp; 42151861 |
| Iress Ltd. | 1425032 | &nbsp;&nbsp; 6928703 |
| Kingdee International Software Group Co. Ltd. (a) | 10006000 | &nbsp;&nbsp; 11153579 |
| Northsand, Inc. (a)(l) | 2115036 | &nbsp;&nbsp; 16152129 |
| PCA Corp. (h)(l) | 1107800 | &nbsp;&nbsp; 11457452 |
| Rakus Co. Ltd. (l) | 3082200 | &nbsp;&nbsp; 14614798 |
| Temairazu, Inc. | 252400 | &nbsp;&nbsp; 4193492 |
| Totvs S.A. | 1469700 | &nbsp;&nbsp; 9913669 |
| Wisetech Global Ltd. (l) | 764088 | &nbsp;&nbsp; 20854980 |
|  |  | &nbsp;&nbsp; $164681533 |
| Telecom - Infrastructure – 1.1% | Telecom - Infrastructure – 1.1% |  |
| Cellnex Telecom S.A. | 1880134 | &nbsp;&nbsp; $61043182 |
| Infrastrutture Wireless Italiane S.p.A. (l) | 1974217 | &nbsp;&nbsp; 15801218 |
|  |  | &nbsp;&nbsp; $76844400 |
| Telecom Services – 0.3% | Telecom Services – 0.3% |  |
| Etihad Etisalat Co. | 1253568 | &nbsp;&nbsp; $21813673 |
| Hellenic Telecommunications Organization S.A. | 1048 | &nbsp;&nbsp; 19769 |
|  |  | &nbsp;&nbsp; $21833442 |
| Transportation & Logistics – 1.1% | Transportation & Logistics – 1.1% |  |
| Kamigumi Co. Ltd. | 582400 | &nbsp;&nbsp; $20153566 |
| Keisei Electric Railway Co. Ltd. | 2072600 | &nbsp;&nbsp; 15458989 |
| Sankyu, Inc. | 194300 | &nbsp;&nbsp; 10813585 |
| Seino Holdings Co. Ltd. (l) | 1058700 | &nbsp;&nbsp; 16295182 |
| SG Holdings Co. Ltd. (l) | 1178700 | &nbsp;&nbsp; 11052088 |
| Yamato Holdings Co. Ltd. (l) | 603800 | &nbsp;&nbsp; 6667854 |
|  |  | &nbsp;&nbsp; $80441264 |
| Travel, Gaming, & Lodging – 1.6% | Travel, Gaming, & Lodging – 1.6% |  |
| Enav S.p.A. | 6081328 | &nbsp;&nbsp; $36549894 |
| Flutter Entertainment PLC (a) | 81969 | &nbsp;&nbsp; 8356740 |
| Mainfreight Ltd. | 352203 | &nbsp;&nbsp; 11696318 |
| Sands China Ltd. | 20919600 | &nbsp;&nbsp; 44462116 |
| Shangri-La Asia Ltd. | 33056000 | &nbsp;&nbsp; 18910408 |
|  |  | &nbsp;&nbsp; $119975476 |
| Utilities – 2.3% | Utilities – 2.3% |  |
| CESC Ltd. | 25157817 | &nbsp;&nbsp; $40194446 |
| China Resources Gas Group Ltd. | 6396600 | &nbsp;&nbsp; 15602260 |
| DCC PLC | 161226 | &nbsp;&nbsp; 9936611 |
| Gaztransport & Technigaz S.A. | 101930 | &nbsp;&nbsp; 23754776 |

---

------

MFS International New Discovery Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Utilities – continued | Utilities – continued |  |
| Italgas S.p.A. | 6975704 | &nbsp;&nbsp; $81250410 |
|  |  | &nbsp;&nbsp; $170738503 |
| **Total Common Stocks (Identified Cost, $5,947,676,099)** |  | &nbsp;&nbsp; **$7081988795** |
| Mutual Funds (h) – 2.4% | Mutual Funds (h) – 2.4% | Mutual Funds (h) – 2.4% |
| Money Market Funds – 2.4% | Money Market Funds – 2.4% |  |
| MFS Institutional Money Market Portfolio, 3.71% (v) (Identified Cost, $176,331,575) | 176331575 | &nbsp;&nbsp; $176331575 |
| Collateral for Securities Loaned – 1.0% | Collateral for Securities Loaned – 1.0% | Collateral for Securities Loaned – 1.0% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 3.6% (j) (Identified Cost, $69,881,363) | 69881363 | &nbsp;&nbsp; $69881363 |
| Other Assets, Less Liabilities – (0.6)% |  | &nbsp;&nbsp; (45168762) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$7283032971** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $247,445,977 and $7,080,755,756, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate quoted is the annualized seven-day yield of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(l) A portion of this security is on loan. See Note 2 for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | 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 Notes to Financial Statements**

------

MFS International New Discovery Fund

**Financial Statements** \| **Statement of Assets and Liabilities**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 3/31/26 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value, including $366,261,591 of securities on loan (identified cost, $5,939,110,528) | &nbsp;&nbsp; $7080755756 |
| Investments in affiliated issuers, at value (identified cost, $254,778,509) | &nbsp;&nbsp; 247445977 |
| Cash | &nbsp;&nbsp; 266826 |
| Foreign currency, at value (identified cost, $32,717) | &nbsp;&nbsp; 31441 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 11911759 |
| Fund shares sold | &nbsp;&nbsp; 3204313 |
| Interest and dividends | &nbsp;&nbsp; 43288758 |
| Other assets | &nbsp;&nbsp; 12121 |
| Total assets | &nbsp;&nbsp; $7386916951 |
| **Liabilities** |  |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; $16295197 |
| Fund shares reacquired | &nbsp;&nbsp; 4859334 |
| Collateral for securities loaned, at value (c) | &nbsp;&nbsp; 69881363 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 332073 |
| Administrative services fee | &nbsp;&nbsp; 3195 |
| Shareholder servicing costs | &nbsp;&nbsp; 272404 |
| Distribution and service fees | &nbsp;&nbsp; 7040 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 44990 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 11750729 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 437655 |
| Total liabilities | &nbsp;&nbsp; $103883980 |
| Net assets | &nbsp;&nbsp; $7283032971 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $6083677712 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 1199355259 |
| Net assets | &nbsp;&nbsp; $7283032971 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 221232922 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-cash collateral is not included.

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share (a)**<br>|
| Class A | &nbsp;&nbsp;&nbsp; $439617997 | &nbsp;&nbsp;&nbsp; 13886164 | &nbsp;&nbsp;&nbsp; $31.66 |
| Class B | &nbsp;&nbsp;&nbsp; 121385 | &nbsp;&nbsp;&nbsp; 3966 | &nbsp;&nbsp;&nbsp;&nbsp;30.61 |
| Class C | &nbsp;&nbsp;&nbsp; 3039291 | &nbsp;&nbsp;&nbsp; 103288 | &nbsp;&nbsp;&nbsp;&nbsp;29.43 |
| Class I | &nbsp;&nbsp;&nbsp; 374815216 | &nbsp;&nbsp;&nbsp; 11351042 | &nbsp;&nbsp;&nbsp;&nbsp;33.02 |
| Class R1 | &nbsp;&nbsp;&nbsp; 1148144 | &nbsp;&nbsp;&nbsp; 41035 | &nbsp;&nbsp;&nbsp;&nbsp;27.98 |
| Class R2 | &nbsp;&nbsp;&nbsp; 12735242 | &nbsp;&nbsp;&nbsp; 418775 | &nbsp;&nbsp;&nbsp;&nbsp;30.41 |
| Class R3 | &nbsp;&nbsp;&nbsp; 51380566 | &nbsp;&nbsp;&nbsp; 1642716 | &nbsp;&nbsp;&nbsp;&nbsp;31.28 |
| Class R4 | &nbsp;&nbsp;&nbsp; 47249970 | &nbsp;&nbsp;&nbsp; 1494219 | &nbsp;&nbsp;&nbsp;&nbsp;31.62 |
| Class R6 | &nbsp;&nbsp;&nbsp; 6352925160 | &nbsp;&nbsp;&nbsp; 192291717 | &nbsp;&nbsp;&nbsp;&nbsp;33.04 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Maximum offering price per share was equal to the net asset value per share for all
 share classes, except for Class A, for which the maximum offering price per share was $33.59 [100 / 94.25 x $31.66]. On sales of $50,000 or
 more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class
 A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and
 R6.

**See Notes to Financial Statements**

------

MFS International New Discovery Fund

**Financial Statements** \| **Statement of Operations**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 3/31/26 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $73530956 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 4748579 |
| Income on securities loaned | &nbsp;&nbsp; 513137 |
| Other | &nbsp;&nbsp; 2990 |
| Foreign taxes withheld | &nbsp;&nbsp; (6645067)<br>|
| Total investment income | &nbsp;&nbsp; $72150595 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $32192851 |
| Distribution and service fees | &nbsp;&nbsp; 716251 |
| Shareholder servicing costs | &nbsp;&nbsp; 877394 |
| Administrative services fee | &nbsp;&nbsp; 280115 |
| Independent Trustees' compensation | &nbsp;&nbsp; 71054 |
| Custodian fee | &nbsp;&nbsp; 873185 |
| Shareholder communications | &nbsp;&nbsp; 87607 |
| Audit and tax fees | &nbsp;&nbsp; 47047 |
| Legal fees | &nbsp;&nbsp; 16101 |
| Miscellaneous | &nbsp;&nbsp; 246417 |
| Total expenses | &nbsp;&nbsp; $35408022 |
| Fees paid indirectly | &nbsp;&nbsp; (2892)<br>|
| Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp; (508003)<br>|
| Net expenses | &nbsp;&nbsp; $34897127 |
| Net investment income (loss) | &nbsp;&nbsp; $37253468 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers (includes $38,374 foreign capital gains tax) | &nbsp;&nbsp; $176244402 |
| Affiliated issuers | &nbsp;&nbsp; (3044013)<br>|
| Foreign currency | &nbsp;&nbsp; (1763496)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; $171436893 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers (includes $555,368 increase in deferred foreign capital gains tax) | &nbsp;&nbsp; $(389654672)<br>|
| Affiliated issuers | &nbsp;&nbsp; (6693090)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; (182991)<br>|
| Net unrealized gain (loss) | &nbsp;&nbsp; $(396530753)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $(225093860)<br>|
| Change in net assets from operations | &nbsp;&nbsp; $(187840392)<br>|

---

**See Notes to Financial Statements**

------

MFS International New Discovery Fund

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**3/31/26** | <br>**9/30/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $37253468 | &nbsp;&nbsp; $116101118 |
| Net realized gain (loss) | 171436893 | &nbsp;&nbsp; 114380693 |
| Net unrealized gain (loss) | (396530753)<br>| &nbsp;&nbsp; 132443561 |
| Change in net assets from operations | $(187840392)<br>| &nbsp;&nbsp; $362925372 |
| Total distributions to shareholders | $(244674082)<br>| &nbsp;&nbsp; $(424410131)<br>|
| Change in net assets from fund share transactions | $764360963 | &nbsp;&nbsp; $392324625 |
| Total change in net assets | $331846489 | &nbsp;&nbsp; $330839866 |
| **Net assets** |  |  |
| At beginning of period | 6951186482 | &nbsp;&nbsp; 6620346616 |
| At end of period | $7283032971 | &nbsp;&nbsp; $6951186482 |

---

**See Notes to Financial Statements**

------

MFS International New Discovery Fund

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $33.62 | &nbsp;&nbsp; $34.12 | &nbsp;&nbsp; $28.79 | &nbsp;&nbsp; $25.99 | &nbsp;&nbsp; $38.59 | &nbsp;&nbsp; $33.91 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.10 | &nbsp;&nbsp; $0.45 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.27 |
| Net realized and unrealized gain (loss) | (1.05)<br>| 1.25 | 6.09 | 3.98 | &nbsp;&nbsp; (11.06)<br>| 5.80 |
| Total from investment operations | $(0.95)<br>| &nbsp;&nbsp; $1.70 | &nbsp;&nbsp; $6.53 | &nbsp;&nbsp; $4.38 | &nbsp;&nbsp; $(10.79)<br>| &nbsp;&nbsp; $6.07 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.49)<br>| &nbsp;&nbsp; $(0.68)<br>| &nbsp;&nbsp; $(0.50)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $(0.03)<br>|
| From net realized gain | (0.52)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.36)<br>|
| Total distributions declared to shareholders | $(1.01)<br>| &nbsp;&nbsp; $(2.20)<br>| &nbsp;&nbsp; $(1.20)<br>| &nbsp;&nbsp; $(1.58)<br>| &nbsp;&nbsp; $(1.81)<br>| &nbsp;&nbsp; $(1.39)<br>|
| Net asset value, end of period (x) | $31.66 | &nbsp;&nbsp; $33.62 | &nbsp;&nbsp; $34.12 | &nbsp;&nbsp; $28.79 | &nbsp;&nbsp; $25.99 | &nbsp;&nbsp; $38.59 |
| Total return (%) (r)(s)(t)(x) | (2.84)(n)<br>| 5.84 | 23.31 | 17.04 | &nbsp;&nbsp; (29.31)<br>| 18.25 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.31<br> (a)<br>| 1.29 | 1.31 | 1.33 | 1.30 | 1.28 |
| Expenses after expense reductions (f) | 1.30<br> (a)<br>| 1.28 | 1.29 | 1.31 | 1.28 | 1.27 |
| Net investment income (loss) | 0.60<br> (a)<br>| 1.44 | 1.45 | 1.37 | 0.84 | 0.73 |
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11 |
| Net assets at end of period (000 omitted) | $439618 | &nbsp;&nbsp; $486855 | &nbsp;&nbsp; $598589 | &nbsp;&nbsp; $556514 | &nbsp;&nbsp; $546845 | &nbsp;&nbsp; $885605 |

---

**See Notes to Financial Statements**

------

MFS International New Discovery Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $32.15 | &nbsp;&nbsp; $32.62 | &nbsp;&nbsp; $27.42 | &nbsp;&nbsp; $24.87 | &nbsp;&nbsp; $36.95 | &nbsp;&nbsp; $32.73 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.06)<br>| &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $(0.04)<br>|
| Net realized and unrealized gain (loss) | (0.96)<br>| 1.26 | 5.89 | 3.85 | &nbsp;&nbsp; (10.59)<br>| 5.62 |
| Total from investment operations | $(1.02)<br>| &nbsp;&nbsp; $1.40 | &nbsp;&nbsp; $6.03 | &nbsp;&nbsp; $3.99 | &nbsp;&nbsp; $(10.59)<br>| &nbsp;&nbsp; $5.58 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $(0.13)<br>| $— | &nbsp;&nbsp; $(0.05)<br>| $— |
| From net realized gain | (0.52)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.36)<br>|
| Total distributions declared to shareholders | $(0.52)<br>| &nbsp;&nbsp; $(1.87)<br>| &nbsp;&nbsp; $(0.83)<br>| &nbsp;&nbsp; $(1.44)<br>| &nbsp;&nbsp; $(1.49)<br>| &nbsp;&nbsp; $(1.36)<br>|
| Net asset value, end of period (x) | $30.61 | &nbsp;&nbsp; $32.15 | &nbsp;&nbsp; $32.62 | &nbsp;&nbsp; $27.42 | &nbsp;&nbsp; $24.87 | &nbsp;&nbsp; $36.95 |
| Total return (%) (r)(s)(t)(x) | (3.19)(n)<br>| 5.02 | 22.42 | 16.17 | &nbsp;&nbsp; (29.85)<br>| 17.37 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 2.06<br> (a)<br>| 2.04 | 2.06 | 2.07 | 2.05 | 2.03 |
| Expenses after expense reductions (f) | 2.04<br> (a)<br>| 2.03 | 2.05 | 2.06 | 2.03 | 2.02 |
| Net investment income (loss) | (0.40)(a)<br>| 0.47 | 0.49 | 0.50 | 0.01 | &nbsp;&nbsp; (0.11)<br>|
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11 |
| Net assets at end of period (000 omitted) | $121 | &nbsp;&nbsp; $308 | &nbsp;&nbsp; $748 | &nbsp;&nbsp; $1414 | &nbsp;&nbsp; $2151 | &nbsp;&nbsp; $5180 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $31.14 | &nbsp;&nbsp; $31.76 | &nbsp;&nbsp; $26.81 | &nbsp;&nbsp; $24.35 | &nbsp;&nbsp; $36.17 | &nbsp;&nbsp; $32.06 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.04)<br>| &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $(0.05)<br>|
| Net realized and unrealized gain (loss) | (0.94)<br>| 1.19 | 5.72 | 3.75 | &nbsp;&nbsp; (10.38)<br>| 5.52 |
| Total from investment operations | $(0.98)<br>| &nbsp;&nbsp; $1.35 | &nbsp;&nbsp; $5.88 | &nbsp;&nbsp; $3.90 | &nbsp;&nbsp; $(10.37)<br>| &nbsp;&nbsp; $5.47 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.21)<br>| &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(0.23)<br>| $— | &nbsp;&nbsp; $(0.01)<br>| $— |
| From net realized gain | (0.52)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.36)<br>|
| Total distributions declared to shareholders | $(0.73)<br>| &nbsp;&nbsp; $(1.97)<br>| &nbsp;&nbsp; $(0.93)<br>| &nbsp;&nbsp; $(1.44)<br>| &nbsp;&nbsp; $(1.45)<br>| &nbsp;&nbsp; $(1.36)<br>|
| Net asset value, end of period (x) | $29.43 | &nbsp;&nbsp; $31.14 | &nbsp;&nbsp; $31.76 | &nbsp;&nbsp; $26.81 | &nbsp;&nbsp; $24.35 | &nbsp;&nbsp; $36.17 |
| Total return (%) (r)(s)(t)(x) | (3.18)(n)<br>| 5.01 | 22.42 | 16.15 | &nbsp;&nbsp; (29.84)<br>| 17.39 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 2.06<br> (a)<br>| 2.04 | 2.06 | 2.07 | 2.05 | 2.03 |
| Expenses after expense reductions (f) | 2.05<br> (a)<br>| 2.03 | 2.04 | 2.06 | 2.03 | 2.02 |
| Net investment income (loss) | (0.27)(a)<br>| 0.56 | 0.58 | 0.54 | 0.03 | &nbsp;&nbsp; (0.14)<br>|
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11 |
| Net assets at end of period (000 omitted) | $3039 | &nbsp;&nbsp; $4365 | &nbsp;&nbsp; $7725 | &nbsp;&nbsp; $10656 | &nbsp;&nbsp; $14755 | &nbsp;&nbsp; $30413 |

---

**See Notes to Financial Statements**

------

MFS International New Discovery Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $35.06 | &nbsp;&nbsp; $35.46 | &nbsp;&nbsp; $29.87 | &nbsp;&nbsp; $26.92 | &nbsp;&nbsp; $39.91 | &nbsp;&nbsp; $35.02 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.14 | &nbsp;&nbsp; $0.53 | &nbsp;&nbsp; $0.53 | &nbsp;&nbsp; $0.48 | &nbsp;&nbsp; $0.37 | &nbsp;&nbsp; $0.35 |
| Net realized and unrealized gain (loss) | (1.09)<br>| 1.33 | 6.34 | 4.13 | &nbsp;&nbsp; (11.44)<br>| 6.02 |
| Total from investment operations | $(0.95)<br>| &nbsp;&nbsp; $1.86 | &nbsp;&nbsp; $6.87 | &nbsp;&nbsp; $4.61 | &nbsp;&nbsp; $(11.07)<br>| &nbsp;&nbsp; $6.37 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.57)<br>| &nbsp;&nbsp; $(0.74)<br>| &nbsp;&nbsp; $(0.58)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.48)<br>| &nbsp;&nbsp; $(0.12)<br>|
| From net realized gain | (0.52)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.36)<br>|
| Total distributions declared to shareholders | $(1.09)<br>| &nbsp;&nbsp; $(2.26)<br>| &nbsp;&nbsp; $(1.28)<br>| &nbsp;&nbsp; $(1.66)<br>| &nbsp;&nbsp; $(1.92)<br>| &nbsp;&nbsp; $(1.48)<br>|
| Net asset value, end of period (x) | $33.02 | &nbsp;&nbsp; $35.06 | &nbsp;&nbsp; $35.46 | &nbsp;&nbsp; $29.87 | &nbsp;&nbsp; $26.92 | &nbsp;&nbsp; $39.91 |
| Total return (%) (r)(s)(t)(x) | (2.72)(n)<br>| 6.10 | 23.64 | 17.31 | &nbsp;&nbsp; (29.13)<br>| 18.54 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.06<br> (a)<br>| 1.04 | 1.06 | 1.08 | 1.05 | 1.03 |
| Expenses after expense reductions (f) | 1.05<br> (a)<br>| 1.03 | 1.04 | 1.06 | 1.03 | 1.02 |
| Net investment income (loss) | 0.85<br> (a)<br>| 1.65 | 1.66 | 1.58 | 1.08 | 0.91 |
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11 |
| Net assets at end of period (000 omitted) | $374815 | &nbsp;&nbsp; $433180 | &nbsp;&nbsp; $602433 | &nbsp;&nbsp; $641010 | &nbsp;&nbsp; $734605 | &nbsp;&nbsp; $1235625 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $29.73 | &nbsp;&nbsp; $30.50 | &nbsp;&nbsp; $25.87 | &nbsp;&nbsp; $23.54 | &nbsp;&nbsp; $35.12 | &nbsp;&nbsp; $31.16 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.03)<br>| &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $(0.02)<br>|
| Net realized and unrealized gain (loss) | (0.91)<br>| 1.06 | 5.45 | 3.62 | &nbsp;&nbsp; (10.05)<br>| 5.34 |
| Total from investment operations | $(0.94)<br>| &nbsp;&nbsp; $1.27 | &nbsp;&nbsp; $5.65 | &nbsp;&nbsp; $3.77 | &nbsp;&nbsp; $(10.02)<br>| &nbsp;&nbsp; $5.32 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.29)<br>| &nbsp;&nbsp; $(0.52)<br>| &nbsp;&nbsp; $(0.32)<br>| $— | &nbsp;&nbsp; $(0.12)<br>| $— |
| From net realized gain | (0.52)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.36)<br>|
| Total distributions declared to shareholders | $(0.81)<br>| &nbsp;&nbsp; $(2.04)<br>| &nbsp;&nbsp; $(1.02)<br>| &nbsp;&nbsp; $(1.44)<br>| &nbsp;&nbsp; $(1.56)<br>| &nbsp;&nbsp; $(1.36)<br>|
| Net asset value, end of period (x) | $27.98 | &nbsp;&nbsp; $29.73 | &nbsp;&nbsp; $30.50 | &nbsp;&nbsp; $25.87 | &nbsp;&nbsp; $23.54 | &nbsp;&nbsp; $35.12 |
| Total return (%) (r)(s)(t)(x) | (3.18)(n)<br>| 5.00 | 22.42 | 16.15 | &nbsp;&nbsp; (29.84)<br>| 17.41 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 2.06<br> (a)<br>| 2.04 | 2.06 | 2.08 | 2.05 | 2.03 |
| Expenses after expense reductions (f) | 2.05<br> (a)<br>| 2.03 | 2.04 | 2.06 | 2.03 | 2.02 |
| Net investment income (loss) | (0.18)(a)<br>| 0.76 | 0.74 | 0.58 | 0.11 | &nbsp;&nbsp; (0.07)<br>|
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11 |
| Net assets at end of period (000 omitted) | $1148 | &nbsp;&nbsp; $1346 | &nbsp;&nbsp; $1561 | &nbsp;&nbsp; $1278 | &nbsp;&nbsp; $1196 | &nbsp;&nbsp; $1658 |

