# EDGAR Filing Document

**Accession Number:** 0000783740
**File Stem:** 0001145549-25-050338
**Filing Date:** 2025-8
**Character Count:** 2451040
**Document Hash:** 2c38d8d336cffa62bcdc484a45fa8b3a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-050338.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001145549-25-050338

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 199

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**EFFECTIVENESS DATE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS SERIES TRUST X
- **CENTRAL INDEX KEY:** 0000783740

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04492
- **FILM NUMBER:** 251179098

**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 GOVERNMENT MORTGAGE FUND
- **DATE OF NAME CHANGE:** 19930408

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS GOVERNMENT INCOME PLUS FUND
- **DATE OF NAME CHANGE:** 19930312

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASSACHUSETTS MFS GOVERNMENT INCOME PLUS FUND
- **DATE OF NAME CHANGE:** 19921015

## Series and Classes Contracts Data

### MFS Aggressive Growth Allocation Fund (Series ID: S000002506)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006838 | A            | MAAGX           |
| C000006839 | R4           | MAALX           |
| C000006843 | B            | MBAGX           |
| C000006844 | C            | MCAGX           |
| C000006845 | I            | MIAGX           |
| C000006847 | R1           | MAAFX           |
| C000006849 | R2           | MAWAX           |
| C000006850 | R3           | MAAHX           |
| C000231058 | R6           | AGGPX           |

### MFS Moderate Allocation Fund (Series ID: S000002507)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006851 | A            | MAMAX           |
| C000006852 | R4           | MAMJX           |
| C000006856 | B            | MMABX           |
| C000006857 | C            | MMACX           |
| C000006858 | I            | MMAIX           |
| C000006860 | R1           | MAMFX           |
| C000006862 | R2           | MARRX           |
| C000006863 | R3           | MAMHX           |
| C000231059 | R6           | MAMPX           |

### MFS Conservative Allocation Fund (Series ID: S000002510)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006887 | A            | MACFX           |
| C000006888 | R4           | MACJX           |
| C000006892 | B            | MACBX           |
| C000006893 | C            | MACVX           |
| C000006894 | I            | MACIX           |
| C000006896 | R1           | MACKX           |
| C000006898 | R2           | MCARX           |
| C000006899 | R3           | MACNX           |
| C000231060 | R6           | MACQX           |

### MFS Emerging Markets Equity Fund (Series ID: S000002512)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006904 | A            | MEMAX           |
| C000006905 | B            | MEMBX           |
| C000006906 | C            | MEMCX           |
| C000006907 | I            | MEMIX           |
| C000071424 | R1           | MEMRX           |
| C000071425 | R2           | MEMFX           |
| C000071426 | R3           | MEMGX           |
| C000071427 | R4           | MEMHX           |
| C000071428 | R6           | MEMJX           |

### MFS Growth Allocation Fund (Series ID: S000002514)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006911 | A            | MAGWX           |
| C000006912 | R4           | MAGJX           |
| C000006916 | B            | MBGWX           |
| C000006917 | C            | MCGWX           |
| C000006918 | I            | MGWIX           |
| C000006920 | R1           | MAGMX           |
| C000006922 | R2           | MGALX           |
| C000006923 | R3           | MAGEX           |
| C000231061 | R6           | MAGQX           |

### MFS International Diversification Fund (Series ID: S000002515)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006924 | A            | MDIDX           |
| C000006925 | R4           | MDITX           |
| C000006929 | B            | MDIFX           |
| C000006930 | C            | MDIGX           |
| C000006931 | I            | MDIJX           |
| C000006933 | R1           | MDIOX           |
| C000006935 | R2           | MDIKX           |
| C000006936 | R3           | MDIHX           |
| C000195683 | R6           | MDIZX           |

### MFS International Growth Fund (Series ID: S000002516)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006937 | A            | MGRAX           |
| C000006938 | B            | MGRBX           |
| C000006939 | C            | MGRCX           |
| C000006940 | I            | MQGIX           |
| C000034484 | R6           | MGRDX           |
| C000071430 | R4           | MGRVX           |
| C000071431 | R1           | MGRRX           |
| C000071432 | R2           | MGRQX           |
| C000071433 | R3           | MGRTX           |

### MFS International Intrinsic Value Fund (Series ID: S000002517)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006941 | A            | MGIAX           |
| C000006942 | B            | MGIBX           |
| C000006943 | C            | MGICX           |
| C000006944 | I            | MINIX           |
| C000034485 | R6           | MINJX           |
| C000071434 | R1           | MINRX           |
| C000071435 | R2           | MINFX           |
| C000071436 | R3           | MINGX           |
| C000071437 | R4           | MINHX           |

### MFS Managed Wealth Fund (Series ID: S000045806)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000142775 | A            | MNWAX           |
| C000142776 | B            | MNWBX           |
| C000142777 | C            | MNWCX           |
| C000142778 | I            | MNWIX           |
| C000142779 | R1           | MNWRX           |
| C000142780 | R2           | MNWSX           |
| C000142781 | R3           | MNWTX           |
| C000142782 | R4           | MNWUX           |
| C000195688 | R6           | MNWZX           |

### MFS Blended Research Growth Equity Fund (Series ID: S000050658)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000160020 | A            | BRWAX           |
| C000160021 | B            | BRWBX           |
| C000160022 | C            | BRWCX           |
| C000160023 | I            | BRWJX           |
| C000160024 | R1           | BRWRX           |
| C000160025 | R2           | BRWSX           |
| C000160026 | R3           | BRWTX           |
| C000160027 | R4           | BRWUX           |
| C000160028 | R6           | BRWVX           |

### MFS Blended Research Small Cap Equity Fund (Series ID: S000050659)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000160029 | A            | BRSDX           |
| C000160030 | B            | BRSBX           |
| C000160031 | C            | BRSHX           |
| C000160032 | I            | BRSJX           |
| C000160033 | R1           | BRSPX           |
| C000160034 | R2           | BRSSX           |
| C000160035 | R3           | BRSTX           |
| C000160036 | R4           | BRSUX           |
| C000160037 | R6           | BRSYX           |

### MFS Blended Research Value Equity Fund (Series ID: S000050660)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000160038 | A            | BRUDX           |
| C000160039 | B            | BRUEX           |
| C000160040 | C            | BRUGX           |
| C000160041 | I            | BRUHX           |
| C000160042 | R1           | BRUJX           |
| C000160043 | R2           | BRUKX           |
| C000160044 | R3           | BRULX           |
| C000160045 | R4           | BRUMX           |
| C000160046 | R6           | BRUNX           |

### MFS Blended Research Mid Cap Equity Fund (Series ID: S000054892)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000172715 | A            | BMSFX           |
| C000172716 | B            | BMSBX           |
| C000172717 | C            | BMSDX           |
| C000172718 | I            | BMSLX           |
| C000172719 | R1           | BMSRX           |
| C000172720 | R2           | BMSSX           |
| C000172721 | R3           | BMSTX           |
| C000172722 | R4           | BMSVX           |
| C000172723 | R6           | BMSYX           |

### MFS International Large Cap Value Fund (Series ID: S000068882)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000220106 | R6           | MKVHX           |
| C000220107 | R4           | MKVGX           |
| C000220108 | R3           | MKVFX           |
| C000220109 | A            | MKVBX           |
| C000220110 | R1           | MKVDX           |
| C000220111 | I            | MKVIX           |
| C000220112 | C            | MKVCX           |
| C000220113 | R2           | MKVEX           |

?xml version='1.0' encoding='ASCII'? 8ddcea1614ca059

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-04492

#### MFS SERIES TRUST X
(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:

#### May 31\*

#### Date of reporting period:

#### May 31, 2025
\*This Form N-CSR pertains to the following series of the Registrant: MFS Aggressive Growth Allocation Fund, MFS Blended Research Growth Equity Fund, MFS Blended Research Small Cap Equity Fund, MFS Blended Research Value Equity Fund, MFS Blended Research Mid Cap Equity Fund, MFS Conservative Allocation Fund, MFS Emerging Markets Equity Fund, MFS Growth Allocation Fund, MFS International Diversification Fund, MFS International Growth Fund, MFS International Intrinsic Value Fund, MFS International Large Cap Value Fund, MFS Managed Wealth Fund, and MFS Moderate Allocation Fund. The remaining series of the Registrant have fiscal year ends other than May 31.

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

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Aggressive Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class A-MAAGX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Aggressive Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| A | $40 | 0.38% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class A shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 9.52%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.

![Fund Performance - Growth of 10K](chartimages_2064788.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| A without sales charge | 9.52% | 10.92% | 8.89% |
| A with initial sales charge (5.75%) | 3.22% | 9.62% | 8.25% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Aggressive Growth Allocation Fund Blended Index ∆ | 12.97% | 14.06% | 9.83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/a for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2860668362 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 16 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2064783.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Growth Fund | 11.7% |
| MFS Value Fund | 11.6% |
| MFS Research Fund | 10.4% |
| MFS Mid Cap Growth Fund | 10.2% |
| MFS Mid Cap Value Fund | 9.9% |
| MFS Research International Fund | 8.1% |
| MFS International Large Cap Value Fund | 5.2% |
| MFS International Intrinsic Value Fund | 5.1% |
| MFS International Growth Fund | 5.0% |
| MFS Global Real Estate Fund | 5.0% |
| MFS Commodity Strategy Fund | 4.5% |
| MFS International New Discovery Fund | 4.0% |
| MFS Emerging Markets Equity Fund | 3.0% |
| MFS New Discovery Fund | 2.5% |
| MFS New Discovery Value Fund | 2.5% |
| MFS Institutional Money Market Portfolio | 1.3% |

---

#### 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.

AGGA-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Aggressive Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class B-MBAGX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Aggressive Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| B | $118 | 1.13% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class B shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 8.72%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the Blended Index:

Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results.

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2064655.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| B without sales charge | 8.72% | 10.10% | 8.08% |
| B with CDSC (declining over six years from 4% to 0%)<sup>×</sup> | 4.72% | 9.82% | 8.08% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Aggressive Growth Allocation Fund Blended Index ∆ | 12.97% | 14.06% | 9.83% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/b for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2860668362 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 16 | Portfolio Turnover Rate (%): | 5 |

---

*#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2064659.jpg)

**Portfolio holdings**

---

| | |
|:---|:---|
| MFS Growth Fund | 11.7% |
| MFS Value Fund | 11.6% |
| MFS Research Fund | 10.4% |
| MFS Mid Cap Growth Fund | 10.2% |
| MFS Mid Cap Value Fund | 9.9% |
| MFS Research International Fund | 8.1% |
| MFS International Large Cap Value Fund | 5.2% |
| MFS International Intrinsic Value Fund | 5.1% |
| MFS International Growth Fund | 5.0% |
| MFS Global Real Estate Fund | 5.0% |
| MFS Commodity Strategy Fund | 4.5% |
| MFS International New Discovery Fund | 4.0% |
| MFS Emerging Markets Equity Fund | 3.0% |
| MFS New Discovery Fund | 2.5% |
| MFS New Discovery Value Fund | 2.5% |
| MFS Institutional Money Market Portfolio | 1.3% |

---

#### 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.

AGGB-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Aggressive Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class C-MCAGX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Aggressive Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| C | $118 | 1.13% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class C shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 8.71%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the Blended Index:

Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results.

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2064600.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| C without sales charge | 8.71% | 10.09% | 8.08% |
| C with CDSC (1% for 12 months)<sup>×</sup> | 7.71% | 10.09% | 8.08% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Aggressive Growth Allocation Fund Blended Index ∆ | 12.97% | 14.06% | 9.83% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/c for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2860668362 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 16 | Portfolio Turnover Rate (%): | 5 |

---

*#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2064595.jpg)

**Portfolio holdings**

---

| | |
|:---|:---|
| MFS Growth Fund | 11.7% |
| MFS Value Fund | 11.6% |
| MFS Research Fund | 10.4% |
| MFS Mid Cap Growth Fund | 10.2% |
| MFS Mid Cap Value Fund | 9.9% |
| MFS Research International Fund | 8.1% |
| MFS International Large Cap Value Fund | 5.2% |
| MFS International Intrinsic Value Fund | 5.1% |
| MFS International Growth Fund | 5.0% |
| MFS Global Real Estate Fund | 5.0% |
| MFS Commodity Strategy Fund | 4.5% |
| MFS International New Discovery Fund | 4.0% |
| MFS Emerging Markets Equity Fund | 3.0% |
| MFS New Discovery Fund | 2.5% |
| MFS New Discovery Value Fund | 2.5% |
| MFS Institutional Money Market Portfolio | 1.3% |

---

#### 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.

AGGC-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Aggressive Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class I-MIAGX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Aggressive Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| I | $14 | 0.13% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class I shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 9.80%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2064467.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| I without sales charge | 9.80% | 11.20% | 9.16% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Aggressive Growth Allocation Fund Blended Index ∆ | 12.97% | 14.06% | 9.83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/i for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2860668362 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 16 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2064471.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Growth Fund | 11.7% |
| MFS Value Fund | 11.6% |
| MFS Research Fund | 10.4% |
| MFS Mid Cap Growth Fund | 10.2% |
| MFS Mid Cap Value Fund | 9.9% |
| MFS Research International Fund | 8.1% |
| MFS International Large Cap Value Fund | 5.2% |
| MFS International Intrinsic Value Fund | 5.1% |
| MFS International Growth Fund | 5.0% |
| MFS Global Real Estate Fund | 5.0% |
| MFS Commodity Strategy Fund | 4.5% |
| MFS International New Discovery Fund | 4.0% |
| MFS Emerging Markets Equity Fund | 3.0% |
| MFS New Discovery Fund | 2.5% |
| MFS New Discovery Value Fund | 2.5% |
| MFS Institutional Money Market Portfolio | 1.3% |

---

#### 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.

AGGI-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Aggressive Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R1-MAAFX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Aggressive Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R1 | $118 | 1.13% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R1 shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 8.72%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2064411.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R1 without sales charge | 8.72% | 10.09% | 8.08% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Aggressive Growth Allocation Fund Blended Index ∆ | 12.97% | 14.06% | 9.83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r1 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2860668362 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 16 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2064408.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Growth Fund | 11.7% |
| MFS Value Fund | 11.6% |
| MFS Research Fund | 10.4% |
| MFS Mid Cap Growth Fund | 10.2% |
| MFS Mid Cap Value Fund | 9.9% |
| MFS Research International Fund | 8.1% |
| MFS International Large Cap Value Fund | 5.2% |
| MFS International Intrinsic Value Fund | 5.1% |
| MFS International Growth Fund | 5.0% |
| MFS Global Real Estate Fund | 5.0% |
| MFS Commodity Strategy Fund | 4.5% |
| MFS International New Discovery Fund | 4.0% |
| MFS Emerging Markets Equity Fund | 3.0% |
| MFS New Discovery Fund | 2.5% |
| MFS New Discovery Value Fund | 2.5% |
| MFS Institutional Money Market Portfolio | 1.3% |

---

#### 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.

AGGR1-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Aggressive Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R2-MAWAX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Aggressive Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R2 | $66 | 0.63% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R2 shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 9.28%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2064279.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R2 without sales charge | 9.28% | 10.64% | 8.62% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Aggressive Growth Allocation Fund Blended Index ∆ | 12.97% | 14.06% | 9.83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r2 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2860668362 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 16 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2064283.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Growth Fund | 11.7% |
| MFS Value Fund | 11.6% |
| MFS Research Fund | 10.4% |
| MFS Mid Cap Growth Fund | 10.2% |
| MFS Mid Cap Value Fund | 9.9% |
| MFS Research International Fund | 8.1% |
| MFS International Large Cap Value Fund | 5.2% |
| MFS International Intrinsic Value Fund | 5.1% |
| MFS International Growth Fund | 5.0% |
| MFS Global Real Estate Fund | 5.0% |
| MFS Commodity Strategy Fund | 4.5% |
| MFS International New Discovery Fund | 4.0% |
| MFS Emerging Markets Equity Fund | 3.0% |
| MFS New Discovery Fund | 2.5% |
| MFS New Discovery Value Fund | 2.5% |
| MFS Institutional Money Market Portfolio | 1.3% |

---

#### 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.

AGGR2-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Aggressive Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R3-MAAHX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Aggressive Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R3 | $40 | 0.38% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R3 shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 9.55%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2064223.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R3 without sales charge | 9.55% | 10.92% | 8.89% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Aggressive Growth Allocation Fund Blended Index ∆ | 12.97% | 14.06% | 9.83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r3 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2860668362 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 16 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2064220.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Growth Fund | 11.7% |
| MFS Value Fund | 11.6% |
| MFS Research Fund | 10.4% |
| MFS Mid Cap Growth Fund | 10.2% |
| MFS Mid Cap Value Fund | 9.9% |
| MFS Research International Fund | 8.1% |
| MFS International Large Cap Value Fund | 5.2% |
| MFS International Intrinsic Value Fund | 5.1% |
| MFS International Growth Fund | 5.0% |
| MFS Global Real Estate Fund | 5.0% |
| MFS Commodity Strategy Fund | 4.5% |
| MFS International New Discovery Fund | 4.0% |
| MFS Emerging Markets Equity Fund | 3.0% |
| MFS New Discovery Fund | 2.5% |
| MFS New Discovery Value Fund | 2.5% |
| MFS Institutional Money Market Portfolio | 1.3% |

---

#### 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.

AGGR3-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Aggressive Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R4-MAALX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Aggressive Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R4 | $14 | 0.13% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R4 shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 9.84%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2064091.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R4 without sales charge | 9.84% | 11.20% | 9.16% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Aggressive Growth Allocation Fund Blended Index ∆ | 12.97% | 14.06% | 9.83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r4 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2860668362 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 16 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2064096.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Growth Fund | 11.7% |
| MFS Value Fund | 11.6% |
| MFS Research Fund | 10.4% |
| MFS Mid Cap Growth Fund | 10.2% |
| MFS Mid Cap Value Fund | 9.9% |
| MFS Research International Fund | 8.1% |
| MFS International Large Cap Value Fund | 5.2% |
| MFS International Intrinsic Value Fund | 5.1% |
| MFS International Growth Fund | 5.0% |
| MFS Global Real Estate Fund | 5.0% |
| MFS Commodity Strategy Fund | 4.5% |
| MFS International New Discovery Fund | 4.0% |
| MFS Emerging Markets Equity Fund | 3.0% |
| MFS New Discovery Fund | 2.5% |
| MFS New Discovery Value Fund | 2.5% |
| MFS Institutional Money Market Portfolio | 1.3% |

---

#### 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.

AGGR4-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Aggressive Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R6-AGGPX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Aggressive Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R6 | $5 | 0.05% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R6 shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 9.89%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2064036.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | |
|:---|:---|:---|
| **Share Class** | **1-yr** | **Life\*** |
| R6 without sales charge | 9.89% | 5.22% |
| **Comparative Benchmark(s)** |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 10.31% |
| MFS Aggressive Growth Allocation Fund Blended Index ∆ | 12.97% | 8.44% |

---

\* For the period from the commencement of the class's investment operations, September 30, 2021 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |

---

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r6 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2860668362 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 16 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2064031.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Growth Fund | 11.7% |
| MFS Value Fund | 11.6% |
| MFS Research Fund | 10.4% |
| MFS Mid Cap Growth Fund | 10.2% |
| MFS Mid Cap Value Fund | 9.9% |
| MFS Research International Fund | 8.1% |
| MFS International Large Cap Value Fund | 5.2% |
| MFS International Intrinsic Value Fund | 5.1% |
| MFS International Growth Fund | 5.0% |
| MFS Global Real Estate Fund | 5.0% |
| MFS Commodity Strategy Fund | 4.5% |
| MFS International New Discovery Fund | 4.0% |
| MFS Emerging Markets Equity Fund | 3.0% |
| MFS New Discovery Fund | 2.5% |
| MFS New Discovery Value Fund | 2.5% |
| MFS Institutional Money Market Portfolio | 1.3% |

---

#### 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.

AGGR6-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Conservative

Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class A-MACFX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Conservative Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| A | $35 | 0.34% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class A shares of the MFS Conservative Allocation Fund (fund) provided a total return of 7.09%, at net asset value. This compares with a return of 5.46% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.

![Fund Performance - Growth of 10K](chartimages_2063891.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| A without sales charge | 7.09% | 5.03% | 4.96% |
| A with initial sales charge (5.75%) | 0.93% | 3.80% | 4.34% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 5.46% | (0.90)% | 1.49% |
| MFS Conservative Allocation Fund Blended Index ∆ | 8.50% | 5.19% | 5.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/a for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 3652140167 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2063907.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Total Return Bond Fund | 14.4% |
| MFS Limited Maturity Fund | 10.0% |
| MFS Inflation-Adjusted Bond Fund | 9.9% |
| MFS Government Securities Fund | 9.4% |
| MFS Global Opportunistic Bond Fund | 6.9% |
| MFS Value Fund | 6.0% |
| MFS Growth Fund | 5.4% |
| MFS Research Fund | 5.3% |
| MFS Mid Cap Growth Fund | 4.1% |
| MFS High Income Fund | 4.0% |
| MFS Mid Cap Value Fund | 4.0% |
| MFS Research International Fund | 3.6% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS Global Real Estate Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS Emerging Markets Debt Fund | 2.0% |
| MFS Commodity Strategy Fund | 2.0% |
| MFS International Large Cap Value Fund | 1.6% |
| MFS International Intrinsic Value Fund | 1.6% |
| MFS International Growth Fund | 1.5% |
| MFS New Discovery Fund | 1.0% |
| MFS New Discovery Value Fund | 1.0% |

---

#### 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.

CONA-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Conservative

Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class B-MACBX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Conservative Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| B | $112 | 1.09% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class B shares of the MFS Conservative Allocation Fund (fund) provided a total return of 6.30%, at net asset value. This compares with a return of 5.46% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results.

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2063847.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| B without sales charge | 6.30% | 4.25% | 4.18% |
| B with CDSC (declining over six years from 4% to 0%)<sup>×</sup> | 2.30% | 3.90% | 4.18% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 5.46% | (0.90)% | 1.49% |
| MFS Conservative Allocation Fund Blended Index ∆ | 8.50% | 5.19% | 5.25% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/b for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 3652140167 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

*#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2063843.jpg)

**Portfolio holdings**

---

| | |
|:---|:---|
| MFS Total Return Bond Fund | 14.4% |
| MFS Limited Maturity Fund | 10.0% |
| MFS Inflation-Adjusted Bond Fund | 9.9% |
| MFS Government Securities Fund | 9.4% |
| MFS Global Opportunistic Bond Fund | 6.9% |
| MFS Value Fund | 6.0% |
| MFS Growth Fund | 5.4% |
| MFS Research Fund | 5.3% |
| MFS Mid Cap Growth Fund | 4.1% |
| MFS High Income Fund | 4.0% |
| MFS Mid Cap Value Fund | 4.0% |
| MFS Research International Fund | 3.6% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS Global Real Estate Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS Emerging Markets Debt Fund | 2.0% |
| MFS Commodity Strategy Fund | 2.0% |
| MFS International Large Cap Value Fund | 1.6% |
| MFS International Intrinsic Value Fund | 1.6% |
| MFS International Growth Fund | 1.5% |
| MFS New Discovery Fund | 1.0% |
| MFS New Discovery Value Fund | 1.0% |

---

#### 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.

CONB-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Conservative

Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class C-MACVX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Conservative Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| C | $112 | 1.09% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class C shares of the MFS Conservative Allocation Fund (fund) provided a total return of 6.25%, at net asset value. This compares with a return of 5.46% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results.

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2063704.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| C without sales charge | 6.25% | 4.25% | 4.17% |
| C with CDSC (1% for 12 months)<sup>×</sup> | 5.25% | 4.25% | 4.17% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 5.46% | (0.90)% | 1.49% |
| MFS Conservative Allocation Fund Blended Index ∆ | 8.50% | 5.19% | 5.25% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/c for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 3652140167 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

*#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2063719.jpg)

**Portfolio holdings**

---

| | |
|:---|:---|
| MFS Total Return Bond Fund | 14.4% |
| MFS Limited Maturity Fund | 10.0% |
| MFS Inflation-Adjusted Bond Fund | 9.9% |
| MFS Government Securities Fund | 9.4% |
| MFS Global Opportunistic Bond Fund | 6.9% |
| MFS Value Fund | 6.0% |
| MFS Growth Fund | 5.4% |
| MFS Research Fund | 5.3% |
| MFS Mid Cap Growth Fund | 4.1% |
| MFS High Income Fund | 4.0% |
| MFS Mid Cap Value Fund | 4.0% |
| MFS Research International Fund | 3.6% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS Global Real Estate Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS Emerging Markets Debt Fund | 2.0% |
| MFS Commodity Strategy Fund | 2.0% |
| MFS International Large Cap Value Fund | 1.6% |
| MFS International Intrinsic Value Fund | 1.6% |
| MFS International Growth Fund | 1.5% |
| MFS New Discovery Fund | 1.0% |
| MFS New Discovery Value Fund | 1.0% |

---

#### 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.

CONC-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Conservative

Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class I-MACIX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Conservative Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| I | $9 | 0.09% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class I shares of the MFS Conservative Allocation Fund (fund) provided a total return of 7.33%, at net asset value. This compares with a return of 5.46% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2063660.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| I without sales charge | 7.33% | 5.30% | 5.22% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 5.46% | (0.90)% | 1.49% |
| MFS Conservative Allocation Fund Blended Index ∆ | 8.50% | 5.19% | 5.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/i for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 3652140167 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2063655.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Total Return Bond Fund | 14.4% |
| MFS Limited Maturity Fund | 10.0% |
| MFS Inflation-Adjusted Bond Fund | 9.9% |
| MFS Government Securities Fund | 9.4% |
| MFS Global Opportunistic Bond Fund | 6.9% |
| MFS Value Fund | 6.0% |
| MFS Growth Fund | 5.4% |
| MFS Research Fund | 5.3% |
| MFS Mid Cap Growth Fund | 4.1% |
| MFS High Income Fund | 4.0% |
| MFS Mid Cap Value Fund | 4.0% |
| MFS Research International Fund | 3.6% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS Global Real Estate Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS Emerging Markets Debt Fund | 2.0% |
| MFS Commodity Strategy Fund | 2.0% |
| MFS International Large Cap Value Fund | 1.6% |
| MFS International Intrinsic Value Fund | 1.6% |
| MFS International Growth Fund | 1.5% |
| MFS New Discovery Fund | 1.0% |
| MFS New Discovery Value Fund | 1.0% |

---

#### 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.

CONI-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Conservative

Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R1-MACKX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Conservative Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R1 | $112 | 1.09% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R1 shares of the MFS Conservative Allocation Fund (fund) provided a total return of 6.26%, at net asset value. This compares with a return of 5.46% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2063527.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R1 without sales charge | 6.26% | 4.25% | 4.18% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 5.46% | (0.90)% | 1.49% |
| MFS Conservative Allocation Fund Blended Index ∆ | 8.50% | 5.19% | 5.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r1 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 3652140167 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2063530.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Total Return Bond Fund | 14.4% |
| MFS Limited Maturity Fund | 10.0% |
| MFS Inflation-Adjusted Bond Fund | 9.9% |
| MFS Government Securities Fund | 9.4% |
| MFS Global Opportunistic Bond Fund | 6.9% |
| MFS Value Fund | 6.0% |
| MFS Growth Fund | 5.4% |
| MFS Research Fund | 5.3% |
| MFS Mid Cap Growth Fund | 4.1% |
| MFS High Income Fund | 4.0% |
| MFS Mid Cap Value Fund | 4.0% |
| MFS Research International Fund | 3.6% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS Global Real Estate Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS Emerging Markets Debt Fund | 2.0% |
| MFS Commodity Strategy Fund | 2.0% |
| MFS International Large Cap Value Fund | 1.6% |
| MFS International Intrinsic Value Fund | 1.6% |
| MFS International Growth Fund | 1.5% |
| MFS New Discovery Fund | 1.0% |
| MFS New Discovery Value Fund | 1.0% |