---

**See Notes to Financial Statements**

------

MFS International New Discovery Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $32.29 | &nbsp;&nbsp; $32.89 | &nbsp;&nbsp; $27.79 | &nbsp;&nbsp; $25.13 | &nbsp;&nbsp; $37.36 | &nbsp;&nbsp; $32.92 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.06 | &nbsp;&nbsp; $0.37 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.15 |
| Net realized and unrealized gain (loss) | (1.01)<br>| 1.18 | 5.88 | 3.85 | &nbsp;&nbsp; (10.71)<br>| 5.65 |
| Total from investment operations | $(0.95)<br>| &nbsp;&nbsp; $1.55 | &nbsp;&nbsp; $6.23 | &nbsp;&nbsp; $4.17 | &nbsp;&nbsp; $(10.52)<br>| &nbsp;&nbsp; $5.80 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.41)<br>| &nbsp;&nbsp; $(0.63)<br>| &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.27)<br>| $— |
| From net realized gain | (0.52)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.36)<br>|
| Total distributions declared to shareholders | $(0.93)<br>| &nbsp;&nbsp; $(2.15)<br>| &nbsp;&nbsp; $(1.13)<br>| &nbsp;&nbsp; $(1.51)<br>| &nbsp;&nbsp; $(1.71)<br>| &nbsp;&nbsp; $(1.36)<br>|
| Net asset value, end of period (x) | $30.41 | &nbsp;&nbsp; $32.29 | &nbsp;&nbsp; $32.89 | &nbsp;&nbsp; $27.79 | &nbsp;&nbsp; $25.13 | &nbsp;&nbsp; $37.36 |
| Total return (%) (r)(s)(t)(x) | (2.96)(n)<br>| 5.55 | 23.03 | 16.73 | &nbsp;&nbsp; (29.48)<br>| 17.95 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.56<br> (a)<br>| 1.54 | 1.56 | 1.58 | 1.55 | 1.53 |
| Expenses after expense reductions (f) | 1.55<br> (a)<br>| 1.53 | 1.54 | 1.56 | 1.53 | 1.52 |
| Net investment income (loss) | 0.35<br> (a)<br>| 1.24 | 1.18 | 1.12 | 0.60 | 0.42 |
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11 |
| Net assets at end of period (000 omitted) | $12735 | &nbsp;&nbsp; $14537 | &nbsp;&nbsp; $16073 | &nbsp;&nbsp; $15234 | &nbsp;&nbsp; $14568 | &nbsp;&nbsp; $24443 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $33.23 | &nbsp;&nbsp; $33.70 | &nbsp;&nbsp; $28.44 | &nbsp;&nbsp; $25.69 | &nbsp;&nbsp; $38.19 | &nbsp;&nbsp; $33.58 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.10 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.29 |
| Net realized and unrealized gain (loss) | (1.03)<br>| 1.24 | 6.02 | 3.93 | &nbsp;&nbsp; (10.92)<br>| 5.72 |
| Total from investment operations | $(0.93)<br>| &nbsp;&nbsp; $1.68 | &nbsp;&nbsp; $6.46 | &nbsp;&nbsp; $4.33 | &nbsp;&nbsp; $(10.66)<br>| &nbsp;&nbsp; $6.01 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.50)<br>| &nbsp;&nbsp; $(0.63)<br>| &nbsp;&nbsp; $(0.50)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $(0.04)<br>|
| From net realized gain | (0.52)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.36)<br>|
| Total distributions declared to shareholders | $(1.02)<br>| &nbsp;&nbsp; $(2.15)<br>| &nbsp;&nbsp; $(1.20)<br>| &nbsp;&nbsp; $(1.58)<br>| &nbsp;&nbsp; $(1.84)<br>| &nbsp;&nbsp; $(1.40)<br>|
| Net asset value, end of period (x) | $31.28 | &nbsp;&nbsp; $33.23 | &nbsp;&nbsp; $33.70 | &nbsp;&nbsp; $28.44 | &nbsp;&nbsp; $25.69 | &nbsp;&nbsp; $38.19 |
| Total return (%) (r)(s)(t)(x) | (2.82)(n)<br>| 5.80 | 23.33 | 17.05 | &nbsp;&nbsp; (29.32)<br>| 18.25 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.31<br> (a)<br>| 1.29 | 1.31 | 1.33 | 1.30 | 1.28 |
| Expenses after expense reductions (f) | 1.30<br> (a)<br>| 1.28 | 1.29 | 1.31 | 1.28 | 1.27 |
| Net investment income (loss) | 0.59<br> (a)<br>| 1.43 | 1.44 | 1.37 | 0.79 | 0.78 |
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11 |
| Net assets at end of period (000 omitted) | $51381 | &nbsp;&nbsp; $58271 | &nbsp;&nbsp; $109506 | &nbsp;&nbsp; $105551 | &nbsp;&nbsp; $109712 | &nbsp;&nbsp; $201807 |

---

**See Notes to Financial Statements**

------

MFS International New Discovery Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $33.61 | &nbsp;&nbsp; $34.10 | &nbsp;&nbsp; $28.78 | &nbsp;&nbsp; $25.98 | &nbsp;&nbsp; $38.57 | &nbsp;&nbsp; $33.89 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.13 | &nbsp;&nbsp; $0.54 | &nbsp;&nbsp; $0.52 | &nbsp;&nbsp; $0.47 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.32 |
| Net realized and unrealized gain (loss) | (1.04)<br>| 1.23 | 6.08 | 3.99 | &nbsp;&nbsp; (11.04)<br>| 5.84 |
| Total from investment operations | $(0.91)<br>| &nbsp;&nbsp; $1.77 | &nbsp;&nbsp; $6.60 | &nbsp;&nbsp; $4.46 | &nbsp;&nbsp; $(10.70)<br>| &nbsp;&nbsp; $6.16 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.56)<br>| &nbsp;&nbsp; $(0.74)<br>| &nbsp;&nbsp; $(0.58)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(0.12)<br>|
| From net realized gain | (0.52)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.36)<br>|
| Total distributions declared to shareholders | $(1.08)<br>| &nbsp;&nbsp; $(2.26)<br>| &nbsp;&nbsp; $(1.28)<br>| &nbsp;&nbsp; $(1.66)<br>| &nbsp;&nbsp; $(1.89)<br>| &nbsp;&nbsp; $(1.48)<br>|
| Net asset value, end of period (x) | $31.62 | &nbsp;&nbsp; $33.61 | &nbsp;&nbsp; $34.10 | &nbsp;&nbsp; $28.78 | &nbsp;&nbsp; $25.98 | &nbsp;&nbsp; $38.57 |
| Total return (%) (r)(s)(t)(x) | (2.72)(n)<br>| 6.08 | 23.62 | 17.38 | &nbsp;&nbsp; (29.16)<br>| 18.56 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.06<br> (a)<br>| 1.04 | 1.06 | 1.08 | 1.05 | 1.03 |
| Expenses after expense reductions (f) | 1.05<br> (a)<br>| 1.03 | 1.04 | 1.06 | 1.03 | 1.02 |
| Net investment income (loss) | 0.82<br> (a)<br>| 1.74 | 1.70 | 1.60 | 1.02 | 0.85 |
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11 |
| Net assets at end of period (000 omitted) | $47250 | &nbsp;&nbsp; $73820 | &nbsp;&nbsp; $84332 | &nbsp;&nbsp; $84612 | &nbsp;&nbsp; $82390 | &nbsp;&nbsp; $182567 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $35.09 | &nbsp;&nbsp; $35.50 | &nbsp;&nbsp; $29.91 | &nbsp;&nbsp; $26.95 | &nbsp;&nbsp; $39.97 | &nbsp;&nbsp; $35.06 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.18 | &nbsp;&nbsp; $0.63 | &nbsp;&nbsp; $0.59 | &nbsp;&nbsp; $0.54 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $0.42 |
| Net realized and unrealized gain (loss) | (1.09)<br>| 1.26 | 6.33 | 4.13 | &nbsp;&nbsp; (11.48)<br>| 6.02 |
| Total from investment operations | $(0.91)<br>| &nbsp;&nbsp; $1.89 | &nbsp;&nbsp; $6.92 | &nbsp;&nbsp; $4.67 | &nbsp;&nbsp; $(11.05)<br>| &nbsp;&nbsp; $6.44 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.62)<br>| &nbsp;&nbsp; $(0.78)<br>| &nbsp;&nbsp; $(0.63)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.53)<br>| &nbsp;&nbsp; $(0.17)<br>|
| From net realized gain | (0.52)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.36)<br>|
| Total distributions declared to shareholders | $(1.14)<br>| &nbsp;&nbsp; $(2.30)<br>| &nbsp;&nbsp; $(1.33)<br>| &nbsp;&nbsp; $(1.71)<br>| &nbsp;&nbsp; $(1.97)<br>| &nbsp;&nbsp; $(1.53)<br>|
| Net asset value, end of period (x) | $33.04 | &nbsp;&nbsp; $35.09 | &nbsp;&nbsp; $35.50 | &nbsp;&nbsp; $29.91 | &nbsp;&nbsp; $26.95 | &nbsp;&nbsp; $39.97 |
| Total return (%) (r)(s)(t)(x) | (2.62)(n)<br>| 6.19 | 23.80 | 17.52 | &nbsp;&nbsp; (29.06)<br>| 18.74 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.91<br> (a)<br>| 0.92 | 0.92 | 0.93 | 0.91 | 0.90 |
| Expenses after expense reductions (f) | 0.89<br> (a)<br>| 0.91 | 0.91 | 0.92 | 0.90 | 0.89 |
| Net investment income (loss) | 1.04<br> (a)<br>| 1.92 | 1.85 | 1.79 | 1.26 | 1.08 |
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11 |
| Net assets at end of period (000 omitted) | $6352925 | &nbsp;&nbsp; $5878506 | &nbsp;&nbsp; $5199379 | &nbsp;&nbsp; $4619017 | &nbsp;&nbsp; $4023013 | &nbsp;&nbsp; $5635101 |

---

**See Notes to Financial Statements**

------

MFS International New Discovery Fund

*Financial Highlights - continued*

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(w) Per share amount was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS International New Discovery Fund

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS International New Discovery Fund (the fund) is a diversified series of MFS Series Trust V (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund will generally focus on securities of small size companies which may be more volatile than those of larger companies. The fund invests in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments tied economically to emerging markets, especially frontier markets, can involve additional and greater risks than the risks associated with investments in developed markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, greater government involvement in the economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, geopolitical, and economic instability than developed markets.

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

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

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

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. 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.

------

MFS International New Discovery Fund

*Notes to Financial Statements (unaudited) - continued* 

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 March 31, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| Japan | $54284228 | $1744495763 | $— | $1798779991 |
| United Kingdom |  | 730186543 |  | 730186543 |
| Australia | 26879324 | 389361423 |  | 416240747 |
| Italy | 49960308 | 354881195 |  | 404841503 |
| Canada | 361627853 |  |  | 361627853 |
| Hong Kong |  | 309552769 |  | 309552769 |
| South Korea |  | 309487920 |  | 309487920 |
| India |  | 305161365 |  | 305161365 |
| Taiwan | 21915303 | 269413631 |  | 291328934 |
| Other Countries | 815884540 | 1338896630 |  | 2154781170 |
| Investment Companies | 246212938 |  |  | 246212938 |
| Total | $1576764494 | $5751437239 | $— | $7328201733 |

---

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

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, JPMorgan Chase and Co., as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within three business days. The loans are collateralized by cash and/or U.S. Treasury and

------

MFS International New Discovery Fund

*Notes to Financial Statements (unaudited) - continued* 

federal agency obligations in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or, when such purchase is commercially impracticable, pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. At period end, the fund had investment securities on loan, all of which were classified as equity securities in the fund's Portfolio of Investments, with a fair value of $366,261,591. The fair value of the fund's investment securities on loan and a related liability of $69,881,363 for the obligation to return cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. Additionally, these loans were collateralized by U.S. Treasury Obligations of $318,521,714 held by the custodian or a triparty custodian. The collateral on securities loaned exceeded the value of securities on loan at period end. The liability for cash collateral for securities loaned is carried at fair value, which is categorized as level 2 within the fair value hierarchy. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. Treasury and/or federal agency obligations, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income.

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

**Investment Transactions and Income** — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.

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

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

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

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

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

Book/tax differences primarily relate to passive foreign investment companies, wash sale loss deferrals, treating a portion of the proceeds from redemptions as a distribution for tax purposes, and foreign taxes.

------

MFS International New Discovery Fund

*Notes to Financial Statements (unaudited) - continued* 

The tax character of distributions made during the six months ended March 31, 2026 will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**9/30/25**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $161438506 |
| Long-term capital gains | &nbsp;&nbsp; 262971625 |
| Total distributions | &nbsp;&nbsp; $424410131 |

---

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

---

| | |
|:---|:---|
| **As of 3/31/26** |  |
| Cost of investments | &nbsp;&nbsp; $6260445944 |
| Gross appreciation | &nbsp;&nbsp; 1711933842 |
| Gross depreciation | &nbsp;&nbsp; (644178053)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $1067755789 |
| **As of 9/30/25** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 129666056 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 51858531 |
| Other temporary differences | &nbsp;&nbsp; (13203037)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 1463548183 |

---

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class C shares will convert to Class A shares approximately eight years after purchase. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**3/31/26**<br>| **Year** <br>**ended** <br>**9/30/25**<br>|
| Class A | $14248394 | &nbsp;&nbsp; $36884918 |
| Class B | 2991 | &nbsp;&nbsp; 33599 |
| Class C | 95523 | &nbsp;&nbsp; 435268 |
| Class I | 12805762 | &nbsp;&nbsp; 36358447 |
| Class R1 | 36946 | &nbsp;&nbsp; 94972 |
| Class R2 | 391029 | &nbsp;&nbsp; 1043710 |
| Class R3 | 1728104 | &nbsp;&nbsp; 4300730 |
| Class R4 | 1667342 | &nbsp;&nbsp; 5604694 |
| Class R6 | 213697991 | &nbsp;&nbsp; 339653793 |
| Total | $244674082 | &nbsp;&nbsp; $424410131 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $500 million | 0.975% |
| In excess of $500 million and up to $1 billion | 0.925% |
| In excess of $1 billion and up to $3 billion | 0.90% |
| In excess of $3 billion and up to $5 billion | 0.85% |
| In excess of $5 billion and up to $10 billion | 0.80% |
| In excess of $10 billion | 0.75% |

---

------

MFS International New Discovery Fund

*Notes to Financial Statements (unaudited) - continued* 

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until January 31, 2027. For the six months ended March 31, 2026, this management fee reduction amounted to $507,763, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended March 31, 2026 was equivalent to an annual effective rate of 0.85% of the fund's average daily net assets.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $3,904 for the six months ended March 31, 2026, as its portion of the initial sales charge on sales of Class A shares of the fund.

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

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

**Distribution Plan Fee Table:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Class A |  | 0.25% | 0.25% | 0.25% | $585217 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | 978 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 19444 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 6647 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 33975 |
| Class R3 |  | 0.25% | 0.25% | 0.25% | 69990 |
| Total Distribution and Service Fees  |  |  |  |  | $716251 |

---

(d) In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each

class's average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting

period. Any rate changes, if applicable, are detailed below.

(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended March 31, 2026 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended March 31, 2026, this rebate amounted to $232 and $8 for Class A and Class R2 shares, respectively, and is included in the reduction of total expenses in the Statement of Operations.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended March 31, 2026, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $405 |
| Class B |  |
| Class C | 85 |

---

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the six months ended March 31, 2026, the fee was $66,609, which equated to 0.0018% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended March 31, 2026, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $810,785.

------

MFS International New Discovery Fund

*Notes to Financial Statements (unaudited) - continued* 

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended March 31, 2026 was equivalent to an annual effective rate of 0.0075% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

**(4) Portfolio Securities**

For the six months ended March 31, 2026, purchases and sales of investments, other than short-term obligations, aggregated $1,677,020,791 and $1,034,985,006, respectively.

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**3/31/26** | **Six months ended** <br>**3/31/26** | **Year ended** <br>**9/30/25** | **Year ended** <br>**9/30/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Class A | 208358 | &nbsp;&nbsp; $6836953 | &nbsp;&nbsp; 834661 | &nbsp;&nbsp; $26006850 |
| Class B |  |  | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 175 |
| Class C | 2923 | &nbsp;&nbsp; 89299 | &nbsp;&nbsp; 6442 | &nbsp;&nbsp; 184797 |
| Class I | 310090 | &nbsp;&nbsp; 10677658 | &nbsp;&nbsp; 831349 | &nbsp;&nbsp; 26728585 |
| Class R1 | 2048 | &nbsp;&nbsp; 59593 | &nbsp;&nbsp; 5832 | &nbsp;&nbsp; 158747 |
| Class R2 | 22279 | &nbsp;&nbsp; 702771 | &nbsp;&nbsp; 40482 | &nbsp;&nbsp; 1205162 |
| Class R3 | 112918 | &nbsp;&nbsp; 3681839 | &nbsp;&nbsp; 549330 | &nbsp;&nbsp; 17126864 |
| Class R4 | 91045 | &nbsp;&nbsp; 3002879 | &nbsp;&nbsp; 425187 | &nbsp;&nbsp; 13050244 |
| Class R6 | 25373714 | &nbsp;&nbsp; 879282124 | &nbsp;&nbsp; 21713319 | &nbsp;&nbsp; 722385515 |
|  | 26123375 | &nbsp;&nbsp; $904333116 | &nbsp;&nbsp; 24406608 | &nbsp;&nbsp; $806846939 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Class A | 421366 | &nbsp;&nbsp; $13399457 | &nbsp;&nbsp; 1100970 | &nbsp;&nbsp; $32764859 |
| Class B | 97 | &nbsp;&nbsp; 2991 | &nbsp;&nbsp; 1173 | &nbsp;&nbsp; 33599 |
| Class C | 3184 | &nbsp;&nbsp; 94353 | &nbsp;&nbsp; 15581 | &nbsp;&nbsp; 432221 |
| Class I | 349693 | &nbsp;&nbsp; 11588819 | &nbsp;&nbsp; 1088450 | &nbsp;&nbsp; 33720164 |
| Class R1 | 1312 | &nbsp;&nbsp; 36946 | &nbsp;&nbsp; 3585 | &nbsp;&nbsp; 94972 |
| Class R2 | 12700 | &nbsp;&nbsp; 388224 | &nbsp;&nbsp; 36168 | &nbsp;&nbsp; 1036219 |
| Class R3 | 55000 | &nbsp;&nbsp; 1728104 | &nbsp;&nbsp; 146184 | &nbsp;&nbsp; 4300730 |
| Class R4 | 44874 | &nbsp;&nbsp; 1424307 | &nbsp;&nbsp; 167590 | &nbsp;&nbsp; 4977433 |
| Class R6 | 6348804 | &nbsp;&nbsp; 210399356 | &nbsp;&nbsp; 10767652 | &nbsp;&nbsp; 333581867 |
|  | 7237030 | &nbsp;&nbsp; $239062557 | &nbsp;&nbsp; 13327353 | &nbsp;&nbsp; $410942064 |

---

------

MFS International New Discovery Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **3/31/26** | **Six months ended**<br> **3/31/26** | **Year ended**<br> **9/30/25** | **Year ended**<br> **9/30/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares reacquired |  |  |  |  |
| Class A | (1226259)<br>| &nbsp;&nbsp; $(40373514)<br>| &nbsp;&nbsp; (4995286)<br>| &nbsp;&nbsp; $(150522710)<br>|
| Class B | (5708)<br>| &nbsp;&nbsp; (181523)<br>| &nbsp;&nbsp; (14541)<br>| &nbsp;&nbsp; (432490)<br>|
| Class C | (42983)<br>| &nbsp;&nbsp; (1320291)<br>| &nbsp;&nbsp; (125109)<br>| &nbsp;&nbsp; (3572838)<br>|
| Class I | (1665392)<br>| &nbsp;&nbsp; (57173415)<br>| &nbsp;&nbsp; (6551201)<br>| &nbsp;&nbsp; (206221748)<br>|
| Class R1 | (7576)<br>| &nbsp;&nbsp; (217178)<br>| &nbsp;&nbsp; (15363)<br>| &nbsp;&nbsp; (431431)<br>|
| Class R2 | (66415)<br>| &nbsp;&nbsp; (2125341)<br>| &nbsp;&nbsp; (115166)<br>| &nbsp;&nbsp; (3375647)<br>|
| Class R3 | (278711)<br>| &nbsp;&nbsp; (8980512)<br>| &nbsp;&nbsp; (2191802)<br>| &nbsp;&nbsp; (69580314)<br>|
| Class R4 | (838208)<br>| &nbsp;&nbsp; (27864355)<br>| &nbsp;&nbsp; (869414)<br>| &nbsp;&nbsp; (26951753)<br>|
| Class R6 | (6935072)<br>| &nbsp;&nbsp; (240798581)<br>| &nbsp;&nbsp; (11443987)<br>| &nbsp;&nbsp; (364375447)<br>|
|  | (11066324)<br>| &nbsp;&nbsp; $(379034710)<br>| &nbsp;&nbsp; (26321869)<br>| &nbsp;&nbsp; $(825464378)<br>|
| Net change |  |  |  |  |
| Class A | (596535)<br>| &nbsp;&nbsp; $(20137104)<br>| &nbsp;&nbsp; (3059655)<br>| &nbsp;&nbsp; $(91751001)<br>|
| Class B | (5611)<br>| &nbsp;&nbsp; (178532)<br>| &nbsp;&nbsp; (13362)<br>| &nbsp;&nbsp; (398716)<br>|
| Class C | (36876)<br>| &nbsp;&nbsp; (1136639)<br>| &nbsp;&nbsp; (103086)<br>| &nbsp;&nbsp; (2955820)<br>|
| Class I | (1005609)<br>| &nbsp;&nbsp; (34906938)<br>| &nbsp;&nbsp; (4631402)<br>| &nbsp;&nbsp; (145772999)<br>|
| Class R1 | (4216)<br>| &nbsp;&nbsp; (120639)<br>| &nbsp;&nbsp; (5946)<br>| &nbsp;&nbsp; (177712)<br>|
| Class R2 | (31436)<br>| &nbsp;&nbsp; (1034346)<br>| &nbsp;&nbsp; (38516)<br>| &nbsp;&nbsp; (1134266)<br>|
| Class R3 | (110793)<br>| &nbsp;&nbsp; (3570569)<br>| &nbsp;&nbsp; (1496288)<br>| &nbsp;&nbsp; (48152720)<br>|
| Class R4 | (702289)<br>| &nbsp;&nbsp; (23437169)<br>| &nbsp;&nbsp; (276637)<br>| &nbsp;&nbsp; (8924076)<br>|
| Class R6 | 24787446 | &nbsp;&nbsp; 848882899 | &nbsp;&nbsp; 21036984 | &nbsp;&nbsp; 691591935 |
|  | 22294081 | &nbsp;&nbsp; $764360963 | &nbsp;&nbsp; 11412092 | &nbsp;&nbsp; $392324625 |

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS International Diversification Fund, the MFS Growth Allocation Fund, and the MFS Aggressive Growth Allocation Fund were the owners of record of approximately 58%, 2%, and 2%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Moderate Allocation Fund, the MFS Lifetime 2035 Fund, the MFS Lifetime 2040 Fund, the MFS Lifetime 2045 Fund, the MFS Lifetime 2050 Fund, the MFS Lifetime 2055 Fund, the MFS Lifetime 2060 Fund, and the MFS Lifetime 2065 Fund were each the owners of record of less than 1% of the value of outstanding voting shares of the fund.

Effective June 1, 2019, purchases of the fund's Class B shares were closed to new and existing investors subject to certain exceptions. Effective at the close of business on November 29, 2019, purchases of the fund were closed to new investors subject to certain exceptions. Effective September 29, 2023, purchases of the fund's Class R1 and Class R2 shares were closed to new eligible investors.

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate), 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended March 31, 2026, the fund's commitment fee and interest expense were $15,762 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

------

MFS International New Discovery Fund

*Notes to Financial Statements (unaudited) - continued* 

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

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the six months ended March 31, 2026:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| Forterra PLC \* | &nbsp;&nbsp; $32053474 | &nbsp;&nbsp; $386185 | &nbsp;&nbsp; $6133340 | &nbsp;&nbsp; $(2011249)<br>| &nbsp;&nbsp; $(3430448)<br>| $— |
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; 270601637 | &nbsp;&nbsp; 1248843853 | &nbsp;&nbsp; 1343114966 | &nbsp;&nbsp; 27927 | &nbsp;&nbsp; (26876)<br>| &nbsp;&nbsp; $176331575 |
| Midland Holdings Ltd. | &nbsp;&nbsp; 10872596 |  |  |  | &nbsp;&nbsp; 4276858 | &nbsp;&nbsp; 15149454 |
| PCA Corp. | &nbsp;&nbsp; 18490468 |  | &nbsp;&nbsp; 2851904 | &nbsp;&nbsp; (1060691)<br>| &nbsp;&nbsp; (3120421)<br>| &nbsp;&nbsp; 11457452 |
| T. Hasegawa Co. Ltd. | &nbsp;&nbsp; 48899699 |  |  |  | &nbsp;&nbsp; (4392203)<br>| &nbsp;&nbsp; 44507496 |
|  | &nbsp;&nbsp; $380917874 | &nbsp;&nbsp; $1249230038 | &nbsp;&nbsp; $1352100210 | &nbsp;&nbsp; $(3044013)<br>| &nbsp;&nbsp; $(6693090)<br>| &nbsp;&nbsp; $247445977 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| Forterra PLC \* | $— | $— |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; 4748579 |  |
| Midland Holdings Ltd. |  |  |
| PCA Corp. |  |  |
| T. Hasegawa Co. Ltd. |  |  |
|  | &nbsp;&nbsp; $4748579 | $— |

---

\* Held at period end. No longer considered an affiliated issuer.

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS International New Discovery Fund.

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

There is nothing to report for this item for MFS International New Discovery Fund.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS International New Discovery Fund. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

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

Not Applicable.

------

MFS Total Return Fund

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

MFS Total Return Fund

**Portfolio of Investments - 3/31/26 (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 – 57.4% | Common Stocks – 57.4% | Common Stocks – 57.4% |
| Aerospace & Defense – 1.9% | Aerospace & Defense – 1.9% |  |
| Boeing Co. (a) | 79844 | &nbsp;&nbsp; $15891351 |
| General Dynamics Corp. | 132312 | &nbsp;&nbsp; 45412125 |
| L3Harris Technologies, Inc. | 199554 | &nbsp;&nbsp; 68876063 |
| Leidos Holdings, Inc. | 78742 | &nbsp;&nbsp; 12245956 |
|  |  | &nbsp;&nbsp; $142425495 |
| Alcoholic Beverages – 1.0% | Alcoholic Beverages – 1.0% |  |
| Constellation Brands, Inc., "A" | 311685 | &nbsp;&nbsp; $46752750 |
| Diageo PLC | 1367508 | &nbsp;&nbsp; 25408710 |
|  |  | &nbsp;&nbsp; $72161460 |
| Auto & Auto Components – 2.0% | Auto & Auto Components – 2.0% |  |
| Aptiv PLC (a) | 866785 | &nbsp;&nbsp; $50706922 |
| Lear Corp. | 507492 | &nbsp;&nbsp; 61447131 |
| LKQ Corp. | 1272753 | &nbsp;&nbsp; 37380756 |
|  |  | &nbsp;&nbsp; $149534809 |
| Brokerage & Asset Managers – 3.8% | Brokerage & Asset Managers – 3.8% |  |
| Charles Schwab Corp. | 2030311 | &nbsp;&nbsp; $190808628 |
| Northern Trust Corp. | 690251 | &nbsp;&nbsp; 96338332 |
|  |  | &nbsp;&nbsp; $287146960 |
| Business Services – 2.1% | Business Services – 2.1% |  |
| Accenture PLC, "A" | 221706 | &nbsp;&nbsp; $43962083 |
| Amdocs Ltd. | 244037 | &nbsp;&nbsp; 15925855 |
| Cognizant Technology Solutions Corp., "A" | 550723 | &nbsp;&nbsp; 33786856 |
| Equifax, Inc. | 68779 | &nbsp;&nbsp; 12385034 |
| Fidelity National Information Services, Inc. | 811258 | &nbsp;&nbsp; 38056113 |
| Fiserv, Inc. (a) | 275540 | &nbsp;&nbsp; 15375132 |
|  |  | &nbsp;&nbsp; $159491073 |
| Chemicals – 1.2% | Chemicals – 1.2% |  |
| Axalta Coating Systems Ltd. (a) | 2089280 | &nbsp;&nbsp; $57873056 |
| PPG Industries, Inc. | 312514 | &nbsp;&nbsp; 33401496 |
|  |  | &nbsp;&nbsp; $91274552 |
| Conglomerates – 0.6% | Conglomerates – 0.6% |  |
| Honeywell International, Inc. | 191806 | &nbsp;&nbsp; $43353910 |
| Construction – 1.2% | Construction – 1.2% |  |
| Masco Corp. | 978995 | &nbsp;&nbsp; $59101928 |
| Mohawk Industries, Inc. (a) | 163253 | &nbsp;&nbsp; 16073890 |
| Techtronic Industries Co. Ltd. | 1062500 | &nbsp;&nbsp; 14142559 |
|  |  | &nbsp;&nbsp; $89318377 |
| Consumer Products – 1.5% | Consumer Products – 1.5% |  |
| Kenvue, Inc. | 6509122 | &nbsp;&nbsp; $112217263 |

---

MTRFS-SEM

------

MFS Total Return Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Consumer Services – 0.2% | Consumer Services – 0.2% |  |
| Airbnb, Inc., "A" (a) | 148406 | &nbsp;&nbsp; $18740710 |
| Containers – 0.6% | Containers – 0.6% |  |
| Avery Dennison Corp. | 134583 | &nbsp;&nbsp; $23239793 |
| Smurfit Westrock PLC | 631678 | &nbsp;&nbsp; 25172368 |
|  |  | &nbsp;&nbsp; $48412161 |
| Diversified Financial Services – 0.2% | Diversified Financial Services – 0.2% |  |
| CME Group, Inc. | 45637 | &nbsp;&nbsp; $13478888 |
| Electrical Equipment – 0.4% | Electrical Equipment – 0.4% |  |
| Eaton Corp. PLC | 69200 | &nbsp;&nbsp; $24750764 |
| Versigent PLC (a) | 288928 | &nbsp;&nbsp; 9202367 |
|  |  | &nbsp;&nbsp; $33953131 |
| Energy - Independent – 4.5% | Energy - Independent – 4.5% |  |
| Chevron Corp. | 268596 | &nbsp;&nbsp; $55572512 |
| ConocoPhillips | 988242 | &nbsp;&nbsp; 130447944 |
| Diamondback Energy, Inc. | 165912 | &nbsp;&nbsp; 32815735 |
| Exxon Mobil Corp. | 545467 | &nbsp;&nbsp; 92543931 |
| Suncor Energy, Inc. | 397659 | &nbsp;&nbsp; 26301923 |
|  |  | &nbsp;&nbsp; $337682045 |
| Food & Beverages – 0.2% | Food & Beverages – 0.2% |  |
| Tyson Foods, Inc., "A" | 271273 | &nbsp;&nbsp; $17380461 |
| Food & Drug Stores – 0.3% | Food & Drug Stores – 0.3% |  |
| Albertsons Cos., Inc., "A" | 1342997 | &nbsp;&nbsp; $22884669 |
| Global Systemically Important Banks – 4.4% | Global Systemically Important Banks – 4.4% |  |
| Bank of America Corp. | 2456737 | &nbsp;&nbsp; $119765929 |
| Goldman Sachs Group, Inc. | 56406 | &nbsp;&nbsp; 47718912 |
| JPMorgan Chase & Co. | 287234 | &nbsp;&nbsp; 84492753 |
| Morgan Stanley | 258377 | &nbsp;&nbsp; 42521103 |
| Wells Fargo & Co. | 406727 | &nbsp;&nbsp; 32379536 |
|  |  | &nbsp;&nbsp; $326878233 |
| Health Maintenance Organizations – 1.8% | Health Maintenance Organizations – 1.8% |  |
| Cigna Group | 431097 | &nbsp;&nbsp; $114995125 |
| Humana, Inc. | 113267 | &nbsp;&nbsp; 19639365 |
|  |  | &nbsp;&nbsp; $134634490 |
| Insurance – 4.3% | Insurance – 4.3% |  |
| Aon PLC | 333341 | &nbsp;&nbsp; $107595808 |
| Chubb Ltd. | 285024 | &nbsp;&nbsp; 92897873 |
| Principal Financial Group, Inc. | 155038 | &nbsp;&nbsp; 13970474 |
| Travelers Cos., Inc. | 79590 | &nbsp;&nbsp; 23214811 |
| Willis Towers Watson PLC | 286776 | &nbsp;&nbsp; 83365783 |
|  |  | &nbsp;&nbsp; $321044749 |
| Interactive Media Services – 0.1% | Interactive Media Services – 0.1% |  |
| Versant Media Group, Inc. | 118326 | &nbsp;&nbsp; $4380429 |

---

------

MFS Total Return Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Machinery & Tools – 0.6% | Machinery & Tools – 0.6% |  |
| AGCO Corp. | 231554 | &nbsp;&nbsp; $26830162 |
| Flowserve Corp. | 230220 | &nbsp;&nbsp; 16923472 |
|  |  | &nbsp;&nbsp; $43753634 |
| Media – 2.2% | Media – 2.2% |  |
| Omnicom Group, Inc. | 1696039 | &nbsp;&nbsp; $127728697 |
| Warner Bros. Discovery, Inc. (a) | 1215093 | &nbsp;&nbsp; 33366454 |
|  |  | &nbsp;&nbsp; $161095151 |
| Medical & Health Technology & Services – 0.5% | Medical & Health Technology & Services – 0.5% |  |
| ICON PLC (a) | 329145 | &nbsp;&nbsp; $36423186 |
| Medical Equipment – 4.5% | Medical Equipment – 4.5% |  |
| Agilent Technologies, Inc. | 181712 | &nbsp;&nbsp; $20711534 |
| Becton, Dickinson and Co. | 811931 | &nbsp;&nbsp; 127659911 |
| Medtronic PLC | 1597130 | &nbsp;&nbsp; 138391314 |
| Waters Corp. (a) | 167737 | &nbsp;&nbsp; 49952079 |
|  |  | &nbsp;&nbsp; $336714838 |
| Metals & Mining – 0.4% | Metals & Mining – 0.4% |  |
| Glencore PLC | 3544446 | &nbsp;&nbsp; $27008687 |
| Non-Global Systemically Important Banks – 0.9% | Non-Global Systemically Important Banks – 0.9% |  |
| PNC Financial Services Group, Inc. | 324443 | &nbsp;&nbsp; $67513344 |
| Oil Services – 0.2% | Oil Services – 0.2% |  |
| SLB Ltd. | 288338 | &nbsp;&nbsp; $14817690 |
| Pharmaceuticals & Biotechnology – 3.9% | Pharmaceuticals & Biotechnology – 3.9% |  |
| Johnson & Johnson | 423440 | &nbsp;&nbsp; $103505674 |
| Organon & Co. | 443508 | &nbsp;&nbsp; 2656613 |
| Pfizer, Inc. | 5461388 | &nbsp;&nbsp; 153355775 |
| Roche Holding AG | 75279 | &nbsp;&nbsp; 29725106 |
|  |  | &nbsp;&nbsp; $289243168 |
| Restaurants – 0.4% | Restaurants – 0.4% |  |
| U.S. Foods Holding Corp. (a) | 306310 | &nbsp;&nbsp; $28244845 |
| Retail & E-commerce – 0.4% | Retail & E-commerce – 0.4% |  |
| Target Corp. | 278147 | &nbsp;&nbsp; $33711416 |
| Semiconductor & Electronic Components – 1.3% | Semiconductor & Electronic Components – 1.3% |  |
| Intel Corp. (a) | 855550 | &nbsp;&nbsp; $37755421 |
| NXP Semiconductors N.V. | 300101 | &nbsp;&nbsp; 59077883 |
|  |  | &nbsp;&nbsp; $96833304 |
| Software – 2.5% | Software – 2.5% |  |
| Microsoft Corp. | 360696 | &nbsp;&nbsp; $133518838 |
| Salesforce, Inc. | 283753 | &nbsp;&nbsp; 52968173 |
|  |  | &nbsp;&nbsp; $186487011 |