---

#### 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.

CONR1-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Conservative

Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R2-MCARX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Conservative Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R2 | $61 | 0.59% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R2 shares of the MFS Conservative Allocation Fund (fund) provided a total return of 6.83%, at net asset value. This compares with a return of 5.46% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2063473.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R2 without sales charge | 6.83% | 4.78% | 4.70% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 5.46% | (0.90)% | 1.49% |
| MFS Conservative Allocation Fund Blended Index ∆ | 8.50% | 5.19% | 5.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r2 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 3652140167 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2063466.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Total Return Bond Fund | 14.4% |
| MFS Limited Maturity Fund | 10.0% |
| MFS Inflation-Adjusted Bond Fund | 9.9% |
| MFS Government Securities Fund | 9.4% |
| MFS Global Opportunistic Bond Fund | 6.9% |
| MFS Value Fund | 6.0% |
| MFS Growth Fund | 5.4% |
| MFS Research Fund | 5.3% |
| MFS Mid Cap Growth Fund | 4.1% |
| MFS High Income Fund | 4.0% |
| MFS Mid Cap Value Fund | 4.0% |
| MFS Research International Fund | 3.6% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS Global Real Estate Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS Emerging Markets Debt Fund | 2.0% |
| MFS Commodity Strategy Fund | 2.0% |
| MFS International Large Cap Value Fund | 1.6% |
| MFS International Intrinsic Value Fund | 1.6% |
| MFS International Growth Fund | 1.5% |
| MFS New Discovery Fund | 1.0% |
| MFS New Discovery Value Fund | 1.0% |

---

#### 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.

CONR2-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Conservative

Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R3-MACNX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Conservative Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R3 | $35 | 0.34% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R3 shares of the MFS Conservative Allocation Fund (fund) provided a total return of 7.10%, at net asset value. This compares with a return of 5.46% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2063339.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R3 without sales charge | 7.10% | 5.03% | 4.96% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 5.46% | (0.90)% | 1.49% |
| MFS Conservative Allocation Fund Blended Index ∆ | 8.50% | 5.19% | 5.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r3 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 3652140167 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2063343.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Total Return Bond Fund | 14.4% |
| MFS Limited Maturity Fund | 10.0% |
| MFS Inflation-Adjusted Bond Fund | 9.9% |
| MFS Government Securities Fund | 9.4% |
| MFS Global Opportunistic Bond Fund | 6.9% |
| MFS Value Fund | 6.0% |
| MFS Growth Fund | 5.4% |
| MFS Research Fund | 5.3% |
| MFS Mid Cap Growth Fund | 4.1% |
| MFS High Income Fund | 4.0% |
| MFS Mid Cap Value Fund | 4.0% |
| MFS Research International Fund | 3.6% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS Global Real Estate Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS Emerging Markets Debt Fund | 2.0% |
| MFS Commodity Strategy Fund | 2.0% |
| MFS International Large Cap Value Fund | 1.6% |
| MFS International Intrinsic Value Fund | 1.6% |
| MFS International Growth Fund | 1.5% |
| MFS New Discovery Fund | 1.0% |
| MFS New Discovery Value Fund | 1.0% |

---

#### 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.

CONR3-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Conservative

Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R4-MACJX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Conservative Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R4 | $9 | 0.09% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R4 shares of the MFS Conservative Allocation Fund (fund) provided a total return of 7.35%, at net asset value. This compares with a return of 5.46% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2063284.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R4 without sales charge | 7.35% | 5.30% | 5.22% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 5.46% | (0.90)% | 1.49% |
| MFS Conservative Allocation Fund Blended Index ∆ | 8.50% | 5.19% | 5.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r4 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 3652140167 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2063279.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Total Return Bond Fund | 14.4% |
| MFS Limited Maturity Fund | 10.0% |
| MFS Inflation-Adjusted Bond Fund | 9.9% |
| MFS Government Securities Fund | 9.4% |
| MFS Global Opportunistic Bond Fund | 6.9% |
| MFS Value Fund | 6.0% |
| MFS Growth Fund | 5.4% |
| MFS Research Fund | 5.3% |
| MFS Mid Cap Growth Fund | 4.1% |
| MFS High Income Fund | 4.0% |
| MFS Mid Cap Value Fund | 4.0% |
| MFS Research International Fund | 3.6% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS Global Real Estate Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS Emerging Markets Debt Fund | 2.0% |
| MFS Commodity Strategy Fund | 2.0% |
| MFS International Large Cap Value Fund | 1.6% |
| MFS International Intrinsic Value Fund | 1.6% |
| MFS International Growth Fund | 1.5% |
| MFS New Discovery Fund | 1.0% |
| MFS New Discovery Value Fund | 1.0% |

---

#### 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.

CONR4-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Conservative

Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R6-MACQX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Conservative Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R6 | $3 | 0.03% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R6 shares of the MFS Conservative Allocation Fund (fund) provided a total return of 7.40%, at net asset value. This compares with a return of 5.46% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2063151.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | |
|:---|:---|:---|
| **Share Class** | **1-yr** | **Life\*** |
| R6 without sales charge | 7.40% | 2.36% |
| **Comparative Benchmark(s)** |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 5.46% | (1.32)% |
| MFS Conservative Allocation Fund Blended Index ∆ | 8.50% | 2.79% |

---

\* For the period from the commencement of the class's investment operations, September 30, 2021 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |

---

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r6 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 3652140167 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2063155.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Total Return Bond Fund | 14.4% |
| MFS Limited Maturity Fund | 10.0% |
| MFS Inflation-Adjusted Bond Fund | 9.9% |
| MFS Government Securities Fund | 9.4% |
| MFS Global Opportunistic Bond Fund | 6.9% |
| MFS Value Fund | 6.0% |
| MFS Growth Fund | 5.4% |
| MFS Research Fund | 5.3% |
| MFS Mid Cap Growth Fund | 4.1% |
| MFS High Income Fund | 4.0% |
| MFS Mid Cap Value Fund | 4.0% |
| MFS Research International Fund | 3.6% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS Global Real Estate Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS Emerging Markets Debt Fund | 2.0% |
| MFS Commodity Strategy Fund | 2.0% |
| MFS International Large Cap Value Fund | 1.6% |
| MFS International Intrinsic Value Fund | 1.6% |
| MFS International Growth Fund | 1.5% |
| MFS New Discovery Fund | 1.0% |
| MFS New Discovery Value Fund | 1.0% |

---

#### 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.

CONR6-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class A-MAGWX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| A | $36 | 0.34% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class A shares of the MFS Growth Allocation Fund (fund) provided a total return of 8.98%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns. 

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.

![Fund Performance - Growth of 10K](chartimages_2063096.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| A without sales charge | 8.98% | 9.30% | 7.82% |
| A with initial sales charge (5.75%) | 2.72% | 8.01% | 7.18% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Growth Allocation Fund Blended Index ∆ | 11.48% | 11.21% | 8.53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/a for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6488290908 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2063091.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Value Fund | 10.0% |
| MFS Growth Fund | 9.8% |
| MFS Research Fund | 9.6% |
| MFS Mid Cap Growth Fund | 9.4% |
| MFS Mid Cap Value Fund | 9.1% |
| MFS Research International Fund | 7.3% |
| MFS Inflation-Adjusted Bond Fund | 4.5% |
| MFS Global Real Estate Fund | 4.0% |
| MFS High Income Fund | 3.7% |
| MFS Commodity Strategy Fund | 3.7% |
| MFS International Large Cap Value Fund | 3.2% |
| MFS International Intrinsic Value Fund | 3.1% |
| MFS International Growth Fund | 3.1% |
| MFS Emerging Markets Debt Fund | 2.7% |
| MFS Global Opportunistic Bond Fund | 2.7% |
| MFS Total Return Bond Fund | 2.2% |
| MFS New Discovery Fund | 2.1% |
| MFS International New Discovery Fund | 2.1% |
| MFS Emerging Markets Equity Fund | 2.0% |
| MFS New Discovery Value Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 1.9% |
| MFS Institutional Money Market Portfolio | 1.8% |

---

#### 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.

GROA-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class B-MBGWX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| B | $113 | 1.09% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class B shares of the MFS Growth Allocation Fund (fund) provided a total return of 8.21%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns.

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2062963.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| B without sales charge | 8.21% | 8.50% | 7.02% |
| B with CDSC (declining over six years from 4% to 0%)<sup>×</sup> | 4.21% | 8.21% | 7.02% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Growth Allocation Fund Blended Index ∆ | 11.48% | 11.21% | 8.53% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/b for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6488290908 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

*#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2062967.jpg)

**Portfolio holdings**

---

| | |
|:---|:---|
| MFS Value Fund | 10.0% |
| MFS Growth Fund | 9.8% |
| MFS Research Fund | 9.6% |
| MFS Mid Cap Growth Fund | 9.4% |
| MFS Mid Cap Value Fund | 9.1% |
| MFS Research International Fund | 7.3% |
| MFS Inflation-Adjusted Bond Fund | 4.5% |
| MFS Global Real Estate Fund | 4.0% |
| MFS High Income Fund | 3.7% |
| MFS Commodity Strategy Fund | 3.7% |
| MFS International Large Cap Value Fund | 3.2% |
| MFS International Intrinsic Value Fund | 3.1% |
| MFS International Growth Fund | 3.1% |
| MFS Emerging Markets Debt Fund | 2.7% |
| MFS Global Opportunistic Bond Fund | 2.7% |
| MFS Total Return Bond Fund | 2.2% |
| MFS New Discovery Fund | 2.1% |
| MFS International New Discovery Fund | 2.1% |
| MFS Emerging Markets Equity Fund | 2.0% |
| MFS New Discovery Value Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 1.9% |
| MFS Institutional Money Market Portfolio | 1.8% |

---

#### 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.

GROB-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class C-MCGWX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| C | $113 | 1.09% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class C shares of the MFS Growth Allocation Fund (fund) provided a total return of 8.16%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns.

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2062908.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| C without sales charge | 8.16% | 8.49% | 7.02% |
| C with CDSC (1% for 12 months)<sup>×</sup> | 7.16% | 8.49% | 7.02% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Growth Allocation Fund Blended Index ∆ | 11.48% | 11.21% | 8.53% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/c for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6488290908 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

*#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2062903.jpg)

**Portfolio holdings**

---

| | |
|:---|:---|
| MFS Value Fund | 10.0% |
| MFS Growth Fund | 9.8% |
| MFS Research Fund | 9.6% |
| MFS Mid Cap Growth Fund | 9.4% |
| MFS Mid Cap Value Fund | 9.1% |
| MFS Research International Fund | 7.3% |
| MFS Inflation-Adjusted Bond Fund | 4.5% |
| MFS Global Real Estate Fund | 4.0% |
| MFS High Income Fund | 3.7% |
| MFS Commodity Strategy Fund | 3.7% |
| MFS International Large Cap Value Fund | 3.2% |
| MFS International Intrinsic Value Fund | 3.1% |
| MFS International Growth Fund | 3.1% |
| MFS Emerging Markets Debt Fund | 2.7% |
| MFS Global Opportunistic Bond Fund | 2.7% |
| MFS Total Return Bond Fund | 2.2% |
| MFS New Discovery Fund | 2.1% |
| MFS International New Discovery Fund | 2.1% |
| MFS Emerging Markets Equity Fund | 2.0% |
| MFS New Discovery Value Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 1.9% |
| MFS Institutional Money Market Portfolio | 1.8% |

---

#### 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.

GROC-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class I-MGWIX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| I | $9 | 0.09% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class I shares of the MFS Growth Allocation Fund (fund) provided a total return of 9.29%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns. 

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2062773.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| I without sales charge | 9.29% | 9.58% | 8.09% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Growth Allocation Fund Blended Index ∆ | 11.48% | 11.21% | 8.53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/i for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6488290908 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2062779.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Value Fund | 10.0% |
| MFS Growth Fund | 9.8% |
| MFS Research Fund | 9.6% |
| MFS Mid Cap Growth Fund | 9.4% |
| MFS Mid Cap Value Fund | 9.1% |
| MFS Research International Fund | 7.3% |
| MFS Inflation-Adjusted Bond Fund | 4.5% |
| MFS Global Real Estate Fund | 4.0% |
| MFS High Income Fund | 3.7% |
| MFS Commodity Strategy Fund | 3.7% |
| MFS International Large Cap Value Fund | 3.2% |
| MFS International Intrinsic Value Fund | 3.1% |
| MFS International Growth Fund | 3.1% |
| MFS Emerging Markets Debt Fund | 2.7% |
| MFS Global Opportunistic Bond Fund | 2.7% |
| MFS Total Return Bond Fund | 2.2% |
| MFS New Discovery Fund | 2.1% |
| MFS International New Discovery Fund | 2.1% |
| MFS Emerging Markets Equity Fund | 2.0% |
| MFS New Discovery Value Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 1.9% |
| MFS Institutional Money Market Portfolio | 1.8% |

---

#### 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.

GROI-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R1-MAGMX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R1 | $113 | 1.09% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R1 shares of the MFS Growth Allocation Fund (fund) provided a total return of 8.16%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns. 

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2062721.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R1 without sales charge | 8.16% | 8.48% | 7.01% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Growth Allocation Fund Blended Index ∆ | 11.48% | 11.21% | 8.53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r1 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6488290908 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2062716.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Value Fund | 10.0% |
| MFS Growth Fund | 9.8% |
| MFS Research Fund | 9.6% |
| MFS Mid Cap Growth Fund | 9.4% |
| MFS Mid Cap Value Fund | 9.1% |
| MFS Research International Fund | 7.3% |
| MFS Inflation-Adjusted Bond Fund | 4.5% |
| MFS Global Real Estate Fund | 4.0% |
| MFS High Income Fund | 3.7% |
| MFS Commodity Strategy Fund | 3.7% |
| MFS International Large Cap Value Fund | 3.2% |
| MFS International Intrinsic Value Fund | 3.1% |
| MFS International Growth Fund | 3.1% |
| MFS Emerging Markets Debt Fund | 2.7% |
| MFS Global Opportunistic Bond Fund | 2.7% |
| MFS Total Return Bond Fund | 2.2% |
| MFS New Discovery Fund | 2.1% |
| MFS International New Discovery Fund | 2.1% |
| MFS Emerging Markets Equity Fund | 2.0% |
| MFS New Discovery Value Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 1.9% |
| MFS Institutional Money Market Portfolio | 1.8% |

---

#### 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.

GROR1-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R2-MGALX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R2 | $62 | 0.59% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R2 shares of the MFS Growth Allocation Fund (fund) provided a total return of 8.69%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns. 

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2062585.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R2 without sales charge | 8.69% | 9.03% | 7.55% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Growth Allocation Fund Blended Index ∆ | 11.48% | 11.21% | 8.53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r2 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6488290908 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2062591.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Value Fund | 10.0% |
| MFS Growth Fund | 9.8% |
| MFS Research Fund | 9.6% |
| MFS Mid Cap Growth Fund | 9.4% |
| MFS Mid Cap Value Fund | 9.1% |
| MFS Research International Fund | 7.3% |
| MFS Inflation-Adjusted Bond Fund | 4.5% |
| MFS Global Real Estate Fund | 4.0% |
| MFS High Income Fund | 3.7% |
| MFS Commodity Strategy Fund | 3.7% |
| MFS International Large Cap Value Fund | 3.2% |
| MFS International Intrinsic Value Fund | 3.1% |
| MFS International Growth Fund | 3.1% |
| MFS Emerging Markets Debt Fund | 2.7% |
| MFS Global Opportunistic Bond Fund | 2.7% |
| MFS Total Return Bond Fund | 2.2% |
| MFS New Discovery Fund | 2.1% |
| MFS International New Discovery Fund | 2.1% |
| MFS Emerging Markets Equity Fund | 2.0% |
| MFS New Discovery Value Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 1.9% |
| MFS Institutional Money Market Portfolio | 1.8% |

---

#### 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.

GROR2-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R3-MAGEX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R3 | $36 | 0.34% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R3 shares of the MFS Growth Allocation Fund (fund) provided a total return of 8.98%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns. 

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2062533.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R3 without sales charge | 8.98% | 9.31% | 7.82% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Growth Allocation Fund Blended Index ∆ | 11.48% | 11.21% | 8.53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r3 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6488290908 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2062528.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Value Fund | 10.0% |
| MFS Growth Fund | 9.8% |
| MFS Research Fund | 9.6% |
| MFS Mid Cap Growth Fund | 9.4% |
| MFS Mid Cap Value Fund | 9.1% |
| MFS Research International Fund | 7.3% |
| MFS Inflation-Adjusted Bond Fund | 4.5% |
| MFS Global Real Estate Fund | 4.0% |
| MFS High Income Fund | 3.7% |
| MFS Commodity Strategy Fund | 3.7% |
| MFS International Large Cap Value Fund | 3.2% |
| MFS International Intrinsic Value Fund | 3.1% |
| MFS International Growth Fund | 3.1% |
| MFS Emerging Markets Debt Fund | 2.7% |
| MFS Global Opportunistic Bond Fund | 2.7% |
| MFS Total Return Bond Fund | 2.2% |
| MFS New Discovery Fund | 2.1% |
| MFS International New Discovery Fund | 2.1% |
| MFS Emerging Markets Equity Fund | 2.0% |
| MFS New Discovery Value Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 1.9% |
| MFS Institutional Money Market Portfolio | 1.8% |

---

#### 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.

GROR3-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R4-MAGJX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R4 | $9 | 0.09% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R4 shares of the MFS Growth Allocation Fund (fund) provided a total return of 9.25%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns. 

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2062399.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R4 without sales charge | 9.25% | 9.58% | 8.09% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Growth Allocation Fund Blended Index ∆ | 11.48% | 11.21% | 8.53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r4 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6488290908 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2062404.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Value Fund | 10.0% |
| MFS Growth Fund | 9.8% |
| MFS Research Fund | 9.6% |
| MFS Mid Cap Growth Fund | 9.4% |
| MFS Mid Cap Value Fund | 9.1% |
| MFS Research International Fund | 7.3% |
| MFS Inflation-Adjusted Bond Fund | 4.5% |
| MFS Global Real Estate Fund | 4.0% |
| MFS High Income Fund | 3.7% |
| MFS Commodity Strategy Fund | 3.7% |
| MFS International Large Cap Value Fund | 3.2% |
| MFS International Intrinsic Value Fund | 3.1% |
| MFS International Growth Fund | 3.1% |
| MFS Emerging Markets Debt Fund | 2.7% |
| MFS Global Opportunistic Bond Fund | 2.7% |
| MFS Total Return Bond Fund | 2.2% |
| MFS New Discovery Fund | 2.1% |
| MFS International New Discovery Fund | 2.1% |
| MFS Emerging Markets Equity Fund | 2.0% |
| MFS New Discovery Value Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 1.9% |
| MFS Institutional Money Market Portfolio | 1.8% |

---

#### 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.

GROR4-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Growth Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R6-MAGQX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Growth Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R6 | $2 | 0.02% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R6 shares of the MFS Growth Allocation Fund (fund) provided a total return of 9.33%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns. 

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2062344.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | |
|:---|:---|:---|
| **Share Class** | **1-yr** | **Life\*** |
| R6 without sales charge | 9.33% | 4.47% |
| **Comparative Benchmark(s)** |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 10.31% |
| MFS Growth Allocation Fund Blended Index ∆ | 11.48% | 6.68% |

---

\* For the period from the commencement of the class's investment operations, September 30, 2021 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |

---

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r6 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6488290908 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 22 | Portfolio Turnover Rate (%): | 5 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2062339.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Value Fund | 10.0% |
| MFS Growth Fund | 9.8% |
| MFS Research Fund | 9.6% |
| MFS Mid Cap Growth Fund | 9.4% |
| MFS Mid Cap Value Fund | 9.1% |
| MFS Research International Fund | 7.3% |
| MFS Inflation-Adjusted Bond Fund | 4.5% |
| MFS Global Real Estate Fund | 4.0% |
| MFS High Income Fund | 3.7% |
| MFS Commodity Strategy Fund | 3.7% |
| MFS International Large Cap Value Fund | 3.2% |
| MFS International Intrinsic Value Fund | 3.1% |
| MFS International Growth Fund | 3.1% |
| MFS Emerging Markets Debt Fund | 2.7% |
| MFS Global Opportunistic Bond Fund | 2.7% |
| MFS Total Return Bond Fund | 2.2% |
| MFS New Discovery Fund | 2.1% |
| MFS International New Discovery Fund | 2.1% |
| MFS Emerging Markets Equity Fund | 2.0% |
| MFS New Discovery Value Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 1.9% |
| MFS Institutional Money Market Portfolio | 1.8% |

---

#### 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.

GROR6-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Moderate Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class A-MAMAX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Moderate Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| A | $35 | 0.34% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class A shares of the MFS Moderate Allocation Fund (fund) provided a total return of 8.30%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns. 

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.

![Fund Performance - Growth of 10K](chartimages_2062211.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| A without sales charge | 8.30% | 7.06% | 6.41% |
| A with initial sales charge (5.75%) | 2.07% | 5.80% | 5.78% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Moderate Allocation Fund Blended Index ∆ | 10.00% | 8.23% | 6.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/a for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6410806099 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 23 | Portfolio Turnover Rate (%): | 6 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2062215.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Government Securities Fund | 8.7% |
| MFS Value Fund | 8.2% |
| MFS Total Return Bond Fund | 7.9% |
| MFS Growth Fund | 7.9% |
| MFS Research Fund | 7.6% |
| MFS Mid Cap Growth Fund | 7.5% |
| MFS Mid Cap Value Fund | 7.2% |
| MFS Inflation-Adjusted Bond Fund | 6.5% |
| MFS Research International Fund | 5.3% |
| MFS Global Opportunistic Bond Fund | 4.6% |
| MFS High Income Fund | 3.9% |
| MFS Global Real Estate Fund | 3.1% |
| MFS Commodity Strategy Fund | 2.9% |
| MFS Emerging Markets Debt Fund | 2.8% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS International Large Cap Value Fund | 2.2% |
| MFS International Intrinsic Value Fund | 2.1% |
| MFS International Growth Fund | 2.1% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS New Discovery Fund | 1.6% |
| MFS New Discovery Value Fund | 1.5% |
| MFS International New Discovery Fund | 1.1% |
| MFS Emerging Markets Equity Fund | 1.0% |

---

#### 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.

MODA-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Moderate Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class B-MMABX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Moderate Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| B | $113 | 1.09% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class B shares of the MFS Moderate Allocation Fund (fund) provided a total return of 7.48%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns.

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2062156.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| B without sales charge | 7.48% | 6.27% | 5.62% |
| B with CDSC (declining over six years from 4% to 0%)<sup>×</sup> | 3.48% | 5.96% | 5.62% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Moderate Allocation Fund Blended Index ∆ | 10.00% | 8.23% | 6.97% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/b for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6410806099 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 23 | Portfolio Turnover Rate (%): | 6 |

---

*#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2062151.jpg)

**Portfolio holdings**

---

| | |
|:---|:---|
| MFS Government Securities Fund | 8.7% |
| MFS Value Fund | 8.2% |
| MFS Total Return Bond Fund | 7.9% |
| MFS Growth Fund | 7.9% |
| MFS Research Fund | 7.6% |
| MFS Mid Cap Growth Fund | 7.5% |
| MFS Mid Cap Value Fund | 7.2% |
| MFS Inflation-Adjusted Bond Fund | 6.5% |
| MFS Research International Fund | 5.3% |
| MFS Global Opportunistic Bond Fund | 4.6% |
| MFS High Income Fund | 3.9% |
| MFS Global Real Estate Fund | 3.1% |
| MFS Commodity Strategy Fund | 2.9% |
| MFS Emerging Markets Debt Fund | 2.8% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS International Large Cap Value Fund | 2.2% |
| MFS International Intrinsic Value Fund | 2.1% |
| MFS International Growth Fund | 2.1% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS New Discovery Fund | 1.6% |
| MFS New Discovery Value Fund | 1.5% |
| MFS International New Discovery Fund | 1.1% |
| MFS Emerging Markets Equity Fund | 1.0% |

---

#### 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.

MODB-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Moderate Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class C-MMACX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Moderate Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| C | $113 | 1.09% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class C shares of the MFS Moderate Allocation Fund (fund) provided a total return of 7.46%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns.

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2062023.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| C without sales charge | 7.46% | 6.26% | 5.61% |
| C with CDSC (1% for 12 months)<sup>×</sup> | 6.46% | 6.26% | 5.61% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Moderate Allocation Fund Blended Index ∆ | 10.00% | 8.23% | 6.97% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/c for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6410806099 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 23 | Portfolio Turnover Rate (%): | 6 |

---

*#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2062027.jpg)

**Portfolio holdings**

---

| | |
|:---|:---|
| MFS Government Securities Fund | 8.7% |
| MFS Value Fund | 8.2% |
| MFS Total Return Bond Fund | 7.9% |
| MFS Growth Fund | 7.9% |
| MFS Research Fund | 7.6% |
| MFS Mid Cap Growth Fund | 7.5% |
| MFS Mid Cap Value Fund | 7.2% |
| MFS Inflation-Adjusted Bond Fund | 6.5% |
| MFS Research International Fund | 5.3% |
| MFS Global Opportunistic Bond Fund | 4.6% |
| MFS High Income Fund | 3.9% |
| MFS Global Real Estate Fund | 3.1% |
| MFS Commodity Strategy Fund | 2.9% |
| MFS Emerging Markets Debt Fund | 2.8% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS International Large Cap Value Fund | 2.2% |
| MFS International Intrinsic Value Fund | 2.1% |
| MFS International Growth Fund | 2.1% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS New Discovery Fund | 1.6% |
| MFS New Discovery Value Fund | 1.5% |
| MFS International New Discovery Fund | 1.1% |
| MFS Emerging Markets Equity Fund | 1.0% |

---

#### 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.

MODC-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Moderate Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class I-MMAIX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Moderate Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| I | $9 | 0.09% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class I shares of the MFS Moderate Allocation Fund (fund) provided a total return of 8.57%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns. 

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2061968.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| I without sales charge | 8.57% | 7.34% | 6.68% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Moderate Allocation Fund Blended Index ∆ | 10.00% | 8.23% | 6.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/i for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6410806099 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 23 | Portfolio Turnover Rate (%): | 6 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2061963.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Government Securities Fund | 8.7% |
| MFS Value Fund | 8.2% |
| MFS Total Return Bond Fund | 7.9% |
| MFS Growth Fund | 7.9% |
| MFS Research Fund | 7.6% |
| MFS Mid Cap Growth Fund | 7.5% |
| MFS Mid Cap Value Fund | 7.2% |
| MFS Inflation-Adjusted Bond Fund | 6.5% |
| MFS Research International Fund | 5.3% |
| MFS Global Opportunistic Bond Fund | 4.6% |
| MFS High Income Fund | 3.9% |
| MFS Global Real Estate Fund | 3.1% |
| MFS Commodity Strategy Fund | 2.9% |
| MFS Emerging Markets Debt Fund | 2.8% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS International Large Cap Value Fund | 2.2% |
| MFS International Intrinsic Value Fund | 2.1% |
| MFS International Growth Fund | 2.1% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS New Discovery Fund | 1.6% |
| MFS New Discovery Value Fund | 1.5% |
| MFS International New Discovery Fund | 1.1% |
| MFS Emerging Markets Equity Fund | 1.0% |

---

#### 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.

MODI-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Moderate Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R1-MAMFX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Moderate Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R1 | $113 | 1.09% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R1 shares of the MFS Moderate Allocation Fund (fund) provided a total return of 7.50%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns. 

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2061835.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R1 without sales charge | 7.50% | 6.28% | 5.62% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Moderate Allocation Fund Blended Index ∆ | 10.00% | 8.23% | 6.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r1 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6410806099 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 23 | Portfolio Turnover Rate (%): | 6 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2061839.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Government Securities Fund | 8.7% |
| MFS Value Fund | 8.2% |
| MFS Total Return Bond Fund | 7.9% |
| MFS Growth Fund | 7.9% |
| MFS Research Fund | 7.6% |
| MFS Mid Cap Growth Fund | 7.5% |
| MFS Mid Cap Value Fund | 7.2% |
| MFS Inflation-Adjusted Bond Fund | 6.5% |
| MFS Research International Fund | 5.3% |
| MFS Global Opportunistic Bond Fund | 4.6% |
| MFS High Income Fund | 3.9% |
| MFS Global Real Estate Fund | 3.1% |
| MFS Commodity Strategy Fund | 2.9% |
| MFS Emerging Markets Debt Fund | 2.8% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS International Large Cap Value Fund | 2.2% |
| MFS International Intrinsic Value Fund | 2.1% |
| MFS International Growth Fund | 2.1% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS New Discovery Fund | 1.6% |
| MFS New Discovery Value Fund | 1.5% |
| MFS International New Discovery Fund | 1.1% |
| MFS Emerging Markets Equity Fund | 1.0% |

---

#### 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.

MODR1-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Moderate Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R2-MARRX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Moderate Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R2 | $61 | 0.59% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R2 shares of the MFS Moderate Allocation Fund (fund) provided a total return of 8.06%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns. 