---

------

MFS Total Return Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Telecom Services – 1.1% | Telecom Services – 1.1% |  |
| Comcast Corp., "A" | 2958140 | &nbsp;&nbsp; $84928199 |
| Tobacco – 1.5% | Tobacco – 1.5% |  |
| Altria Group, Inc. | 288465 | &nbsp;&nbsp; $19035806 |
| Philip Morris International, Inc. | 556101 | &nbsp;&nbsp; 91945739 |
|  |  | &nbsp;&nbsp; $110981545 |
| Transportation & Logistics – 1.0% | Transportation & Logistics – 1.0% |  |
| Union Pacific Corp. | 295499 | &nbsp;&nbsp; $71693967 |
| Travel, Gaming, & Lodging – 0.4% | Travel, Gaming, & Lodging – 0.4% |  |
| Delta Air Lines, Inc. | 431139 | &nbsp;&nbsp; $28662121 |
| Utilities – 3.3% | Utilities – 3.3% |  |
| Duke Energy Corp. | 461696 | &nbsp;&nbsp; $60454474 |
| Exelon Corp. | 644873 | &nbsp;&nbsp; 31611674 |
| National Grid PLC | 3651052 | &nbsp;&nbsp; 61552860 |
| PG&E Corp. | 4710476 | &nbsp;&nbsp; 82763063 |
| Sempra | 130698 | &nbsp;&nbsp; 12699925 |
|  |  | &nbsp;&nbsp; $249081996 |
| **Total Common Stocks (Identified Cost, $2,843,163,415)** |  | &nbsp;&nbsp; **$4293587967** |
| Bonds – 40.6% | Bonds – 40.6% | Bonds – 40.6% |
| Aerospace & Defense – 0.2% | Aerospace & Defense – 0.2% | Aerospace & Defense – 0.2% |
| BAE Systems PLC, 3.4%, 4/15/2030 (n) | $3046000 | &nbsp;&nbsp; $2920765 |
| Boeing Co., 6.528%, 5/01/2034  | 6856000 | &nbsp;&nbsp; 7468533 |
| Boeing Co., 5.805%, 5/01/2050  | 3363000 | &nbsp;&nbsp; 3251101 |
| Boeing Co., 6.858%, 5/01/2054  | 2946000 | &nbsp;&nbsp; 3242293 |
|  |  | &nbsp;&nbsp; $16882692 |
| Asset-Backed & Securitized – 7.7% | Asset-Backed & Securitized – 7.7% | Asset-Backed & Securitized – 7.7% |
| Acres PLC, 2026-FL4, "A", 5.11%, 8/18/2044 (n) | $14955500 | &nbsp;&nbsp; $14966684 |
| Affirm, Inc., 2025-X1, "A", 5.08%, 4/15/2030 (n) | 217324 | &nbsp;&nbsp; 217451 |
| AmeriCredit Automobile Receivables Trust, 2025-1, "A2A", 4.22%, 3/19/2029 (n) | 2069000 | &nbsp;&nbsp; 2070272 |
| Angel Oak Mortgage Trust, 2024-10, "A1", 5.348%, 10/25/2069 (n) | 8066089 | &nbsp;&nbsp; 8071659 |
| Angel Oak Mortgage Trust, 2024-12, "A1", 5.653%, 10/25/2069 (n) | 6954801 | &nbsp;&nbsp; 6985716 |
| Angel Oak Mortgage Trust, 2024-9, "A1", 5.138%, 9/25/2069 (n) | 4293884 | &nbsp;&nbsp; 4288842 |
| Angel Oak Mortgage Trust, 2025-10, "A1", 4.96%, 9/25/2070 (n) | 2571753 | &nbsp;&nbsp; 2558411 |
| Arbor Realty Commercial Real Estate, 2026-FL1, "A", FLR, 5.17% (SOFR - 1mo. + 1.5%), 9/20/2043 (n) | 2963551 | &nbsp;&nbsp; 2963542 |
| Arbor Realty Commercial Real Estate, 2026-FL1, "AS", FLR, 5.42% (SOFR - 1mo. + 1.75%), 9/20/2043 (n) | 916739 | &nbsp;&nbsp; 917302 |
| Arbor Realty Trust, Inc., CLO, 2022-FL1, "B", FLR, 5.772% (SOFR - 30 day + 2.1%), 1/15/2037 (n) | 16706500 | &nbsp;&nbsp; 16717197 |
| ARDN Mortgage Trust, 2025-ARCP, "A", FLR, 5.422% (SOFR - 1mo. + 1.75%), 6/15/2035 (n) | 14611000 | &nbsp;&nbsp; 14551643 |
| AREIT 2022-CRE6 Trust, "B", FLR, 5.521% (SOFR - 30 day + 1.85%), 1/20/2037 (n) | 10151500 | &nbsp;&nbsp; 10110185 |
| ARI Fleet Lease Trust, 2023-B, "A2", 6.05%, 7/15/2032 (n) | 915220 | &nbsp;&nbsp; 919915 |
| AutoNation Finance Trust, 2026-1A, "A2", 3.95%, 1/11/2029 (n) | 3325000 | &nbsp;&nbsp; 3322075 |
| Bain Capital Credit CLO Ltd., 2020-4A, "A1RR", FLR, 4.817% (SOFR - 3mo. + 1.15%), 10/20/2036 (n) | 11516802 | &nbsp;&nbsp; 11486985 |
| Bain Capital Credit CLO Ltd., 2022-1A, "CR", FLR, 5.518% (SOFR - 3mo. + 1.85%), 10/18/2038 (n) | 15000000 | &nbsp;&nbsp; 14950695 |
| Bain Capital Credit CLO Ltd., 2022-2A, "BR", FLR, 5.319% (SOFR - 3mo. + 1.65%), 4/22/2035 (n) | 8838526 | &nbsp;&nbsp; 8803366 |
| Bank5, 2025-5YR17, "A3", 5.225%, 11/15/2058  | 6889915 | &nbsp;&nbsp; 7026656 |
| Bayview Financial Revolving Mortgage Loan Trust, FLR, 5.387% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n) | 426745 | &nbsp;&nbsp; 1050683 |
| BDS 2025-FL16 Ltd., "A", FLR, 5.077% (SOFR - 1mo. + 1.4%), 6/19/2043 (n) | 8636766 | &nbsp;&nbsp; 8636216 |
| Benchmark 2023-V3 Mortgage Trust, "A3", 6.363%, 7/15/2056  | 1190323 | &nbsp;&nbsp; 1231166 |

---

------

MFS Total Return Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| Benchmark 2025-V18 Mortgage Trust, "A3", 5.183%, 10/15/2058  | $6657910 | &nbsp;&nbsp; $6779679 |
| Brazos Securitization LLC, 5.243%, 9/01/2040 (n) | 5403000 | &nbsp;&nbsp; 5359533 |
| BSPRT 2022-FL8 Issuer Ltd., "B", FLR, 5.722% (SOFR - 30 day + 2.05%), 2/15/2037 (n) | 5979000 | &nbsp;&nbsp; 5964895 |
| Business Jet Securities LLC, 2024-1A, "A", 6.197%, 5/15/2039 (n) | 2232081 | &nbsp;&nbsp; 2261438 |
| BX Trust, 2025-BCAT, "A", FLR, 5.052% (SOFR - 1mo. + 1.38%), 8/15/2042 (n) | 8885217 | &nbsp;&nbsp; 8885213 |
| BXMT 2021-FL4 Ltd., "AS", FLR, 5.092% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n) | 16816500 | &nbsp;&nbsp; 16739847 |
| Carlyle Global Market Strategies CLO Ltd., 2023-1A, "A2R", FLR, 5.268% (SOFR - 3mo. + 1.6%), 7/20/2037 (n) | 8500000 | &nbsp;&nbsp; 8464223 |
| Colt Funding LLC, 2024-5, "A1", 5.123%, 8/25/2069 (n) | 4811285 | &nbsp;&nbsp; 4803763 |
| Commercial Mortgage Pass-Through Certificates, 2023-BNK46, "A4", 5.745%, 8/15/2056  | 16647021 | &nbsp;&nbsp; 17317262 |
| Consumers 2023 Securitization Funding LLC, 5.55%, 3/01/2028  | 1222422 | &nbsp;&nbsp; 1232009 |
| Dryden Senior Loan Fund CLO Ltd., 2018-55A, "A1", FLR, 4.953% ((SOFR - 3mo. + 0.26161%) + 1.02%), 4/15/2031 (n) | 1788296 | &nbsp;&nbsp; 1788099 |
| Dryden Senior Loan Fund CLO Ltd., 2019-75A, "BR3", FLR, 5.172% (SOFR - 3mo. + 1.5%), 4/14/2034 (n) | 16953585 | &nbsp;&nbsp; 16841166 |
| Dryden Senior Loan Fund CLO Ltd., 2020-86A, "BR2", FLR, 5.268% (SOFR - 3mo. + 1.6%), 7/17/2034 (n) | 18968331 | &nbsp;&nbsp; 18970209 |
| Dwight 2025-FL1 Issuer LLC, "A", FLR, 5.342% (SOFR - 1mo. + 1.662%), 6/18/2042 (n) | 8383500 | &nbsp;&nbsp; 8409366 |
| ELM Trust, 2024-ELM, "B10", 6.195%, 6/10/2039 (n) | 8492449 | &nbsp;&nbsp; 8508871 |
| Empire District Bondco LLC, 4.943%, 1/01/2033  | 3561610 | &nbsp;&nbsp; 3608831 |
| Enterprise Fleet Financing 2024-4 LLC, "A2", 4.69%, 7/20/2027 (n) | 1332967 | &nbsp;&nbsp; 1335870 |
| Enterprise Fleet Financing 2026-1 LLC, "A2", 4%, 10/20/2028 (n) | 6746000 | &nbsp;&nbsp; 6728715 |
| GLS Auto Select Receivables Trust, 2025-2A, "A2", 4.75%, 3/15/2028 (n) | 875649 | &nbsp;&nbsp; 876747 |
| GLS Auto Select Receivables Trust, 2025-2A, "A2", 6.37%, 6/15/2028 (n) | 183672 | &nbsp;&nbsp; 183981 |
| GMAC Mortgage Corp. Loan Trust, FGIC, 5.805%, 10/25/2036  | 101580 | &nbsp;&nbsp; 101725 |
| Greystone Commercial Real Estate Notes, 2025-FL4, "AS", FLR, 5.81% (SOFR - 1mo. + 2.1385%), 1/15/2043 (n) | 2031000 | &nbsp;&nbsp; 2031965 |
| Hyundai Auto Lease Securitization Trust, 2025-B, "A2A", 4.58%, 9/15/2027 (n) | 3783973 | &nbsp;&nbsp; 3791603 |
| JP Morgan Trust, 2026-NQM1, "A1", 4.745%, 6/25/2066 (n) | 1671554 | &nbsp;&nbsp; 1653747 |
| LoanCore 2021-CRE5 Ltd., "AS", FLR, 5.536% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n) | 4331437 | &nbsp;&nbsp; 4326463 |
| Magnetite CLO Ltd., 2017-19A, FLR, 5.117% (SOFR - 3mo. + 1.45%), 4/17/2034 (n) | 3285540 | &nbsp;&nbsp; 3277796 |
| MF1 2022-FL8 Ltd., "B", FLR, 5.626% (SOFR - 30 day + 1.95%), 2/19/2037 (n) | 7392231 | &nbsp;&nbsp; 7391461 |
| MF1 2024-FL15 LLC, "AS", FLR, 5.719% (SOFR - 1mo. + 2.04%), 8/18/2041 (n) | 8571000 | &nbsp;&nbsp; 8605580 |
| MF1 2024-FL16 LLC, "A", FLR, 5.221% (SOFR - 1mo. + 1.541%), 11/18/2039 (n) | 17590246 | &nbsp;&nbsp; 17648679 |
| MF1 2025-FL19 LLC, "A", FLR, 5.251% (SOFR - 1mo. + 1.572%), 2/18/2040 (n) | 15153744 | &nbsp;&nbsp; 15158396 |
| MF1 2025-FL19 LLC, "A", FLR, 5.167% (SOFR - 1mo. + 1.4881%), 5/18/2042 (n) | 7619439 | &nbsp;&nbsp; 7630476 |
| MF1 2025-FL20 LLC, "AS", FLR, 5.379% (SOFR - 1mo. + 1.7%), 2/18/2043 (n) | 15453000 | &nbsp;&nbsp; 15507322 |
| MF1 2026-FL21 LLC, "AS", FLR, 5.23% (SOFR - 1mo. + 1.55%), 2/18/2041 (n) | 8175997 | &nbsp;&nbsp; 8180144 |
| Morgan Stanley Bank of America Merrill Lynch Trust, 2017-C34, "A4", 3.536%, 11/15/2052  | 4195516 | &nbsp;&nbsp; 4141411 |
| Morgan Stanley Residential Mortgage Loan Trust, 2026-NQM1, "A1", 4.809%, 12/25/2070 (n) | 2686640 | &nbsp;&nbsp; 2661383 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM10, "A1LC", 5.241%, 11/25/2070 (n) | 5098142 | &nbsp;&nbsp; 5076437 |
| MSWF Commercial Mortgage Trust, 2023-2, "A5", 6.014%, 12/15/2056  | 7477126 | &nbsp;&nbsp; 7931275 |
| Neuberger Berman CLO Ltd., 2015-20A, "A1R3", FLR, 4.822% (SOFR - 3mo. + 1.15%), 4/15/2039 (n) | 5725000 | &nbsp;&nbsp; 5710997 |
| OBX Trust, 2024-NQM15, "A1", 5.316%, 10/25/2064 (n) | 2746425 | &nbsp;&nbsp; 2753656 |
| OBX Trust, 2025-NQM1, "A1", 5.547%, 12/25/2064 (n) | 3808298 | &nbsp;&nbsp; 3823182 |
| OBX Trust, 2025-NQM13, "A1", 5.441%, 5/25/2065 (n) | 2321177 | &nbsp;&nbsp; 2328407 |
| OBX Trust, 2025-NQM20, "A1", 5.021%, 10/25/2065 (n) | 3493719 | &nbsp;&nbsp; 3480598 |
| Palmer Square Loan Funding 2024-3A Ltd., "A2R", FLR, 4.81% (SOFR - 3mo. + 1.15%), 8/08/2032 (n) | 16148818 | &nbsp;&nbsp; 16130521 |
| Parallel Ltd., 2023-1A, "A2R", FLR, 5.467% (SOFR - 3mo. + 1.8%), 7/20/2036 (n) | 6858996 | &nbsp;&nbsp; 6858776 |
| PFP III 2025-12 Ltd., "AS", FLR, 5.421% (SOFR - 1mo. + 1.7418%), 12/18/2042 (n) | 12850500 | &nbsp;&nbsp; 12851104 |
| PLYM Commercial Mortgage Trust, 2026-IND, "A", FLR, 4.923% (SOFR - 1mo. + 1.25%), 3/15/2043 (n) | 7770000 | &nbsp;&nbsp; 7731150 |
| PMT Loan Trust, 2026-INV2, "A35", FLR, 4.812% (SOFR - 1mo. + 1.15%), 1/25/2057 (n) | 10302485 | &nbsp;&nbsp; 10288515 |
| PMT Loan Trust, 2026-INV4, "A36", FLR, 5.108% (SOFR - 1mo. + 1.45%), 3/25/2057 (n)(w) | 4588299 | &nbsp;&nbsp; 4577840 |
| PRM Loan Trust, 2025-PRM6, "A", 4.63%, 7/05/2033 (n) | 4808434 | &nbsp;&nbsp; 4770825 |
| Provident Funding Mortgage Trust, 2025-2, "A4", 5.5%, 6/25/2055 (n) | 7871161 | &nbsp;&nbsp; 7874358 |
| Rate Mortgage Trust, 2025-J3, "A27", FLR, 5.211% (SOFR - 1mo. + 1.55%), 11/25/2055 (n) | 10111722 | &nbsp;&nbsp; 10161437 |
| Residential Funding Mortgage Securities, Inc., FGIC, 3.413%, 12/25/2035 (d)(q) | 140906 | &nbsp;&nbsp; 1803 |
| Rockford Tower CLO 2020-1A Ltd., "A2R", FLR, 4.968% (SOFR - 3mo. + 1.3%), 1/20/2036 (n) | 18536627 | &nbsp;&nbsp; 18421626 |
| Santander Drive Auto Receivables Trust, 2026-1, "A2", 4.04%, 3/15/2029  | 5108000 | &nbsp;&nbsp; 5105573 |

---

------

MFS Total Return Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| Starwood Commercial Mortgage, 2022-FL3, "AS", FLR, 5.472% (SOFR - 30 day + 1.8%), 11/15/2038 (n) | $17154000 | &nbsp;&nbsp; $17134906 |
| Stellantis Finance US, Inc., 4.63%, 7/20/2027 (n) | 4168412 | &nbsp;&nbsp; 4175166 |
| TPG Real Estate Finance, 2025-FL7, "A", FLR, 5.129% (SOFR - 1mo. + 1.45%), 6/18/2043 (n) | 16758371 | &nbsp;&nbsp; 16762276 |
| Verus Securitization Trust, 2024-8, "A1", 5.364%, 10/25/2069 (n) | 1714000 | &nbsp;&nbsp; 1716587 |
| Verus Securitization Trust, 2025-9, "A1", 4.935%, 10/27/2070 (n) | 1718238 | &nbsp;&nbsp; 1709823 |
| Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027  | 2288977 | &nbsp;&nbsp; 2299907 |
| Voya CLO 2012-4A Ltd., "A2R3", FLR, 5.383% ((SOFR - 3mo. + 0.26161%) + 1.45%), 10/15/2030 (n) | 6178037 | &nbsp;&nbsp; 6179106 |
|  |  | &nbsp;&nbsp; $574870380 |
| Auto & Auto Components – 0.2% | Auto & Auto Components – 0.2% | Auto & Auto Components – 0.2% |
| Magna International, Inc., 2.45%, 6/15/2030  | $5772000 | &nbsp;&nbsp; $5294923 |
| Stellantis Finance US, Inc., 2.691%, 9/15/2031 (n) | 9598000 | &nbsp;&nbsp; 8111790 |
|  |  | &nbsp;&nbsp; $13406713 |
| Brokerage & Asset Managers – 0.5% | Brokerage & Asset Managers – 0.5% | Brokerage & Asset Managers – 0.5% |
| Charles Schwab Corp., 5.853% to 5/19/2033, FLR (SOFR - 1 day + 2.5%) to 5/19/2034  | $16902000 | &nbsp;&nbsp; $17751595 |
| Intercontinental Exchange, Inc., 2.1%, 6/15/2030  | 6569000 | &nbsp;&nbsp; 5974782 |
| LPL Holdings, Inc., 6.75%, 11/17/2028  | 1321000 | &nbsp;&nbsp; 1384010 |
| LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 15087000 | &nbsp;&nbsp; 14431564 |
|  |  | &nbsp;&nbsp; $39541951 |
| Building – 0.2% | Building – 0.2% | Building – 0.2% |
| Martin Marietta Materials, Inc., 2.5%, 3/15/2030  | $586000 | &nbsp;&nbsp; $542028 |
| Masco Corp., 2%, 2/15/2031  | 12460000 | &nbsp;&nbsp; 10979374 |
| Vulcan Materials Co., 3.5%, 6/01/2030  | 1294000 | &nbsp;&nbsp; 1240400 |
|  |  | &nbsp;&nbsp; $12761802 |
| Business Services – 0.4% | Business Services – 0.4% | Business Services – 0.4% |
| Equinix, Inc., 1.8%, 7/15/2027  | $4515000 | &nbsp;&nbsp; $4362154 |
| Equinix, Inc., 2.5%, 5/15/2031  | 6102000 | &nbsp;&nbsp; 5446452 |
| Experian Finance PLC, 4.25%, 2/01/2029 (n) | 4026000 | &nbsp;&nbsp; 3995931 |
| Fiserv, Inc., 2.65%, 6/01/2030  | 2308000 | &nbsp;&nbsp; 2101563 |
| Global Payments, Inc., 2.9%, 11/15/2031  | 3763000 | &nbsp;&nbsp; 3297288 |
| Verisk Analytics, Inc., 4.125%, 3/15/2029  | 2855000 | &nbsp;&nbsp; 2839265 |
| Verisk Analytics, Inc., 5.75%, 4/01/2033  | 5258000 | &nbsp;&nbsp; 5441579 |
|  |  | &nbsp;&nbsp; $27484232 |
| Cable TV – 0.2% | Cable TV – 0.2% | Cable TV – 0.2% |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035  | $3545000 | &nbsp;&nbsp; $3599889 |
| Time Warner Entertainment Co. LP, 8.375%, 7/15/2033  | 6806000 | &nbsp;&nbsp; 7706279 |
|  |  | &nbsp;&nbsp; $11306168 |
| Chemicals – 0.0% | Chemicals – 0.0% | Chemicals – 0.0% |
| RPM International, Inc., 2.95%, 1/15/2032  | $2452000 | &nbsp;&nbsp; $2204255 |
| Conglomerates – 0.1% | Conglomerates – 0.1% | Conglomerates – 0.1% |
| Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028  | $6985000 | &nbsp;&nbsp; $7005485 |
| Consumer Products – 0.0% | Consumer Products – 0.0% | Consumer Products – 0.0% |
| Kenvue, Inc., 4.9%, 3/22/2033  | $3446000 | &nbsp;&nbsp; $3473731 |