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2061780.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R2 without sales charge | 8.06% | 6.81% | 6.14% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Moderate Allocation Fund Blended Index ∆ | 10.00% | 8.23% | 6.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r2 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6410806099 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 23 | Portfolio Turnover Rate (%): | 6 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2061775.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Government Securities Fund | 8.7% |
| MFS Value Fund | 8.2% |
| MFS Total Return Bond Fund | 7.9% |
| MFS Growth Fund | 7.9% |
| MFS Research Fund | 7.6% |
| MFS Mid Cap Growth Fund | 7.5% |
| MFS Mid Cap Value Fund | 7.2% |
| MFS Inflation-Adjusted Bond Fund | 6.5% |
| MFS Research International Fund | 5.3% |
| MFS Global Opportunistic Bond Fund | 4.6% |
| MFS High Income Fund | 3.9% |
| MFS Global Real Estate Fund | 3.1% |
| MFS Commodity Strategy Fund | 2.9% |
| MFS Emerging Markets Debt Fund | 2.8% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS International Large Cap Value Fund | 2.2% |
| MFS International Intrinsic Value Fund | 2.1% |
| MFS International Growth Fund | 2.1% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS New Discovery Fund | 1.6% |
| MFS New Discovery Value Fund | 1.5% |
| MFS International New Discovery Fund | 1.1% |
| MFS Emerging Markets Equity Fund | 1.0% |

---

#### 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.

MODR2-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Moderate Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R3-MAMHX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Moderate Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R3 | $35 | 0.34% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R3 shares of the MFS Moderate Allocation Fund (fund) provided a total return of 8.27%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns. 

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2061647.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R3 without sales charge | 8.27% | 7.07% | 6.41% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Moderate Allocation Fund Blended Index ∆ | 10.00% | 8.23% | 6.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r3 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6410806099 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 23 | Portfolio Turnover Rate (%): | 6 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2061651.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Government Securities Fund | 8.7% |
| MFS Value Fund | 8.2% |
| MFS Total Return Bond Fund | 7.9% |
| MFS Growth Fund | 7.9% |
| MFS Research Fund | 7.6% |
| MFS Mid Cap Growth Fund | 7.5% |
| MFS Mid Cap Value Fund | 7.2% |
| MFS Inflation-Adjusted Bond Fund | 6.5% |
| MFS Research International Fund | 5.3% |
| MFS Global Opportunistic Bond Fund | 4.6% |
| MFS High Income Fund | 3.9% |
| MFS Global Real Estate Fund | 3.1% |
| MFS Commodity Strategy Fund | 2.9% |
| MFS Emerging Markets Debt Fund | 2.8% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS International Large Cap Value Fund | 2.2% |
| MFS International Intrinsic Value Fund | 2.1% |
| MFS International Growth Fund | 2.1% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS New Discovery Fund | 1.6% |
| MFS New Discovery Value Fund | 1.5% |
| MFS International New Discovery Fund | 1.1% |
| MFS Emerging Markets Equity Fund | 1.0% |

---

#### 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.

MODR3-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Moderate Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R4-MAMJX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Moderate Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R4 | $9 | 0.09% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R4 shares of the MFS Moderate Allocation Fund (fund) provided a total return of 8.58%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns. 

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2061592.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R4 without sales charge | 8.58% | 7.34% | 6.67% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| MFS Moderate Allocation Fund Blended Index ∆ | 10.00% | 8.23% | 6.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r4 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6410806099 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 23 | Portfolio Turnover Rate (%): | 6 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2061587.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Government Securities Fund | 8.7% |
| MFS Value Fund | 8.2% |
| MFS Total Return Bond Fund | 7.9% |
| MFS Growth Fund | 7.9% |
| MFS Research Fund | 7.6% |
| MFS Mid Cap Growth Fund | 7.5% |
| MFS Mid Cap Value Fund | 7.2% |
| MFS Inflation-Adjusted Bond Fund | 6.5% |
| MFS Research International Fund | 5.3% |
| MFS Global Opportunistic Bond Fund | 4.6% |
| MFS High Income Fund | 3.9% |
| MFS Global Real Estate Fund | 3.1% |
| MFS Commodity Strategy Fund | 2.9% |
| MFS Emerging Markets Debt Fund | 2.8% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS International Large Cap Value Fund | 2.2% |
| MFS International Intrinsic Value Fund | 2.1% |
| MFS International Growth Fund | 2.1% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS New Discovery Fund | 1.6% |
| MFS New Discovery Value Fund | 1.5% |
| MFS International New Discovery Fund | 1.1% |
| MFS Emerging Markets Equity Fund | 1.0% |

---

#### 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.

MODR4-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Moderate Allocation Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R6-MAMPX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Moderate Allocation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R6 | $2 | 0.02% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R6 shares of the MFS Moderate Allocation Fund (fund) provided a total return of 8.64%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Blended Index:

Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns. 

Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns. 

* Top detractors from performance relative to the Blended Index:

Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies. 

Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2061460.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | |
|:---|:---|:---|
| **Share Class** | **1-yr** | **Life\*** |
| R6 without sales charge | 8.64% | 3.30% |
| **Comparative Benchmark(s)** |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 10.31% |
| MFS Moderate Allocation Fund Blended Index ∆ | 10.00% | 4.78% |

---

\* For the period from the commencement of the class's investment operations, September 30, 2021 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **5/31/25** |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |

---

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r6 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6410806099 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 23 | Portfolio Turnover Rate (%): | 6 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2061463.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Government Securities Fund | 8.7% |
| MFS Value Fund | 8.2% |
| MFS Total Return Bond Fund | 7.9% |
| MFS Growth Fund | 7.9% |
| MFS Research Fund | 7.6% |
| MFS Mid Cap Growth Fund | 7.5% |
| MFS Mid Cap Value Fund | 7.2% |
| MFS Inflation-Adjusted Bond Fund | 6.5% |
| MFS Research International Fund | 5.3% |
| MFS Global Opportunistic Bond Fund | 4.6% |
| MFS High Income Fund | 3.9% |
| MFS Global Real Estate Fund | 3.1% |
| MFS Commodity Strategy Fund | 2.9% |
| MFS Emerging Markets Debt Fund | 2.8% |
| MFS Institutional Money Market Portfolio | 2.3% |
| MFS International Large Cap Value Fund | 2.2% |
| MFS International Intrinsic Value Fund | 2.1% |
| MFS International Growth Fund | 2.1% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS New Discovery Fund | 1.6% |
| MFS New Discovery Value Fund | 1.5% |
| MFS International New Discovery Fund | 1.1% |
| MFS Emerging Markets Equity Fund | 1.0% |

---

#### 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.

MODR6-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Mid Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class A-BMSFX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Mid Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| A | $87 | 0.84% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class A shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 7.74%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell Midcap<sup>®</sup> Index, generated a return of 10.32%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell Midcap<sup>®</sup> Index:

Security selection within both the communication services and utilities sectors strengthened the fund's relative performance. 

The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns. 

* Top detractors from performance relative to the Russell Midcap<sup>®</sup> Index:

Stock selection within both the consumer discretionary and industrials sectors held back relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.

![Fund Performance - Growth of 10K](chartimages_2066414.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| A without sales charge | 7.74% | 14.18% | 10.65% |
| A with initial sales charge (5.75%) | 1.55% | 12.84% | 9.90% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.35% |
| Russell Midcap<sup>®</sup> Index ∆ | 10.32% | 12.69% | 10.19% |

---

\* For the period from the commencement of the class's investment operations, August 19, 2016 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/a for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 1504605002 | Total Management Fee ($)#: | 4735876 |
| Total Number of Holdings: | 148 | Portfolio Turnover Rate (%): | 58 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.2% |
| Money Market Funds | 0.8% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 18.0% |
| Industrials | 15.5% |
| Information Technology | 13.3% |
| Consumer Discretionary | 10.4% |
| Health Care | 10.2% |
| Real Estate | 8.0% |
| Utilities | 6.6% |
| Energy | 4.8% |
| Materials | 4.4% |
| Communication Services | 4.4% |
| Consumer Staples | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NRG Energy, Inc. | 2.1% |
| Ameriprise Financial, Inc. | 2.0% |
| Wabtec Corp. | 1.8% |
| Veeva Systems, Inc. | 1.8% |
| Roblox Corp., "A" | 1.7% |
| Verisk Analytics, Inc., "A" | 1.7% |
| TechnipFMC PLC | 1.6% |
| Spotify Technology S.A. | 1.6% |
| Corebridge Financial, Inc. | 1.6% |
| CNH Industrial N.V. | 1.6% |

---

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.

BMSA-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Mid Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class B-BMSBX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Mid Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| B | $164 | 1.59% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class B shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 6.87%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell Midcap<sup>®</sup> Index, generated a return of 10.32%.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the Russell Midcap<sup>®</sup> Index:

Security selection within both the communication services and utilities sectors strengthened the fund's relative performance.

The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns.

* Top detractors from performance relative to the Russell Midcap<sup>®</sup> Index:

Stock selection within both the consumer discretionary and industrials sectors held back relative performance.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2066281.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| B without sales charge | 6.87% | 13.33% | 9.81% |
| B with CDSC (declining over six years from 4% to 0%)<sup>×</sup> | 2.97% | 13.08% | 9.81% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.35% |
| Russell Midcap<sup>®</sup> Index ∆ | 10.32% | 12.69% | 10.19% |

---

\* For the period from the commencement of the class's investment operations, August 19, 2016 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/b for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 1504605002 | Total Management Fee ($)#: | 4735876 |
| Total Number of Holdings: | 148 | Portfolio Turnover Rate (%): | 58 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.2% |
| Money Market Funds | 0.8% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 18.0% |
| Industrials | 15.5% |
| Information Technology | 13.3% |
| Consumer Discretionary | 10.4% |
| Health Care | 10.2% |
| Real Estate | 8.0% |
| Utilities | 6.6% |
| Energy | 4.8% |
| Materials | 4.4% |
| Communication Services | 4.4% |
| Consumer Staples | 3.6% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NRG Energy, Inc. | 2.1% |
| Ameriprise Financial, Inc. | 2.0% |
| Wabtec Corp. | 1.8% |
| Veeva Systems, Inc. | 1.8% |
| Roblox Corp., "A" | 1.7% |
| Verisk Analytics, Inc., "A" | 1.7% |
| TechnipFMC PLC | 1.6% |
| Spotify Technology S.A. | 1.6% |
| Corebridge Financial, Inc. | 1.6% |
| CNH Industrial N.V. | 1.6% |

---

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.

BMSB-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Mid Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class C-BMSDX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Mid Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| C | $164 | 1.59% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class C shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 6.82%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell Midcap<sup>®</sup> Index, generated a return of 10.32%.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the Russell Midcap<sup>®</sup> Index:

Security selection within both the communication services and utilities sectors strengthened the fund's relative performance.

The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns.

* Top detractors from performance relative to the Russell Midcap<sup>®</sup> Index:

Stock selection within both the consumer discretionary and industrials sectors held back relative performance.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2066227.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| C without sales charge | 6.82% | 13.32% | 9.81% |
| C with CDSC (1% for 12 months)<sup>×</sup> | 5.85% | 13.32% | 9.81% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.35% |
| Russell Midcap<sup>®</sup> Index ∆ | 10.32% | 12.69% | 10.19% |

---

\* For the period from the commencement of the class's investment operations, August 19, 2016 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/c for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 1504605002 | Total Management Fee ($)#: | 4735876 |
| Total Number of Holdings: | 148 | Portfolio Turnover Rate (%): | 58 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.2% |
| Money Market Funds | 0.8% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 18.0% |
| Industrials | 15.5% |
| Information Technology | 13.3% |
| Consumer Discretionary | 10.4% |
| Health Care | 10.2% |
| Real Estate | 8.0% |
| Utilities | 6.6% |
| Energy | 4.8% |
| Materials | 4.4% |
| Communication Services | 4.4% |
| Consumer Staples | 3.6% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NRG Energy, Inc. | 2.1% |
| Ameriprise Financial, Inc. | 2.0% |
| Wabtec Corp. | 1.8% |
| Veeva Systems, Inc. | 1.8% |
| Roblox Corp., "A" | 1.7% |
| Verisk Analytics, Inc., "A" | 1.7% |
| TechnipFMC PLC | 1.6% |
| Spotify Technology S.A. | 1.6% |
| Corebridge Financial, Inc. | 1.6% |
| CNH Industrial N.V. | 1.6% |

---

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.

BMSC-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Mid Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class I-BMSLX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Mid Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| I | $61 | 0.59% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class I shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 7.93%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell Midcap<sup>®</sup> Index, generated a return of 10.32%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell Midcap<sup>®</sup> Index:

Security selection within both the communication services and utilities sectors strengthened the fund's relative performance. 

The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns. 

* Top detractors from performance relative to the Russell Midcap<sup>®</sup> Index:

Stock selection within both the consumer discretionary and industrials sectors held back relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2066095.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| I without sales charge | 7.93% | 14.47% | 10.92% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.35% |
| Russell Midcap<sup>®</sup> Index ∆ | 10.32% | 12.69% | 10.19% |

---

\* For the period from the commencement of the class's investment operations, August 19, 2016 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/i for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 1504605002 | Total Management Fee ($)#: | 4735876 |
| Total Number of Holdings: | 148 | Portfolio Turnover Rate (%): | 58 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.2% |
| Money Market Funds | 0.8% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 18.0% |
| Industrials | 15.5% |
| Information Technology | 13.3% |
| Consumer Discretionary | 10.4% |
| Health Care | 10.2% |
| Real Estate | 8.0% |
| Utilities | 6.6% |
| Energy | 4.8% |
| Materials | 4.4% |
| Communication Services | 4.4% |
| Consumer Staples | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NRG Energy, Inc. | 2.1% |
| Ameriprise Financial, Inc. | 2.0% |
| Wabtec Corp. | 1.8% |
| Veeva Systems, Inc. | 1.8% |
| Roblox Corp., "A" | 1.7% |
| Verisk Analytics, Inc., "A" | 1.7% |
| TechnipFMC PLC | 1.6% |
| Spotify Technology S.A. | 1.6% |
| Corebridge Financial, Inc. | 1.6% |
| CNH Industrial N.V. | 1.6% |

---

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.

BMSI-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Mid Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R1-BMSRX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Mid Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R1 | $112 | 1.08% |

---

For the period from October 1, 2024 through May 31, 2025, the distribution fee was not imposed. Had the distribution fee been imposed throughout the entire period, the "Costs of a $10,000 investment" and the "Costs paid as a percentage of a $10,000 investment" would have been approximately $165 and 1.59%, respectively.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R1 shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 7.44%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell Midcap<sup>®</sup> Index, generated a return of 10.32%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell Midcap<sup>®</sup> Index:

Security selection within both the communication services and utilities sectors strengthened the fund's relative performance. 

The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns. 

* Top detractors from performance relative to the Russell Midcap<sup>®</sup> Index:

Stock selection within both the consumer discretionary and industrials sectors held back relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2066039.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R1 without sales charge | 7.44% | 13.43% | 9.88% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.35% |
| Russell Midcap<sup>®</sup> Index ∆ | 10.32% | 12.69% | 10.19% |

---

\* For the period from the commencement of the class's investment operations, August 19, 2016 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r1 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 1504605002 | Total Management Fee ($)#: | 4735876 |
| Total Number of Holdings: | 148 | Portfolio Turnover Rate (%): | 58 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.2% |
| Money Market Funds | 0.8% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 18.0% |
| Industrials | 15.5% |
| Information Technology | 13.3% |
| Consumer Discretionary | 10.4% |
| Health Care | 10.2% |
| Real Estate | 8.0% |
| Utilities | 6.6% |
| Energy | 4.8% |
| Materials | 4.4% |
| Communication Services | 4.4% |
| Consumer Staples | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NRG Energy, Inc. | 2.1% |
| Ameriprise Financial, Inc. | 2.0% |
| Wabtec Corp. | 1.8% |
| Veeva Systems, Inc. | 1.8% |
| Roblox Corp., "A" | 1.7% |
| Verisk Analytics, Inc., "A" | 1.7% |
| TechnipFMC PLC | 1.6% |
| Spotify Technology S.A. | 1.6% |
| Corebridge Financial, Inc. | 1.6% |
| CNH Industrial N.V. | 1.6% |

---

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.

BMSR1-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Mid Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R2-BMSSX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Mid Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R2 | $113 | 1.09% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R2 shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 7.46%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell Midcap<sup>®</sup> Index, generated a return of 10.32%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell Midcap<sup>®</sup> Index:

Security selection within both the communication services and utilities sectors strengthened the fund's relative performance. 

The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns. 

* Top detractors from performance relative to the Russell Midcap<sup>®</sup> Index:

Stock selection within both the consumer discretionary and industrials sectors held back relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2065909.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R2 without sales charge | 7.46% | 13.91% | 10.37% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.35% |
| Russell Midcap<sup>®</sup> Index ∆ | 10.32% | 12.69% | 10.19% |

---

\* For the period from the commencement of the class's investment operations, August 19, 2016 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r2 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 1504605002 | Total Management Fee ($)#: | 4735876 |
| Total Number of Holdings: | 148 | Portfolio Turnover Rate (%): | 58 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.2% |
| Money Market Funds | 0.8% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 18.0% |
| Industrials | 15.5% |
| Information Technology | 13.3% |
| Consumer Discretionary | 10.4% |
| Health Care | 10.2% |
| Real Estate | 8.0% |
| Utilities | 6.6% |
| Energy | 4.8% |
| Materials | 4.4% |
| Communication Services | 4.4% |
| Consumer Staples | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NRG Energy, Inc. | 2.1% |
| Ameriprise Financial, Inc. | 2.0% |
| Wabtec Corp. | 1.8% |
| Veeva Systems, Inc. | 1.8% |
| Roblox Corp., "A" | 1.7% |
| Verisk Analytics, Inc., "A" | 1.7% |
| TechnipFMC PLC | 1.6% |
| Spotify Technology S.A. | 1.6% |
| Corebridge Financial, Inc. | 1.6% |
| CNH Industrial N.V. | 1.6% |

---

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.

BMSR2-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Mid Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R3-BMSTX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Mid Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R3 | $87 | 0.84% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R3 shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 7.70%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell Midcap<sup>®</sup> Index, generated a return of 10.32%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell Midcap<sup>®</sup> Index:

Security selection within both the communication services and utilities sectors strengthened the fund's relative performance. 

The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns. 

* Top detractors from performance relative to the Russell Midcap<sup>®</sup> Index:

Stock selection within both the consumer discretionary and industrials sectors held back relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2065850.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R3 without sales charge | 7.70% | 14.19% | 10.65% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.35% |
| Russell Midcap<sup>®</sup> Index ∆ | 10.32% | 12.69% | 10.19% |

---

\* For the period from the commencement of the class's investment operations, August 19, 2016 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r3 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 1504605002 | Total Management Fee ($)#: | 4735876 |
| Total Number of Holdings: | 148 | Portfolio Turnover Rate (%): | 58 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.2% |
| Money Market Funds | 0.8% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 18.0% |
| Industrials | 15.5% |
| Information Technology | 13.3% |
| Consumer Discretionary | 10.4% |
| Health Care | 10.2% |
| Real Estate | 8.0% |
| Utilities | 6.6% |
| Energy | 4.8% |
| Materials | 4.4% |
| Communication Services | 4.4% |
| Consumer Staples | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NRG Energy, Inc. | 2.1% |
| Ameriprise Financial, Inc. | 2.0% |
| Wabtec Corp. | 1.8% |
| Veeva Systems, Inc. | 1.8% |
| Roblox Corp., "A" | 1.7% |
| Verisk Analytics, Inc., "A" | 1.7% |
| TechnipFMC PLC | 1.6% |
| Spotify Technology S.A. | 1.6% |
| Corebridge Financial, Inc. | 1.6% |
| CNH Industrial N.V. | 1.6% |

---

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.

BMSR3-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Mid Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R4-BMSVX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Mid Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R4 | $61 | 0.59% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R4 shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 7.97%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell Midcap<sup>®</sup> Index, generated a return of 10.32%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell Midcap<sup>®</sup> Index:

Security selection within both the communication services and utilities sectors strengthened the fund's relative performance. 

The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns. 

* Top detractors from performance relative to the Russell Midcap<sup>®</sup> Index:

Stock selection within both the consumer discretionary and industrials sectors held back relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2065719.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R4 without sales charge | 7.97% | 14.48% | 10.92% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.35% |
| Russell Midcap<sup>®</sup> Index ∆ | 10.32% | 12.69% | 10.19% |

---

\* For the period from the commencement of the class's investment operations, August 19, 2016 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r4 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 1504605002 | Total Management Fee ($)#: | 4735876 |
| Total Number of Holdings: | 148 | Portfolio Turnover Rate (%): | 58 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.2% |
| Money Market Funds | 0.8% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 18.0% |
| Industrials | 15.5% |
| Information Technology | 13.3% |
| Consumer Discretionary | 10.4% |
| Health Care | 10.2% |
| Real Estate | 8.0% |
| Utilities | 6.6% |
| Energy | 4.8% |
| Materials | 4.4% |
| Communication Services | 4.4% |
| Consumer Staples | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NRG Energy, Inc. | 2.1% |
| Ameriprise Financial, Inc. | 2.0% |
| Wabtec Corp. | 1.8% |
| Veeva Systems, Inc. | 1.8% |
| Roblox Corp., "A" | 1.7% |
| Verisk Analytics, Inc., "A" | 1.7% |
| TechnipFMC PLC | 1.6% |
| Spotify Technology S.A. | 1.6% |
| Corebridge Financial, Inc. | 1.6% |
| CNH Industrial N.V. | 1.6% |

---

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.

BMSR4-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Mid Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R6-BMSYX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Mid Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R6 | $51 | 0.49% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R6 shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 8.06%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell Midcap<sup>®</sup> Index, generated a return of 10.32%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell Midcap<sup>®</sup> Index:

Security selection within both the communication services and utilities sectors strengthened the fund's relative performance. 

The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns. 

* Top detractors from performance relative to the Russell Midcap<sup>®</sup> Index:

Stock selection within both the consumer discretionary and industrials sectors held back relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2065665.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R6 without sales charge | 8.06% | 14.58% | 11.01% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.35% |
| Russell Midcap<sup>®</sup> Index ∆ | 10.32% | 12.69% | 10.19% |

---

\* For the period from the commencement of the class's investment operations, August 19, 2016 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r6 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 1504605002 | Total Management Fee ($)#: | 4735876 |
| Total Number of Holdings: | 148 | Portfolio Turnover Rate (%): | 58 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.2% |
| Money Market Funds | 0.8% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 18.0% |
| Industrials | 15.5% |
| Information Technology | 13.3% |
| Consumer Discretionary | 10.4% |
| Health Care | 10.2% |
| Real Estate | 8.0% |
| Utilities | 6.6% |
| Energy | 4.8% |
| Materials | 4.4% |
| Communication Services | 4.4% |
| Consumer Staples | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NRG Energy, Inc. | 2.1% |
| Ameriprise Financial, Inc. | 2.0% |
| Wabtec Corp. | 1.8% |
| Veeva Systems, Inc. | 1.8% |
| Roblox Corp., "A" | 1.7% |
| Verisk Analytics, Inc., "A" | 1.7% |
| TechnipFMC PLC | 1.6% |
| Spotify Technology S.A. | 1.6% |
| Corebridge Financial, Inc. | 1.6% |
| CNH Industrial N.V. | 1.6% |

---

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.

BMSR6-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Small Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class A-BRSDX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Small Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| A | $96 | 0.99% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class A shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of -5.62%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 2000<sup>®</sup> Index, generated a return of 1.19%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 2000<sup>®</sup> Index:

Security selection within both the financials and real estate sectors strengthened relative performance. 

* Top detractors from performance relative to the Russell 2000<sup>®</sup> Index:

Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results. 

The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.

![Fund Performance - Growth of 10K](chartimages_2068915.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| A without sales charge | (5.62)% | 8.55% | 6.93% |
| A with initial sales charge (5.75%) | (11.05)% | 7.28% | 6.28% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 2000<sup>®</sup> Index ∆ | 1.19% | 9.64% | 7.65% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/a for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 304963035 | Total Management Fee ($)#: | 2108034 |
| Total Number of Holdings: | 183 | Portfolio Turnover Rate (%): | 66 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.1% |
| Money Market Funds | 0.9% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 19.7% |
| Industrials | 17.3% |
| Health Care | 15.7% |
| Information Technology | 13.7% |
| Consumer Discretionary | 10.3% |
| Real Estate | 5.5% |
| Energy | 4.8% |
| Communication Services | 3.6% |
| Utilities | 3.3% |
| Materials | 3.3% |
| Consumer Staples | 1.9% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Popular, Inc. | 1.6% |
| Encompass Health Corp. | 1.6% |
| APi Group, Inc. | 1.6% |
| UMB Financial Corp. | 1.5% |
| Essential Properties Realty Trust, REIT | 1.5% |
| Grand Canyon Education, Inc. | 1.5% |
| Portland General Electric Co. | 1.5% |
| AZEK Co., Inc. | 1.4% |
| Kemper Corp. | 1.4% |
| Advanced Energy Industries, Inc. | 1.4% |

---

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.

BRSA-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Small Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class B-BRSBX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Small Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| B | $168 | 1.74% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class B shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of -6.34%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 2000<sup>®</sup> Index, generated a return of 1.19%.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the Russell 2000<sup>®</sup> Index:

Security selection within both the financials and real estate sectors strengthened relative performance.

* Top detractors from performance relative to the Russell 2000<sup>®</sup> Index:

Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results.

The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2068860.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| B without sales charge | (6.34)% | 7.73% | 6.12% |
| B with CDSC (declining over six years from 4% to 0%)<sup>×</sup> | (9.87)% | 7.43% | 6.12% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 2000<sup>®</sup> Index ∆ | 1.19% | 9.64% | 7.65% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/b for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 304963035 | Total Management Fee ($)#: | 2108034 |
| Total Number of Holdings: | 183 | Portfolio Turnover Rate (%): | 66 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.1% |
| Money Market Funds | 0.9% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 19.7% |
| Industrials | 17.3% |
| Health Care | 15.7% |
| Information Technology | 13.7% |
| Consumer Discretionary | 10.3% |
| Real Estate | 5.5% |
| Energy | 4.8% |
| Communication Services | 3.6% |
| Utilities | 3.3% |
| Materials | 3.3% |
| Consumer Staples | 1.9% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Popular, Inc. | 1.6% |
| Encompass Health Corp. | 1.6% |
| APi Group, Inc. | 1.6% |
| UMB Financial Corp. | 1.5% |
| Essential Properties Realty Trust, REIT | 1.5% |
| Grand Canyon Education, Inc. | 1.5% |
| Portland General Electric Co. | 1.5% |
| AZEK Co., Inc. | 1.4% |
| Kemper Corp. | 1.4% |
| Advanced Energy Industries, Inc. | 1.4% |

---

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.

BRSB-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Small Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class C-BRSHX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Small Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| C | $168 | 1.74% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class C shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of -6.40%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 2000<sup>®</sup> Index, generated a return of 1.19%.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the Russell 2000<sup>®</sup> Index:

Security selection within both the financials and real estate sectors strengthened relative performance.

* Top detractors from performance relative to the Russell 2000<sup>®</sup> Index:

Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results.

The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2068727.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| C without sales charge | (6.40)% | 7.72% | 6.12% |
| C with CDSC (1% for 12 months)<sup>×</sup> | (7.28)% | 7.72% | 6.12% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 2000<sup>®</sup> Index ∆ | 1.19% | 9.64% | 7.65% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/c for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 304963035 | Total Management Fee ($)#: | 2108034 |
| Total Number of Holdings: | 183 | Portfolio Turnover Rate (%): | 66 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.1% |
| Money Market Funds | 0.9% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 19.7% |
| Industrials | 17.3% |
| Health Care | 15.7% |
| Information Technology | 13.7% |
| Consumer Discretionary | 10.3% |
| Real Estate | 5.5% |
| Energy | 4.8% |
| Communication Services | 3.6% |
| Utilities | 3.3% |
| Materials | 3.3% |
| Consumer Staples | 1.9% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Popular, Inc. | 1.6% |
| Encompass Health Corp. | 1.6% |
| APi Group, Inc. | 1.6% |
| UMB Financial Corp. | 1.5% |
| Essential Properties Realty Trust, REIT | 1.5% |
| Grand Canyon Education, Inc. | 1.5% |
| Portland General Electric Co. | 1.5% |
| AZEK Co., Inc. | 1.4% |
| Kemper Corp. | 1.4% |
| Advanced Energy Industries, Inc. | 1.4% |

---

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.