---

------

MFS Total Return Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Diversified Financial Services – 0.4% | Diversified Financial Services – 0.4% | Diversified Financial Services – 0.4% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/2026  | $12829000 | &nbsp;&nbsp; $12687687 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.65%, 7/21/2027  | 7298000 | &nbsp;&nbsp; 7220014 |
| Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n) | 2248000 | &nbsp;&nbsp; 2247883 |
| Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n) | 6935000 | &nbsp;&nbsp; 6856672 |
| Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 (n) | 2516000 | &nbsp;&nbsp; 2430736 |
|  |  | &nbsp;&nbsp; $31442992 |
| Electrical Equipment – 0.1% | Electrical Equipment – 0.1% | Electrical Equipment – 0.1% |
| Arrow Electronics, Inc., 2.95%, 2/15/2032  | $9948000 | &nbsp;&nbsp; $8789616 |
| Energy - Independent – 0.3% | Energy - Independent – 0.3% | Energy - Independent – 0.3% |
| Diamondback Energy, Inc., 5.4%, 4/18/2034  | $4479000 | &nbsp;&nbsp; $4547067 |
| EQT Corp., 5.75%, 2/01/2034  | 10952000 | &nbsp;&nbsp; 11290786 |
| Santos Finance Ltd., 5.75%, 11/13/2035 (n) | 3117000 | &nbsp;&nbsp; 3124226 |
|  |  | &nbsp;&nbsp; $18962079 |
| Energy - Integrated – 0.3% | Energy - Integrated – 0.3% | Energy - Integrated – 0.3% |
| BP Capital Markets America, Inc., 2.721%, 1/12/2032  | $14222000 | &nbsp;&nbsp; $12851405 |
| Eni S.p.A., 4.75%, 9/12/2028 (n) | 12753000 | &nbsp;&nbsp; 12845816 |
|  |  | &nbsp;&nbsp; $25697221 |
| Food & Beverages – 0.5% | Food & Beverages – 0.5% | Food & Beverages – 0.5% |
| Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038  | $2490000 | &nbsp;&nbsp; $2318415 |
| Anheuser-Busch InBev Worldwide, Inc., 8%, 11/15/2039  | 9930000 | &nbsp;&nbsp; 12410402 |
| Diageo Capital PLC, 2.375%, 10/24/2029  | 7901000 | &nbsp;&nbsp; 7388461 |
| Mars, Inc., 5.2%, 3/01/2035 (n) | 15358000 | &nbsp;&nbsp; 15504219 |
|  |  | &nbsp;&nbsp; $37621497 |
| Global Systemically Important Banks – 1.9% | Global Systemically Important Banks – 1.9% | Global Systemically Important Banks – 1.9% |
| Bank of America Corp., 2.572% to 10/20/2031, FLR (SOFR - 1 day + 1.21%) to 10/20/2032  | $11068000 | &nbsp;&nbsp; $9847410 |
| Goldman Sachs Group, Inc., 2.6%, 2/07/2030  | 10264000 | &nbsp;&nbsp; 9547810 |
| Goldman Sachs Group, Inc., 2.383% to 7/21/2031, FLR (SOFR - 1 day + 1.248%) to 7/21/2032  | 8505000 | &nbsp;&nbsp; 7507990 |
| HSBC Holdings PLC, 4.7% to 9/09/2031, FLR (CMT - 1yr. + 3.25%) to 9/09/2169  | 2870000 | &nbsp;&nbsp; 2614248 |
| JPMorgan Chase & Co., 2.956% to 5/13/2030, FLR (SOFR - 1 day + 2.515%) to 5/13/2031  | 1604000 | &nbsp;&nbsp; 1494565 |
| JPMorgan Chase & Co., 2.545% to 11/08/2031, FLR (SOFR - 1 day + 1.18%) to 11/08/2032  | 15634000 | &nbsp;&nbsp; 13897269 |
| JPMorgan Chase & Co., 2.963% to 1/25/2032, FLR (SOFR - 1 day + 1.26%) to 1/25/2033  | 6063000 | &nbsp;&nbsp; 5500491 |
| JPMorgan Chase & Co., 5.766%, 4/22/2035  | 4837000 | &nbsp;&nbsp; 5038147 |
| JPMorgan Chase & Co., 3.109% to 4/22/2040, FLR (SOFR - 1 day + 2.46%) to 4/22/2041  | 8178000 | &nbsp;&nbsp; 6236405 |
| JPMorgan Chase & Co., 3.897% to 1/23/2048, FLR ((SOFR - 3mo. + 0.26161%) + 1.22%) to 1/23/2049  | 2957000 | &nbsp;&nbsp; 2270671 |
| Mitsubishi UFJ Financial Group, Inc., 2.852% to 1/19/2032, FLR (CMT - 1yr. + 1.1%) to 1/19/2033  | 9243000 | &nbsp;&nbsp; 8268749 |
| Mitsubishi UFJ Financial Group, Inc., 5.615%, 4/24/2036  | 14824000 | &nbsp;&nbsp; 15170552 |
| Morgan Stanley, 2.699% to 1/22/2030, FLR (SOFR - 1 day + 1.143%) to 1/22/2031  | 20096000 | &nbsp;&nbsp; 18659605 |
| Morgan Stanley, 2.943% to 1/21/2032, FLR (SOFR - 1 day + 1.29%) to 1/21/2033  | 10674000 | &nbsp;&nbsp; 9597400 |
| UBS Group AG, 2.095% to 2/11/2031, FLR (CMT - 1yr. + 1.0%) to 2/11/2032 (n) | 21679000 | &nbsp;&nbsp; 19100732 |
| UBS Group AG, 5.699% to 2/08/2034, FLR (CMT - 1yr. + 1.77%) to 2/08/2035 (n) | 6119000 | &nbsp;&nbsp; 6272692 |
|  |  | &nbsp;&nbsp; $141024736 |
| Insurance – 0.7% | Insurance – 0.7% | Insurance – 0.7% |
| AIA Group Ltd., 3.375%, 4/07/2030 (n) | $7948000 | &nbsp;&nbsp; $7684661 |
| Corebridge Financial, Inc., 3.9%, 4/05/2032  | 11552000 | &nbsp;&nbsp; 10833417 |
| Corebridge Financial, Inc., 5.75%, 1/15/2034  | 4619000 | &nbsp;&nbsp; 4737612 |
| Metropolitan Life Global Funding I, 3.3%, 3/21/2029 (n) | 14375000 | &nbsp;&nbsp; 13929506 |
| Sammons Financial Group, Inc., 4.75%, 4/08/2032 (n) | 2233000 | &nbsp;&nbsp; 2127326 |

---

------

MFS Total Return Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Insurance – continued | Insurance – continued | Insurance – continued |
| Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n) | $11339000 | &nbsp;&nbsp; $12005342 |
|  |  | &nbsp;&nbsp; $51317864 |
| Insurance - Health – 0.2% | Insurance - Health – 0.2% | Insurance - Health – 0.2% |
| Humana, Inc., 5.875%, 3/01/2033  | $4563000 | &nbsp;&nbsp; $4662397 |
| UnitedHealth Group, Inc., 5%, 4/15/2034  | 7433000 | &nbsp;&nbsp; 7438821 |
|  |  | &nbsp;&nbsp; $12101218 |
| Insurance - Property & Casualty – 0.6% | Insurance - Property & Casualty – 0.6% | Insurance - Property & Casualty – 0.6% |
| Aon Corp., 4.5%, 12/15/2028  | $6796000 | &nbsp;&nbsp; $6827244 |
| Brown & Brown, Inc., 4.2%, 3/17/2032  | 7284000 | &nbsp;&nbsp; 6875484 |
| Brown & Brown, Inc., 5.55%, 6/23/2035  | 1965000 | &nbsp;&nbsp; 1962390 |
| Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032  | 14958000 | &nbsp;&nbsp; 15344988 |
| Fairfax Financial Holdings Ltd., 6%, 12/07/2033  | 348000 | &nbsp;&nbsp; 363577 |
| Liberty Mutual Group, Inc., 3.951%, 10/15/2050 (n) | 3179000 | &nbsp;&nbsp; 2307297 |
| Marsh & McLennan Cos., Inc., 4.95%, 3/15/2036  | 9396000 | &nbsp;&nbsp; 9307185 |
|  |  | &nbsp;&nbsp; $42988165 |
| International Market Quasi-Sovereign – 0.0% | International Market Quasi-Sovereign – 0.0% | International Market Quasi-Sovereign – 0.0% |
| Electricite de France S.A., 6.9%, 5/23/2053 (n) | $2221000 | &nbsp;&nbsp; $2375928 |
| Machinery & Tools – 0.2% | Machinery & Tools – 0.2% | Machinery & Tools – 0.2% |
| Ashtead Capital, Inc., 5.5%, 8/11/2032 (n) | $14679000 | &nbsp;&nbsp; $14884646 |
| Media – 0.1% | Media – 0.1% | Media – 0.1% |
| Walt Disney Co., 3.5%, 5/13/2040  | $7611000 | &nbsp;&nbsp; $6229367 |
| Medical & Health Technology & Services – 0.3% | Medical & Health Technology & Services – 0.3% | Medical & Health Technology & Services – 0.3% |
| Adventist Health System/West, 5.43%, 3/01/2032  | $8829000 | &nbsp;&nbsp; $8965925 |
| Alcon Finance Corp., 2.6%, 5/27/2030 (n) | 944000 | &nbsp;&nbsp; 873130 |
| Cigna Corp., 3.2%, 3/15/2040  | 1613000 | &nbsp;&nbsp; 1249623 |
| HCA, Inc., 5.125%, 6/15/2039  | 5387000 | &nbsp;&nbsp; 5076828 |
| Northwell Healthcare, Inc., 3.979%, 11/01/2046  | 490000 | &nbsp;&nbsp; 380615 |
| Northwell Healthcare, Inc., 4.26%, 11/01/2047  | 3585000 | &nbsp;&nbsp; 2904237 |
|  |  | &nbsp;&nbsp; $19450358 |
| Medical Equipment – 0.1% | Medical Equipment – 0.1% | Medical Equipment – 0.1% |
| Boston Scientific Corp., 2.65%, 6/01/2030  | $4819000 | &nbsp;&nbsp; $4489990 |
| Metals & Mining – 0.3% | Metals & Mining – 0.3% | Metals & Mining – 0.3% |
| Anglo American Capital PLC, 3.875%, 3/16/2029 (n) | $1639000 | &nbsp;&nbsp; $1605915 |
| Anglo American Capital PLC, 5.625%, 4/01/2030 (n) | 4221000 | &nbsp;&nbsp; 4352592 |
| Anglo American Capital PLC, 2.625%, 9/10/2030 (n) | 14501000 | &nbsp;&nbsp; 13229811 |
| Glencore Funding LLC, 2.5%, 9/01/2030 (n) | 5139000 | &nbsp;&nbsp; 4673110 |
| Glencore Funding LLC, 2.85%, 4/27/2031 (n) | 2163000 | &nbsp;&nbsp; 1968708 |
|  |  | &nbsp;&nbsp; $25830136 |
| Midstream – 0.5% | Midstream – 0.5% | Midstream – 0.5% |
| Enbridge, Inc., 5.625%, 4/05/2034  | $11364000 | &nbsp;&nbsp; $11721843 |
| Plains All American Pipeline LP, 3.8%, 9/15/2030  | 6329000 | &nbsp;&nbsp; 6098437 |
| Plains All American Pipeline LP, 5.7%, 9/15/2034  | 3498000 | &nbsp;&nbsp; 3573086 |
| Sabine Pass Liquefaction LLC, 4.5%, 5/15/2030  | 1572000 | &nbsp;&nbsp; 1560587 |
| Spectra Energy Partners LP, 3.375%, 10/15/2026  | 2615000 | &nbsp;&nbsp; 2601896 |

---

------

MFS Total Return Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Midstream – continued | Midstream – continued | Midstream – continued |
| Targa Resources Corp., 4.2%, 2/01/2033  | $2565000 | &nbsp;&nbsp; $2428383 |
| Targa Resources Corp., 6.125%, 3/15/2033  | 8075000 | &nbsp;&nbsp; 8539960 |
|  |  | &nbsp;&nbsp; $36524192 |
| Mortgage-Backed – 9.2% | Mortgage-Backed – 9.2% |  |
| Fannie Mae, 4.54%, 7/01/2026  | $790943 | &nbsp;&nbsp; $790511 |
| Fannie Mae, 3.95%, 1/01/2027  | 765667 | &nbsp;&nbsp; 764579 |
| Fannie Mae, 3%, 11/01/2028 - 9/01/2046  | 1903660 | &nbsp;&nbsp; 1775954 |
| Fannie Mae, 6.5%, 6/01/2031 - 7/01/2037  | 771707 | &nbsp;&nbsp; 802692 |
| Fannie Mae, 2.5%, 11/01/2031 - 12/01/2036  | 272490 | &nbsp;&nbsp; 259427 |
| Fannie Mae, 5.5%, 2/01/2033 - 12/01/2038  | 3384064 | &nbsp;&nbsp; 3433682 |
| Fannie Mae, 3%, 2/25/2033 (i) | 393740 | &nbsp;&nbsp; 24621 |
| Fannie Mae, 4.5%, 8/01/2033 - 6/01/2044  | 7701338 | &nbsp;&nbsp; 7622443 |
| Fannie Mae, 5%, 11/01/2033 - 3/01/2042  | 2264225 | &nbsp;&nbsp; 2285264 |
| Fannie Mae, 6%, 1/01/2034 - 7/01/2037  | 2214738 | &nbsp;&nbsp; 2274069 |
| Fannie Mae, 3.5%, 4/01/2038 - 7/01/2046  | 21715212 | &nbsp;&nbsp; 20444612 |
| Fannie Mae, 3.25%, 5/25/2040  | 140486 | &nbsp;&nbsp; 133497 |
| Fannie Mae, 4%, 9/01/2040 - 6/01/2047  | 17787637 | &nbsp;&nbsp; 17155950 |
| Fannie Mae, 4.661%, 2/25/2045 (n) | 2495930 | &nbsp;&nbsp; 2492077 |
| Fannie Mae, 2%, 4/25/2046  | 292296 | &nbsp;&nbsp; 271885 |
| Fannie Mae, 4%, 7/25/2046 (i) | 567916 | &nbsp;&nbsp; 102082 |
| Fannie Mae, 5.561%, 11/25/2053  | 4403759 | &nbsp;&nbsp; 4518947 |
| Fannie Mae, UMBS, 2.5%, 10/01/2036 - 8/01/2052  | 92518074 | &nbsp;&nbsp; 79075110 |
| Fannie Mae, UMBS, 3%, 2/01/2037 - 6/01/2052  | 31472806 | &nbsp;&nbsp; 27956913 |
| Fannie Mae, UMBS, 5%, 10/01/2037 - 7/01/2053  | 9674812 | &nbsp;&nbsp; 9589019 |
| Fannie Mae, UMBS, 1.5%, 2/01/2042 - 4/01/2052  | 3874819 | &nbsp;&nbsp; 3024413 |
| Fannie Mae, UMBS, 2%, 2/01/2042 - 2/01/2052  | 35404695 | &nbsp;&nbsp; 29703388 |
| Fannie Mae, UMBS, 4.5%, 8/01/2052 - 3/01/2053  | 4010579 | &nbsp;&nbsp; 3892542 |
| Fannie Mae, UMBS, 6%, 11/01/2052 - 8/01/2055  | 24129243 | &nbsp;&nbsp; 24619377 |
| Fannie Mae, UMBS, 5.5%, 3/01/2053 - 12/01/2054  | 7858421 | &nbsp;&nbsp; 7924674 |
| Freddie Mac, 0.638%, 6/25/2027 (i) | 39273000 | &nbsp;&nbsp; 335874 |
| Freddie Mac, 0.725%, 6/25/2027 (i) | 11333499 | &nbsp;&nbsp; 70987 |
| Freddie Mac, 0.561%, 7/25/2027 (i) | 31604221 | &nbsp;&nbsp; 175606 |
| Freddie Mac, 0.326%, 8/25/2027 (i) | 27934000 | &nbsp;&nbsp; 140695 |
| Freddie Mac, 0.403%, 8/25/2027 (i) | 16354886 | &nbsp;&nbsp; 81859 |
| Freddie Mac, 0.279%, 9/25/2027 (i) | 30183000 | &nbsp;&nbsp; 153472 |
| Freddie Mac, 0.196%, 11/25/2027 (i) | 47333000 | &nbsp;&nbsp; 153392 |
| Freddie Mac, 0.275%, 11/25/2027 (i) | 31634892 | &nbsp;&nbsp; 119425 |
| Freddie Mac, 0.316%, 11/25/2027 (i) | 28147693 | &nbsp;&nbsp; 121454 |
| Freddie Mac, 0.249%, 12/25/2027 (i) | 29308000 | &nbsp;&nbsp; 126684 |
| Freddie Mac, 0.293%, 12/25/2027 (i) | 32765000 | &nbsp;&nbsp; 176675 |
| Freddie Mac, 0.357%, 12/25/2027 (i) | 47331379 | &nbsp;&nbsp; 268748 |
| Freddie Mac, 1.081%, 7/25/2029 (i) | 824044 | &nbsp;&nbsp; 25671 |
| Freddie Mac, 1.135%, 8/25/2029 (i) | 12966130 | &nbsp;&nbsp; 436627 |
| Freddie Mac, 1.797%, 4/25/2030 (i) | 2500000 | &nbsp;&nbsp; 162920 |
| Freddie Mac, 1.839%, 4/25/2030 (i) | 7819828 | &nbsp;&nbsp; 519485 |
| Freddie Mac, 1.666%, 5/25/2030 (i) | 4048749 | &nbsp;&nbsp; 257584 |
| Freddie Mac, 1.799%, 5/25/2030 (i) | 8995049 | &nbsp;&nbsp; 603352 |
| Freddie Mac, 1.341%, 6/25/2030 (i) | 3687431 | &nbsp;&nbsp; 186181 |
| Freddie Mac, 1.597%, 8/25/2030 (i) | 3331192 | &nbsp;&nbsp; 205763 |
| Freddie Mac, 1.168%, 9/25/2030 (i) | 2196896 | &nbsp;&nbsp; 102542 |
| Freddie Mac, 1.08%, 11/25/2030 (i) | 4320889 | &nbsp;&nbsp; 193346 |
| Freddie Mac, 0.318%, 1/25/2031 (i) | 16897073 | &nbsp;&nbsp; 198272 |
| Freddie Mac, 0.779%, 1/25/2031 (i) | 6541106 | &nbsp;&nbsp; 226933 |

---

------

MFS Total Return Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Mortgage-Backed – continued | Mortgage-Backed – continued |  |
| Freddie Mac, 0.935%, 1/25/2031 (i) | $4767487 | &nbsp;&nbsp; $188516 |
| Freddie Mac, 0.508%, 3/25/2031 (i) | 13712994 | &nbsp;&nbsp; 282279 |
| Freddie Mac, 0.732%, 3/25/2031 (i) | 5934811 | &nbsp;&nbsp; 198469 |
| Freddie Mac, 1.213%, 5/25/2031 (i) | 2518959 | &nbsp;&nbsp; 137192 |
| Freddie Mac, 0.937%, 7/25/2031 (i) | 4010843 | &nbsp;&nbsp; 181609 |
| Freddie Mac, 0.505%, 8/25/2031 (i) | 5104641 | &nbsp;&nbsp; 118033 |
| Freddie Mac, 0.536%, 9/25/2031 (i) | 16898337 | &nbsp;&nbsp; 440016 |
| Freddie Mac, 0.854%, 9/25/2031 (i) | 5075984 | &nbsp;&nbsp; 207086 |
| Freddie Mac, 0.349%, 11/25/2031 (i) | 25136487 | &nbsp;&nbsp; 443523 |
| Freddie Mac, 0.496%, 12/25/2031 (i) | 23600379 | &nbsp;&nbsp; 572057 |
| Freddie Mac, 0.566%, 12/25/2031 (i) | 40016231 | &nbsp;&nbsp; 1081179 |
| Freddie Mac, 0.285%, 11/25/2032 (i) | 23310507 | &nbsp;&nbsp; 316951 |
| Freddie Mac, 3%, 2/15/2033 (i) | 329451 | &nbsp;&nbsp; 14523 |
| Freddie Mac, 6%, 3/01/2033 - 9/01/2055  | 6790530 | &nbsp;&nbsp; 6933506 |
| Freddie Mac, 3.5%, 7/01/2033 - 10/25/2058  | 9240171 | &nbsp;&nbsp; 8731275 |
| Freddie Mac, 5%, 9/01/2033 - 7/01/2041  | 1405377 | &nbsp;&nbsp; 1420747 |
| Freddie Mac, 5.5%, 12/01/2033 - 10/01/2035  | 699926 | &nbsp;&nbsp; 710104 |
| Freddie Mac, 6.5%, 5/01/2034 - 7/01/2037  | 297057 | &nbsp;&nbsp; 310281 |
| Freddie Mac, 4.5%, 4/01/2035 - 5/01/2042  | 1123743 | &nbsp;&nbsp; 1113230 |
| Freddie Mac, 5.5%, 2/15/2036 (i) | 92224 | &nbsp;&nbsp; 13960 |
| Freddie Mac, 4%, 8/01/2037 - 4/01/2044  | 3590005 | &nbsp;&nbsp; 3470263 |
| Freddie Mac, 3%, 1/01/2038 - 2/25/2059  | 16015467 | &nbsp;&nbsp; 14611576 |
| Freddie Mac, 4.5%, 12/15/2040 (i) | 31898 | &nbsp;&nbsp; 2934 |
| Freddie Mac, 4%, 8/15/2044 (i) | 85273 | &nbsp;&nbsp; 6933 |
| Freddie Mac, UMBS, 6.5%, 5/01/2028 - 11/01/2054  | 1603270 | &nbsp;&nbsp; 1667285 |
| Freddie Mac, UMBS, 5%, 7/01/2035 - 9/01/2053  | 7046323 | &nbsp;&nbsp; 6978687 |
| Freddie Mac, UMBS, 6%, 1/01/2036 - 7/01/2055  | 16030073 | &nbsp;&nbsp; 16356735 |
| Freddie Mac, UMBS, 2.5%, 4/01/2037 - 9/01/2052  | 34035997 | &nbsp;&nbsp; 28878713 |
| Freddie Mac, UMBS, 3%, 10/01/2037 - 7/01/2053  | 20962154 | &nbsp;&nbsp; 18488781 |
| Freddie Mac, UMBS, 2%, 2/01/2042 - 3/01/2052  | 44049475 | &nbsp;&nbsp; 35940432 |
| Freddie Mac, UMBS, 3.5%, 12/01/2046 - 5/01/2052  | 3323286 | &nbsp;&nbsp; 3099511 |
| Freddie Mac, UMBS, 4%, 8/01/2047 - 5/01/2052  | 7968106 | &nbsp;&nbsp; 7617098 |
| Freddie Mac, UMBS, 1.5%, 3/01/2051 - 10/01/2051  | 1104404 | &nbsp;&nbsp; 857355 |
| Freddie Mac, UMBS, 4.5%, 10/01/2052 - 1/01/2053  | 9464675 | &nbsp;&nbsp; 9173890 |
| Freddie Mac, UMBS, 5.5%, 12/01/2052 - 7/01/2055  | 9816198 | &nbsp;&nbsp; 9910639 |
| Ginnie Mae, 6%, 9/15/2032 - 11/20/2054  | 878724 | &nbsp;&nbsp; 910402 |
| Ginnie Mae, 5.5%, 12/15/2032 - 3/20/2055  | 21785842 | &nbsp;&nbsp; 22001794 |
| Ginnie Mae, 4.5%, 7/15/2033 - 12/20/2052  | 29981082 | &nbsp;&nbsp; 29230018 |
| Ginnie Mae, 5%, 7/20/2033 - 5/20/2053  | 20123323 | &nbsp;&nbsp; 20032703 |
| Ginnie Mae, 4%, 1/20/2041 - 10/20/2052  | 12611420 | &nbsp;&nbsp; 11976781 |
| Ginnie Mae, 3.889%, 9/20/2041  | 2088155 | &nbsp;&nbsp; 2056664 |
| Ginnie Mae, 3.5%, 12/15/2041 - 3/20/2048  | 5719166 | &nbsp;&nbsp; 5395700 |
| Ginnie Mae, 3%, 4/20/2045 - 10/20/2052  | 28948286 | &nbsp;&nbsp; 26003036 |
| Ginnie Mae, 2.5%, 8/20/2051 - 4/20/2052  | 38215828 | &nbsp;&nbsp; 32902365 |
| Ginnie Mae, 2%, 1/20/2052 - 9/20/2052  | 27068550 | &nbsp;&nbsp; 22374132 |
| Ginnie Mae, 4.402%, 2/20/2056  | 7920416 | &nbsp;&nbsp; 7906826 |
| Ginnie Mae, 4.522%, 9/20/2065  | 4502588 | &nbsp;&nbsp; 4515404 |
| Ginnie Mae, 4.472%, 2/20/2066  | 6420064 | &nbsp;&nbsp; 6413993 |
| Ginnie Mae, TBA, 3.5%, 4/15/2056  | 5600000 | &nbsp;&nbsp; 5135510 |
| UMBS, TBA, 3%, 4/13/2056  | 1000000 | &nbsp;&nbsp; 878179 |
| UMBS, TBA, 5.5%, 4/13/2056  | 34000000 | &nbsp;&nbsp; 34156601 |
| UMBS, TBA, 1.5%, 4/25/2056  | 10225000 | &nbsp;&nbsp; 7888428 |
| UMBS, TBA, 4%, 4/25/2056  | 13225000 | &nbsp;&nbsp; 12478100 |
|  |  | &nbsp;&nbsp; $688713279 |