BRSC-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Small Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class I-BRSJX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Small Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| I | $72 | 0.74% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class I shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of -5.41%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 2000<sup>®</sup> Index, generated a return of 1.19%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 2000<sup>®</sup> Index:

Security selection within both the financials and real estate sectors strengthened relative performance. 

* Top detractors from performance relative to the Russell 2000<sup>®</sup> Index:

Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results. 

The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2068671.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| I without sales charge | (5.41)% | 8.81% | 7.19% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 2000<sup>®</sup> Index ∆ | 1.19% | 9.64% | 7.65% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/i for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 304963035 | Total Management Fee ($)#: | 2108034 |
| Total Number of Holdings: | 183 | Portfolio Turnover Rate (%): | 66 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.1% |
| Money Market Funds | 0.9% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 19.7% |
| Industrials | 17.3% |
| Health Care | 15.7% |
| Information Technology | 13.7% |
| Consumer Discretionary | 10.3% |
| Real Estate | 5.5% |
| Energy | 4.8% |
| Communication Services | 3.6% |
| Utilities | 3.3% |
| Materials | 3.3% |
| Consumer Staples | 1.9% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Popular, Inc. | 1.6% |
| Encompass Health Corp. | 1.6% |
| APi Group, Inc. | 1.6% |
| UMB Financial Corp. | 1.5% |
| Essential Properties Realty Trust, REIT | 1.5% |
| Grand Canyon Education, Inc. | 1.5% |
| Portland General Electric Co. | 1.5% |
| AZEK Co., Inc. | 1.4% |
| Kemper Corp. | 1.4% |
| Advanced Energy Industries, Inc. | 1.4% |

---

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.

BRSI-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Small Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R1-BRSPX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Small Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R1 | $168 | 1.74% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R1 shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of -6.39%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 2000<sup>®</sup> Index, generated a return of 1.19%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 2000<sup>®</sup> Index:

Security selection within both the financials and real estate sectors strengthened relative performance. 

* Top detractors from performance relative to the Russell 2000<sup>®</sup> Index:

Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results. 

The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2068537.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R1 without sales charge | (6.39)% | 7.74% | 6.12% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 2000<sup>®</sup> Index ∆ | 1.19% | 9.64% | 7.65% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r1 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 304963035 | Total Management Fee ($)#: | 2108034 |
| Total Number of Holdings: | 183 | Portfolio Turnover Rate (%): | 66 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.1% |
| Money Market Funds | 0.9% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 19.7% |
| Industrials | 17.3% |
| Health Care | 15.7% |
| Information Technology | 13.7% |
| Consumer Discretionary | 10.3% |
| Real Estate | 5.5% |
| Energy | 4.8% |
| Communication Services | 3.6% |
| Utilities | 3.3% |
| Materials | 3.3% |
| Consumer Staples | 1.9% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Popular, Inc. | 1.6% |
| Encompass Health Corp. | 1.6% |
| APi Group, Inc. | 1.6% |
| UMB Financial Corp. | 1.5% |
| Essential Properties Realty Trust, REIT | 1.5% |
| Grand Canyon Education, Inc. | 1.5% |
| Portland General Electric Co. | 1.5% |
| AZEK Co., Inc. | 1.4% |
| Kemper Corp. | 1.4% |
| Advanced Energy Industries, Inc. | 1.4% |

---

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.

BRSR1-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Small Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R2-BRSSX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Small Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R2 | $120 | 1.24% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R2 shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of -5.84%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 2000<sup>®</sup> Index, generated a return of 1.19%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 2000<sup>®</sup> Index:

Security selection within both the financials and real estate sectors strengthened relative performance. 

* Top detractors from performance relative to the Russell 2000<sup>®</sup> Index:

Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results. 

The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2068483.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R2 without sales charge | (5.84)% | 8.28% | 6.65% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 2000<sup>®</sup> Index ∆ | 1.19% | 9.64% | 7.65% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r2 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 304963035 | Total Management Fee ($)#: | 2108034 |
| Total Number of Holdings: | 183 | Portfolio Turnover Rate (%): | 66 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.1% |
| Money Market Funds | 0.9% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 19.7% |
| Industrials | 17.3% |
| Health Care | 15.7% |
| Information Technology | 13.7% |
| Consumer Discretionary | 10.3% |
| Real Estate | 5.5% |
| Energy | 4.8% |
| Communication Services | 3.6% |
| Utilities | 3.3% |
| Materials | 3.3% |
| Consumer Staples | 1.9% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Popular, Inc. | 1.6% |
| Encompass Health Corp. | 1.6% |
| APi Group, Inc. | 1.6% |
| UMB Financial Corp. | 1.5% |
| Essential Properties Realty Trust, REIT | 1.5% |
| Grand Canyon Education, Inc. | 1.5% |
| Portland General Electric Co. | 1.5% |
| AZEK Co., Inc. | 1.4% |
| Kemper Corp. | 1.4% |
| Advanced Energy Industries, Inc. | 1.4% |

---

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.

BRSR2-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Small Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R3-BRSTX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Small Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R3 | $96 | 0.99% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R3 shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of -5.66%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 2000<sup>®</sup> Index, generated a return of 1.19%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 2000<sup>®</sup> Index:

Security selection within both the financials and real estate sectors strengthened relative performance. 

* Top detractors from performance relative to the Russell 2000<sup>®</sup> Index:

Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results. 

The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2068351.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R3 without sales charge | (5.66)% | 8.55% | 6.92% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 2000<sup>®</sup> Index ∆ | 1.19% | 9.64% | 7.65% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r3 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 304963035 | Total Management Fee ($)#: | 2108034 |
| Total Number of Holdings: | 183 | Portfolio Turnover Rate (%): | 66 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.1% |
| Money Market Funds | 0.9% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 19.7% |
| Industrials | 17.3% |
| Health Care | 15.7% |
| Information Technology | 13.7% |
| Consumer Discretionary | 10.3% |
| Real Estate | 5.5% |
| Energy | 4.8% |
| Communication Services | 3.6% |
| Utilities | 3.3% |
| Materials | 3.3% |
| Consumer Staples | 1.9% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Popular, Inc. | 1.6% |
| Encompass Health Corp. | 1.6% |
| APi Group, Inc. | 1.6% |
| UMB Financial Corp. | 1.5% |
| Essential Properties Realty Trust, REIT | 1.5% |
| Grand Canyon Education, Inc. | 1.5% |
| Portland General Electric Co. | 1.5% |
| AZEK Co., Inc. | 1.4% |
| Kemper Corp. | 1.4% |
| Advanced Energy Industries, Inc. | 1.4% |

---

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.

BRSR3-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Small Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R4-BRSUX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Small Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R4 | $72 | 0.74% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R4 shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of -5.41%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 2000<sup>®</sup> Index, generated a return of 1.19%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 2000<sup>®</sup> Index:

Security selection within both the financials and real estate sectors strengthened relative performance. 

* Top detractors from performance relative to the Russell 2000<sup>®</sup> Index:

Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results. 

The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2068295.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R4 without sales charge | (5.41)% | 8.83% | 7.18% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 2000<sup>®</sup> Index ∆ | 1.19% | 9.64% | 7.65% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r4 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 304963035 | Total Management Fee ($)#: | 2108034 |
| Total Number of Holdings: | 183 | Portfolio Turnover Rate (%): | 66 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.1% |
| Money Market Funds | 0.9% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 19.7% |
| Industrials | 17.3% |
| Health Care | 15.7% |
| Information Technology | 13.7% |
| Consumer Discretionary | 10.3% |
| Real Estate | 5.5% |
| Energy | 4.8% |
| Communication Services | 3.6% |
| Utilities | 3.3% |
| Materials | 3.3% |
| Consumer Staples | 1.9% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Popular, Inc. | 1.6% |
| Encompass Health Corp. | 1.6% |
| APi Group, Inc. | 1.6% |
| UMB Financial Corp. | 1.5% |
| Essential Properties Realty Trust, REIT | 1.5% |
| Grand Canyon Education, Inc. | 1.5% |
| Portland General Electric Co. | 1.5% |
| AZEK Co., Inc. | 1.4% |
| Kemper Corp. | 1.4% |
| Advanced Energy Industries, Inc. | 1.4% |

---

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.

BRSR4-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Small Cap Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R6-BRSYX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Small Cap Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R6 | $61 | 0.63% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R6 shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of -5.30%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 2000<sup>®</sup> Index, generated a return of 1.19%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 2000<sup>®</sup> Index:

Security selection within both the financials and real estate sectors strengthened relative performance. 

* Top detractors from performance relative to the Russell 2000<sup>®</sup> Index:

Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results. 

The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2068164.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R6 without sales charge | (5.30)% | 8.94% | 7.28% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 2000<sup>®</sup> Index ∆ | 1.19% | 9.64% | 7.65% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r6 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 304963035 | Total Management Fee ($)#: | 2108034 |
| Total Number of Holdings: | 183 | Portfolio Turnover Rate (%): | 66 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.1% |
| Money Market Funds | 0.9% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 19.7% |
| Industrials | 17.3% |
| Health Care | 15.7% |
| Information Technology | 13.7% |
| Consumer Discretionary | 10.3% |
| Real Estate | 5.5% |
| Energy | 4.8% |
| Communication Services | 3.6% |
| Utilities | 3.3% |
| Materials | 3.3% |
| Consumer Staples | 1.9% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Popular, Inc. | 1.6% |
| Encompass Health Corp. | 1.6% |
| APi Group, Inc. | 1.6% |
| UMB Financial Corp. | 1.5% |
| Essential Properties Realty Trust, REIT | 1.5% |
| Grand Canyon Education, Inc. | 1.5% |
| Portland General Electric Co. | 1.5% |
| AZEK Co., Inc. | 1.4% |
| Kemper Corp. | 1.4% |
| Advanced Energy Industries, Inc. | 1.4% |

---

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.

BRSR6-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Value Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class A-BRUDX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Value Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| A | $76 | 0.74% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class A shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 6.23%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Value Index, generated a return of 8.91%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Value Index:

Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance. 

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Value Index:

Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.

![Fund Performance - Growth of 10K](chartimages_2068107.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| A without sales charge | 6.23% | 14.10% | 9.84% |
| A with initial sales charge (5.75%) | 0.12% | 12.76% | 9.18% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Value Index ∆ | 8.91% | 13.02% | 9.94% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/a for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 295552025 | Total Management Fee ($)#: | 1131710 |
| Total Number of Holdings: | 117 | Portfolio Turnover Rate (%): | 48 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

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

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 24.0% |
| Industrials | 14.7% |
| Health Care | 13.6% |
| Consumer Staples | 9.0% |
| Information Technology | 8.1% |
| Energy | 5.9% |
| Consumer Discretionary | 5.7% |
| Utilities | 5.5% |
| Real Estate | 4.4% |
| Materials | 4.3% |
| Communication Services | 4.1% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Johnson & Johnson | 2.7% |
| Wells Fargo & Co. | 2.4% |
| Berkshire Hathaway, Inc., "B" | 2.3% |
| JPMorgan Chase & Co. | 1.9% |
| Amphenol Corp., "A" | 1.8% |
| T-Mobile USA, Inc. | 1.8% |
| American Express Co. | 1.8% |
| Citigroup, Inc. | 1.8% |
| Trane Technologies PLC | 1.7% |
| Chubb Ltd. | 1.7% |

---

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.

BRUA-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Value Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class B-BRUEX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Value Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| B | $153 | 1.49% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class B shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 5.51%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Value Index, generated a return of 8.91%.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Value Index:

Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance.

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Value Index:

Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2067975.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| B without sales charge | 5.51% | 13.26% | 9.03% |
| B with CDSC (declining over six years from 4% to 0%)<sup>×</sup> | 1.66% | 13.02% | 9.03% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Value Index ∆ | 8.91% | 13.02% | 9.94% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/b for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 295552025 | Total Management Fee ($)#: | 1131710 |
| Total Number of Holdings: | 117 | Portfolio Turnover Rate (%): | 48 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio structure**

---

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

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 24.0% |
| Industrials | 14.7% |
| Health Care | 13.6% |
| Consumer Staples | 9.0% |
| Information Technology | 8.1% |
| Energy | 5.9% |
| Consumer Discretionary | 5.7% |
| Utilities | 5.5% |
| Real Estate | 4.4% |
| Materials | 4.3% |
| Communication Services | 4.1% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Johnson & Johnson | 2.7% |
| Wells Fargo & Co. | 2.4% |
| Berkshire Hathaway, Inc., "B" | 2.3% |
| JPMorgan Chase & Co. | 1.9% |
| Amphenol Corp., "A" | 1.8% |
| T-Mobile USA, Inc. | 1.8% |
| American Express Co. | 1.8% |
| Citigroup, Inc. | 1.8% |
| Trane Technologies PLC | 1.7% |
| Chubb Ltd. | 1.7% |

---

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.

BRUB-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Value Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class C-BRUGX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Value Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| C | $153 | 1.49% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class C shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 5.52%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Value Index, generated a return of 8.91%.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Value Index:

Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance.

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Value Index:

Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2067919.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| C without sales charge | 5.52% | 13.26% | 9.03% |
| C with CDSC (1% for 12 months)<sup>×</sup> | 4.56% | 13.26% | 9.03% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Value Index ∆ | 8.91% | 13.02% | 9.94% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/c for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 295552025 | Total Management Fee ($)#: | 1131710 |
| Total Number of Holdings: | 117 | Portfolio Turnover Rate (%): | 48 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio structure**

---

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

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 24.0% |
| Industrials | 14.7% |
| Health Care | 13.6% |
| Consumer Staples | 9.0% |
| Information Technology | 8.1% |
| Energy | 5.9% |
| Consumer Discretionary | 5.7% |
| Utilities | 5.5% |
| Real Estate | 4.4% |
| Materials | 4.3% |
| Communication Services | 4.1% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Johnson & Johnson | 2.7% |
| Wells Fargo & Co. | 2.4% |
| Berkshire Hathaway, Inc., "B" | 2.3% |
| JPMorgan Chase & Co. | 1.9% |
| Amphenol Corp., "A" | 1.8% |
| T-Mobile USA, Inc. | 1.8% |
| American Express Co. | 1.8% |
| Citigroup, Inc. | 1.8% |
| Trane Technologies PLC | 1.7% |
| Chubb Ltd. | 1.7% |

---

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.

BRUC-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Value Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class I-BRUHX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Value Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| I | $51 | 0.49% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class I shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 6.48%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Value Index, generated a return of 8.91%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Value Index:

Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance. 

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Value Index:

Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2067787.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| I without sales charge | 6.48% | 14.38% | 10.12% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Value Index ∆ | 8.91% | 13.02% | 9.94% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/i for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 295552025 | Total Management Fee ($)#: | 1131710 |
| Total Number of Holdings: | 117 | Portfolio Turnover Rate (%): | 48 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

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

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 24.0% |
| Industrials | 14.7% |
| Health Care | 13.6% |
| Consumer Staples | 9.0% |
| Information Technology | 8.1% |
| Energy | 5.9% |
| Consumer Discretionary | 5.7% |
| Utilities | 5.5% |
| Real Estate | 4.4% |
| Materials | 4.3% |
| Communication Services | 4.1% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Johnson & Johnson | 2.7% |
| Wells Fargo & Co. | 2.4% |
| Berkshire Hathaway, Inc., "B" | 2.3% |
| JPMorgan Chase & Co. | 1.9% |
| Amphenol Corp., "A" | 1.8% |
| T-Mobile USA, Inc. | 1.8% |
| American Express Co. | 1.8% |
| Citigroup, Inc. | 1.8% |
| Trane Technologies PLC | 1.7% |
| Chubb Ltd. | 1.7% |

---

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.

BRUI-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Value Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R1-BRUJX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Value Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R1 | $76 | 0.74% |

---

For the period from June 1, 2024 through May 31, 2025, the distribution fee was not imposed. Had the distribution fee been imposed throughout the entire period, the "Costs of a $10,000 investment" and the "Costs paid as a percentage of a $10,000 investment" would have been approximately $154 and 1.49%, respectively.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R1 shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 6.21%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Value Index, generated a return of 8.91%.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Value Index:

Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance.

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Value Index:

Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2067731.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R1 without sales charge | 6.21% | 13.92% | 9.36% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Value Index ∆ | 8.91% | 13.02% | 9.94% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r1 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 295552025 | Total Management Fee ($)#: | 1131710 |
| Total Number of Holdings: | 117 | Portfolio Turnover Rate (%): | 48 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio structure**

---

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

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 24.0% |
| Industrials | 14.7% |
| Health Care | 13.6% |
| Consumer Staples | 9.0% |
| Information Technology | 8.1% |
| Energy | 5.9% |
| Consumer Discretionary | 5.7% |
| Utilities | 5.5% |
| Real Estate | 4.4% |
| Materials | 4.3% |
| Communication Services | 4.1% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Johnson & Johnson | 2.7% |
| Wells Fargo & Co. | 2.4% |
| Berkshire Hathaway, Inc., "B" | 2.3% |
| JPMorgan Chase & Co. | 1.9% |
| Amphenol Corp., "A" | 1.8% |
| T-Mobile USA, Inc. | 1.8% |
| American Express Co. | 1.8% |
| Citigroup, Inc. | 1.8% |
| Trane Technologies PLC | 1.7% |
| Chubb Ltd. | 1.7% |

---

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.

BRUR1-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Value Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R2-BRUKX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Value Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R2 | $102 | 0.99% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R2 shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 5.99%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Value Index, generated a return of 8.91%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Value Index:

Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance. 

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Value Index:

Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2067599.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R2 without sales charge | 5.99% | 13.82% | 9.57% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Value Index ∆ | 8.91% | 13.02% | 9.94% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r2 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 295552025 | Total Management Fee ($)#: | 1131710 |
| Total Number of Holdings: | 117 | Portfolio Turnover Rate (%): | 48 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

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

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 24.0% |
| Industrials | 14.7% |
| Health Care | 13.6% |
| Consumer Staples | 9.0% |
| Information Technology | 8.1% |
| Energy | 5.9% |
| Consumer Discretionary | 5.7% |
| Utilities | 5.5% |
| Real Estate | 4.4% |
| Materials | 4.3% |
| Communication Services | 4.1% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Johnson & Johnson | 2.7% |
| Wells Fargo & Co. | 2.4% |
| Berkshire Hathaway, Inc., "B" | 2.3% |
| JPMorgan Chase & Co. | 1.9% |
| Amphenol Corp., "A" | 1.8% |
| T-Mobile USA, Inc. | 1.8% |
| American Express Co. | 1.8% |
| Citigroup, Inc. | 1.8% |
| Trane Technologies PLC | 1.7% |
| Chubb Ltd. | 1.7% |

---

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.

BRUR2-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Value Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R3-BRULX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Value Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R3 | $76 | 0.74% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R3 shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 6.24%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Value Index, generated a return of 8.91%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Value Index:

Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance. 

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Value Index:

Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2067543.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R3 without sales charge | 6.24% | 14.11% | 9.85% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Value Index ∆ | 8.91% | 13.02% | 9.94% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r3 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 295552025 | Total Management Fee ($)#: | 1131710 |
| Total Number of Holdings: | 117 | Portfolio Turnover Rate (%): | 48 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

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

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 24.0% |
| Industrials | 14.7% |
| Health Care | 13.6% |
| Consumer Staples | 9.0% |
| Information Technology | 8.1% |
| Energy | 5.9% |
| Consumer Discretionary | 5.7% |
| Utilities | 5.5% |
| Real Estate | 4.4% |
| Materials | 4.3% |
| Communication Services | 4.1% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Johnson & Johnson | 2.7% |
| Wells Fargo & Co. | 2.4% |
| Berkshire Hathaway, Inc., "B" | 2.3% |
| JPMorgan Chase & Co. | 1.9% |
| Amphenol Corp., "A" | 1.8% |
| T-Mobile USA, Inc. | 1.8% |
| American Express Co. | 1.8% |
| Citigroup, Inc. | 1.8% |
| Trane Technologies PLC | 1.7% |
| Chubb Ltd. | 1.7% |

---

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.

BRUR3-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Value Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R4-BRUMX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Value Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R4 | $51 | 0.49% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R4 shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 6.54%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Value Index, generated a return of 8.91%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Value Index:

Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance. 

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Value Index:

Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2067410.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R4 without sales charge | 6.54% | 14.40% | 10.13% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Value Index ∆ | 8.91% | 13.02% | 9.94% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r4 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 295552025 | Total Management Fee ($)#: | 1131710 |
| Total Number of Holdings: | 117 | Portfolio Turnover Rate (%): | 48 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

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

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 24.0% |
| Industrials | 14.7% |
| Health Care | 13.6% |
| Consumer Staples | 9.0% |
| Information Technology | 8.1% |
| Energy | 5.9% |
| Consumer Discretionary | 5.7% |
| Utilities | 5.5% |
| Real Estate | 4.4% |
| Materials | 4.3% |
| Communication Services | 4.1% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Johnson & Johnson | 2.7% |
| Wells Fargo & Co. | 2.4% |
| Berkshire Hathaway, Inc., "B" | 2.3% |
| JPMorgan Chase & Co. | 1.9% |
| Amphenol Corp., "A" | 1.8% |
| T-Mobile USA, Inc. | 1.8% |
| American Express Co. | 1.8% |
| Citigroup, Inc. | 1.8% |
| Trane Technologies PLC | 1.7% |
| Chubb Ltd. | 1.7% |

---

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.

BRUR4-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Value Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R6-BRUNX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Value Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R6 | $43 | 0.42% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R6 shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 6.60%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Value Index, generated a return of 8.91%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Value Index:

Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance. 

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Value Index:

Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2067355.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R6 without sales charge | 6.60% | 14.47% | 10.21% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Value Index ∆ | 8.91% | 13.02% | 9.94% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r6 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 295552025 | Total Management Fee ($)#: | 1131710 |
| Total Number of Holdings: | 117 | Portfolio Turnover Rate (%): | 48 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

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

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 24.0% |
| Industrials | 14.7% |
| Health Care | 13.6% |
| Consumer Staples | 9.0% |
| Information Technology | 8.1% |
| Energy | 5.9% |
| Consumer Discretionary | 5.7% |
| Utilities | 5.5% |
| Real Estate | 4.4% |
| Materials | 4.3% |
| Communication Services | 4.1% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Johnson & Johnson | 2.7% |
| Wells Fargo & Co. | 2.4% |
| Berkshire Hathaway, Inc., "B" | 2.3% |
| JPMorgan Chase & Co. | 1.9% |
| Amphenol Corp., "A" | 1.8% |
| T-Mobile USA, Inc. | 1.8% |
| American Express Co. | 1.8% |
| Citigroup, Inc. | 1.8% |
| Trane Technologies PLC | 1.7% |
| Chubb Ltd. | 1.7% |

---

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.

BRUR6-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Growth Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class A-BRWAX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Growth Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| A | $80 | 0.74% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class A shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 15.64%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Growth Index, generated a return of 17.62%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Growth Index:

Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance. 

The combination of an overweight position and security selection within the utilities sector further supported relative returns. 

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Growth Index:

Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.

![Fund Performance - Growth of 10K](chartimages_2067223.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| A without sales charge | 15.64% | 16.14% | 14.76% |
| A with initial sales charge (5.75%) | 8.99% | 14.77% | 14.06% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Growth Index ∆ | 17.62% | 17.69% | 17.14% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/a for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 429103937 | Total Management Fee ($)#: | 1467552 |
| Total Number of Holdings: | 76 | Portfolio Turnover Rate (%): | 46 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 47.6% |
| Consumer Discretionary | 14.5% |
| Communication Services | 14.1% |
| Financials | 8.1% |
| Health Care | 7.3% |
| Industrials | 3.7% |
| Consumer Staples | 2.5% |
| Real Estate | 1.0% |
| Utilities | 0.3% |
| Materials | 0.3% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.6% |
| Microsoft Corp. | 10.6% |
| Apple, Inc. | 9.0% |
| Amazon.com, Inc. | 7.0% |
| Meta Platforms, Inc., "A" | 5.2% |
| Alphabet, Inc., "A" | 3.4% |
| Broadcom, Inc. | 2.4% |
| Tesla, Inc. | 2.2% |
| ServiceNow, Inc. | 2.0% |
| Booking Holdings, Inc. | 1.9% |

---

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.

BRWA-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Growth Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class B-BRWBX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Growth Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| B | $160 | 1.49% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class B shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 14.76%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Growth Index, generated a return of 17.62%.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Growth Index:

Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance.

The combination of an overweight position and security selection within the utilities sector further supported relative returns.

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Growth Index:

Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2067167.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| B without sales charge | 14.76% | 15.28% | 13.91% |
| B with CDSC (declining over six years from 4% to 0%)<sup>×</sup> | 10.76% | 15.05% | 13.91% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Growth Index ∆ | 17.62% | 17.69% | 17.14% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/b for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 429103937 | Total Management Fee ($)#: | 1467552 |
| Total Number of Holdings: | 76 | Portfolio Turnover Rate (%): | 46 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 47.6% |
| Consumer Discretionary | 14.5% |
| Communication Services | 14.1% |
| Financials | 8.1% |
| Health Care | 7.3% |
| Industrials | 3.7% |
| Consumer Staples | 2.5% |
| Real Estate | 1.0% |
| Utilities | 0.3% |
| Materials | 0.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.6% |
| Microsoft Corp. | 10.6% |
| Apple, Inc. | 9.0% |
| Amazon.com, Inc. | 7.0% |
| Meta Platforms, Inc., "A" | 5.2% |
| Alphabet, Inc., "A" | 3.4% |
| Broadcom, Inc. | 2.4% |
| Tesla, Inc. | 2.2% |
| ServiceNow, Inc. | 2.0% |
| Booking Holdings, Inc. | 1.9% |

---

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.

BRWB-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Growth Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class C-BRWCX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Growth Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| C | $160 | 1.49% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class C shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 14.73%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Growth Index, generated a return of 17.62%.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Growth Index:

Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance.

The combination of an overweight position and security selection within the utilities sector further supported relative returns.

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Growth Index:

Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2067024.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| C without sales charge | 14.73% | 15.28% | 13.91% |
| C with CDSC (1% for 12 months)<sup>×</sup> | 13.73% | 15.28% | 13.91% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Growth Index ∆ | 17.62% | 17.69% | 17.14% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/c for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 429103937 | Total Management Fee ($)#: | 1467552 |
| Total Number of Holdings: | 76 | Portfolio Turnover Rate (%): | 46 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 47.6% |
| Consumer Discretionary | 14.5% |
| Communication Services | 14.1% |
| Financials | 8.1% |
| Health Care | 7.3% |
| Industrials | 3.7% |
| Consumer Staples | 2.5% |
| Real Estate | 1.0% |
| Utilities | 0.3% |
| Materials | 0.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.6% |
| Microsoft Corp. | 10.6% |
| Apple, Inc. | 9.0% |
| Amazon.com, Inc. | 7.0% |
| Meta Platforms, Inc., "A" | 5.2% |
| Alphabet, Inc., "A" | 3.4% |
| Broadcom, Inc. | 2.4% |
| Tesla, Inc. | 2.2% |
| ServiceNow, Inc. | 2.0% |
| Booking Holdings, Inc. | 1.9% |

---

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.

BRWC-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Growth Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class I-BRWJX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Growth Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| I | $53 | 0.49% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class I shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 15.90%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Growth Index, generated a return of 17.62%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Growth Index:

Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance. 

The combination of an overweight position and security selection within the utilities sector further supported relative returns. 

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Growth Index:

Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2066978.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| I without sales charge | 15.90% | 16.44% | 15.05% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Growth Index ∆ | 17.62% | 17.69% | 17.14% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/i for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 429103937 | Total Management Fee ($)#: | 1467552 |
| Total Number of Holdings: | 76 | Portfolio Turnover Rate (%): | 46 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 47.6% |
| Consumer Discretionary | 14.5% |
| Communication Services | 14.1% |
| Financials | 8.1% |
| Health Care | 7.3% |
| Industrials | 3.7% |
| Consumer Staples | 2.5% |
| Real Estate | 1.0% |
| Utilities | 0.3% |
| Materials | 0.3% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.6% |
| Microsoft Corp. | 10.6% |
| Apple, Inc. | 9.0% |
| Amazon.com, Inc. | 7.0% |
| Meta Platforms, Inc., "A" | 5.2% |
| Alphabet, Inc., "A" | 3.4% |
| Broadcom, Inc. | 2.4% |
| Tesla, Inc. | 2.2% |
| ServiceNow, Inc. | 2.0% |
| Booking Holdings, Inc. | 1.9% |

---

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.