---

------

MFS Total Return Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Municipals – 0.4% | Municipals – 0.4% | Municipals – 0.4% |
| Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, "A", 6.352%, 7/01/2049  | $9860000 | &nbsp;&nbsp; $10233572 |
| New Jersey Turnpike Authority Rev., Taxable (Build America Bonds), "F", 7.414%, 1/01/2040  | 5815000 | &nbsp;&nbsp; 6873475 |
| Rhode Island Student Loan Authority, Education Loan Rev., Taxable, "1", 6.081%, 12/01/2042  | 6600000 | &nbsp;&nbsp; 6798479 |
| State of Florida, Taxable, "A", 2.154%, 7/01/2030  | 3243000 | &nbsp;&nbsp; 2984811 |
|  |  | &nbsp;&nbsp; $26890337 |
| Natural Gas - Distribution – 0.1% | Natural Gas - Distribution – 0.1% | Natural Gas - Distribution – 0.1% |
| NiSource, Inc., 2.95%, 9/01/2029  | $3757000 | &nbsp;&nbsp; $3570296 |
| NiSource, Inc., 5.65%, 2/01/2045  | 1946000 | &nbsp;&nbsp; 1882857 |
|  |  | &nbsp;&nbsp; $5453153 |
| Network & Telecom – 0.2% | Network & Telecom – 0.2% | Network & Telecom – 0.2% |
| NTT Finance Corp., 5.502%, 7/16/2035 (n) | $1792000 | &nbsp;&nbsp; $1817499 |
| Verizon Communications, Inc., 3.15%, 3/22/2030  | 3222000 | &nbsp;&nbsp; 3068746 |
| Verizon Communications, Inc., 2.55%, 3/21/2031  | 2662000 | &nbsp;&nbsp; 2416744 |
| Verizon Communications, Inc., 4.812%, 3/15/2039  | 5693000 | &nbsp;&nbsp; 5306697 |
|  |  | &nbsp;&nbsp; $12609686 |
| Non-Global Systemically Important Banks – 0.6% | Non-Global Systemically Important Banks – 0.6% | Non-Global Systemically Important Banks – 0.6% |
| Capital One Financial Corp., 3.273% to 3/01/2029, FLR (SOFR - 1 day + 1.79%) to 3/01/2030  | $15546000 | &nbsp;&nbsp; $14969344 |
| Deutsche Bank AG, 7.146% to 7/13/2026, FLR (SOFR - 1 day + 2.52%) to 7/13/2027  | 2814000 | &nbsp;&nbsp; 2832981 |
| Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027  | 2866000 | &nbsp;&nbsp; 2826921 |
| Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + 3.18%) to 1/18/2029  | 8348000 | &nbsp;&nbsp; 8648907 |
| Sumitomo Mitsui Financial Group, Inc., 2.472%, 1/14/2029  | 17174000 | &nbsp;&nbsp; 16291197 |
|  |  | &nbsp;&nbsp; $45569350 |
| Pollution Control – 0.3% | Pollution Control – 0.3% | Pollution Control – 0.3% |
| Waste Management, Inc., 4.875%, 2/15/2034  | $19470000 | &nbsp;&nbsp; $19687320 |
| Real Estate - Other – 0.2% | Real Estate - Other – 0.2% | Real Estate - Other – 0.2% |
| Public Storage Operating, REIT, 5.1%, 8/01/2033  | $14650000 | &nbsp;&nbsp; $14961041 |
| Real Estate - Retail – 0.1% | Real Estate - Retail – 0.1% | Real Estate - Retail – 0.1% |
| Brixmor Operating Partnership LP, REIT, 4.125%, 5/15/2029  | $553000 | &nbsp;&nbsp; $545494 |
| Brixmor Operating Partnership LP, REIT, 4.05%, 7/01/2030  | 5578000 | &nbsp;&nbsp; 5427113 |
| Realty Income Corp., REIT, 3.25%, 1/15/2031  | 1504000 | &nbsp;&nbsp; 1414218 |
|  |  | &nbsp;&nbsp; $7386825 |
| Real Estate - Storage & Office – 0.0% | Real Estate - Storage & Office – 0.0% | Real Estate - Storage & Office – 0.0% |
| Boston Properties LP, REIT, 2.55%, 4/01/2032  | $3985000 | &nbsp;&nbsp; $3419609 |
| Refining – 0.1% | Refining – 0.1% | Refining – 0.1% |
| Marathon Petroleum Corp., 4.75%, 9/15/2044  | $2955000 | &nbsp;&nbsp; $2512356 |
| Phillips 66 Co., 2.15%, 12/15/2030  | 9419000 | &nbsp;&nbsp; 8444165 |
|  |  | &nbsp;&nbsp; $10956521 |
| Retail & E-commerce – 0.2% | Retail & E-commerce – 0.2% | Retail & E-commerce – 0.2% |
| Alimentation Couche-Tard, Inc., 3.439%, 5/13/2041 (n) | $7513000 | &nbsp;&nbsp; $5924114 |
| Genuine Parts Co., 2.75%, 2/01/2032  | 12549000 | &nbsp;&nbsp; 10876498 |
|  |  | &nbsp;&nbsp; $16800612 |

---

------

MFS Total Return Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Semiconductor & Electronic Components – 0.1% | Semiconductor & Electronic Components – 0.1% | Semiconductor & Electronic Components – 0.1% |
| Broadcom, Inc., 4.926%, 5/15/2037 (n) | $10606000 | &nbsp;&nbsp; $10287005 |
| Software – 0.4% | Software – 0.4% | Software – 0.4% |
| Oracle Corp., 4.9%, 2/06/2033  | $2595000 | &nbsp;&nbsp; $2459253 |
| Oracle Corp., 5.2%, 9/26/2035  | 8713000 | &nbsp;&nbsp; 8172750 |
| Roper Technologies, Inc., 2%, 6/30/2030  | 3961000 | &nbsp;&nbsp; 3534991 |
| Salesforce, Inc., 5.2%, 3/15/2033  | 4680000 | &nbsp;&nbsp; 4672008 |
| Salesforce, Inc., 5.55%, 3/15/2036  | 4680000 | &nbsp;&nbsp; 4665442 |
| Salesforce, Inc., 6.4%, 3/15/2046  | 3120000 | &nbsp;&nbsp; 3141600 |
|  |  | &nbsp;&nbsp; $26646044 |
| Telecommunications - Wireless – 0.5% | Telecommunications - Wireless – 0.5% | Telecommunications - Wireless – 0.5% |
| Crown Castle, Inc., REIT, 3.65%, 9/01/2027  | $7499000 | &nbsp;&nbsp; $7409252 |
| Rogers Communications, Inc., 3.8%, 3/15/2032  | 13029000 | &nbsp;&nbsp; 12162408 |
| T-Mobile USA, Inc., 2.05%, 2/15/2028  | 6433000 | &nbsp;&nbsp; 6170357 |
| T-Mobile USA, Inc., 4.5%, 4/15/2050  | 7504000 | &nbsp;&nbsp; 6058827 |
| Vodafone Group PLC, 5.625%, 2/10/2053  | 2717000 | &nbsp;&nbsp; 2537214 |
|  |  | &nbsp;&nbsp; $34338058 |
| Tobacco – 0.4% | Tobacco – 0.4% | Tobacco – 0.4% |
| B.A.T. International Finance PLC, 4.448%, 3/16/2028  | $17670000 | &nbsp;&nbsp; $17677057 |
| Philip Morris International, Inc., 5.125%, 11/17/2027  | 2946000 | &nbsp;&nbsp; 2985502 |
| Philip Morris International, Inc., 5.625%, 11/17/2029  | 1348000 | &nbsp;&nbsp; 1401079 |
| Philip Morris International, Inc., 5.125%, 2/15/2030  | 5093000 | &nbsp;&nbsp; 5196597 |
| Philip Morris International, Inc., 5.75%, 11/17/2032  | 5979000 | &nbsp;&nbsp; 6294207 |
|  |  | &nbsp;&nbsp; $33554442 |
| Transportation & Logistics – 0.0% | Transportation & Logistics – 0.0% | Transportation & Logistics – 0.0% |
| ERAC USA Finance LLC, 7%, 10/15/2037 (n) | $2559000 | &nbsp;&nbsp; $2909385 |
| Travel, Gaming, & Lodging – 0.3% | Travel, Gaming, & Lodging – 0.3% | Travel, Gaming, & Lodging – 0.3% |
| GLP Capital LP/GLP Financing II, Inc., 5.3%, 1/15/2029  | $4735000 | &nbsp;&nbsp; $4776067 |
| Las Vegas Sands Corp., 3.9%, 8/08/2029  | 2724000 | &nbsp;&nbsp; 2624648 |
| Marriott International, Inc., 4.625%, 6/15/2030  | 6977000 | &nbsp;&nbsp; 6977769 |
| Marriott International, Inc., 2.85%, 4/15/2031  | 23000 | &nbsp;&nbsp; 21061 |
| Marriott International, Inc., 2.75%, 10/15/2033  | 5455000 | &nbsp;&nbsp; 4714444 |
|  |  | &nbsp;&nbsp; $19113989 |
| U.S. Treasury Obligations – 10.6% | U.S. Treasury Obligations – 10.6% | U.S. Treasury Obligations – 10.6% |
| U.S. Treasury Bonds, 2.875%, 5/15/2043  | $27861000 | &nbsp;&nbsp; $21397466 |
| U.S. Treasury Bonds, 4.5%, 2/15/2044  | 14000000 | &nbsp;&nbsp; 13388047 |
| U.S. Treasury Bonds, 3%, 11/15/2045  | 215000 | &nbsp;&nbsp; 162518 |
| U.S. Treasury Bonds, 4.625%, 11/15/2045  | 9500000 | &nbsp;&nbsp; 9163047 |
| U.S. Treasury Bonds, 2.25%, 8/15/2046 (f) | 161800000 | &nbsp;&nbsp; 105467055 |
| U.S. Treasury Bonds, 2.875%, 11/15/2046  | 14148000 | &nbsp;&nbsp; 10341856 |
| U.S. Treasury Bonds, 1.875%, 11/15/2051  | 9015000 | &nbsp;&nbsp; 4952263 |
| U.S. Treasury Bonds, 2.25%, 2/15/2052  | 44658400 | &nbsp;&nbsp; 26913664 |
| U.S. Treasury Bonds, 4%, 11/15/2052  | 7700000 | &nbsp;&nbsp; 6615684 |
| U.S. Treasury Bonds, 4.75%, 11/15/2053  | 20000000 | &nbsp;&nbsp; 19446094 |
| U.S. Treasury Bonds, 4.25%, 2/15/2054  | 58900000 | &nbsp;&nbsp; 52761516 |
| U.S. Treasury Bonds, 4.5%, 11/15/2054  | 55700000 | &nbsp;&nbsp; 52035984 |
| U.S. Treasury Notes, 4.5%, 4/15/2027  | 20300000 | &nbsp;&nbsp; 20454549 |
| U.S. Treasury Notes, 2.75%, 4/30/2027  | 57767600 | &nbsp;&nbsp; 57141909 |

---

------

MFS Total Return Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| U.S. Treasury Obligations – continued | U.S. Treasury Obligations – continued | U.S. Treasury Obligations – continued |
| U.S. Treasury Notes, 3.375%, 12/31/2027  | $34200000 | &nbsp;&nbsp; $33936820 |
| U.S. Treasury Notes, 4.125%, 7/31/2028  | 108900000 | &nbsp;&nbsp; 109648687 |
| U.S. Treasury Notes, 4.25%, 6/30/2029  | 97400000 | &nbsp;&nbsp; 98579454 |
| U.S. Treasury Notes, 3.875%, 4/30/2030  | 24000000 | &nbsp;&nbsp; 23973750 |
| U.S. Treasury Notes, 4.25%, 11/15/2034  | 100900000 | &nbsp;&nbsp; 100872410 |
| U.S. Treasury Notes, 4%, 11/15/2035  | 22500000 | &nbsp;&nbsp; 21948047 |
|  |  | &nbsp;&nbsp; $789200820 |
| Utilities – 0.9% | Utilities – 0.9% | Utilities – 0.9% |
| American Electric Power Co., Inc., 5.95%, 11/01/2032  | $4167000 | &nbsp;&nbsp; $4398878 |
| American Transmission Systems, Inc., 2.65%, 1/15/2032 (n) | 1804000 | &nbsp;&nbsp; 1616339 |
| Duke Energy Carolinas LLC, 4.95%, 1/15/2033  | 14391000 | &nbsp;&nbsp; 14608309 |
| Duke Energy Corp., 2.65%, 9/01/2026  | 1167000 | &nbsp;&nbsp; 1158822 |
| Duke Energy Corp., 4.5%, 8/15/2032  | 9846000 | &nbsp;&nbsp; 9690914 |
| Duke Energy Progress LLC, 3.45%, 3/15/2029  | 5272000 | &nbsp;&nbsp; 5157038 |
| Enel Finance International N.V., 4.75%, 5/25/2047 (n) | 2193000 | &nbsp;&nbsp; 1812155 |
| Exelon Corp., 4.05%, 4/15/2030  | 4954000 | &nbsp;&nbsp; 4851521 |
| Georgia Power Co., 3.7%, 1/30/2050  | 454000 | &nbsp;&nbsp; 332126 |
| Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 2889000 | &nbsp;&nbsp; 2595277 |
| Jersey Central Power & Light Co., 5.1%, 1/15/2035  | 2399000 | &nbsp;&nbsp; 2397968 |
| Oncor Electric Delivery Co. LLC, 5.75%, 3/15/2029  | 3467000 | &nbsp;&nbsp; 3589657 |
| Pacific Gas & Electric Co., 2.1%, 8/01/2027  | 1524000 | &nbsp;&nbsp; 1477007 |
| Pacific Gas & Electric Co., 3%, 6/15/2028  | 4676000 | &nbsp;&nbsp; 4523971 |
| Pacific Gas & Electric Co., 2.5%, 2/01/2031  | 7060000 | &nbsp;&nbsp; 6327208 |
| Pacific Gas & Electric Co., 3.3%, 8/01/2040  | 3306000 | &nbsp;&nbsp; 2472433 |
| Xcel Energy, Inc., 3.4%, 6/01/2030  | 3435000 | &nbsp;&nbsp; 3279848 |
|  |  | &nbsp;&nbsp; $70289471 |
| Utilities - Gas – 0.0% | Utilities - Gas – 0.0% | Utilities - Gas – 0.0% |
| East Ohio Gas Co., 2%, 6/15/2030 (n) | $3473000 | &nbsp;&nbsp; $3117112 |
| **Total Bonds (Identified Cost, $3,141,012,972)** |  | &nbsp;&nbsp; **$3030571473** |
| Preferred Stocks – 0.5% | Preferred Stocks – 0.5% | Preferred Stocks – 0.5% |
| Consumer Products – 0.5% |  |  |
| Henkel AG & Co. KGaA (Identified Cost, $41,278,194) | 502706 | &nbsp;&nbsp; $38624227 |
| Convertible Preferred Stocks – 0.3% | Convertible Preferred Stocks – 0.3% | Convertible Preferred Stocks – 0.3% |
| Aerospace & Defense – 0.3% | Aerospace & Defense – 0.3% |  |
| Boeing Co., 6%, 10/15/2027 (Identified Cost, $16,947,850) | 338957 | &nbsp;&nbsp; $21991530 |
| Mutual Funds (h) – 1.7% | Mutual Funds (h) – 1.7% | Mutual Funds (h) – 1.7% |
| Money Market Funds – 1.7% | Money Market Funds – 1.7% |  |
| MFS Institutional Money Market Portfolio, 3.71% (v) (Identified Cost, $127,983,908) | 127978120 | &nbsp;&nbsp; $127978120 |
| Other Assets, Less Liabilities – (0.5)% |  | &nbsp;&nbsp; (37436141) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$7475317176** |

---

------

MFS Total Return Fund

*Portfolio of Investments (unaudited) – continued*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) In default.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security has been segregated as collateral for open futures
 contracts and MBS/TBAs.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $127,978,120 and $7,384,775,197, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest only security for which the fund receives interest on notional principal
 (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $730,525,044, representing 9.8% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Interest received was less than stated coupon rate.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| FGIC | Financial Guaranty Insurance Co. |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| TBA | To Be Announced |
| UMBS | Uniform Mortgage-Backed Security |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 3/31/26** | **Derivative Contracts at 3/31/26** | **Derivative Contracts at 3/31/26** | **Derivative Contracts at 3/31/26** | **Derivative Contracts at 3/31/26** | **Derivative Contracts at 3/31/26** | **Derivative Contracts at 3/31/26** |
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp; **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value/Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1278 | &nbsp;&nbsp;&nbsp; $265115109 | June – 2026 | &nbsp;&nbsp;&nbsp; $(1866222)<br>|
| U.S. Treasury Note 5 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 886 | &nbsp;&nbsp;&nbsp; 95847204 | June – 2026 | &nbsp;&nbsp;&nbsp; (1160727)<br>|
| U.S. Treasury Ultra Bond 30 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 407 | &nbsp;&nbsp;&nbsp; 47440937 | June – 2026 | &nbsp;&nbsp;&nbsp; (1346576)<br>|
| U.S. Treasury Ultra Note 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 22476094 | June – 2026 | &nbsp;&nbsp;&nbsp; (393635)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(4767160)<br>|

---

At March 31, 2026, the fund had liquid securities collateral with an aggregate value of $6,791,711 to cover any collateral or margin obligations for certain derivative contracts.

**See Notes to Financial Statements**

------

MFS Total Return Fund

**Financial Statements** \| **Statement of Assets and Liabilities**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 3/31/26 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $6,042,402,431) | &nbsp;&nbsp; $7384775197 |
| Investments in affiliated issuers, at value (identified cost, $127,983,908) | &nbsp;&nbsp; 127978120 |
| Foreign currency, at value (identified cost, $139) | &nbsp;&nbsp; 138 |
| Receivables for |  |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; 372252 |
| Investments sold | &nbsp;&nbsp; 4478805 |
| Fund shares sold | &nbsp;&nbsp; 2637052 |
| Interest and dividends | &nbsp;&nbsp; 31630995 |
| Other assets | &nbsp;&nbsp; 44931 |
| Total assets | &nbsp;&nbsp; $7551917490 |
| **Liabilities** |  |
| Payable to custodian | &nbsp;&nbsp; $7 |
| Payables for |  |
| Distributions | &nbsp;&nbsp; 924992 |
| When-issued investments purchased | &nbsp;&nbsp; 4577814 |
| TBA purchase commitments | &nbsp;&nbsp; 61345426 |
| Fund shares reacquired | &nbsp;&nbsp; 7989551 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 141309 |
| Administrative services fee | &nbsp;&nbsp; 3195 |
| Shareholder servicing costs | &nbsp;&nbsp; 1288470 |
| Distribution and service fees | &nbsp;&nbsp; 74547 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 49552 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 205451 |
| Total liabilities | &nbsp;&nbsp; $76600314 |
| Net assets | &nbsp;&nbsp; $7475317176 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $5807505523 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 1667811653 |
| Net assets | &nbsp;&nbsp; $7475317176 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 385514976 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share (a)**<br>|
| Class A | &nbsp;&nbsp;&nbsp; $4885742747 | &nbsp;&nbsp;&nbsp; 252036503 | &nbsp;&nbsp;&nbsp; $19.39 |
| Class B | &nbsp;&nbsp;&nbsp; 6491825 | &nbsp;&nbsp;&nbsp; 333065 | &nbsp;&nbsp;&nbsp;&nbsp;19.49 |
| Class C | &nbsp;&nbsp;&nbsp; 142586436 | &nbsp;&nbsp;&nbsp; 7262013 | &nbsp;&nbsp;&nbsp;&nbsp;19.63 |
| Class I | &nbsp;&nbsp;&nbsp; 908507223 | &nbsp;&nbsp;&nbsp; 46885916 | &nbsp;&nbsp;&nbsp;&nbsp;19.38 |
| Class R1 | &nbsp;&nbsp;&nbsp; 6588324 | &nbsp;&nbsp;&nbsp; 340422 | &nbsp;&nbsp;&nbsp;&nbsp;19.35 |
| Class R2 | &nbsp;&nbsp;&nbsp; 69720618 | &nbsp;&nbsp;&nbsp; 3576237 | &nbsp;&nbsp;&nbsp;&nbsp;19.50 |
| Class R3 | &nbsp;&nbsp;&nbsp; 164644743 | &nbsp;&nbsp;&nbsp; 8481650 | &nbsp;&nbsp;&nbsp;&nbsp;19.41 |
| Class R4 | &nbsp;&nbsp;&nbsp; 50398511 | &nbsp;&nbsp;&nbsp; 2595273 | &nbsp;&nbsp;&nbsp;&nbsp;19.42 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1240636749 | &nbsp;&nbsp;&nbsp; 64003897 | &nbsp;&nbsp;&nbsp;&nbsp;19.38 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Maximum offering price per share was equal to the net asset value per share for all
 share classes, except for Class A, for which the maximum offering price per share was $20.57 [100 / 94.25 x $19.39]. On sales of $50,000 or
 more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class
 A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and
 R6.

**See Notes to Financial Statements**

------

MFS Total Return Fund

**Financial Statements** \| **Statement of Operations**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 3/31/26 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Interest | &nbsp;&nbsp; $64814366 |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; 54475852 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 2023284 |
| Other | &nbsp;&nbsp; 206314 |
| Income on securities loaned | &nbsp;&nbsp; 28308 |
| Foreign taxes withheld | &nbsp;&nbsp; (405565)<br>|
| Total investment income | &nbsp;&nbsp; $121142559 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $13326124 |
| Distribution and service fees | &nbsp;&nbsp; 7471044 |
| Shareholder servicing costs | &nbsp;&nbsp; 3233045 |
| Administrative services fee | &nbsp;&nbsp; 280115 |
| Independent Trustees' compensation | &nbsp;&nbsp; 74860 |
| Custodian fee | &nbsp;&nbsp; 147107 |
| Shareholder communications | &nbsp;&nbsp; 108940 |
| Audit and tax fees | &nbsp;&nbsp; 43195 |
| Legal fees | &nbsp;&nbsp; 19494 |
| Miscellaneous | &nbsp;&nbsp; 192173 |
| Total expenses | &nbsp;&nbsp; $24896097 |
| Fees paid indirectly | &nbsp;&nbsp; (1839)<br>|
| Reduction of expenses by distributor | &nbsp;&nbsp; (9405)<br>|
| Net expenses | &nbsp;&nbsp; $24884853 |
| Net investment income (loss) | &nbsp;&nbsp; $96257706 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $412766710 |
| Affiliated issuers | &nbsp;&nbsp; (1938)<br>|
| Futures contracts | &nbsp;&nbsp; 1934086 |
| Foreign currency | &nbsp;&nbsp; (114335)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; $414584523 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(246576524)<br>|
| Affiliated issuers | &nbsp;&nbsp; (17158)<br>|
| Futures contracts | &nbsp;&nbsp; (6429517)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; (37859)<br>|
| Net unrealized gain (loss) | &nbsp;&nbsp; $(253061058)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $161523465 |
| Change in net assets from operations | &nbsp;&nbsp; $257781171 |

---

**See Notes to Financial Statements**

------

MFS Total Return Fund

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**3/31/26** <br>**(unaudited)**<br>| <br>**9/30/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $96257706 | &nbsp;&nbsp; $189747634 |
| Net realized gain (loss) | 414584523 | &nbsp;&nbsp; 501990481 |
| Net unrealized gain (loss) | (253061058)<br>| &nbsp;&nbsp; (212977250)<br>|
| Change in net assets from operations | $257781171 | &nbsp;&nbsp; $478760865 |
| Total distributions to shareholders | $(559549026)<br>| &nbsp;&nbsp; $(653270693)<br>|
| Change in net assets from fund share transactions | $9142504 | &nbsp;&nbsp; $(149362830)<br>|
| Total change in net assets | $(292625351)<br>| &nbsp;&nbsp; $(323872658)<br>|
| **Net assets** |  |  |
| At beginning of period | 7767942527 | &nbsp;&nbsp; 8091815185 |
| At end of period | $7475317176 | &nbsp;&nbsp; $7767942527 |

---

**See Notes to Financial Statements**

------

MFS Total Return Fund

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $20.21 | &nbsp;&nbsp; $20.68 | &nbsp;&nbsp; $18.34 | &nbsp;&nbsp; $17.77 | &nbsp;&nbsp; $22.04 | &nbsp;&nbsp; $19.78 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.24 | &nbsp;&nbsp; $0.47 | &nbsp;&nbsp; $0.46 | &nbsp;&nbsp; $0.41 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.28 |
| Net realized and unrealized gain (loss) | 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.36 |
| Total from investment operations | $0.66 | &nbsp;&nbsp; $1.20 | &nbsp;&nbsp; $3.54 | &nbsp;&nbsp; $1.68 | &nbsp;&nbsp; $(2.52)<br>| &nbsp;&nbsp; $3.64 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.26)<br>| &nbsp;&nbsp; $(0.50)<br>| &nbsp;&nbsp; $(0.47)<br>| &nbsp;&nbsp; $(0.46)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.33)<br>|
| From net realized gain | (1.22)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.05)<br>|
| Total distributions declared to shareholders | $(1.48)<br>| &nbsp;&nbsp; $(1.67)<br>| &nbsp;&nbsp; $(1.20)<br>| &nbsp;&nbsp; $(1.11)<br>| &nbsp;&nbsp; $(1.75)<br>| &nbsp;&nbsp; $(1.38)<br>|
| Net asset value, end of period (x) | $19.39 | &nbsp;&nbsp; $20.21 | &nbsp;&nbsp; $20.68 | &nbsp;&nbsp; $18.34 | &nbsp;&nbsp; $17.77 | &nbsp;&nbsp; $22.04 |
| Total return (%) (r)(s)(t)(x) | 3.36<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp;&nbsp;&nbsp;19.98 | &nbsp;&nbsp;&nbsp;&nbsp;9.43 | &nbsp;&nbsp; (12.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.02 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Expenses after expense reductions (f) | 0.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net investment income (loss) | 2.45<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Portfolio turnover rate | 24<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 112 |
| Net assets at end of period (000 omitted) | $4885743 | &nbsp;&nbsp; $5029184 | &nbsp;&nbsp; $5193089 | &nbsp;&nbsp; $4667098 | &nbsp;&nbsp; $4462807 | &nbsp;&nbsp; $5207735 |

---

**See Notes to Financial Statements**

------

MFS Total Return Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $20.30 | &nbsp;&nbsp; $20.76 | &nbsp;&nbsp; $18.40 | &nbsp;&nbsp; $17.83 | &nbsp;&nbsp; $22.10 | &nbsp;&nbsp; $19.82 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.17 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.12 |
| Net realized and unrealized gain (loss) | 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.38 |
| Total from investment operations | $0.59 | &nbsp;&nbsp; $1.05 | &nbsp;&nbsp; $3.41 | &nbsp;&nbsp; $1.53 | &nbsp;&nbsp; $(2.67)<br>| &nbsp;&nbsp; $3.50 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.18)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.17)<br>|
| From net realized gain | (1.22)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.05)<br>|
| Total distributions declared to shareholders | $(1.40)<br>| &nbsp;&nbsp; $(1.51)<br>| &nbsp;&nbsp; $(1.05)<br>| &nbsp;&nbsp; $(0.96)<br>| &nbsp;&nbsp; $(1.60)<br>| &nbsp;&nbsp; $(1.22)<br>|
| Net asset value, end of period (x) | $19.49 | &nbsp;&nbsp; $20.30 | &nbsp;&nbsp; $20.76 | &nbsp;&nbsp; $18.40 | &nbsp;&nbsp; $17.83 | &nbsp;&nbsp; $22.10 |
| Total return (%) (r)(s)(t)(x) | 2.98<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp;&nbsp;19.09 | &nbsp;&nbsp;&nbsp;&nbsp;8.55 | &nbsp;&nbsp; (13.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.16 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.47<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Expenses after expense reductions (f) | 1.47<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Net investment income (loss) | 1.69<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Portfolio turnover rate | 24<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 112 |
| Net assets at end of period (000 omitted) | $6492 | &nbsp;&nbsp; $9603 | &nbsp;&nbsp; $20830 | &nbsp;&nbsp; $33156 | &nbsp;&nbsp; $48449 | &nbsp;&nbsp; $80923 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $20.45 | &nbsp;&nbsp; $20.90 | &nbsp;&nbsp; $18.52 | &nbsp;&nbsp; $17.94 | &nbsp;&nbsp; $22.23 | &nbsp;&nbsp; $19.92 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.17 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.12 |
| Net realized and unrealized gain (loss) | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp; (2.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.41 |
| Total from investment operations | $0.58 | &nbsp;&nbsp; $1.06 | &nbsp;&nbsp; $3.43 | &nbsp;&nbsp; $1.55 | &nbsp;&nbsp; $(2.69)<br>| &nbsp;&nbsp; $3.53 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.18)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.17)<br>|
| From net realized gain | (1.22)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.05)<br>|
| Total distributions declared to shareholders | $(1.40)<br>| &nbsp;&nbsp; $(1.51)<br>| &nbsp;&nbsp; $(1.05)<br>| &nbsp;&nbsp; $(0.97)<br>| &nbsp;&nbsp; $(1.60)<br>| &nbsp;&nbsp; $(1.22)<br>|
| Net asset value, end of period (x) | $19.63 | &nbsp;&nbsp; $20.45 | &nbsp;&nbsp; $20.90 | &nbsp;&nbsp; $18.52 | &nbsp;&nbsp; $17.94 | &nbsp;&nbsp; $22.23 |
| Total return (%) (r)(s)(t)(x) | 2.92<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp;&nbsp;&nbsp;19.08 | &nbsp;&nbsp;&nbsp;&nbsp;8.56 | &nbsp;&nbsp; (13.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.22 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.47<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Expenses after expense reductions (f) | 1.47<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Net investment income (loss) | 1.69<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Portfolio turnover rate | 24<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 112 |
| Net assets at end of period (000 omitted) | $142586 | &nbsp;&nbsp; $162843 | &nbsp;&nbsp; $224578 | &nbsp;&nbsp; $269522 | &nbsp;&nbsp; $325551 | &nbsp;&nbsp; $450129 |

---

**See Notes to Financial Statements**

------

MFS Total Return Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $20.20 | &nbsp;&nbsp; $20.67 | &nbsp;&nbsp; $18.33 | &nbsp;&nbsp; $17.77 | &nbsp;&nbsp; $22.04 | &nbsp;&nbsp; $19.77 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.27 | &nbsp;&nbsp; $0.52 | &nbsp;&nbsp; $0.51 | &nbsp;&nbsp; $0.46 | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp; $0.34 |
| Net realized and unrealized gain (loss) | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.37 |
| Total from investment operations | $0.68 | &nbsp;&nbsp; $1.24 | &nbsp;&nbsp; $3.59 | &nbsp;&nbsp; $1.72 | &nbsp;&nbsp; $(2.47)<br>| &nbsp;&nbsp; $3.71 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.28)<br>| &nbsp;&nbsp; $(0.54)<br>| &nbsp;&nbsp; $(0.52)<br>| &nbsp;&nbsp; $(0.51)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.39)<br>|
| From net realized gain | (1.22)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.05)<br>|
| Total distributions declared to shareholders | $(1.50)<br>| &nbsp;&nbsp; $(1.71)<br>| &nbsp;&nbsp; $(1.25)<br>| &nbsp;&nbsp; $(1.16)<br>| &nbsp;&nbsp; $(1.80)<br>| &nbsp;&nbsp; $(1.44)<br>|
| Net asset value, end of period (x) | $19.38 | &nbsp;&nbsp; $20.20 | &nbsp;&nbsp; $20.67 | &nbsp;&nbsp; $18.33 | &nbsp;&nbsp; $17.77 | &nbsp;&nbsp; $22.04 |
| Total return (%) (r)(s)(t)(x) | 3.49<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.73 | &nbsp;&nbsp;&nbsp;&nbsp;20.29 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp; (12.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.38 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.47<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Expenses after expense reductions (f) | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Net investment income (loss) | 2.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| Portfolio turnover rate | 24<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 112 |
| Net assets at end of period (000 omitted) | $908507 | &nbsp;&nbsp; $930388 | &nbsp;&nbsp; $1010924 | &nbsp;&nbsp; $923970 | &nbsp;&nbsp; $871532 | &nbsp;&nbsp; $1008628 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $20.18 | &nbsp;&nbsp; $20.65 | &nbsp;&nbsp; $18.32 | &nbsp;&nbsp; $17.75 | &nbsp;&nbsp; $22.02 | &nbsp;&nbsp; $19.75 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.17 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.12 |
| Net realized and unrealized gain (loss) | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.37 |
| Total from investment operations | $0.57 | &nbsp;&nbsp; $1.05 | &nbsp;&nbsp; $3.39 | &nbsp;&nbsp; $1.54 | &nbsp;&nbsp; $(2.67)<br>| &nbsp;&nbsp; $3.49 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.18)<br>| &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.17)<br>|
| From net realized gain | (1.22)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.05)<br>|
| Total distributions declared to shareholders | $(1.40)<br>| &nbsp;&nbsp; $(1.52)<br>| &nbsp;&nbsp; $(1.06)<br>| &nbsp;&nbsp; $(0.97)<br>| &nbsp;&nbsp; $(1.60)<br>| &nbsp;&nbsp; $(1.22)<br>|
| Net asset value, end of period (x) | $19.35 | &nbsp;&nbsp; $20.18 | &nbsp;&nbsp; $20.65 | &nbsp;&nbsp; $18.32 | &nbsp;&nbsp; $17.75 | &nbsp;&nbsp; $22.02 |
| Total return (%) (r)(s)(t)(x) | 2.93<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;19.06 | &nbsp;&nbsp;&nbsp;&nbsp;8.60 | &nbsp;&nbsp; (13.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.20 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.47<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Expenses after expense reductions (f) | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Net investment income (loss) | 1.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Portfolio turnover rate | 24<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 112 |
| Net assets at end of period (000 omitted) | $6588 | &nbsp;&nbsp; $6724 | &nbsp;&nbsp; $6955 | &nbsp;&nbsp; $6166 | &nbsp;&nbsp; $8391 | &nbsp;&nbsp; $10420 |

---

**See Notes to Financial Statements**

------

MFS Total Return Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $20.31 | &nbsp;&nbsp; $20.78 | &nbsp;&nbsp; $18.42 | &nbsp;&nbsp; $17.85 | &nbsp;&nbsp; $22.13 | &nbsp;&nbsp; $19.85 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.22 | &nbsp;&nbsp; $0.42 | &nbsp;&nbsp; $0.41 | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.23 |
| Net realized and unrealized gain (loss) | 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp; (2.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.38 |
| Total from investment operations | $0.64 | &nbsp;&nbsp; $1.15 | &nbsp;&nbsp; $3.51 | &nbsp;&nbsp; $1.63 | &nbsp;&nbsp; $(2.58)<br>| &nbsp;&nbsp; $3.61 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.23)<br>| &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(0.42)<br>| &nbsp;&nbsp; $(0.41)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.28)<br>|
| From net realized gain | (1.22)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.05)<br>|
| Total distributions declared to shareholders | $(1.45)<br>| &nbsp;&nbsp; $(1.62)<br>| &nbsp;&nbsp; $(1.15)<br>| &nbsp;&nbsp; $(1.06)<br>| &nbsp;&nbsp; $(1.70)<br>| &nbsp;&nbsp; $(1.33)<br>|
| Net asset value, end of period (x) | $19.50 | &nbsp;&nbsp; $20.31 | &nbsp;&nbsp; $20.78 | &nbsp;&nbsp; $18.42 | &nbsp;&nbsp; $17.85 | &nbsp;&nbsp; $22.13 |
| Total return (%) (r)(s)(t)(x) | 3.26<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;&nbsp;19.70 | &nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp; (12.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.75 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.97<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Expenses after expense reductions (f) | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Net investment income (loss) | 2.19<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Portfolio turnover rate | 24<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 112 |
| Net assets at end of period (000 omitted) | $69721 | &nbsp;&nbsp; $74360 | &nbsp;&nbsp; $79867 | &nbsp;&nbsp; $79854 | &nbsp;&nbsp; $88487 | &nbsp;&nbsp; $118257 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $20.23 | &nbsp;&nbsp; $20.70 | &nbsp;&nbsp; $18.36 | &nbsp;&nbsp; $17.79 | &nbsp;&nbsp; $22.06 | &nbsp;&nbsp; $19.79 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.24 | &nbsp;&nbsp; $0.47 | &nbsp;&nbsp; $0.46 | &nbsp;&nbsp; $0.41 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.28 |
| Net realized and unrealized gain (loss) | 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.37 |
| Total from investment operations | $0.66 | &nbsp;&nbsp; $1.20 | &nbsp;&nbsp; $3.54 | &nbsp;&nbsp; $1.68 | &nbsp;&nbsp; $(2.52)<br>| &nbsp;&nbsp; $3.65 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.26)<br>| &nbsp;&nbsp; $(0.50)<br>| &nbsp;&nbsp; $(0.47)<br>| &nbsp;&nbsp; $(0.46)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.33)<br>|
| From net realized gain | (1.22)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.05)<br>|
| Total distributions declared to shareholders | $(1.48)<br>| &nbsp;&nbsp; $(1.67)<br>| &nbsp;&nbsp; $(1.20)<br>| &nbsp;&nbsp; $(1.11)<br>| &nbsp;&nbsp; $(1.75)<br>| &nbsp;&nbsp; $(1.38)<br>|
| Net asset value, end of period (x) | $19.41 | &nbsp;&nbsp; $20.23 | &nbsp;&nbsp; $20.70 | &nbsp;&nbsp; $18.36 | &nbsp;&nbsp; $17.79 | &nbsp;&nbsp; $22.06 |
| Total return (%) (r)(s)(t)(x) | 3.35<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;&nbsp;&nbsp;19.96 | &nbsp;&nbsp;&nbsp;&nbsp;9.41 | &nbsp;&nbsp; (12.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.05 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Expenses after expense reductions (f) | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Net investment income (loss) | 2.44<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Portfolio turnover rate | 24<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 112 |
| Net assets at end of period (000 omitted) | $164645 | &nbsp;&nbsp; $216357 | &nbsp;&nbsp; $225520 | &nbsp;&nbsp; $207158 | &nbsp;&nbsp; $222265 | &nbsp;&nbsp; $294584 |