BRWI-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Growth Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R1-BRWRX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Growth Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R1 | $160 | 1.49% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R1 shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 14.76%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Growth Index, generated a return of 17.62%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Growth Index:

Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance. 

The combination of an overweight position and security selection within the utilities sector further supported relative returns. 

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Growth Index:

Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2066847.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R1 without sales charge | 14.76% | 15.29% | 13.91% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Growth Index ∆ | 17.62% | 17.69% | 17.14% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r1 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 429103937 | Total Management Fee ($)#: | 1467552 |
| Total Number of Holdings: | 76 | Portfolio Turnover Rate (%): | 46 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 47.6% |
| Consumer Discretionary | 14.5% |
| Communication Services | 14.1% |
| Financials | 8.1% |
| Health Care | 7.3% |
| Industrials | 3.7% |
| Consumer Staples | 2.5% |
| Real Estate | 1.0% |
| Utilities | 0.3% |
| Materials | 0.3% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.6% |
| Microsoft Corp. | 10.6% |
| Apple, Inc. | 9.0% |
| Amazon.com, Inc. | 7.0% |
| Meta Platforms, Inc., "A" | 5.2% |
| Alphabet, Inc., "A" | 3.4% |
| Broadcom, Inc. | 2.4% |
| Tesla, Inc. | 2.2% |
| ServiceNow, Inc. | 2.0% |
| Booking Holdings, Inc. | 1.9% |

---

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.

BRWR1-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Growth Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R2-BRWSX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Growth Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R2 | $107 | 0.99% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R2 shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 15.32%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Growth Index, generated a return of 17.62%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Growth Index:

Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance. 

The combination of an overweight position and security selection within the utilities sector further supported relative returns. 

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Growth Index:

Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2066791.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R2 without sales charge | 15.32% | 15.85% | 14.48% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Growth Index ∆ | 17.62% | 17.69% | 17.14% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r2 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 429103937 | Total Management Fee ($)#: | 1467552 |
| Total Number of Holdings: | 76 | Portfolio Turnover Rate (%): | 46 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 47.6% |
| Consumer Discretionary | 14.5% |
| Communication Services | 14.1% |
| Financials | 8.1% |
| Health Care | 7.3% |
| Industrials | 3.7% |
| Consumer Staples | 2.5% |
| Real Estate | 1.0% |
| Utilities | 0.3% |
| Materials | 0.3% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.6% |
| Microsoft Corp. | 10.6% |
| Apple, Inc. | 9.0% |
| Amazon.com, Inc. | 7.0% |
| Meta Platforms, Inc., "A" | 5.2% |
| Alphabet, Inc., "A" | 3.4% |
| Broadcom, Inc. | 2.4% |
| Tesla, Inc. | 2.2% |
| ServiceNow, Inc. | 2.0% |
| Booking Holdings, Inc. | 1.9% |

---

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.

BRWR2-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Growth Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R3-BRWTX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Growth Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R3 | $80 | 0.74% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R3 shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 15.58%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Growth Index, generated a return of 17.62%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Growth Index:

Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance. 

The combination of an overweight position and security selection within the utilities sector further supported relative returns. 

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Growth Index:

Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2066659.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R3 without sales charge | 15.58% | 16.14% | 14.76% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Growth Index ∆ | 17.62% | 17.69% | 17.14% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r3 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 429103937 | Total Management Fee ($)#: | 1467552 |
| Total Number of Holdings: | 76 | Portfolio Turnover Rate (%): | 46 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 47.6% |
| Consumer Discretionary | 14.5% |
| Communication Services | 14.1% |
| Financials | 8.1% |
| Health Care | 7.3% |
| Industrials | 3.7% |
| Consumer Staples | 2.5% |
| Real Estate | 1.0% |
| Utilities | 0.3% |
| Materials | 0.3% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.6% |
| Microsoft Corp. | 10.6% |
| Apple, Inc. | 9.0% |
| Amazon.com, Inc. | 7.0% |
| Meta Platforms, Inc., "A" | 5.2% |
| Alphabet, Inc., "A" | 3.4% |
| Broadcom, Inc. | 2.4% |
| Tesla, Inc. | 2.2% |
| ServiceNow, Inc. | 2.0% |
| Booking Holdings, Inc. | 1.9% |

---

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.

BRWR3-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Growth Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R4-BRWUX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Growth Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R4 | $53 | 0.49% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R4 shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 15.92%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Growth Index, generated a return of 17.62%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Growth Index:

Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance. 

The combination of an overweight position and security selection within the utilities sector further supported relative returns. 

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Growth Index:

Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2066603.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R4 without sales charge | 15.92% | 16.45% | 15.06% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Growth Index ∆ | 17.62% | 17.69% | 17.14% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r4 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 429103937 | Total Management Fee ($)#: | 1467552 |
| Total Number of Holdings: | 76 | Portfolio Turnover Rate (%): | 46 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 47.6% |
| Consumer Discretionary | 14.5% |
| Communication Services | 14.1% |
| Financials | 8.1% |
| Health Care | 7.3% |
| Industrials | 3.7% |
| Consumer Staples | 2.5% |
| Real Estate | 1.0% |
| Utilities | 0.3% |
| Materials | 0.3% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.6% |
| Microsoft Corp. | 10.6% |
| Apple, Inc. | 9.0% |
| Amazon.com, Inc. | 7.0% |
| Meta Platforms, Inc., "A" | 5.2% |
| Alphabet, Inc., "A" | 3.4% |
| Broadcom, Inc. | 2.4% |
| Tesla, Inc. | 2.2% |
| ServiceNow, Inc. | 2.0% |
| Booking Holdings, Inc. | 1.9% |

---

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.

BRWR4-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Blended Research<sup>®</sup>

Growth Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R6-BRWVX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Growth Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R6 | $45 | 0.42% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R6 shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 15.97%, at net asset value. This compares with a return of 13.12% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Growth Index, generated a return of 17.62%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Growth Index:

Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance. 

The combination of an overweight position and security selection within the utilities sector further supported relative returns. 

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Growth Index:

Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2066472.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R6 without sales charge | 15.97% | 16.53% | 15.14% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 13.12% | 15.34% | 13.41% |
| Russell 1000<sup>®</sup> Growth Index ∆ | 17.62% | 17.69% | 17.14% |

---

\* For the period from the commencement of the class's investment operations, September 15, 2015 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r6 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 429103937 | Total Management Fee ($)#: | 1467552 |
| Total Number of Holdings: | 76 | Portfolio Turnover Rate (%): | 46 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 47.6% |
| Consumer Discretionary | 14.5% |
| Communication Services | 14.1% |
| Financials | 8.1% |
| Health Care | 7.3% |
| Industrials | 3.7% |
| Consumer Staples | 2.5% |
| Real Estate | 1.0% |
| Utilities | 0.3% |
| Materials | 0.3% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.6% |
| Microsoft Corp. | 10.6% |
| Apple, Inc. | 9.0% |
| Amazon.com, Inc. | 7.0% |
| Meta Platforms, Inc., "A" | 5.2% |
| Alphabet, Inc., "A" | 3.4% |
| Broadcom, Inc. | 2.4% |
| Tesla, Inc. | 2.2% |
| ServiceNow, Inc. | 2.0% |
| Booking Holdings, Inc. | 1.9% |

---

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.

BRWR6-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Emerging Markets

Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class A-MEMAX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| A | $142 | 1.31% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class A shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 16.88%, at net asset value. This compares with a return of 13.04% for the fund's benchmark, the MSCI Emerging Markets Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI Emerging Markets Index:

Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance. 

Security selection and an underweight allocation to the materials sector also benefited relative returns. 

* Top detractors from performance relative to the MSCI Emerging Markets Index:

The fund's cash and/or cash equivalents position weakened relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance. This graph includes the deduction of the maximum applicable sales charge.

![Fund Performance - Growth of 10K](chartimages_2061403.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| A without sales charge | 16.88% | 6.79% | 3.74% |
| A with initial sales charge (5.75%) | 10.16% | 5.54% | 3.13% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI Emerging Markets Index (net div) ∆ | 13.04% | 7.07% | 3.93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/a for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 8406870570 | Total Management Fee ($)#: | 69233060 |
| Total Number of Holdings: | 105 | Portfolio Turnover Rate (%): | 36 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.5% |
| Money Market Funds | 1.5% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.5% |
| Tencent Holdings Ltd. | 6.4% |
| Alibaba Group Holding Ltd. | 3.6% |
| Samsung Electronics Co. Ltd. | 3.3% |
| HDFC Bank Ltd. | 2.4% |
| China Construction Bank Corp. | 2.2% |
| Infosys Ltd. | 2.0% |
| NetEase, Inc., ADR | 1.7% |
| Kotak Mahindra Bank Ltd. | 1.6% |
| Vale S.A., ADR | 1.6% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| China | 28.8% |
| India | 15.3% |
| Taiwan | 14.4% |
| South Korea | 10.8% |
| Brazil | 5.3% |
| Indonesia | 3.6% |
| Hong Kong | 3.0% |
| Mexico | 3.0% |
| United Arab Emirates | 2.4% |
| Other Countries | 13.4% |

---

#### 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.

FEMA-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Emerging Markets

Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class B-MEMBX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| B | $223 | 2.06% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class B shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 16.03%, at net asset value. This compares with a return of 13.04% for the fund's benchmark, the MSCI Emerging Markets Index (net div).

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the MSCI Emerging Markets Index:

Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance.

Security selection and an underweight allocation to the materials sector also benefited relative returns.

* Top detractors from performance relative to the MSCI Emerging Markets Index:

The fund's cash and/or cash equivalents position weakened relative performance.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2061271.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| B without sales charge | 16.03% | 6.00% | 2.96% |
| B with CDSC (declining over six years from 4% to 0%)<sup>×</sup> | 12.03% | 5.68% | 2.96% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI Emerging Markets Index (net div) ∆ | 13.04% | 7.07% | 3.93% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/b for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 8406870570 | Total Management Fee ($)#: | 69233060 |
| Total Number of Holdings: | 105 | Portfolio Turnover Rate (%): | 36 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.5% |
| Money Market Funds | 1.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.5% |
| Tencent Holdings Ltd. | 6.4% |
| Alibaba Group Holding Ltd. | 3.6% |
| Samsung Electronics Co. Ltd. | 3.3% |
| HDFC Bank Ltd. | 2.4% |
| China Construction Bank Corp. | 2.2% |
| Infosys Ltd. | 2.0% |
| NetEase, Inc., ADR | 1.7% |
| Kotak Mahindra Bank Ltd. | 1.6% |
| Vale S.A., ADR | 1.6% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| China | 28.8% |
| India | 15.3% |
| Taiwan | 14.4% |
| South Korea | 10.8% |
| Brazil | 5.3% |
| Indonesia | 3.6% |
| Hong Kong | 3.0% |
| Mexico | 3.0% |
| United Arab Emirates | 2.4% |
| Other Countries | 13.4% |

---

#### 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.

FEMB-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Emerging Markets

Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class C-MEMCX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| C | $223 | 2.06% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class C shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 16.05%, at net asset value. This compares with a return of 13.04% for the fund's benchmark, the MSCI Emerging Markets Index (net div).

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the MSCI Emerging Markets Index:

Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance.

Security selection and an underweight allocation to the materials sector also benefited relative returns.

* Top detractors from performance relative to the MSCI Emerging Markets Index:

The fund's cash and/or cash equivalents position weakened relative performance.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2061215.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| C without sales charge | 16.05% | 6.00% | 2.96% |
| C with CDSC (1% for 12 months)<sup>×</sup> | 15.05% | 6.00% | 2.96% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI Emerging Markets Index (net div) ∆ | 13.04% | 7.07% | 3.93% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/c for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 8406870570 | Total Management Fee ($)#: | 69233060 |
| Total Number of Holdings: | 105 | Portfolio Turnover Rate (%): | 36 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.5% |
| Money Market Funds | 1.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.5% |
| Tencent Holdings Ltd. | 6.4% |
| Alibaba Group Holding Ltd. | 3.6% |
| Samsung Electronics Co. Ltd. | 3.3% |
| HDFC Bank Ltd. | 2.4% |
| China Construction Bank Corp. | 2.2% |
| Infosys Ltd. | 2.0% |
| NetEase, Inc., ADR | 1.7% |
| Kotak Mahindra Bank Ltd. | 1.6% |
| Vale S.A., ADR | 1.6% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| China | 28.8% |
| India | 15.3% |
| Taiwan | 14.4% |
| South Korea | 10.8% |
| Brazil | 5.3% |
| Indonesia | 3.6% |
| Hong Kong | 3.0% |
| Mexico | 3.0% |
| United Arab Emirates | 2.4% |
| Other Countries | 13.4% |

---

#### 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.

FEMC-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Emerging Markets

Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class I-MEMIX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| I | $115 | 1.06% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class I shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 17.20%, at net asset value. This compares with a return of 13.04% for the fund's benchmark, the MSCI Emerging Markets Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI Emerging Markets Index:

Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance. 

Security selection and an underweight allocation to the materials sector also benefited relative returns. 

* Top detractors from performance relative to the MSCI Emerging Markets Index:

The fund's cash and/or cash equivalents position weakened relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2061083.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| I without sales charge | 17.20% | 7.06% | 4.00% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI Emerging Markets Index (net div) ∆ | 13.04% | 7.07% | 3.93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/i for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 8406870570 | Total Management Fee ($)#: | 69233060 |
| Total Number of Holdings: | 105 | Portfolio Turnover Rate (%): | 36 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.5% |
| Money Market Funds | 1.5% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.5% |
| Tencent Holdings Ltd. | 6.4% |
| Alibaba Group Holding Ltd. | 3.6% |
| Samsung Electronics Co. Ltd. | 3.3% |
| HDFC Bank Ltd. | 2.4% |
| China Construction Bank Corp. | 2.2% |
| Infosys Ltd. | 2.0% |
| NetEase, Inc., ADR | 1.7% |
| Kotak Mahindra Bank Ltd. | 1.6% |
| Vale S.A., ADR | 1.6% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| China | 28.8% |
| India | 15.3% |
| Taiwan | 14.4% |
| South Korea | 10.8% |
| Brazil | 5.3% |
| Indonesia | 3.6% |
| Hong Kong | 3.0% |
| Mexico | 3.0% |
| United Arab Emirates | 2.4% |
| Other Countries | 13.4% |

---

#### 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.

FEMI-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Emerging Markets

Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R1-MEMRX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R1 | $222 | 2.06% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R1 shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 16.01%, at net asset value. This compares with a return of 13.04% for the fund's benchmark, the MSCI Emerging Markets Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI Emerging Markets Index:

Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance. 

Security selection and an underweight allocation to the materials sector also benefited relative returns. 

* Top detractors from performance relative to the MSCI Emerging Markets Index:

The fund's cash and/or cash equivalents position weakened relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2061027.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R1 without sales charge | 16.01% | 6.00% | 2.96% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI Emerging Markets Index (net div) ∆ | 13.04% | 7.07% | 3.93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r1 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 8406870570 | Total Management Fee ($)#: | 69233060 |
| Total Number of Holdings: | 105 | Portfolio Turnover Rate (%): | 36 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.5% |
| Money Market Funds | 1.5% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.5% |
| Tencent Holdings Ltd. | 6.4% |
| Alibaba Group Holding Ltd. | 3.6% |
| Samsung Electronics Co. Ltd. | 3.3% |
| HDFC Bank Ltd. | 2.4% |
| China Construction Bank Corp. | 2.2% |
| Infosys Ltd. | 2.0% |
| NetEase, Inc., ADR | 1.7% |
| Kotak Mahindra Bank Ltd. | 1.6% |
| Vale S.A., ADR | 1.6% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| China | 28.8% |
| India | 15.3% |
| Taiwan | 14.4% |
| South Korea | 10.8% |
| Brazil | 5.3% |
| Indonesia | 3.6% |
| Hong Kong | 3.0% |
| Mexico | 3.0% |
| United Arab Emirates | 2.4% |
| Other Countries | 13.4% |

---

#### 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.

FEMR1-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Emerging Markets

Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R2-MEMFX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R2 | $169 | 1.56% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R2 shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 16.62%, at net asset value. This compares with a return of 13.04% for the fund's benchmark, the MSCI Emerging Markets Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI Emerging Markets Index:

Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance. 

Security selection and an underweight allocation to the materials sector also benefited relative returns. 

* Top detractors from performance relative to the MSCI Emerging Markets Index:

The fund's cash and/or cash equivalents position weakened relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2060895.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R2 without sales charge | 16.62% | 6.53% | 3.48% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI Emerging Markets Index (net div) ∆ | 13.04% | 7.07% | 3.93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 16.58%.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r2 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 8406870570 | Total Management Fee ($)#: | 69233060 |
| Total Number of Holdings: | 105 | Portfolio Turnover Rate (%): | 36 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.5% |
| Money Market Funds | 1.5% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.5% |
| Tencent Holdings Ltd. | 6.4% |
| Alibaba Group Holding Ltd. | 3.6% |
| Samsung Electronics Co. Ltd. | 3.3% |
| HDFC Bank Ltd. | 2.4% |
| China Construction Bank Corp. | 2.2% |
| Infosys Ltd. | 2.0% |
| NetEase, Inc., ADR | 1.7% |
| Kotak Mahindra Bank Ltd. | 1.6% |
| Vale S.A., ADR | 1.6% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| China | 28.8% |
| India | 15.3% |
| Taiwan | 14.4% |
| South Korea | 10.8% |
| Brazil | 5.3% |
| Indonesia | 3.6% |
| Hong Kong | 3.0% |
| Mexico | 3.0% |
| United Arab Emirates | 2.4% |
| Other Countries | 13.4% |

---

#### 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.

FEMR2-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Emerging Markets

Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R3-MEMGX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R3 | $142 | 1.31% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R3 shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 16.90%, at net asset value. This compares with a return of 13.04% for the fund's benchmark, the MSCI Emerging Markets Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI Emerging Markets Index:

Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance. 

Security selection and an underweight allocation to the materials sector also benefited relative returns. 

* Top detractors from performance relative to the MSCI Emerging Markets Index:

The fund's cash and/or cash equivalents position weakened relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2060840.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R3 without sales charge | 16.90% | 6.80% | 3.74% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI Emerging Markets Index (net div) ∆ | 13.04% | 7.07% | 3.93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r3 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 8406870570 | Total Management Fee ($)#: | 69233060 |
| Total Number of Holdings: | 105 | Portfolio Turnover Rate (%): | 36 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.5% |
| Money Market Funds | 1.5% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.5% |
| Tencent Holdings Ltd. | 6.4% |
| Alibaba Group Holding Ltd. | 3.6% |
| Samsung Electronics Co. Ltd. | 3.3% |
| HDFC Bank Ltd. | 2.4% |
| China Construction Bank Corp. | 2.2% |
| Infosys Ltd. | 2.0% |
| NetEase, Inc., ADR | 1.7% |
| Kotak Mahindra Bank Ltd. | 1.6% |
| Vale S.A., ADR | 1.6% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| China | 28.8% |
| India | 15.3% |
| Taiwan | 14.4% |
| South Korea | 10.8% |
| Brazil | 5.3% |
| Indonesia | 3.6% |
| Hong Kong | 3.0% |
| Mexico | 3.0% |
| United Arab Emirates | 2.4% |
| Other Countries | 13.4% |

---

#### 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.

FEMR3-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Emerging Markets

Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R4-MEMHX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R4 | $115 | 1.06% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R4 shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 17.19%, at net asset value. This compares with a return of 13.04% for the fund's benchmark, the MSCI Emerging Markets Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI Emerging Markets Index:

Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance. 

Security selection and an underweight allocation to the materials sector also benefited relative returns. 

* Top detractors from performance relative to the MSCI Emerging Markets Index:

The fund's cash and/or cash equivalents position weakened relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2060707.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R4 without sales charge | 17.19% | 7.06% | 3.99% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI Emerging Markets Index (net div) ∆ | 13.04% | 7.07% | 3.93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r4 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 8406870570 | Total Management Fee ($)#: | 69233060 |
| Total Number of Holdings: | 105 | Portfolio Turnover Rate (%): | 36 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.5% |
| Money Market Funds | 1.5% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.5% |
| Tencent Holdings Ltd. | 6.4% |
| Alibaba Group Holding Ltd. | 3.6% |
| Samsung Electronics Co. Ltd. | 3.3% |
| HDFC Bank Ltd. | 2.4% |
| China Construction Bank Corp. | 2.2% |
| Infosys Ltd. | 2.0% |
| NetEase, Inc., ADR | 1.7% |
| Kotak Mahindra Bank Ltd. | 1.6% |
| Vale S.A., ADR | 1.6% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| China | 28.8% |
| India | 15.3% |
| Taiwan | 14.4% |
| South Korea | 10.8% |
| Brazil | 5.3% |
| Indonesia | 3.6% |
| Hong Kong | 3.0% |
| Mexico | 3.0% |
| United Arab Emirates | 2.4% |
| Other Countries | 13.4% |

---

#### 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.

FEMR4-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Emerging Markets

Equity Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R6-MEMJX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Equity Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R6 | $100 | 0.92% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R6 shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 17.35%, at net asset value. This compares with a return of 13.04% for the fund's benchmark, the MSCI Emerging Markets Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI Emerging Markets Index:

Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance. 

Security selection and an underweight allocation to the materials sector also benefited relative returns. 

* Top detractors from performance relative to the MSCI Emerging Markets Index:

The fund's cash and/or cash equivalents position weakened relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2060651.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R6 without sales charge | 17.35% | 7.22% | 4.13% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI Emerging Markets Index (net div) ∆ | 13.04% | 7.07% | 3.93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r6 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 8406870570 | Total Management Fee ($)#: | 69233060 |
| Total Number of Holdings: | 105 | Portfolio Turnover Rate (%): | 36 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.5% |
| Money Market Funds | 1.5% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.5% |
| Tencent Holdings Ltd. | 6.4% |
| Alibaba Group Holding Ltd. | 3.6% |
| Samsung Electronics Co. Ltd. | 3.3% |
| HDFC Bank Ltd. | 2.4% |
| China Construction Bank Corp. | 2.2% |
| Infosys Ltd. | 2.0% |
| NetEase, Inc., ADR | 1.7% |
| Kotak Mahindra Bank Ltd. | 1.6% |
| Vale S.A., ADR | 1.6% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| China | 28.8% |
| India | 15.3% |
| Taiwan | 14.4% |
| South Korea | 10.8% |
| Brazil | 5.3% |
| Indonesia | 3.6% |
| Hong Kong | 3.0% |
| Mexico | 3.0% |
| United Arab Emirates | 2.4% |
| Other Countries | 13.4% |

---

#### 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.

FEMR6-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Growth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class A-MGRAX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Growth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| A | $113 | 1.05% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class A shares of the MFS International Growth Fund (fund) provided a total return of 15.44%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance.

* Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection and an overweight allocation to the consumer staples sector weakened relative performance.

An underweight allocation to the communication services sector further weighed on the fund's relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.

![Fund Performance - Growth of 10K](chartimages_2059711.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| A without sales charge | 15.44% | 10.45% | 7.95% |
| A with initial sales charge (5.75%) | 8.80% | 9.15% | 7.32% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.47% |
| MSCI All Country World (ex-US) Growth Index (net div) ∆ | 10.81% | 7.33% | 5.66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/a for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 19139184905 | Total Management Fee ($)#: | 114074447 |
| Total Number of Holdings: | 87 | Portfolio Turnover Rate (%): | 20 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.7% |
| SAP SE | 4.0% |
| Hitachi Ltd. | 3.6% |
| Schneider Electric SE | 3.5% |
| Nestle S.A. | 3.4% |
| Roche Holding AG | 3.3% |
| EssilorLuxottica | 2.4% |
| Heineken N.V. | 2.4% |
| Linde PLC | 2.4% |
| AIA Group Ltd. | 2.3% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| France | 13.8% |
| Germany | 10.5% |
| Japan | 10.2% |
| United Kingdom | 10.1% |
| Switzerland | 8.1% |
| United States | 7.0% |
| Canada | 6.5% |
| Taiwan | 5.7% |
| Netherlands | 3.8% |
| Other Countries | 24.3% |

---

#### 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.

FGFA-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Growth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class B-MGRBX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Growth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| B | $193 | 1.80% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class B shares of the MFS International Growth Fund (fund) provided a total return of 14.59%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance.

* Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection and an overweight allocation to the consumer staples sector weakened relative performance.

An underweight allocation to the communication services sector further weighed on the fund's relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2059579.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| B without sales charge | 14.59% | 9.62% | 7.15% |
| B with CDSC (declining over six years from 4% to 0%)<sup>×</sup> | 10.59% | 9.34% | 7.15% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.47% |
| MSCI All Country World (ex-US) Growth Index (net div) ∆ | 10.81% | 7.33% | 5.66% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/b for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 19139184905 | Total Management Fee ($)#: | 114074447 |
| Total Number of Holdings: | 87 | Portfolio Turnover Rate (%): | 20 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.7% |
| SAP SE | 4.0% |
| Hitachi Ltd. | 3.6% |
| Schneider Electric SE | 3.5% |
| Nestle S.A. | 3.4% |
| Roche Holding AG | 3.3% |
| EssilorLuxottica | 2.4% |
| Heineken N.V. | 2.4% |
| Linde PLC | 2.4% |
| AIA Group Ltd. | 2.3% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| France | 13.8% |
| Germany | 10.5% |
| Japan | 10.2% |
| United Kingdom | 10.1% |
| Switzerland | 8.1% |
| United States | 7.0% |
| Canada | 6.5% |
| Taiwan | 5.7% |
| Netherlands | 3.8% |
| Other Countries | 24.3% |

---

#### 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.

FGFB-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Growth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class C-MGRCX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Growth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| C | $193 | 1.80% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class C shares of the MFS International Growth Fund (fund) provided a total return of 14.59%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance.

* Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection and an overweight allocation to the consumer staples sector weakened relative performance.

An underweight allocation to the communication services sector further weighed on the fund's relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2059523.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| C without sales charge | 14.59% | 9.62% | 7.15% |
| C with CDSC (1% for 12 months)<sup>×</sup> | 13.59% | 9.62% | 7.15% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.47% |
| MSCI All Country World (ex-US) Growth Index (net div) ∆ | 10.81% | 7.33% | 5.66% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/c for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 19139184905 | Total Management Fee ($)#: | 114074447 |
| Total Number of Holdings: | 87 | Portfolio Turnover Rate (%): | 20 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.7% |
| SAP SE | 4.0% |
| Hitachi Ltd. | 3.6% |
| Schneider Electric SE | 3.5% |
| Nestle S.A. | 3.4% |
| Roche Holding AG | 3.3% |
| EssilorLuxottica | 2.4% |
| Heineken N.V. | 2.4% |
| Linde PLC | 2.4% |
| AIA Group Ltd. | 2.3% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| France | 13.8% |
| Germany | 10.5% |
| Japan | 10.2% |
| United Kingdom | 10.1% |
| Switzerland | 8.1% |
| United States | 7.0% |
| Canada | 6.5% |
| Taiwan | 5.7% |
| Netherlands | 3.8% |
| Other Countries | 24.3% |

---

#### 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.

FGFC-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Growth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class I-MQGIX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Growth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| I | $86 | 0.80% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class I shares of the MFS International Growth Fund (fund) provided a total return of 15.74%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance. 

* Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection and an overweight allocation to the consumer staples sector weakened relative performance. 

An underweight allocation to the communication services sector further weighed on the fund's relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2059391.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| I without sales charge | 15.74% | 10.72% | 8.23% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.47% |
| MSCI All Country World (ex-US) Growth Index (net div) ∆ | 10.81% | 7.33% | 5.66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/i for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 19139184905 | Total Management Fee ($)#: | 114074447 |
| Total Number of Holdings: | 87 | Portfolio Turnover Rate (%): | 20 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.7% |
| SAP SE | 4.0% |
| Hitachi Ltd. | 3.6% |
| Schneider Electric SE | 3.5% |
| Nestle S.A. | 3.4% |
| Roche Holding AG | 3.3% |
| EssilorLuxottica | 2.4% |
| Heineken N.V. | 2.4% |
| Linde PLC | 2.4% |
| AIA Group Ltd. | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| France | 13.8% |
| Germany | 10.5% |
| Japan | 10.2% |
| United Kingdom | 10.1% |
| Switzerland | 8.1% |
| United States | 7.0% |
| Canada | 6.5% |
| Taiwan | 5.7% |
| Netherlands | 3.8% |
| Other Countries | 24.3% |

---

#### 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.

FGFI-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Growth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R1-MGRRX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Growth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R1 | $193 | 1.80% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R1 shares of the MFS International Growth Fund (fund) provided a total return of 14.60%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance. 

* Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection and an overweight allocation to the consumer staples sector weakened relative performance. 

An underweight allocation to the communication services sector further weighed on the fund's relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2059335.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R1 without sales charge | 14.60% | 9.63% | 7.15% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.47% |
| MSCI All Country World (ex-US) Growth Index (net div) ∆ | 10.81% | 7.33% | 5.66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r1 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 19139184905 | Total Management Fee ($)#: | 114074447 |
| Total Number of Holdings: | 87 | Portfolio Turnover Rate (%): | 20 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.7% |
| SAP SE | 4.0% |
| Hitachi Ltd. | 3.6% |
| Schneider Electric SE | 3.5% |
| Nestle S.A. | 3.4% |
| Roche Holding AG | 3.3% |
| EssilorLuxottica | 2.4% |
| Heineken N.V. | 2.4% |
| Linde PLC | 2.4% |
| AIA Group Ltd. | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| France | 13.8% |
| Germany | 10.5% |
| Japan | 10.2% |
| United Kingdom | 10.1% |
| Switzerland | 8.1% |
| United States | 7.0% |
| Canada | 6.5% |
| Taiwan | 5.7% |
| Netherlands | 3.8% |
| Other Countries | 24.3% |

---

#### 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.

FGFR1-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Growth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R2-MGRQX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Growth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R2 | $140 | 1.30% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R2 shares of the MFS International Growth Fund (fund) provided a total return of 15.14%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance. 

* Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection and an overweight allocation to the consumer staples sector weakened relative performance. 

An underweight allocation to the communication services sector further weighed on the fund's relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2059202.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R2 without sales charge | 15.14% | 10.17% | 7.68% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.47% |
| MSCI All Country World (ex-US) Growth Index (net div) ∆ | 10.81% | 7.33% | 5.66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 15.17%.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r2 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 19139184905 | Total Management Fee ($)#: | 114074447 |
| Total Number of Holdings: | 87 | Portfolio Turnover Rate (%): | 20 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.7% |
| SAP SE | 4.0% |
| Hitachi Ltd. | 3.6% |
| Schneider Electric SE | 3.5% |
| Nestle S.A. | 3.4% |
| Roche Holding AG | 3.3% |
| EssilorLuxottica | 2.4% |
| Heineken N.V. | 2.4% |
| Linde PLC | 2.4% |
| AIA Group Ltd. | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| France | 13.8% |
| Germany | 10.5% |
| Japan | 10.2% |
| United Kingdom | 10.1% |
| Switzerland | 8.1% |
| United States | 7.0% |
| Canada | 6.5% |
| Taiwan | 5.7% |
| Netherlands | 3.8% |
| Other Countries | 24.3% |

---

#### 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.

FGFR2-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Growth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R3-MGRTX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Growth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R3 | $114 | 1.06% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R3 shares of the MFS International Growth Fund (fund) provided a total return of 15.45%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance. 

* Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection and an overweight allocation to the consumer staples sector weakened relative performance. 

An underweight allocation to the communication services sector further weighed on the fund's relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2059148.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R3 without sales charge | 15.45% | 10.45% | 7.95% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.47% |
| MSCI All Country World (ex-US) Growth Index (net div) ∆ | 10.81% | 7.33% | 5.66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 15.43%.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r3 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 19139184905 | Total Management Fee ($)#: | 114074447 |
| Total Number of Holdings: | 87 | Portfolio Turnover Rate (%): | 20 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.7% |
| SAP SE | 4.0% |
| Hitachi Ltd. | 3.6% |
| Schneider Electric SE | 3.5% |
| Nestle S.A. | 3.4% |
| Roche Holding AG | 3.3% |
| EssilorLuxottica | 2.4% |
| Heineken N.V. | 2.4% |
| Linde PLC | 2.4% |
| AIA Group Ltd. | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| France | 13.8% |
| Germany | 10.5% |
| Japan | 10.2% |
| United Kingdom | 10.1% |
| Switzerland | 8.1% |
| United States | 7.0% |
| Canada | 6.5% |
| Taiwan | 5.7% |
| Netherlands | 3.8% |
| Other Countries | 24.3% |

---

#### 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.

FGFR3-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Growth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R4-MGRVX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Growth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R4 | $87 | 0.81% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R4 shares of the MFS International Growth Fund (fund) provided a total return of 15.73%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance. 

* Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection and an overweight allocation to the consumer staples sector weakened relative performance. 

An underweight allocation to the communication services sector further weighed on the fund's relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2059015.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R4 without sales charge | 15.73% | 10.72% | 8.22% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.47% |
| MSCI All Country World (ex-US) Growth Index (net div) ∆ | 10.81% | 7.33% | 5.66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r4 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 19139184905 | Total Management Fee ($)#: | 114074447 |
| Total Number of Holdings: | 87 | Portfolio Turnover Rate (%): | 20 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.7% |
| SAP SE | 4.0% |
| Hitachi Ltd. | 3.6% |
| Schneider Electric SE | 3.5% |
| Nestle S.A. | 3.4% |
| Roche Holding AG | 3.3% |
| EssilorLuxottica | 2.4% |
| Heineken N.V. | 2.4% |
| Linde PLC | 2.4% |
| AIA Group Ltd. | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| France | 13.8% |
| Germany | 10.5% |
| Japan | 10.2% |
| United Kingdom | 10.1% |
| Switzerland | 8.1% |
| United States | 7.0% |
| Canada | 6.5% |
| Taiwan | 5.7% |
| Netherlands | 3.8% |
| Other Countries | 24.3% |

---

#### 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.

FGFR4-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Growth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R6-MGRDX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Growth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R6 | $74 | 0.69% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R6 shares of the MFS International Growth Fund (fund) provided a total return of 15.88%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance. 

* Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection and an overweight allocation to the consumer staples sector weakened relative performance. 

An underweight allocation to the communication services sector further weighed on the fund's relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2058959.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R6 without sales charge | 15.88% | 10.86% | 8.35% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.47% |
| MSCI All Country World (ex-US) Growth Index (net div) ∆ | 10.81% | 7.33% | 5.66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r6 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 19139184905 | Total Management Fee ($)#: | 114074447 |
| Total Number of Holdings: | 87 | Portfolio Turnover Rate (%): | 20 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.7% |
| SAP SE | 4.0% |
| Hitachi Ltd. | 3.6% |
| Schneider Electric SE | 3.5% |
| Nestle S.A. | 3.4% |
| Roche Holding AG | 3.3% |
| EssilorLuxottica | 2.4% |
| Heineken N.V. | 2.4% |
| Linde PLC | 2.4% |
| AIA Group Ltd. | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| France | 13.8% |
| Germany | 10.5% |
| Japan | 10.2% |
| United Kingdom | 10.1% |
| Switzerland | 8.1% |
| United States | 7.0% |
| Canada | 6.5% |
| Taiwan | 5.7% |
| Netherlands | 3.8% |
| Other Countries | 24.3% |

---

#### 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.

FGFR6-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Intrinsic Value Fund

![TSR_Ribbon_red](images_1132.jpg)

Class A-MGIAX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Intrinsic Value Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| A | $109 | 1.02% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class A shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 14.19%, at net asset value. This compares with a return of 13.33% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI EAFE Index:

Security selection and an underweight position in the health care sector strengthened relative performance. 

Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns. 

* Top detractors from performance relative to the MSCI EAFE Index:

Security selection within the consumer staples sector weakened the fund's relative performance. 

Not owning any stocks within the communication services sector further weighed on relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance. This graph includes the deduction of the maximum applicable sales charge.

![Fund Performance - Growth of 10K](chartimages_2058771.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| A without sales charge | 14.19% | 8.86% | 8.18% |
| A with initial sales charge (5.75%) | 7.62% | 7.57% | 7.54% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 13.33% | 11.42% | 5.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 14.22%.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/a for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 22796168642 | Total Management Fee ($)#: | 138896131 |
| Total Number of Holdings: | 89 | Portfolio Turnover Rate (%): | 13 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Franco-Nevada Corp. | 3.5% |
| NatWest Group PLC | 3.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.9% |
| Schneider Electric SE | 2.7% |
| Legrand S.A. | 2.7% |
| AIB Group PLC | 2.7% |
| CaixaBank S.A. | 2.7% |
| Deutsche Boerse AG | 2.7% |
| TotalEnergies SE | 2.5% |
| SAP SE | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 16.5% |
| France | 16.3% |
| Japan | 12.5% |
| United States | 9.9% |
| Germany | 7.7% |
| Switzerland | 6.8% |
| Canada | 6.4% |
| Ireland | 5.4% |
| Spain | 4.9% |
| Other Countries | 13.6% |

---

#### 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.

FGIA-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Intrinsic Value Fund

![TSR_Ribbon_red](images_1132.jpg)

Class B-MGIBX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Intrinsic Value Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| B | $189 | 1.77% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class B shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 13.35%, at net asset value. This compares with a return of 13.33% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the MSCI EAFE Index:

Security selection and an underweight position in the health care sector strengthened relative performance.

Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns.

* Top detractors from performance relative to the MSCI EAFE Index:

Security selection within the consumer staples sector weakened the fund's relative performance.

Not owning any stocks within the communication services sector further weighed on relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2058639.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| B without sales charge | 13.35% | 8.05% | 7.37% |
| B with CDSC (declining over six years from 4% to 0%)<sup>×</sup> | 9.35% | 7.78% | 7.37% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 13.33% | 11.42% | 5.97% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 13.38%.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/b for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 22796168642 | Total Management Fee ($)#: | 138896131 |
| Total Number of Holdings: | 89 | Portfolio Turnover Rate (%): | 13 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Franco-Nevada Corp. | 3.5% |
| NatWest Group PLC | 3.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.9% |
| Schneider Electric SE | 2.7% |
| Legrand S.A. | 2.7% |
| AIB Group PLC | 2.7% |
| CaixaBank S.A. | 2.7% |
| Deutsche Boerse AG | 2.7% |
| TotalEnergies SE | 2.5% |
| SAP SE | 2.3% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 16.5% |
| France | 16.3% |
| Japan | 12.5% |
| United States | 9.9% |
| Germany | 7.7% |
| Switzerland | 6.8% |
| Canada | 6.4% |
| Ireland | 5.4% |
| Spain | 4.9% |
| Other Countries | 13.6% |

---

#### 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.

FGIB-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Intrinsic Value Fund

![TSR_Ribbon_red](images_1132.jpg)

Class C-MGICX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Intrinsic Value Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| C | $189 | 1.77% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class C shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 13.32%, at net asset value. This compares with a return of 13.33% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the MSCI EAFE Index:

Security selection and an underweight position in the health care sector strengthened relative performance.

Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns.

* Top detractors from performance relative to the MSCI EAFE Index:

Security selection within the consumer staples sector weakened the fund's relative performance.

Not owning any stocks within the communication services sector further weighed on relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2058583.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| C without sales charge | 13.32% | 8.04% | 7.37% |
| C with CDSC (1% for 12 months)<sup>×</sup> | 12.32% | 8.04% | 7.37% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 13.33% | 11.42% | 5.97% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 13.35%.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/c for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 22796168642 | Total Management Fee ($)#: | 138896131 |
| Total Number of Holdings: | 89 | Portfolio Turnover Rate (%): | 13 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Franco-Nevada Corp. | 3.5% |
| NatWest Group PLC | 3.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.9% |
| Schneider Electric SE | 2.7% |
| Legrand S.A. | 2.7% |
| AIB Group PLC | 2.7% |
| CaixaBank S.A. | 2.7% |
| Deutsche Boerse AG | 2.7% |
| TotalEnergies SE | 2.5% |
| SAP SE | 2.3% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 16.5% |
| France | 16.3% |
| Japan | 12.5% |
| United States | 9.9% |
| Germany | 7.7% |
| Switzerland | 6.8% |
| Canada | 6.4% |
| Ireland | 5.4% |
| Spain | 4.9% |
| Other Countries | 13.6% |

---

#### 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.

FGIC-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Intrinsic Value Fund

![TSR_Ribbon_red](images_1132.jpg)

Class I-MINIX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Intrinsic Value Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| I | $83 | 0.77% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class I shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 14.47%, at net asset value. This compares with a return of 13.33% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI EAFE Index:

Security selection and an underweight position in the health care sector strengthened relative performance. 

Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns. 

* Top detractors from performance relative to the MSCI EAFE Index:

Security selection within the consumer staples sector weakened the fund's relative performance. 

Not owning any stocks within the communication services sector further weighed on relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2058827.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| I without sales charge | 14.47% | 9.13% | 8.45% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 13.33% | 11.42% | 5.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 14.49%.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/i for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 22796168642 | Total Management Fee ($)#: | 138896131 |
| Total Number of Holdings: | 89 | Portfolio Turnover Rate (%): | 13 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Franco-Nevada Corp. | 3.5% |
| NatWest Group PLC | 3.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.9% |
| Schneider Electric SE | 2.7% |
| Legrand S.A. | 2.7% |
| AIB Group PLC | 2.7% |
| CaixaBank S.A. | 2.7% |
| Deutsche Boerse AG | 2.7% |
| TotalEnergies SE | 2.5% |
| SAP SE | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 16.5% |
| France | 16.3% |
| Japan | 12.5% |
| United States | 9.9% |
| Germany | 7.7% |
| Switzerland | 6.8% |
| Canada | 6.4% |
| Ireland | 5.4% |
| Spain | 4.9% |
| Other Countries | 13.6% |

---

#### 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.

FGII-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Intrinsic Value Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R1-MINRX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Intrinsic Value Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R1 | $189 | 1.77% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R1 shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 13.35%, at net asset value. This compares with a return of 13.33% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI EAFE Index:

Security selection and an underweight position in the health care sector strengthened relative performance. 

Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns. 

* Top detractors from performance relative to the MSCI EAFE Index:

Security selection within the consumer staples sector weakened the fund's relative performance. 

Not owning any stocks within the communication services sector further weighed on relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2058451.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R1 without sales charge | 13.35% | 8.04% | 7.37% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 13.33% | 11.42% | 5.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r1 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 22796168642 | Total Management Fee ($)#: | 138896131 |
| Total Number of Holdings: | 89 | Portfolio Turnover Rate (%): | 13 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Franco-Nevada Corp. | 3.5% |
| NatWest Group PLC | 3.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.9% |
| Schneider Electric SE | 2.7% |
| Legrand S.A. | 2.7% |
| AIB Group PLC | 2.7% |
| CaixaBank S.A. | 2.7% |
| Deutsche Boerse AG | 2.7% |
| TotalEnergies SE | 2.5% |
| SAP SE | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 16.5% |
| France | 16.3% |
| Japan | 12.5% |
| United States | 9.9% |
| Germany | 7.7% |
| Switzerland | 6.8% |
| Canada | 6.4% |
| Ireland | 5.4% |
| Spain | 4.9% |
| Other Countries | 13.6% |

---

#### 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.

FGIR1-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Intrinsic Value Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R2-MINFX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Intrinsic Value Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R2 | $136 | 1.27% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R2 shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 13.92%, at net asset value. This compares with a return of 13.33% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI EAFE Index:

Security selection and an underweight position in the health care sector strengthened relative performance. 

Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns. 

* Top detractors from performance relative to the MSCI EAFE Index:

Security selection within the consumer staples sector weakened the fund's relative performance. 

Not owning any stocks within the communication services sector further weighed on relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2058395.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R2 without sales charge | 13.92% | 8.59% | 7.91% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 13.33% | 11.42% | 5.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 13.95%.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r2 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 22796168642 | Total Management Fee ($)#: | 138896131 |
| Total Number of Holdings: | 89 | Portfolio Turnover Rate (%): | 13 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Franco-Nevada Corp. | 3.5% |
| NatWest Group PLC | 3.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.9% |
| Schneider Electric SE | 2.7% |
| Legrand S.A. | 2.7% |
| AIB Group PLC | 2.7% |
| CaixaBank S.A. | 2.7% |
| Deutsche Boerse AG | 2.7% |
| TotalEnergies SE | 2.5% |
| SAP SE | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 16.5% |
| France | 16.3% |
| Japan | 12.5% |
| United States | 9.9% |
| Germany | 7.7% |
| Switzerland | 6.8% |
| Canada | 6.4% |
| Ireland | 5.4% |
| Spain | 4.9% |
| Other Countries | 13.6% |

---

#### 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.

FGIR2-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Intrinsic Value Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R3-MINGX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Intrinsic Value Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R3 | $109 | 1.02% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R3 shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 14.18%, at net asset value. This compares with a return of 13.33% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI EAFE Index:

Security selection and an underweight position in the health care sector strengthened relative performance. 

Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns. 

* Top detractors from performance relative to the MSCI EAFE Index:

Security selection within the consumer staples sector weakened the fund's relative performance. 

Not owning any stocks within the communication services sector further weighed on relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2058263.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R3 without sales charge | 14.18% | 8.86% | 8.18% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 13.33% | 11.42% | 5.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 14.21%.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r3 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 22796168642 | Total Management Fee ($)#: | 138896131 |
| Total Number of Holdings: | 89 | Portfolio Turnover Rate (%): | 13 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Franco-Nevada Corp. | 3.5% |
| NatWest Group PLC | 3.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.9% |
| Schneider Electric SE | 2.7% |
| Legrand S.A. | 2.7% |
| AIB Group PLC | 2.7% |
| CaixaBank S.A. | 2.7% |
| Deutsche Boerse AG | 2.7% |
| TotalEnergies SE | 2.5% |
| SAP SE | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 16.5% |
| France | 16.3% |
| Japan | 12.5% |
| United States | 9.9% |
| Germany | 7.7% |
| Switzerland | 6.8% |
| Canada | 6.4% |
| Ireland | 5.4% |
| Spain | 4.9% |
| Other Countries | 13.6% |

---

#### 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.

FGIR3-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Intrinsic Value Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R4-MINHX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Intrinsic Value Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R4 | $83 | 0.77% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R4 shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 14.47%, at net asset value. This compares with a return of 13.33% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI EAFE Index:

Security selection and an underweight position in the health care sector strengthened relative performance. 

Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns. 

* Top detractors from performance relative to the MSCI EAFE Index:

Security selection within the consumer staples sector weakened the fund's relative performance. 

Not owning any stocks within the communication services sector further weighed on relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2058207.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R4 without sales charge | 14.47% | 9.13% | 8.45% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 13.33% | 11.42% | 5.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 14.49%.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r4 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 22796168642 | Total Management Fee ($)#: | 138896131 |
| Total Number of Holdings: | 89 | Portfolio Turnover Rate (%): | 13 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Franco-Nevada Corp. | 3.5% |
| NatWest Group PLC | 3.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.9% |
| Schneider Electric SE | 2.7% |
| Legrand S.A. | 2.7% |
| AIB Group PLC | 2.7% |
| CaixaBank S.A. | 2.7% |
| Deutsche Boerse AG | 2.7% |
| TotalEnergies SE | 2.5% |
| SAP SE | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 16.5% |
| France | 16.3% |
| Japan | 12.5% |
| United States | 9.9% |
| Germany | 7.7% |
| Switzerland | 6.8% |
| Canada | 6.4% |
| Ireland | 5.4% |
| Spain | 4.9% |
| Other Countries | 13.6% |

---

#### 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.

FGIR4-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Intrinsic Value Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R6-MINJX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Intrinsic Value Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R6 | $71 | 0.66% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R6 shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 14.60%, at net asset value. This compares with a return of 13.33% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI EAFE Index:

Security selection and an underweight position in the health care sector strengthened relative performance. 

Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns. 

* Top detractors from performance relative to the MSCI EAFE Index:

Security selection within the consumer staples sector weakened the fund's relative performance. 

Not owning any stocks within the communication services sector further weighed on relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2058075.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R6 without sales charge | 14.60% | 9.25% | 8.56% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 13.33% | 11.42% | 5.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 14.63%.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r6 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 22796168642 | Total Management Fee ($)#: | 138896131 |
| Total Number of Holdings: | 89 | Portfolio Turnover Rate (%): | 13 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.4% |
| Money Market Funds | 3.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Franco-Nevada Corp. | 3.5% |
| NatWest Group PLC | 3.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.9% |
| Schneider Electric SE | 2.7% |
| Legrand S.A. | 2.7% |
| AIB Group PLC | 2.7% |
| CaixaBank S.A. | 2.7% |
| Deutsche Boerse AG | 2.7% |
| TotalEnergies SE | 2.5% |
| SAP SE | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 16.5% |
| France | 16.3% |
| Japan | 12.5% |
| United States | 9.9% |
| Germany | 7.7% |
| Switzerland | 6.8% |
| Canada | 6.4% |
| Ireland | 5.4% |
| Spain | 4.9% |
| Other Countries | 13.6% |

---

#### 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.

FGIR6-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International

Diversification<sup>SM</sup> Fund

![TSR_Ribbon_red](images_1132.jpg)

Class A-MDIDX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Diversification Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| A | $37 | 0.35% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class A shares of the MFS International Diversification Fund (fund) provided a total return of 13.98%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments. 

The fund's exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns. 

* Top detractors from performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark. 

The fund's exposure to the MFS International New Discovery Fund further weighed on relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance. This graph includes the deduction of the maximum applicable sales charge.

![Fund Performance - Growth of 10K](chartimages_2060519.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| A without sales charge | 13.98% | 9.34% | 6.75% |
| A with initial sales charge (5.75%) | 7.42% | 8.05% | 6.12% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.47% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/a for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 41403515321 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 7 | Portfolio Turnover Rate (%): | 2 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio target allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2060523.jpg)

 **Portfolio actual allocation**

![Port Comp - Portfolio Actual Allocation Chart](chartimages_2060527.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Research International Fund | 27.6% |
| MFS Emerging Markets Equity Fund | 17.1% |
| MFS International Large Cap Value Fund | 15.2% |
| MFS International Intrinsic Value Fund | 15.0% |
| MFS International Growth Fund | 14.9% |
| MFS International New Discovery Fund | 10.0% |
| MFS Institutional Money Market Portfolio | 0.2% |

---

#### 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.

MDIA-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International

Diversification<sup>SM</sup> Fund

![TSR_Ribbon_red](images_1132.jpg)

Class B-MDIFX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Diversification Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| B | $117 | 1.10% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class B shares of the MFS International Diversification Fund (fund) provided a total return of 13.16%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div).

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments.

The fund's exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns.

* Top detractors from performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark.

The fund's exposure to the MFS International New Discovery Fund further weighed on relative performance.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2060463.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| B without sales charge | 13.16% | 8.52% | 5.95% |
| B with CDSC (declining over six years from 4% to 0%)<sup>×</sup> | 9.16% | 8.23% | 5.95% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.47% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/b for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 41403515321 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 7 | Portfolio Turnover Rate (%): | 2 |

---

*#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio target allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2060459.jpg)

**Portfolio actual allocation**

![Port Comp - Portfolio Actual Allocation Chart](chartimages_2060455.jpg)

**Portfolio holdings**

---

| | |
|:---|:---|
| MFS Research International Fund | 27.6% |
| MFS Emerging Markets Equity Fund | 17.1% |
| MFS International Large Cap Value Fund | 15.2% |
| MFS International Intrinsic Value Fund | 15.0% |
| MFS International Growth Fund | 14.9% |
| MFS International New Discovery Fund | 10.0% |
| MFS Institutional Money Market Portfolio | 0.2% |

---

#### 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.

MDIB-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International

Diversification<sup>SM</sup> Fund

![TSR_Ribbon_red](images_1132.jpg)

Class C-MDIGX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Diversification Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| C | $117 | 1.10% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class C shares of the MFS International Diversification Fund (fund) provided a total return of 13.13%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div).

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments.

The fund's exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns.

* Top detractors from performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark.

The fund's exposure to the MFS International New Discovery Fund further weighed on relative performance.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2060331.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| C without sales charge | 13.13% | 8.52% | 5.95% |
| C with CDSC (1% for 12 months)<sup>×</sup> | 12.13% | 8.52% | 5.95% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.47% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/c for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 41403515321 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 7 | Portfolio Turnover Rate (%): | 2 |

---

*#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio target allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2060335.jpg)

**Portfolio actual allocation**

![Port Comp - Portfolio Actual Allocation Chart](chartimages_2060339.jpg)

**Portfolio holdings**

---

| | |
|:---|:---|
| MFS Research International Fund | 27.6% |
| MFS Emerging Markets Equity Fund | 17.1% |
| MFS International Large Cap Value Fund | 15.2% |
| MFS International Intrinsic Value Fund | 15.0% |
| MFS International Growth Fund | 14.9% |
| MFS International New Discovery Fund | 10.0% |
| MFS Institutional Money Market Portfolio | 0.2% |

---

#### 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.

MDIC-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International

Diversification<sup>SM</sup> Fund

![TSR_Ribbon_red](images_1132.jpg)

Class I-MDIJX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Diversification Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| I | $11 | 0.10% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class I shares of the MFS International Diversification Fund (fund) provided a total return of 14.27%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments. 

The fund's exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns. 

* Top detractors from performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark. 

The fund's exposure to the MFS International New Discovery Fund further weighed on relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2060277.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| I without sales charge | 14.27% | 9.61% | 7.02% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.47% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/i for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 41403515321 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 7 | Portfolio Turnover Rate (%): | 2 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio target allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2060272.jpg)

 **Portfolio actual allocation**

![Port Comp - Portfolio Actual Allocation Chart](chartimages_2060267.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Research International Fund | 27.6% |
| MFS Emerging Markets Equity Fund | 17.1% |
| MFS International Large Cap Value Fund | 15.2% |
| MFS International Intrinsic Value Fund | 15.0% |
| MFS International Growth Fund | 14.9% |
| MFS International New Discovery Fund | 10.0% |
| MFS Institutional Money Market Portfolio | 0.2% |

---

#### 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.

MDII-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International

Diversification<sup>SM</sup> Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R1-MDIOX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Diversification Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R1 | $117 | 1.10% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R1 shares of the MFS International Diversification Fund (fund) provided a total return of 13.19%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments. 

The fund's exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns. 

* Top detractors from performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark. 

The fund's exposure to the MFS International New Discovery Fund further weighed on relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2060144.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R1 without sales charge | 13.19% | 8.52% | 5.95% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.47% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r1 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 41403515321 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 7 | Portfolio Turnover Rate (%): | 2 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio target allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2060148.jpg)

 **Portfolio actual allocation**

![Port Comp - Portfolio Actual Allocation Chart](chartimages_2060149.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Research International Fund | 27.6% |
| MFS Emerging Markets Equity Fund | 17.1% |
| MFS International Large Cap Value Fund | 15.2% |
| MFS International Intrinsic Value Fund | 15.0% |
| MFS International Growth Fund | 14.9% |
| MFS International New Discovery Fund | 10.0% |
| MFS Institutional Money Market Portfolio | 0.2% |

---

#### 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.

MDIR1-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International

Diversification<sup>SM</sup> Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R2-MDIKX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Diversification Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R2 | $64 | 0.60% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R2 shares of the MFS International Diversification Fund (fund) provided a total return of 13.72%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments. 

The fund's exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns. 

* Top detractors from performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark. 

The fund's exposure to the MFS International New Discovery Fund further weighed on relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2060088.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R2 without sales charge | 13.72% | 9.06% | 6.48% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.47% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r2 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 41403515321 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 7 | Portfolio Turnover Rate (%): | 2 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio target allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2060083.jpg)

 **Portfolio actual allocation**

![Port Comp - Portfolio Actual Allocation Chart](chartimages_2060077.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Research International Fund | 27.6% |
| MFS Emerging Markets Equity Fund | 17.1% |
| MFS International Large Cap Value Fund | 15.2% |
| MFS International Intrinsic Value Fund | 15.0% |
| MFS International Growth Fund | 14.9% |
| MFS International New Discovery Fund | 10.0% |
| MFS Institutional Money Market Portfolio | 0.2% |

---

#### 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.

MDIR2-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International

Diversification<sup>SM</sup> Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R3-MDIHX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Diversification Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R3 | $37 | 0.35% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R3 shares of the MFS International Diversification Fund (fund) provided a total return of 14.00%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments. 

The fund's exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns. 

* Top detractors from performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark. 