---

**See Notes to Financial Statements**

------

MFS Total Return Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $20.24 | &nbsp;&nbsp; $20.71 | &nbsp;&nbsp; $18.36 | &nbsp;&nbsp; $17.80 | &nbsp;&nbsp; $22.07 | &nbsp;&nbsp; $19.80 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.27 | &nbsp;&nbsp; $0.52 | &nbsp;&nbsp; $0.50 | &nbsp;&nbsp; $0.46 | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp; $0.34 |
| Net realized and unrealized gain (loss) | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.37 |
| Total from investment operations | $0.68 | &nbsp;&nbsp; $1.24 | &nbsp;&nbsp; $3.60 | &nbsp;&nbsp; $1.72 | &nbsp;&nbsp; $(2.47)<br>| &nbsp;&nbsp; $3.71 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.28)<br>| &nbsp;&nbsp; $(0.54)<br>| &nbsp;&nbsp; $(0.52)<br>| &nbsp;&nbsp; $(0.51)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.39)<br>|
| From net realized gain | (1.22)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.05)<br>|
| Total distributions declared to shareholders | $(1.50)<br>| &nbsp;&nbsp; $(1.71)<br>| &nbsp;&nbsp; $(1.25)<br>| &nbsp;&nbsp; $(1.16)<br>| &nbsp;&nbsp; $(1.80)<br>| &nbsp;&nbsp; $(1.44)<br>|
| Net asset value, end of period (x) | $19.42 | &nbsp;&nbsp; $20.24 | &nbsp;&nbsp; $20.71 | &nbsp;&nbsp; $18.36 | &nbsp;&nbsp; $17.80 | &nbsp;&nbsp; $22.07 |
| Total return (%) (r)(s)(t)(x) | 3.48<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;&nbsp;20.31 | &nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp; (12.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.35 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.47<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Expenses after expense reductions (f) | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Net investment income (loss) | 2.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| Portfolio turnover rate | 24<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 112 |
| Net assets at end of period (000 omitted) | $50399 | &nbsp;&nbsp; $72820 | &nbsp;&nbsp; $78546 | &nbsp;&nbsp; $214802 | &nbsp;&nbsp; $203954 | &nbsp;&nbsp; $252366 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **3/31/26** <br>**(unaudited)**<br>| **9/30/25** | **9/30/24** | **9/30/23** | **9/30/22** | **9/30/21** |
| Net asset value, beginning of period | $20.20 | &nbsp;&nbsp; $20.68 | &nbsp;&nbsp; $18.34 | &nbsp;&nbsp; $17.77 | &nbsp;&nbsp; $22.04 | &nbsp;&nbsp; $19.77 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.27 | &nbsp;&nbsp; $0.53 | &nbsp;&nbsp; $0.52 | &nbsp;&nbsp; $0.47 | &nbsp;&nbsp; $0.38 | &nbsp;&nbsp; $0.35 |
| Net realized and unrealized gain (loss) | 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.37 |
| Total from investment operations | $0.69 | &nbsp;&nbsp; $1.25 | &nbsp;&nbsp; $3.60 | &nbsp;&nbsp; $1.74 | &nbsp;&nbsp; $(2.45)<br>| &nbsp;&nbsp; $3.72 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.29)<br>| &nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp; $(0.53)<br>| &nbsp;&nbsp; $(0.52)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.40)<br>|
| From net realized gain | (1.22)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.05)<br>|
| Total distributions declared to shareholders | $(1.51)<br>| &nbsp;&nbsp; $(1.73)<br>| &nbsp;&nbsp; $(1.26)<br>| &nbsp;&nbsp; $(1.17)<br>| &nbsp;&nbsp; $(1.82)<br>| &nbsp;&nbsp; $(1.45)<br>|
| Net asset value, end of period (x) | $19.38 | &nbsp;&nbsp; $20.20 | &nbsp;&nbsp; $20.68 | &nbsp;&nbsp; $18.34 | &nbsp;&nbsp; $17.77 | &nbsp;&nbsp; $22.04 |
| Total return (%) (r)(s)(t)(x) | 3.52<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;20.37 | &nbsp;&nbsp;&nbsp;&nbsp;9.78 | &nbsp;&nbsp; (12.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.47 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.39<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Expenses after expense reductions (f) | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Net investment income (loss) | 2.77<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Portfolio turnover rate | 24<br> (n)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 112 |
| Net assets at end of period (000 omitted) | $1240637 | &nbsp;&nbsp; $1265662 | &nbsp;&nbsp; $1251507 | &nbsp;&nbsp; $1004631 | &nbsp;&nbsp; $902020 | &nbsp;&nbsp; $1023815 |

---

**See Notes to Financial Statements**

------

MFS Total Return Fund

*Financial Highlights - continued*

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Total Return Fund

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Total Return Fund (the fund) is a diversified series of MFS Series Trust V (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

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

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

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

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. 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. 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

------

MFS Total Return Fund

*Notes to Financial Statements (unaudited) - continued* 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United States | $4131439652 | $— | $— | $4131439652 |
| United Kingdom |  | 113970257 |  | 113970257 |
| Germany |  | 38624227 |  | 38624227 |
| Switzerland |  | 29725106 |  | 29725106 |
| Canada | 26301923 |  |  | 26301923 |
| Hong Kong |  | 14142559 |  | 14142559 |
| U.S. Treasury Bonds & U.S. Government <br> Agencies & Equivalents<br>|  | 789200820 |  | 789200820 |
| Non - U.S. Sovereign Debt |  | 2375928 |  | 2375928 |
| Municipal Bonds |  | 26890337 |  | 26890337 |
| U.S. Corporate Bonds |  | 670987452 |  | 670987452 |
| Residential Mortgage-Backed Securities |  | 774681851 |  | 774681851 |
| Commercial Mortgage-Backed Securities |  | 115725183 |  | 115725183 |
| Asset-Backed Securities (including CDOs) |  | 373176625 |  | 373176625 |
| Foreign Bonds |  | 277533277 |  | 277533277 |
| Investment Companies | 127978120 |  |  | 127978120 |
| Total | $4285719695 | $3227033622 | $— | $7512753317 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Other Financial Instruments** |  |  |  |
| Futures Contracts – Liabilities | $(4767160)<br>| $— | $(4767160)<br>|

---

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

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign

------

MFS Total Return Fund

*Notes to Financial Statements (unaudited) - continued* 

exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Derivatives** — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative's original cost.

The derivative instruments used by the fund during the period were futures contracts. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at March 31, 2026 as reported in the Statement of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  |  | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Liability Derivatives** |
| Interest Rate | Futures Contracts | $(4767160) |

---

(a) Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is reported separately within the Statement of Assets and Liabilities.

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

---

| | |
|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>|
| Interest Rate | $1934086 |

---

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the six months ended March 31, 2026 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>|
| Interest Rate | $(6429517)<br>|

---

Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.

Collateral and margin requirements differ by type of derivative. For exchange-traded and cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the exchange or clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the exchange or clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options). Collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to brokers to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as cash collateral posted for uncleared derivatives and/or cash pledged for exchange-traded or

------

MFS Total Return Fund

*Notes to Financial Statements (unaudited) - continued* 

cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in "Miscellaneous" expense in the Statement of Operations.

**Futures Contracts** — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, currency exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a specified percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures contracts is realized.

The fund bears the risk of interest rates, exchange rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures contracts may present less counterparty risk to the fund since the contracts are exchange traded and the exchange's clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund's maximum risk of loss due to counterparty credit risk is equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.

**Mortgage-Backed/Asset-Backed Securities** — The fund invests a significant portion of its assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae.

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, JPMorgan Chase and Co., as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within three business days. The loans are collateralized by cash and/or U.S. Treasury and federal agency obligations in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or, when such purchase is commercially impracticable, pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. Treasury and/or federal agency obligations, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At March 31, 2026, there were no securities on loan or collateral outstanding.

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

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date. Debt obligations may be placed on non-accrual status or set to accrue at a rate of interest less than the contractual coupon when the collection of all or a portion of interest has become doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.

------

MFS Total Return Fund

*Notes to Financial Statements (unaudited) - continued* 

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

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

The fund may purchase or sell mortgage-backed securities on a To Be Announced ("TBA") basis. A TBA transaction is subject to extended settlement and typically does not designate the actual security to be delivered, but instead includes an approximate principal amount. The price of the TBA security and the date that it will be settled are fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and no interest accrues to the fund until settlement takes place. TBA purchase and sale commitments are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy and included in TBA purchase and TBA sale commitments in the Statement of Assets and Liabilities, as applicable. Losses may arise as a result of changes in the value of the TBA investment prior to settlement date or due to counterparty non-performance.

The fund may also enter into mortgage dollar rolls, typically TBA dollar rolls, in which the fund sells TBA mortgage-backed securities to financial institutions and simultaneously agrees to repurchase similar (same issuer, type and coupon) securities at a later date at an agreed-upon price. During the period between the sale and repurchase, the fund will not be entitled to receive interest and principal payments on the securities sold. The fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. Dollar roll transactions involve the risk that the market value of the securities that the fund is required to purchase may decline below the agreed upon repurchase price of those securities.

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

To mitigate the counterparty credit risk on To Be Announced ("TBA") transactions, mortgage dollar rolls, and other types of forward settling mortgage-backed and asset-backed security transactions, the fund whenever possible enters into a Master Securities Forward Transaction Agreement ("MSFTA") on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the MSFTA, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the MSFTA could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.

For mortgage-backed and asset-backed securities traded under a MSFTA, the collateral and margining requirements are contract specific. Collateral amounts across all transactions traded under such agreement are netted and an amount is posted from one party to the other to collateralize such obligations. Cash posted to cover the fund's collateral or margin obligations under a MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as cash collateral posted. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments.

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

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign

------

MFS Total Return Fund

*Notes to Financial Statements (unaudited) - continued* 

taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

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

Book/tax differences primarily relate to amortization of premium and accretion of discount of debt securities, wash sale loss deferrals, and treating a portion of the proceeds from redemptions as a distribution for tax purposes.

The tax character of distributions made during the six months ended March 31, 2026 will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**9/30/25**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $209991624 |
| Long-term capital gains | &nbsp;&nbsp; 443279069 |
| Total distributions | &nbsp;&nbsp; $653270693 |

---

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

---

| | |
|:---|:---|
| **As of 3/31/26** |  |
| Cost of investments | &nbsp;&nbsp; $6216277982 |
| Gross appreciation | &nbsp;&nbsp; 1539242428 |
| Gross depreciation | &nbsp;&nbsp; (242767093)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $1296475335 |
| **As of 9/30/25** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 32358429 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 411498950 |
| Other temporary differences | &nbsp;&nbsp; (17848994)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 1543571123 |

---

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class C shares will convert to Class A shares approximately eight years after purchase. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**3/31/26**<br>| **Year** <br>**ended** <br>**9/30/25**<br>|
| Class A | $361631574 | &nbsp;&nbsp; $416876995 |
| Class B | 588199 | &nbsp;&nbsp; 1283131 |
| Class C | 10555631 | &nbsp;&nbsp; 14941487 |
| Class I | 67955456 | &nbsp;&nbsp; 83946604 |
| Class R1 | 460910 | &nbsp;&nbsp; 512722 |
| Class R2 | 5206082 | &nbsp;&nbsp; 5935812 |
| Class R3 | 12579035 | &nbsp;&nbsp; 17996493 |
| Class R4 | 4996852 | &nbsp;&nbsp; 6312465 |
| Class R6 | 95575287 | &nbsp;&nbsp; 105464984 |
| Total | $559549026 | &nbsp;&nbsp; $653270693 |

---

------

MFS Total Return Fund

*Notes to Financial Statements (unaudited) - continued* 

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

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $6.3 billion | 0.35% |
| In excess of $6.3 billion and up to $10 billion | 0.34% |
| In excess of $10 billion | 0.33% |

---

The management fee incurred for the six months ended March 31, 2026 was equivalent to an annual effective rate of 0.35% of the fund's average daily net assets.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $84,453 for the six months ended March 31, 2026, as its portion of the initial sales charge on sales of Class A shares of the fund.

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

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

**Distribution Plan Fee Table:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Class A |  | 0.25% | 0.25% | 0.25% | $6224406 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | 41067 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 768517 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 33625 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 182467 |
| Class R3 |  | 0.25% | 0.25% | 0.25% | 220962 |
| Total Distribution and Service Fees  |  |  |  |  | $7471044 |

---

(d) In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each

class's average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting

period. Any rate changes, if applicable, are detailed below.

(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended March 31, 2026 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended March 31, 2026, this rebate amounted to $9,391, $4, and $10 for Class A, Class B, and Class C shares, respectively, and is included in the reduction of total expenses in the Statement of Operations.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended March 31, 2026, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $69367 |
| Class B |  |
| Class C | 4960 |

---

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the six months ended March 31, 2026, the fee was $681,169, which equated to 0.0178% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended March 31, 2026, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $2,551,876.

------

MFS Total Return Fund

*Notes to Financial Statements (unaudited) - continued* 

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended March 31, 2026 was equivalent to an annual effective rate of 0.0073% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

During the six months ended March 31, 2026, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the "Act") and relevant guidance, the fund engaged in purchase transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") which amounted to $4,578,442.

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the six months ended March 31, 2026, this reimbursement amounted to $49,132, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the six months ended March 31, 2026, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $895411913 | &nbsp;&nbsp; $982752379 |
| Non-U.S. Government securities | 909286358 | &nbsp;&nbsp; 1303208173 |

---

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**3/31/26** | **Six months ended** <br>**3/31/26** | **Year ended** <br>**9/30/25** | **Year ended** <br>**9/30/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Class A | 9943394 | &nbsp;&nbsp; $197253710 | &nbsp;&nbsp; 22885764 | &nbsp;&nbsp; $450048551 |
| Class B |  |  | &nbsp;&nbsp; 5051 | &nbsp;&nbsp; 98660 |
| Class C | 344947 | &nbsp;&nbsp; 6942537 | &nbsp;&nbsp; 841844 | &nbsp;&nbsp; 16779424 |
| Class I | 4045413 | &nbsp;&nbsp; 80288411 | &nbsp;&nbsp; 7077051 | &nbsp;&nbsp; 139170501 |
| Class R1 | 7999 | &nbsp;&nbsp; 158847 | &nbsp;&nbsp; 30257 | &nbsp;&nbsp; 587456 |
| Class R2 | 221092 | &nbsp;&nbsp; 4432448 | &nbsp;&nbsp; 654396 | &nbsp;&nbsp; 12926372 |
| Class R3 | 702745 | &nbsp;&nbsp; 13980756 | &nbsp;&nbsp; 1181558 | &nbsp;&nbsp; 23207386 |
| Class R4 | 166640 | &nbsp;&nbsp; 3296807 | &nbsp;&nbsp; 854601 | &nbsp;&nbsp; 16623944 |
| Class R6 | 6258639 | &nbsp;&nbsp; 124351822 | &nbsp;&nbsp; 12268617 | &nbsp;&nbsp; 240717920 |
|  | 21690869 | &nbsp;&nbsp; $430705338 | &nbsp;&nbsp; 45799139 | &nbsp;&nbsp; $900160214 |

---

------

MFS Total Return Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **3/31/26** | **Six months ended**<br> **3/31/26** | **Year ended**<br> **9/30/25** | **Year ended**<br> **9/30/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Class A | 17852978 | &nbsp;&nbsp; $345035682 | &nbsp;&nbsp; 20826584 | &nbsp;&nbsp; $397313235 |
| Class B | 30330 | &nbsp;&nbsp; 588097 | &nbsp;&nbsp; 67316 | &nbsp;&nbsp; 1282870 |
| Class C | 520692 | &nbsp;&nbsp; 10175734 | &nbsp;&nbsp; 744939 | &nbsp;&nbsp; 14316412 |
| Class I | 3103638 | &nbsp;&nbsp; 59972589 | &nbsp;&nbsp; 3805788 | &nbsp;&nbsp; 72614109 |
| Class R1 | 23924 | &nbsp;&nbsp; 460910 | &nbsp;&nbsp; 27009 | &nbsp;&nbsp; 512722 |
| Class R2 | 265876 | &nbsp;&nbsp; 5165534 | &nbsp;&nbsp; 307806 | &nbsp;&nbsp; 5895317 |
| Class R3 | 649873 | &nbsp;&nbsp; 12579035 | &nbsp;&nbsp; 942312 | &nbsp;&nbsp; 17996493 |
| Class R4 | 216701 | &nbsp;&nbsp; 4197618 | &nbsp;&nbsp; 280802 | &nbsp;&nbsp; 5368874 |
| Class R6 | 4671593 | &nbsp;&nbsp; 90322111 | &nbsp;&nbsp; 5209896 | &nbsp;&nbsp; 99504266 |
|  | 27335605 | &nbsp;&nbsp; $528497310 | &nbsp;&nbsp; 32212452 | &nbsp;&nbsp; $614804298 |
| Shares reacquired |  |  |  |  |
| Class A | (24662211)<br>| &nbsp;&nbsp; $(489676359)<br>| &nbsp;&nbsp; (45928337)<br>| &nbsp;&nbsp; $(900997723)<br>|
| Class B | (170214)<br>| &nbsp;&nbsp; (3372961)<br>| &nbsp;&nbsp; (602592)<br>| &nbsp;&nbsp; (11814875)<br>|
| Class C | (1568330)<br>| &nbsp;&nbsp; (31437176)<br>| &nbsp;&nbsp; (4366567)<br>| &nbsp;&nbsp; (86781288)<br>|
| Class I | (6327145)<br>| &nbsp;&nbsp; (125602659)<br>| &nbsp;&nbsp; (13720828)<br>| &nbsp;&nbsp; (268434231)<br>|
| Class R1 | (24792)<br>| &nbsp;&nbsp; (491153)<br>| &nbsp;&nbsp; (60710)<br>| &nbsp;&nbsp; (1190901)<br>|
| Class R2 | (571590)<br>| &nbsp;&nbsp; (11448868)<br>| &nbsp;&nbsp; (1144762)<br>| &nbsp;&nbsp; (22594595)<br>|
| Class R3 | (3565386)<br>| &nbsp;&nbsp; (71471626)<br>| &nbsp;&nbsp; (2322165)<br>| &nbsp;&nbsp; (45631755)<br>|
| Class R4 | (1386028)<br>| &nbsp;&nbsp; (27188270)<br>| &nbsp;&nbsp; (1329829)<br>| &nbsp;&nbsp; (26271617)<br>|
| Class R6 | (9570285)<br>| &nbsp;&nbsp; (189371072)<br>| &nbsp;&nbsp; (15357636)<br>| &nbsp;&nbsp; (300610357)<br>|
|  | (47845981)<br>| &nbsp;&nbsp; $(950060144)<br>| &nbsp;&nbsp; (84833426)<br>| &nbsp;&nbsp; $(1664327342)<br>|
| Net change |  |  |  |  |
| Class A | 3134161 | &nbsp;&nbsp; $52613033 | &nbsp;&nbsp; (2215989)<br>| &nbsp;&nbsp; $(53635937)<br>|
| Class B | (139884)<br>| &nbsp;&nbsp; (2784864)<br>| &nbsp;&nbsp; (530225)<br>| &nbsp;&nbsp; (10433345)<br>|
| Class C | (702691)<br>| &nbsp;&nbsp; (14318905)<br>| &nbsp;&nbsp; (2779784)<br>| &nbsp;&nbsp; (55685452)<br>|
| Class I | 821906 | &nbsp;&nbsp; 14658341 | &nbsp;&nbsp; (2837989)<br>| &nbsp;&nbsp; (56649621)<br>|
| Class R1 | 7131 | &nbsp;&nbsp; 128604 | &nbsp;&nbsp; (3444)<br>| &nbsp;&nbsp; (90723)<br>|
| Class R2 | (84622)<br>| &nbsp;&nbsp; (1850886)<br>| &nbsp;&nbsp; (182560)<br>| &nbsp;&nbsp; (3772906)<br>|
| Class R3 | (2212768)<br>| &nbsp;&nbsp; (44911835)<br>| &nbsp;&nbsp; (198295)<br>| &nbsp;&nbsp; (4427876)<br>|
| Class R4 | (1002687)<br>| &nbsp;&nbsp; (19693845)<br>| &nbsp;&nbsp; (194426)<br>| &nbsp;&nbsp; (4278799)<br>|
| Class R6 | 1359947 | &nbsp;&nbsp; 25302861 | &nbsp;&nbsp; 2120877 | &nbsp;&nbsp; 39611829 |
|  | 1180493 | &nbsp;&nbsp; $9142504 | &nbsp;&nbsp; (6821835)<br>| &nbsp;&nbsp; $(149362830)<br>|

---

Effective June 1, 2019, purchases of the fund's Class B shares were closed to new and existing investors subject to certain exceptions. Effective September 29, 2023, purchases of the fund's Class R1 and Class R2 shares were closed to new eligible investors.

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate), 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended March 31, 2026, the fund's commitment fee and interest expense were $18,075 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

------

MFS Total Return Fund

*Notes to Financial Statements (unaudited) - continued* 

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

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the six months ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $114233354 | &nbsp;&nbsp; $702565659 | &nbsp;&nbsp; $688801797 | &nbsp;&nbsp; $(1938)<br>| &nbsp;&nbsp; $(17158)<br>| &nbsp;&nbsp; $127978120 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $2023284 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Total Return Fund.

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

There is nothing to report for this item for MFS Total Return Fund.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Total Return Fund. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

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

Not Applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 16. CONTROLS AND PROCEDURES.
* Based upon their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. 

* There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable to the Registrant.

------

#### ITEM 19. EXHIBITS.
* Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable.

* Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

* A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as [EX-99.302CERT](99.302.htm).

* Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

* Change in the registrant's independent public accountant. Not applicable.

* If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as [EX-99.906CERT](99.906.htm).

------

#### Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) MFS SERIES TRUST V

By (Signature and Title)\*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President

Date: May 14, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)\*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President (Principal Executive Officer)

Date: May 14, 2026

By (Signature and Title)\*

/S/ KASEY L. PHILLIPS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer)

Date: May 14, 2026

\* Print name and title of each signing officer under his or her signature.

------

## Ex-99

**<u>EX-99.302CERT</u>**

**MFS SERIES TRUST V**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, David L. DiLorenzo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of MFS Series Trust V;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 14, 2026

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

**<u>EX-99.302CERT</u>**

**MFS SERIES TRUST V**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Kasey L. Phillips, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of MFS Series Trust V;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 14, 2026

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

------

## Exhibit 99.906

**<u>EX-99.906CERT</u>**

**MFS SERIES TRUST V**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

I, David L. DiLorenzo, certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Form N-CSR (the "Report") of MFS Series Trust V (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 14, 2026

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

**<u>EX-99.906CERT</u>**

**MFS SERIES TRUST V**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

I, Kasey L. Phillips, certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Form N-CSR (the "Report") of MFS Series Trust V (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 14, 2026

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

------