The fund's exposure to the MFS International New Discovery Fund further weighed on relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2059955.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R3 without sales charge | 14.00% | 9.33% | 6.75% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.47% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r3 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 41403515321 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 7 | Portfolio Turnover Rate (%): | 2 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio target allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2059959.jpg)

 **Portfolio actual allocation**

![Port Comp - Portfolio Actual Allocation Chart](chartimages_2059962.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Research International Fund | 27.6% |
| MFS Emerging Markets Equity Fund | 17.1% |
| MFS International Large Cap Value Fund | 15.2% |
| MFS International Intrinsic Value Fund | 15.0% |
| MFS International Growth Fund | 14.9% |
| MFS International New Discovery Fund | 10.0% |
| MFS Institutional Money Market Portfolio | 0.2% |

---

#### 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.

MDIR3-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International

Diversification<sup>SM</sup> Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R4-MDITX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Diversification Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R4 | $11 | 0.10% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R4 shares of the MFS International Diversification Fund (fund) provided a total return of 14.27%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments. 

The fund's exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns. 

* Top detractors from performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark. 

The fund's exposure to the MFS International New Discovery Fund further weighed on relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2059900.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R4 without sales charge | 14.27% | 9.61% | 7.01% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.47% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r4 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 41403515321 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 7 | Portfolio Turnover Rate (%): | 2 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio target allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2059895.jpg)

 **Portfolio actual allocation**

![Port Comp - Portfolio Actual Allocation Chart](chartimages_2059889.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Research International Fund | 27.6% |
| MFS Emerging Markets Equity Fund | 17.1% |
| MFS International Large Cap Value Fund | 15.2% |
| MFS International Intrinsic Value Fund | 15.0% |
| MFS International Growth Fund | 14.9% |
| MFS International New Discovery Fund | 10.0% |
| MFS Institutional Money Market Portfolio | 0.2% |

---

#### 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.

MDIR4-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International

Diversification<sup>SM</sup> Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R6-MDIZX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Diversification Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R6 | $0 | 0.00% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R6 shares of the MFS International Diversification Fund (fund) provided a total return of 14.38%, at net asset value. This compares with a return of 13.75% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments. 

The fund's exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns. 

* Top detractors from performance relative to the MSCI All Country World (ex-US) Index:

The fund's exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark. 

The fund's exposure to the MFS International New Discovery Fund further weighed on relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2059765.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R6 without sales charge | 14.38% | 9.71% | 7.22% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 13.75% | 10.37% | 5.67% |

---

\* For the period from the commencement of the class's investment operations, October 2, 2017 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r6 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 41403515321 | Total Management Fee ($)#: | 0 |
| Total Number of Holdings: | 7 | Portfolio Turnover Rate (%): | 2 |

---

 *#* The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio target allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2059771.jpg)

 **Portfolio actual allocation**

![Port Comp - Portfolio Actual Allocation Chart](chartimages_2059774.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Research International Fund | 27.6% |
| MFS Emerging Markets Equity Fund | 17.1% |
| MFS International Large Cap Value Fund | 15.2% |
| MFS International Intrinsic Value Fund | 15.0% |
| MFS International Growth Fund | 14.9% |
| MFS International New Discovery Fund | 10.0% |
| MFS Institutional Money Market Portfolio | 0.2% |

---

#### 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.

MDIR6-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Managed Wealth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class A-MNWAX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Managed Wealth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| A | $95 | 0.92% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund's objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund's returns by reducing the fund's exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund's exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets. 

* For the twelve months ended May 31, 2025, Class A shares of the fund provided a total return of 5.77%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to absolute performance:

The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund. 

* Top detractors from absolute performance:

The fund's short exposure to futures contracts on the Russell 1000<sup>®</sup> Growth Index, MSCI EAFE Stock Index, and Russell 1000<sup>®</sup> Value Index. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies. This graph includes the deduction of the maximum applicable sales charge.

![Fund Performance - Growth of 10K](chartimages_2058019.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| A without sales charge | 5.77% | 2.81% | 3.24% |
| A with initial sales charge (5.75%) | (0.31)% | 1.59% | 2.63% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| ICE BofA 0-3 Month U.S. Treasury Bill Index ∆ | 4.81% | 2.74% | 1.93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/a for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 35032009 | Total Management Fee ($)#: | 120936 |
| Total Number of Holdings: | 13 | Portfolio Turnover Rate (%): | 11 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)

 **Portfolio structure**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Active<br> Security<br> Selection<br> (a)** | **Derivative<br> Overlay <br> Positions<br> (b)** | **Net Market <br> Exposure<br> (c)** |
| **Strategic Allocation** | MFS Growth Fund | 32.3% |  |  |
|  | MFS International Equity Fund | 31.5% |  |  |
|  | MFS Value Fund | 30.3% |  |  |
| **Market Exposure Overlay** | Mini Russell 1000 Value Index Future JUN 20 25 |  | (13.8)% |  |
|  | Mini MSCI EAFE Index Future JUN 20 25 |  | (14.9)% |  |
|  | Mini Russell 1000 Growth Future JUN 20 25 |  | (20.7)% |  |
| **Net Equity Exposure** | **Net Equity Exposure** |  |  | 44.7% |
|  | Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 |  | (0.1)% |  |
|  | Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 |  | (0.9)% |  |
| **Standard & Poors Index Option PUT(s)** | **Standard & Poors Index Option PUT(s)** |  |  | (1.0)% |
| **Downside Hedge(s)** | **Downside Hedge(s)** |  |  | (1.0)% |
| **Net Equivalent Equity Exposure** | **Net Equivalent Equity Exposure** | 94.1% | (50.4)% | 43.7% |
| **Limited Maturity U.S. Treasury Notes** | **Limited Maturity U.S. Treasury Notes** |  |  | 3.2% |
| **Cash** | Cash & Cash Equivalents (d) |  |  | 2.7% |
|  | Other (e) |  |  | 50.4% |
| **Total Net Exposure Summary** | **Total Net Exposure Summary** |  |  | 100.0% |

---

(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.

(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.

(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.

(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.

(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.

Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.

Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.

#### 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.

MGWA-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Managed Wealth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class B-MNWBX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Managed Wealth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| B | $171 | 1.67% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund's objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund's returns by reducing the fund's exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund's exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets.

* For the twelve months ended May 31, 2025, Class B shares of the fund provided a total return of 4.98%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to absolute performance:

The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund.

* Top detractors from absolute performance:

The fund's short exposure to futures contracts on the Russell 1000<sup>®</sup> Growth Index, MSCI EAFE Stock Index, and Russell 1000<sup>®</sup> Value Index.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies.

![Fund Performance - Growth of 10K](chartimages_2057887.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| B without sales charge | 4.98% | 2.02% | 2.39% |
| B with CDSC (declining over six years from 4% to 0%)<sup>×</sup> | 0.98% | 1.64% | 2.39% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| ICE BofA 0-3 Month U.S. Treasury Bill Index ∆ | 4.81% | 2.74% | 1.93% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/b for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 35032009 | Total Management Fee ($)#: | 120936 |
| Total Number of Holdings: | 13 | Portfolio Turnover Rate (%): | 11 |

---

*#* Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)

**Portfolio structure**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Active<br>Security<br>Selection<br>(a)** | **Derivative<br>Overlay <br>Positions<br>(b)** | **Net Market <br>Exposure<br>(c)** |
| **Strategic Allocation** | MFS Growth Fund | 32.3% |  |  |
|  | MFS International Equity Fund | 31.5% |  |  |
|  | MFS Value Fund | 30.3% |  |  |
| **Market Exposure Overlay** | Mini Russell 1000 Value Index Future JUN 20 25 |  | (13.8)% |  |
|  | Mini MSCI EAFE Index Future JUN 20 25 |  | (14.9)% |  |
|  | Mini Russell 1000 Growth Future JUN 20 25 |  | (20.7)% |  |
| **Net Equity Exposure** | **Net Equity Exposure** |  |  | 44.7% |
|  | Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 |  | (0.1)% |  |
|  | Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 |  | (0.9)% |  |
| **Standard & Poors Index Option PUT(s)** | **Standard & Poors Index Option PUT(s)** |  |  | (1.0)% |
| **Downside Hedge(s)** | **Downside Hedge(s)** |  |  | (1.0)% |
| **Net Equivalent Equity Exposure** | **Net Equivalent Equity Exposure** | 94.1% | (50.4)% | 43.7% |
| **Limited Maturity U.S. Treasury Notes** | **Limited Maturity U.S. Treasury Notes** |  |  | 3.2% |
| **Cash** | Cash & Cash Equivalents (d) |  |  | 2.7% |
|  | Other (e) |  |  | 50.4% |
| **Total Net Exposure Summary** | **Total Net Exposure Summary** |  |  | 100.0% |

---

(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.

(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.

(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.

(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.

(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.

Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.

Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.

#### 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.

MGWB-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Managed Wealth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class C-MNWCX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Managed Wealth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| C | $171 | 1.67% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund's objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund's returns by reducing the fund's exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund's exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets.

* For the twelve months ended May 31, 2025, Class C shares of the fund provided a total return of 5.02%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to absolute performance:

The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund.

* Top detractors from absolute performance:

The fund's short exposure to futures contracts on the Russell 1000<sup>®</sup> Growth Index, MSCI EAFE Stock Index, and Russell 1000<sup>®</sup> Value Index.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies.

![Fund Performance - Growth of 10K](chartimages_2057831.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| C without sales charge | 5.02% | 2.03% | 2.39% |
| C with CDSC (1% for 12 months)<sup>×</sup> | 4.02% | 2.03% | 2.39% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| ICE BofA 0-3 Month U.S. Treasury Bill Index ∆ | 4.81% | 2.74% | 1.93% |

---

∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/c for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 35032009 | Total Management Fee ($)#: | 120936 |
| Total Number of Holdings: | 13 | Portfolio Turnover Rate (%): | 11 |

---

*#* Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)

**Portfolio structure**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Active<br>Security<br>Selection<br>(a)** | **Derivative<br>Overlay <br>Positions<br>(b)** | **Net Market <br>Exposure<br>(c)** |
| **Strategic Allocation** | MFS Growth Fund | 32.3% |  |  |
|  | MFS International Equity Fund | 31.5% |  |  |
|  | MFS Value Fund | 30.3% |  |  |
| **Market Exposure Overlay** | Mini Russell 1000 Value Index Future JUN 20 25 |  | (13.8)% |  |
|  | Mini MSCI EAFE Index Future JUN 20 25 |  | (14.9)% |  |
|  | Mini Russell 1000 Growth Future JUN 20 25 |  | (20.7)% |  |
| **Net Equity Exposure** | **Net Equity Exposure** |  |  | 44.7% |
|  | Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 |  | (0.1)% |  |
|  | Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 |  | (0.9)% |  |
| **Standard & Poors Index Option PUT(s)** | **Standard & Poors Index Option PUT(s)** |  |  | (1.0)% |
| **Downside Hedge(s)** | **Downside Hedge(s)** |  |  | (1.0)% |
| **Net Equivalent Equity Exposure** | **Net Equivalent Equity Exposure** | 94.1% | (50.4)% | 43.7% |
| **Limited Maturity U.S. Treasury Notes** | **Limited Maturity U.S. Treasury Notes** |  |  | 3.2% |
| **Cash** | Cash & Cash Equivalents (d) |  |  | 2.7% |
|  | Other (e) |  |  | 50.4% |
| **Total Net Exposure Summary** | **Total Net Exposure Summary** |  |  | 100.0% |

---

(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.

(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.

(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.

(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.

(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.

Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.

Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.

#### 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.

MGWC-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Managed Wealth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class I-MNWIX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Managed Wealth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| I | $69 | 0.67% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund's objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund's returns by reducing the fund's exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund's exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets. 

* For the twelve months ended May 31, 2025, Class I shares of the fund provided a total return of 6.09%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to absolute performance:

The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund. 

* Top detractors from absolute performance:

The fund's short exposure to futures contracts on the Russell 1000<sup>®</sup> Growth Index, MSCI EAFE Stock Index, and Russell 1000<sup>®</sup> Value Index. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies.

![Fund Performance - Growth of 10K](chartimages_2057699.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| I without sales charge | 6.09% | 3.05% | 3.42% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| ICE BofA 0-3 Month U.S. Treasury Bill Index ∆ | 4.81% | 2.74% | 1.93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/i for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 35032009 | Total Management Fee ($)#: | 120936 |
| Total Number of Holdings: | 13 | Portfolio Turnover Rate (%): | 11 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)

 **Portfolio structure**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Active<br> Security<br> Selection<br> (a)** | **Derivative<br> Overlay <br> Positions<br> (b)** | **Net Market <br> Exposure<br> (c)** |
| **Strategic Allocation** | MFS Growth Fund | 32.3% |  |  |
|  | MFS International Equity Fund | 31.5% |  |  |
|  | MFS Value Fund | 30.3% |  |  |
| **Market Exposure Overlay** | Mini Russell 1000 Value Index Future JUN 20 25 |  | (13.8)% |  |
|  | Mini MSCI EAFE Index Future JUN 20 25 |  | (14.9)% |  |
|  | Mini Russell 1000 Growth Future JUN 20 25 |  | (20.7)% |  |
| **Net Equity Exposure** | **Net Equity Exposure** |  |  | 44.7% |
|  | Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 |  | (0.1)% |  |
|  | Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 |  | (0.9)% |  |
| **Standard & Poors Index Option PUT(s)** | **Standard & Poors Index Option PUT(s)** |  |  | (1.0)% |
| **Downside Hedge(s)** | **Downside Hedge(s)** |  |  | (1.0)% |
| **Net Equivalent Equity Exposure** | **Net Equivalent Equity Exposure** | 94.1% | (50.4)% | 43.7% |
| **Limited Maturity U.S. Treasury Notes** | **Limited Maturity U.S. Treasury Notes** |  |  | 3.2% |
| **Cash** | Cash & Cash Equivalents (d) |  |  | 2.7% |
|  | Other (e) |  |  | 50.4% |
| **Total Net Exposure Summary** | **Total Net Exposure Summary** |  |  | 100.0% |

---

(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.

(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.

(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.

(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.

(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.

Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.

Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.

#### 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.

MGWI-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Managed Wealth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R1-MNWRX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Managed Wealth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R1 | $171 | 1.67% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund's objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund's returns by reducing the fund's exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund's exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets. 

* For the twelve months ended May 31, 2025, Class R1 shares of the fund provided a total return of 5.03%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to absolute performance:

The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund. 

* Top detractors from absolute performance:

The fund's short exposure to futures contracts on the Russell 1000<sup>®</sup> Growth Index, MSCI EAFE Stock Index, and Russell 1000<sup>®</sup> Value Index. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies.

![Fund Performance - Growth of 10K](chartimages_2057643.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R1 without sales charge | 5.03% | 2.03% | 2.39% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| ICE BofA 0-3 Month U.S. Treasury Bill Index ∆ | 4.81% | 2.74% | 1.93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r1 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 35032009 | Total Management Fee ($)#: | 120936 |
| Total Number of Holdings: | 13 | Portfolio Turnover Rate (%): | 11 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)

 **Portfolio structure**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Active<br> Security<br> Selection<br> (a)** | **Derivative<br> Overlay <br> Positions<br> (b)** | **Net Market <br> Exposure<br> (c)** |
| **Strategic Allocation** | MFS Growth Fund | 32.3% |  |  |
|  | MFS International Equity Fund | 31.5% |  |  |
|  | MFS Value Fund | 30.3% |  |  |
| **Market Exposure Overlay** | Mini Russell 1000 Value Index Future JUN 20 25 |  | (13.8)% |  |
|  | Mini MSCI EAFE Index Future JUN 20 25 |  | (14.9)% |  |
|  | Mini Russell 1000 Growth Future JUN 20 25 |  | (20.7)% |  |
| **Net Equity Exposure** | **Net Equity Exposure** |  |  | 44.7% |
|  | Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 |  | (0.1)% |  |
|  | Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 |  | (0.9)% |  |
| **Standard & Poors Index Option PUT(s)** | **Standard & Poors Index Option PUT(s)** |  |  | (1.0)% |
| **Downside Hedge(s)** | **Downside Hedge(s)** |  |  | (1.0)% |
| **Net Equivalent Equity Exposure** | **Net Equivalent Equity Exposure** | 94.1% | (50.4)% | 43.7% |
| **Limited Maturity U.S. Treasury Notes** | **Limited Maturity U.S. Treasury Notes** |  |  | 3.2% |
| **Cash** | Cash & Cash Equivalents (d) |  |  | 2.7% |
|  | Other (e) |  |  | 50.4% |
| **Total Net Exposure Summary** | **Total Net Exposure Summary** |  |  | 100.0% |

---

(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.

(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.

(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.

(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.

(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.

Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.

Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.

#### 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.

MGWR1-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Managed Wealth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R2-MNWSX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Managed Wealth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R2 | $120 | 1.17% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund's objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund's returns by reducing the fund's exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund's exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets. 

* For the twelve months ended May 31, 2025, Class R2 shares of the fund provided a total return of 5.56%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to absolute performance:

The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund. 

* Top detractors from absolute performance:

The fund's short exposure to futures contracts on the Russell 1000<sup>®</sup> Growth Index, MSCI EAFE Stock Index, and Russell 1000<sup>®</sup> Value Index. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies.

![Fund Performance - Growth of 10K](chartimages_2069291.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R2 without sales charge | 5.56% | 2.55% | 2.91% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| ICE BofA 0-3 Month U.S. Treasury Bill Index ∆ | 4.81% | 2.74% | 1.93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r2 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 35032009 | Total Management Fee ($)#: | 120936 |
| Total Number of Holdings: | 13 | Portfolio Turnover Rate (%): | 11 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)

 **Portfolio structure**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Active<br> Security<br> Selection<br> (a)** | **Derivative<br> Overlay <br> Positions<br> (b)** | **Net Market <br> Exposure<br> (c)** |
| **Strategic Allocation** | MFS Growth Fund | 32.3% |  |  |
|  | MFS International Equity Fund | 31.5% |  |  |
|  | MFS Value Fund | 30.3% |  |  |
| **Market Exposure Overlay** | Mini Russell 1000 Value Index Future JUN 20 25 |  | (13.8)% |  |
|  | Mini MSCI EAFE Index Future JUN 20 25 |  | (14.9)% |  |
|  | Mini Russell 1000 Growth Future JUN 20 25 |  | (20.7)% |  |
| **Net Equity Exposure** | **Net Equity Exposure** |  |  | 44.7% |
|  | Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 |  | (0.1)% |  |
|  | Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 |  | (0.9)% |  |
| **Standard & Poors Index Option PUT(s)** | **Standard & Poors Index Option PUT(s)** |  |  | (1.0)% |
| **Downside Hedge(s)** | **Downside Hedge(s)** |  |  | (1.0)% |
| **Net Equivalent Equity Exposure** | **Net Equivalent Equity Exposure** | 94.1% | (50.4)% | 43.7% |
| **Limited Maturity U.S. Treasury Notes** | **Limited Maturity U.S. Treasury Notes** |  |  | 3.2% |
| **Cash** | Cash & Cash Equivalents (d) |  |  | 2.7% |
|  | Other (e) |  |  | 50.4% |
| **Total Net Exposure Summary** | **Total Net Exposure Summary** |  |  | 100.0% |

---

(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.

(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.

(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.

(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.

(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.

Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.

Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.

#### 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.

MGWR2-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Managed Wealth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R3-MNWTX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Managed Wealth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R3 | $95 | 0.92% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund's objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund's returns by reducing the fund's exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund's exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets. 

* For the twelve months ended May 31, 2025, Class R3 shares of the fund provided a total return of 5.83%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to absolute performance:

The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund. 

* Top detractors from absolute performance:

The fund's short exposure to futures contracts on the Russell 1000<sup>®</sup> Growth Index, MSCI EAFE Stock Index, and Russell 1000<sup>®</sup> Value Index. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies.

![Fund Performance - Growth of 10K](chartimages_2069236.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R3 without sales charge | 5.83% | 2.81% | 3.16% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| ICE BofA 0-3 Month U.S. Treasury Bill Index ∆ | 4.81% | 2.74% | 1.93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r3 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 35032009 | Total Management Fee ($)#: | 120936 |
| Total Number of Holdings: | 13 | Portfolio Turnover Rate (%): | 11 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)

 **Portfolio structure**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Active<br> Security<br> Selection<br> (a)** | **Derivative<br> Overlay <br> Positions<br> (b)** | **Net Market <br> Exposure<br> (c)** |
| **Strategic Allocation** | MFS Growth Fund | 32.3% |  |  |
|  | MFS International Equity Fund | 31.5% |  |  |
|  | MFS Value Fund | 30.3% |  |  |
| **Market Exposure Overlay** | Mini Russell 1000 Value Index Future JUN 20 25 |  | (13.8)% |  |
|  | Mini MSCI EAFE Index Future JUN 20 25 |  | (14.9)% |  |
|  | Mini Russell 1000 Growth Future JUN 20 25 |  | (20.7)% |  |
| **Net Equity Exposure** | **Net Equity Exposure** |  |  | 44.7% |
|  | Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 |  | (0.1)% |  |
|  | Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 |  | (0.9)% |  |
| **Standard & Poors Index Option PUT(s)** | **Standard & Poors Index Option PUT(s)** |  |  | (1.0)% |
| **Downside Hedge(s)** | **Downside Hedge(s)** |  |  | (1.0)% |
| **Net Equivalent Equity Exposure** | **Net Equivalent Equity Exposure** | 94.1% | (50.4)% | 43.7% |
| **Limited Maturity U.S. Treasury Notes** | **Limited Maturity U.S. Treasury Notes** |  |  | 3.2% |
| **Cash** | Cash & Cash Equivalents (d) |  |  | 2.7% |
|  | Other (e) |  |  | 50.4% |
| **Total Net Exposure Summary** | **Total Net Exposure Summary** |  |  | 100.0% |

---

(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.

(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.

(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.

(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.

(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.

Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.

Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.

#### 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.

MGWR3-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Managed Wealth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R4-MNWUX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Managed Wealth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R4 | $69 | 0.67% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund's objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund's returns by reducing the fund's exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund's exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets. 

* For the twelve months ended May 31, 2025, Class R4 shares of the fund provided a total return of 6.06%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to absolute performance:

The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund. 

* Top detractors from absolute performance:

The fund's short exposure to futures contracts on the Russell 1000<sup>®</sup> Growth Index, MSCI EAFE Stock Index, and Russell 1000<sup>®</sup> Value Index. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies.

![Fund Performance - Growth of 10K](chartimages_2069092.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| R4 without sales charge | 6.06% | 3.04% | 3.42% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 12.86% |
| ICE BofA 0-3 Month U.S. Treasury Bill Index ∆ | 4.81% | 2.74% | 1.93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r4 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 35032009 | Total Management Fee ($)#: | 120936 |
| Total Number of Holdings: | 13 | Portfolio Turnover Rate (%): | 11 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)

 **Portfolio structure**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Active<br> Security<br> Selection<br> (a)** | **Derivative<br> Overlay <br> Positions<br> (b)** | **Net Market <br> Exposure<br> (c)** |
| **Strategic Allocation** | MFS Growth Fund | 32.3% |  |  |
|  | MFS International Equity Fund | 31.5% |  |  |
|  | MFS Value Fund | 30.3% |  |  |
| **Market Exposure Overlay** | Mini Russell 1000 Value Index Future JUN 20 25 |  | (13.8)% |  |
|  | Mini MSCI EAFE Index Future JUN 20 25 |  | (14.9)% |  |
|  | Mini Russell 1000 Growth Future JUN 20 25 |  | (20.7)% |  |
| **Net Equity Exposure** | **Net Equity Exposure** |  |  | 44.7% |
|  | Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 |  | (0.1)% |  |
|  | Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 |  | (0.9)% |  |
| **Standard & Poors Index Option PUT(s)** | **Standard & Poors Index Option PUT(s)** |  |  | (1.0)% |
| **Downside Hedge(s)** | **Downside Hedge(s)** |  |  | (1.0)% |
| **Net Equivalent Equity Exposure** | **Net Equivalent Equity Exposure** | 94.1% | (50.4)% | 43.7% |
| **Limited Maturity U.S. Treasury Notes** | **Limited Maturity U.S. Treasury Notes** |  |  | 3.2% |
| **Cash** | Cash & Cash Equivalents (d) |  |  | 2.7% |
|  | Other (e) |  |  | 50.4% |
| **Total Net Exposure Summary** | **Total Net Exposure Summary** |  |  | 100.0% |

---

(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.

(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.

(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.

(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.

(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.

Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.

Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.

#### 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.

MGWR4-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> Managed Wealth Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R6-MNWZX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Managed Wealth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 ~ |
| R6 | $62 | 0.60% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund's objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund's returns by reducing the fund's exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund's exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets. 

* For the twelve months ended May 31, 2025, Class R6 shares of the fund provided a total return of 6.20%, at net asset value. This compares with a return of 13.52% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to absolute performance:

The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund. 

* Top detractors from absolute performance:

The fund's short exposure to futures contracts on the Russell 1000<sup>®</sup> Growth Index, MSCI EAFE Stock Index, and Russell 1000<sup>®</sup> Value Index. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies.

![Fund Performance - Growth of 10K](chartimages_2069047.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund's investment strategies, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **Life\*** |
| R6 without sales charge | 6.20% | 3.14% | 3.99% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 13.52% | 15.94% | 13.66% |
| ICE BofA 0-3 Month U.S. Treasury Bill Index ∆ | 4.81% | 2.74% | 2.41% |

---

\* For the period from the commencement of the class's investment operations, October 2, 2017 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r6 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 35032009 | Total Management Fee ($)#: | 120936 |
| Total Number of Holdings: | 13 | Portfolio Turnover Rate (%): | 11 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)

 **Portfolio structure**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Active<br> Security<br> Selection<br> (a)** | **Derivative<br> Overlay <br> Positions<br> (b)** | **Net Market <br> Exposure<br> (c)** |
| **Strategic Allocation** | MFS Growth Fund | 32.3% |  |  |
|  | MFS International Equity Fund | 31.5% |  |  |
|  | MFS Value Fund | 30.3% |  |  |
| **Market Exposure Overlay** | Mini Russell 1000 Value Index Future JUN 20 25 |  | (13.8)% |  |
|  | Mini MSCI EAFE Index Future JUN 20 25 |  | (14.9)% |  |
|  | Mini Russell 1000 Growth Future JUN 20 25 |  | (20.7)% |  |
| **Net Equity Exposure** | **Net Equity Exposure** |  |  | 44.7% |
|  | Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 |  | (0.1)% |  |
|  | Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 |  | (0.9)% |  |
| **Standard & Poors Index Option PUT(s)** | **Standard & Poors Index Option PUT(s)** |  |  | (1.0)% |
| **Downside Hedge(s)** | **Downside Hedge(s)** |  |  | (1.0)% |
| **Net Equivalent Equity Exposure** | **Net Equivalent Equity Exposure** | 94.1% | (50.4)% | 43.7% |
| **Limited Maturity U.S. Treasury Notes** | **Limited Maturity U.S. Treasury Notes** |  |  | 3.2% |
| **Cash** | Cash & Cash Equivalents (d) |  |  | 2.7% |
|  | Other (e) |  |  | 50.4% |
| **Total Net Exposure Summary** | **Total Net Exposure Summary** |  |  | 100.0% |

---

(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.

(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.

(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.

(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.

(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.

Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.

Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.

#### 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.

MGWR6-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Large Cap Value Fund

![TSR_Ribbon_red](images_1132.jpg)

Class A-MKVBX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Large Cap Value Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| A | $104 | 0.95% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class A shares of the MFS International Large Cap Value Fund (fund) provided a total return of 19.00%, at net asset value. This compares with a return of 13.33% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). The fund's other benchmark, the MSCI EAFE (Europe, Australasia, Far East) Value Index (net div), generated a return of 18.72%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI EAFE Value Index:

Security selection within both the consumer discretionary and utilities sectors strengthened relative performance. 

An underweight position in the materials sector also benefited the fund's relative returns. 

* Top detractors from performance relative to the MSCI EAFE Value Index:

Security selection and an underweight allocation to the communication services sector weakened relative performance. 

The fund's overweight position and security selection within the information technology sector further weighed on relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.

![Fund Performance - Growth of 10K](chartimages_2065531.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | |
|:---|:---|:---|
| **Share Class** | **1-yr** | **Life\*** |
| A without sales charge | 19.00% | 13.43% |
| A with initial sales charge (5.75%) | 12.16% | 12.07% |
| **Comparative Benchmark(s)** |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 13.33% | 10.92% |
| MSCI EAFE (Europe, Australasia, Far East) Value Index (net div) ∆ | 18.72% | 14.19% |

---

\* For the period from the commencement of the class's investment operations, June 30, 2020 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/a for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6924028881 | Total Management Fee ($)#: | 44635869 |
| Total Number of Holdings: | 94 | Portfolio Turnover Rate (%): | 22 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.6% |
| Money Market Funds | 1.4% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NatWest Group PLC | 4.3% |
| Mitsubishi UFJ Financial Group, Inc. | 3.7% |
| BNP Paribas S.A. | 2.8% |
| Roche Holding AG | 2.6% |
| UBS Group AG | 2.3% |
| Willis Towers Watson PLC | 2.1% |
| Barclays PLC | 2.1% |
| National Grid PLC | 2.0% |
| TotalEnergies SE | 2.0% |
| Iberdrola S.A. | 2.0% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 25.5% |
| Japan | 16.3% |
| France | 16.1% |
| Switzerland | 7.6% |
| United States | 6.0% |
| Germany | 5.1% |
| Ireland | 4.3% |
| Canada | 4.3% |
| Spain | 4.0% |
| Other Countries | 10.8% |

---

#### 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.

MKVA-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Large Cap Value Fund

![TSR_Ribbon_red](images_1132.jpg)

Class C-MKVCX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Large Cap Value Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| C | $185 | 1.70% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class C shares of the MFS International Large Cap Value Fund (fund) provided a total return of 18.21%, at net asset value. This compares with a return of 13.33% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). The fund's other benchmark, the MSCI EAFE (Europe, Australasia, Far East) Value Index (net div), generated a return of 18.72%.

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.

* Top contributors to performance relative to the MSCI EAFE Value Index:

Security selection within both the consumer discretionary and utilities sectors strengthened relative performance.

An underweight position in the materials sector also benefited the fund's relative returns.

* Top detractors from performance relative to the MSCI EAFE Value Index:

Security selection and an underweight allocation to the communication services sector weakened relative performance.

The fund's overweight position and security selection within the information technology sector further weighed on relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2065475.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | |
|:---|:---|:---|
| **Share Class** | **1-yr** | **Life\*** |
| C without sales charge | 18.21% | 12.58% |
| C with CDSC (1% for 12 months)<sup>×</sup> | 17.21% | 12.58% |
| **Comparative Benchmark(s)** |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 13.33% | 10.92% |
| MSCI EAFE (Europe, Australasia, Far East) Value Index (net div) ∆ | 18.72% | 14.19% |

---

\* For the period from the commencement of the class's investment operations, June 30, 2020 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc. <br> × Assuming redemption at the end of the applicable period.

CDSC – Contingent Deferred Sales Charge.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/c for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6924028881 | Total Management Fee ($)#: | 44635869 |
| Total Number of Holdings: | 94 | Portfolio Turnover Rate (%): | 22 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.6% |
| Money Market Funds | 1.4% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NatWest Group PLC | 4.3% |
| Mitsubishi UFJ Financial Group, Inc. | 3.7% |
| BNP Paribas S.A. | 2.8% |
| Roche Holding AG | 2.6% |
| UBS Group AG | 2.3% |
| Willis Towers Watson PLC | 2.1% |
| Barclays PLC | 2.1% |
| National Grid PLC | 2.0% |
| TotalEnergies SE | 2.0% |
| Iberdrola S.A. | 2.0% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 25.5% |
| Japan | 16.3% |
| France | 16.1% |
| Switzerland | 7.6% |
| United States | 6.0% |
| Germany | 5.1% |
| Ireland | 4.3% |
| Canada | 4.3% |
| Spain | 4.0% |
| Other Countries | 10.8% |

---

#### 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.

MKVC-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Large Cap Value Fund

![TSR_Ribbon_red](images_1132.jpg)

Class I-MKVIX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Large Cap Value Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| I | $77 | 0.70% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class I shares of the MFS International Large Cap Value Fund (fund) provided a total return of 19.33%, at net asset value. This compares with a return of 13.33% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). The fund's other benchmark, the MSCI EAFE (Europe, Australasia, Far East) Value Index (net div), generated a return of 18.72%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI EAFE Value Index:

Security selection within both the consumer discretionary and utilities sectors strengthened relative performance. 

An underweight position in the materials sector also benefited the fund's relative returns. 

* Top detractors from performance relative to the MSCI EAFE Value Index:

Security selection and an underweight allocation to the communication services sector weakened relative performance. 

The fund's overweight position and security selection within the information technology sector further weighed on relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2065343.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | |
|:---|:---|:---|
| **Share Class** | **1-yr** | **Life\*** |
| I without sales charge | 19.33% | 13.74% |
| **Comparative Benchmark(s)** |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 13.33% | 10.92% |
| MSCI EAFE (Europe, Australasia, Far East) Value Index (net div) ∆ | 18.72% | 14.19% |

---

\* For the period from the commencement of the class's investment operations, June 30, 2020 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/i for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6924028881 | Total Management Fee ($)#: | 44635869 |
| Total Number of Holdings: | 94 | Portfolio Turnover Rate (%): | 22 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.6% |
| Money Market Funds | 1.4% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NatWest Group PLC | 4.3% |
| Mitsubishi UFJ Financial Group, Inc. | 3.7% |
| BNP Paribas S.A. | 2.8% |
| Roche Holding AG | 2.6% |
| UBS Group AG | 2.3% |
| Willis Towers Watson PLC | 2.1% |
| Barclays PLC | 2.1% |
| National Grid PLC | 2.0% |
| TotalEnergies SE | 2.0% |
| Iberdrola S.A. | 2.0% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 25.5% |
| Japan | 16.3% |
| France | 16.1% |
| Switzerland | 7.6% |
| United States | 6.0% |
| Germany | 5.1% |
| Ireland | 4.3% |
| Canada | 4.3% |
| Spain | 4.0% |
| Other Countries | 10.8% |

---

#### 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.

MKVI-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Large Cap Value Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R1-MKVDX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Large Cap Value Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R1 | $185 | 1.70% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R1 shares of the MFS International Large Cap Value Fund (fund) provided a total return of 18.14%, at net asset value. This compares with a return of 13.33% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). The fund's other benchmark, the MSCI EAFE (Europe, Australasia, Far East) Value Index (net div), generated a return of 18.72%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI EAFE Value Index:

Security selection within both the consumer discretionary and utilities sectors strengthened relative performance. 

An underweight position in the materials sector also benefited the fund's relative returns. 

* Top detractors from performance relative to the MSCI EAFE Value Index:

Security selection and an underweight allocation to the communication services sector weakened relative performance. 

The fund's overweight position and security selection within the information technology sector further weighed on relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2065289.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | |
|:---|:---|:---|
| **Share Class** | **1-yr** | **Life\*** |
| R1 without sales charge | 18.14% | 12.56% |
| **Comparative Benchmark(s)** |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 13.33% | 10.92% |
| MSCI EAFE (Europe, Australasia, Far East) Value Index (net div) ∆ | 18.72% | 14.19% |

---

\* For the period from the commencement of the class's investment operations, June 30, 2020 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r1 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6924028881 | Total Management Fee ($)#: | 44635869 |
| Total Number of Holdings: | 94 | Portfolio Turnover Rate (%): | 22 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.6% |
| Money Market Funds | 1.4% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NatWest Group PLC | 4.3% |
| Mitsubishi UFJ Financial Group, Inc. | 3.7% |
| BNP Paribas S.A. | 2.8% |
| Roche Holding AG | 2.6% |
| UBS Group AG | 2.3% |
| Willis Towers Watson PLC | 2.1% |
| Barclays PLC | 2.1% |
| National Grid PLC | 2.0% |
| TotalEnergies SE | 2.0% |
| Iberdrola S.A. | 2.0% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 25.5% |
| Japan | 16.3% |
| France | 16.1% |
| Switzerland | 7.6% |
| United States | 6.0% |
| Germany | 5.1% |
| Ireland | 4.3% |
| Canada | 4.3% |
| Spain | 4.0% |
| Other Countries | 10.8% |

---

#### 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.

MKVR1-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Large Cap Value Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R2-MKVEX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Large Cap Value Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R2 | $131 | 1.20% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R2 shares of the MFS International Large Cap Value Fund (fund) provided a total return of 18.81%, at net asset value. This compares with a return of 13.33% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). The fund's other benchmark, the MSCI EAFE (Europe, Australasia, Far East) Value Index (net div), generated a return of 18.72%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI EAFE Value Index:

Security selection within both the consumer discretionary and utilities sectors strengthened relative performance. 

An underweight position in the materials sector also benefited the fund's relative returns. 

* Top detractors from performance relative to the MSCI EAFE Value Index:

Security selection and an underweight allocation to the communication services sector weakened relative performance. 

The fund's overweight position and security selection within the information technology sector further weighed on relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2065155.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | |
|:---|:---|:---|
| **Share Class** | **1-yr** | **Life\*** |
| R2 without sales charge | 18.81% | 13.12% |
| **Comparative Benchmark(s)** |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 13.33% | 10.92% |
| MSCI EAFE (Europe, Australasia, Far East) Value Index (net div) ∆ | 18.72% | 14.19% |

---

\* For the period from the commencement of the class's investment operations, June 30, 2020 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r2 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6924028881 | Total Management Fee ($)#: | 44635869 |
| Total Number of Holdings: | 94 | Portfolio Turnover Rate (%): | 22 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.6% |
| Money Market Funds | 1.4% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NatWest Group PLC | 4.3% |
| Mitsubishi UFJ Financial Group, Inc. | 3.7% |
| BNP Paribas S.A. | 2.8% |
| Roche Holding AG | 2.6% |
| UBS Group AG | 2.3% |
| Willis Towers Watson PLC | 2.1% |
| Barclays PLC | 2.1% |
| National Grid PLC | 2.0% |
| TotalEnergies SE | 2.0% |
| Iberdrola S.A. | 2.0% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 25.5% |
| Japan | 16.3% |
| France | 16.1% |
| Switzerland | 7.6% |
| United States | 6.0% |
| Germany | 5.1% |
| Ireland | 4.3% |
| Canada | 4.3% |
| Spain | 4.0% |
| Other Countries | 10.8% |

---

#### 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.

MKVR2-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Large Cap Value Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R3-MKVFX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Large Cap Value Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R3 | $104 | 0.95% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R3 shares of the MFS International Large Cap Value Fund (fund) provided a total return of 19.04%, at net asset value. This compares with a return of 13.33% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). The fund's other benchmark, the MSCI EAFE (Europe, Australasia, Far East) Value Index (net div), generated a return of 18.72%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI EAFE Value Index:

Security selection within both the consumer discretionary and utilities sectors strengthened relative performance. 

An underweight position in the materials sector also benefited the fund's relative returns. 

* Top detractors from performance relative to the MSCI EAFE Value Index:

Security selection and an underweight allocation to the communication services sector weakened relative performance. 

The fund's overweight position and security selection within the information technology sector further weighed on relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2065099.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | |
|:---|:---|:---|
| **Share Class** | **1-yr** | **Life\*** |
| R3 without sales charge | 19.04% | 13.44% |
| **Comparative Benchmark(s)** |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 13.33% | 10.92% |
| MSCI EAFE (Europe, Australasia, Far East) Value Index (net div) ∆ | 18.72% | 14.19% |

---

\* For the period from the commencement of the class's investment operations, June 30, 2020 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r3 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6924028881 | Total Management Fee ($)#: | 44635869 |
| Total Number of Holdings: | 94 | Portfolio Turnover Rate (%): | 22 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.6% |
| Money Market Funds | 1.4% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NatWest Group PLC | 4.3% |
| Mitsubishi UFJ Financial Group, Inc. | 3.7% |
| BNP Paribas S.A. | 2.8% |
| Roche Holding AG | 2.6% |
| UBS Group AG | 2.3% |
| Willis Towers Watson PLC | 2.1% |
| Barclays PLC | 2.1% |
| National Grid PLC | 2.0% |
| TotalEnergies SE | 2.0% |
| Iberdrola S.A. | 2.0% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 25.5% |
| Japan | 16.3% |
| France | 16.1% |
| Switzerland | 7.6% |
| United States | 6.0% |
| Germany | 5.1% |
| Ireland | 4.3% |
| Canada | 4.3% |
| Spain | 4.0% |
| Other Countries | 10.8% |

---

#### 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.

MKVR3-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Large Cap Value Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R4-MKVGX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Large Cap Value Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R4 | $77 | 0.70% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R4 shares of the MFS International Large Cap Value Fund (fund) provided a total return of 19.34%, at net asset value. This compares with a return of 13.33% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). The fund's other benchmark, the MSCI EAFE (Europe, Australasia, Far East) Value Index (net div), generated a return of 18.72%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI EAFE Value Index:

Security selection within both the consumer discretionary and utilities sectors strengthened relative performance. 

An underweight position in the materials sector also benefited the fund's relative returns. 

* Top detractors from performance relative to the MSCI EAFE Value Index:

Security selection and an underweight allocation to the communication services sector weakened relative performance. 

The fund's overweight position and security selection within the information technology sector further weighed on relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2064966.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | |
|:---|:---|:---|
| **Share Class** | **1-yr** | **Life\*** |
| R4 without sales charge | 19.34% | 13.75% |
| **Comparative Benchmark(s)** |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 13.33% | 10.92% |
| MSCI EAFE (Europe, Australasia, Far East) Value Index (net div) ∆ | 18.72% | 14.19% |

---

\* For the period from the commencement of the class's investment operations, June 30, 2020 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r4 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6924028881 | Total Management Fee ($)#: | 44635869 |
| Total Number of Holdings: | 94 | Portfolio Turnover Rate (%): | 22 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.6% |
| Money Market Funds | 1.4% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NatWest Group PLC | 4.3% |
| Mitsubishi UFJ Financial Group, Inc. | 3.7% |
| BNP Paribas S.A. | 2.8% |
| Roche Holding AG | 2.6% |
| UBS Group AG | 2.3% |
| Willis Towers Watson PLC | 2.1% |
| Barclays PLC | 2.1% |
| National Grid PLC | 2.0% |
| TotalEnergies SE | 2.0% |
| Iberdrola S.A. | 2.0% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 25.5% |
| Japan | 16.3% |
| France | 16.1% |
| Switzerland | 7.6% |
| United States | 6.0% |
| Germany | 5.1% |
| Ireland | 4.3% |
| Canada | 4.3% |
| Spain | 4.0% |
| Other Countries | 10.8% |

---

#### 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.

MKVR4-ANN

![MFSLOGO_RED.EPS](images_1127.jpg)

MFS<sup>®</sup> International Large Cap Value Fund

![TSR_Ribbon_red](images_1132.jpg)

Class R6-MKVHX

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Large Cap Value Fund for the period of June 1, 2024 to May 31, 2025. 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| R6 | $74 | 0.67% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended May 31, 2025, Class R6 shares of the MFS International Large Cap Value Fund (fund) provided a total return of 19.42%, at net asset value. This compares with a return of 13.33% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). The fund's other benchmark, the MSCI EAFE (Europe, Australasia, Far East) Value Index (net div), generated a return of 18.72%. 

* Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook. 

* Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment. 

* In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war. 

* Top contributors to performance relative to the MSCI EAFE Value Index:

Security selection within both the consumer discretionary and utilities sectors strengthened relative performance. 

An underweight position in the materials sector also benefited the fund's relative returns. 

* Top detractors from performance relative to the MSCI EAFE Value Index:

Security selection and an underweight allocation to the communication services sector weakened relative performance. 

The fund's overweight position and security selection within the information technology sector further weighed on relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2064911.jpg)

#### Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | |
|:---|:---|:---|
| **Share Class** | **1-yr** | **Life\*** |
| R6 without sales charge | 19.42% | 13.77% |
| **Comparative Benchmark(s)** |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 13.33% | 10.92% |
| MSCI EAFE (Europe, Australasia, Far East) Value Index (net div) ∆ | 18.72% | 14.19% |

---

\* For the period from the commencement of the class's investment operations, June 30, 2020 through May 31, 2025. <br> ∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/r6 for more recent performance information.

FUND STATISTICS AS OF 5/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6924028881 | Total Management Fee ($)#: | 44635869 |
| Total Number of Holdings: | 94 | Portfolio Turnover Rate (%): | 22 |

---

 *#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.6% |
| Money Market Funds | 1.4% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NatWest Group PLC | 4.3% |
| Mitsubishi UFJ Financial Group, Inc. | 3.7% |
| BNP Paribas S.A. | 2.8% |
| Roche Holding AG | 2.6% |
| UBS Group AG | 2.3% |
| Willis Towers Watson PLC | 2.1% |
| Barclays PLC | 2.1% |
| National Grid PLC | 2.0% |
| TotalEnergies SE | 2.0% |
| Iberdrola S.A. | 2.0% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 25.5% |
| Japan | 16.3% |
| France | 16.1% |
| Switzerland | 7.6% |
| United States | 6.0% |
| Germany | 5.1% |
| Ireland | 4.3% |
| Canada | 4.3% |
| Spain | 4.0% |
| Other Countries | 10.8% |

---

#### 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.

MKVR6-ANN

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#### &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.
The Registrant has adopted a Code of Ethics (the "Code") pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant's principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in 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. A copy of the Code is attached hereto as EX-99.COE.

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#### &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.
Messrs. Steven E. Buller, Clarence Otis, Jr., and Darrell A. Williams, members of the Audit Committee, have been determined by the Board of Trustees in their reasonable business judgment to meet the definition of "audit committee financial expert" as such term is defined in Form N-CSR. In addition, Messrs. Buller, Otis, and Williams are "independent" members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002). The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

------

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

**Items 4(a) through 4(d) and 4(g):**

The Board of Trustees has appointed Deloitte & Touche LLP ("Deloitte") to serve as independent accountants to certain series of the Registrant and Ernst & Young LLP ("E&Y") to serve in the same capacity to certain other series of the Registrant (each a "Fund" and collectively the "Funds"). The tables below set forth the audit fees billed to each Fund as well as fees for non-audit services provided to each Fund and/or to each Fund's investment adviser, Massachusetts Financial Services Company ("MFS"), and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Funds ("MFS Related Entities").

For the fiscal years ended May 31, 2025 and 2024, audit fees billed to each Fund by Deloitte and E&Y were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fees billed by Deloitte:** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Audit Fees** |
| &nbsp;&nbsp;**Fees billed by Deloitte:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | **2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | **2024** |
| &nbsp;&nbsp;MFS Blended Research Growth Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59067 | 56725 |
| &nbsp;&nbsp;MFS Blended Research Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57943 | 55627 |
| &nbsp;&nbsp;MFS Blended Research Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57250 | 54950 |
| &nbsp;&nbsp;MFS Blended Research Value Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59067 | 56725 |
| &nbsp;&nbsp;MFS International Diversification Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37995 | 36147 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**271322** | **260174** |
| &nbsp;&nbsp;**Fees billed by E&Y:** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Audit Fees** |
| &nbsp;&nbsp;**Fees billed by E&Y:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | **2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | **2024** |
| &nbsp;&nbsp;MFS Aggressive Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39620 | 35152 |
| &nbsp;&nbsp;MFS Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39620 | 35152 |
| &nbsp;&nbsp;MFS Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71900 | 66676 |
| &nbsp;&nbsp;MFS Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39620 | 35152 |
| &nbsp;&nbsp;MFS International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72046 | 66818 |
| &nbsp;&nbsp;MFS International Intrinsic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72046 | 66818 |
| &nbsp;&nbsp;MFS International Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62442 | 57835 |
| &nbsp;&nbsp;MFS Managed Wealth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48130 | 43463 |
| &nbsp;&nbsp;MFS Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39620 | 35152 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**485044** | **442218** |

---

For the fiscal years ended May 31, 2025 and 2024, fees billed by Deloitte and E&Y for audit-related, tax and other services provided to each Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fees billed by Deloitte:** | &nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** |
| &nbsp;&nbsp;**Fees billed by Deloitte:** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;To MFS Blended Research | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Growth Equity Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Blended Research Mid | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Cap Equity Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Blended Research | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Small Cap Equity Fund |  |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;To MFS Blended Research | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
| &nbsp;&nbsp;Value Equity Fund |  |  |  |  |  |
| &nbsp;&nbsp;To MFS International | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
| &nbsp;&nbsp;Diversification Fund |  |  |  |  |  |
| &nbsp;&nbsp;**Total fees billed by Deloitte** | **0** | **0** | **0** | &nbsp;&nbsp;&nbsp;&nbsp;**0** | **0** |
| &nbsp;&nbsp;**To above Funds:** |  |  |  |  |  |
| &nbsp;&nbsp;**Fees billed by Deloitte:** | &nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** |
| &nbsp;&nbsp;**Fees billed by Deloitte:** | **2025** | **2024** | **2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | **2025** |
|  | **2025** | **2024** | **2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | **2025** |
| &nbsp;&nbsp;To MFS and MFS Related |  |  |  |  |  |
| &nbsp;&nbsp;Entities of MFS Blended | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | 452513 |
| &nbsp;&nbsp;Research Growth Equity Fund<sup>\*</sup> |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related |  |  |  |  |  |
| &nbsp;&nbsp;Entities of MFS Blended | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | 452513 |
| &nbsp;&nbsp;Research Mid Cap Equity |  |  |  |  |  |
| &nbsp;&nbsp;Fund <sup>\*</sup> |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related |  |  |  |  |  |
| &nbsp;&nbsp;Entities of MFS Blended | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | 452513 |
| &nbsp;&nbsp;Research Small Cap Equity |  |  |  |  |  |
| &nbsp;&nbsp;Fund <sup>\*</sup> |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related |  |  |  |  |  |
| &nbsp;&nbsp;Entities of MFS Blended | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | 452513 |
| &nbsp;&nbsp;Research Value Equity Fund<sup>\*</sup> |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related |  |  |  |  |  |
| &nbsp;&nbsp;Entities of MFS International | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | 452513 |
| &nbsp;&nbsp;Diversification Fund<sup>\*</sup> |  |  |  |  |  |
| &nbsp;&nbsp;**Fees billed by Deloitte:** |  |  | **Aggregate fees for non-audit services** | **Aggregate fees for non-audit services** | **Aggregate fees for non-audit services** |
| &nbsp;&nbsp;**Fees billed by Deloitte:** |  |  | **2025** |  | **2024** |
|  |  |  | **2025** |  | **2024** |
| &nbsp;&nbsp;To MFS Blended Research Growth Equity | &nbsp;&nbsp;To MFS Blended Research Growth Equity |  | 470440 |  | 0 |
| &nbsp;&nbsp;Fund, MFS and MFS Related Entities<sup>#</sup> | &nbsp;&nbsp;Fund, MFS and MFS Related Entities<sup>#</sup> |  |  |  |  |
| &nbsp;&nbsp;To MFS Blended Research Mid Cap Equity | &nbsp;&nbsp;To MFS Blended Research Mid Cap Equity |  | 470440 |  | 0 |
| &nbsp;&nbsp;Fund, MFS and MFS Related Entities<sup>#</sup> | &nbsp;&nbsp;Fund, MFS and MFS Related Entities<sup>#</sup> |  |  |  |  |
| &nbsp;&nbsp;To MFS Blended Research Small Cap Equity | &nbsp;&nbsp;To MFS Blended Research Small Cap Equity |  | 470440 |  | 0 |
| &nbsp;&nbsp;Fund, MFS and MFS Related Entities<sup>#</sup> | &nbsp;&nbsp;Fund, MFS and MFS Related Entities<sup>#</sup> |  |  |  |  |
| &nbsp;&nbsp;To MFS Blended Research Value Equity | &nbsp;&nbsp;To MFS Blended Research Value Equity |  | 470440 |  | 0 |
| &nbsp;&nbsp;Fund, MFS and MFS Related Entities<sup>#</sup> | &nbsp;&nbsp;Fund, MFS and MFS Related Entities<sup>#</sup> |  |  |  |  |
| &nbsp;&nbsp;To MFS International Diversification Fund, | &nbsp;&nbsp;To MFS International Diversification Fund, |  | 470440 |  | 0 |
| &nbsp;&nbsp;MFS and MFS Related Entities<sup>#</sup> |  |  |  |  |  |
| &nbsp;&nbsp;**Fees billed by E&Y:** | &nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>4</sup>** |
| &nbsp;&nbsp;**Fees billed by E&Y:** | **2025** | **2024** | **2025** | &nbsp;&nbsp;**2024** | **2025** |
|  | **2025** | **2024** | **2025** | &nbsp;&nbsp;**2024** | **2025** |
| &nbsp;&nbsp;To MFS Aggressive Growth | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
| &nbsp;&nbsp;Allocation Fund |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Conservative | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
| &nbsp;&nbsp;Allocation Fund |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Emerging Markets | 0 | 0 | 652 | &nbsp;&nbsp;644 | 0 |
| &nbsp;&nbsp;Equity Fund |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Growth Allocation | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
| &nbsp;&nbsp;Fund |  |  |  |  |  |
| &nbsp;&nbsp;To MFS International Growth | 0 | 0 | 652 | &nbsp;&nbsp;644 | 0 |
| &nbsp;&nbsp;Fund |  |  |  |  |  |
| &nbsp;&nbsp;To MFS International Intrinsic | 0 | 0 | 652 | &nbsp;&nbsp;644 | 0 |
| &nbsp;&nbsp;Value Fund |  |  |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;To MFS International Large | 0 |  | 0 | &nbsp;&nbsp;652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 |  | 0 | 0 |
| &nbsp;&nbsp;Cap Value Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Managed Wealth | 0 |  | 0 | &nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 |  | 0 | 0 |
| &nbsp;&nbsp;Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Moderate Allocation | 0 |  | 0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  | 0 | 0 |
| &nbsp;&nbsp;Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total fees billed by E&Y** | **0** |  | **0** | &nbsp;&nbsp;**2865** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2845** |  | **0** | **0** |
| &nbsp;&nbsp;**To above Funds:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Fees billed by E&Y:** |  | **Audit-Related Fees<sup>1</sup>** | **Audit-Related Fees<sup>1</sup>** | **Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | **All Other Fees<sup>4</sup>** | **All Other Fees<sup>4</sup>** |
| &nbsp;&nbsp;**Fees billed by E&Y:** |  | **2025** | **2025** | **2024** | **2025** | **2024** | &nbsp;&nbsp;**2025** | **2024** |
|  |  | **2025** | **2025** | **2024** | **2025** | **2024** | &nbsp;&nbsp;**2025** | **2024** |
| &nbsp;&nbsp;To MFS and MFS Related Entities of |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MFS Aggressive Growth Allocation |  |  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;3600 | 3600 |
| &nbsp;&nbsp;Fund\* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related Entities of |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MFS Conservative Allocation Fund\* |  |  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;3600 | 3600 |
| &nbsp;&nbsp;To MFS and MFS Related Entities of |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MFS Emerging Markets Equity Fund\* |  |  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;3600 | 3600 |
| &nbsp;&nbsp;To MFS and MFS Related Entities of |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MFS Growth Allocation Fund\* |  |  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;3600 | 3600 |
| &nbsp;&nbsp;To MFS and MFS Related Entities of |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MFS International Growth Fund\* |  |  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;3600 | 3600 |
| &nbsp;&nbsp;To MFS and MFS Related Entities of |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MFS International Intrinsic Value Fund\* | &nbsp;&nbsp;MFS International Intrinsic Value Fund\* |  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;3600 | 3600 |
| &nbsp;&nbsp;To MFS and MFS Related Entities of |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MFS International Large Cap Value |  |  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;3600 | 3600 |
| &nbsp;&nbsp;Fund\* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related Entities of |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MFS Managed Wealth Fund\* |  |  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;3600 | 3600 |
| &nbsp;&nbsp;To MFS and MFS Related Entities of |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MFS Moderate Allocation Fund\* |  |  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;3600 | 3600 |
| &nbsp;&nbsp;**Fees billed by E&Y:** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aggregate fees for non-audit services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aggregate fees for non-audit services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aggregate fees for non-audit services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aggregate fees for non-audit services** |  |
| &nbsp;&nbsp;**Fees billed by E&Y:** |  |  |  | **2025** |  |  | **2024** |  |
|  |  |  |  | **2025** |  |  | **2024** |  |
| &nbsp;&nbsp;To MFS Aggressive Growth Allocation Fund, MFS | &nbsp;&nbsp;To MFS Aggressive Growth Allocation Fund, MFS | &nbsp;&nbsp;To MFS Aggressive Growth Allocation Fund, MFS | &nbsp;&nbsp;To MFS Aggressive Growth Allocation Fund, MFS |  |  |  |  |  |
| &nbsp;&nbsp;and MFS Related Entities<sup>#</sup> |  |  |  | 277651 | 277651 |  | 229540 |  |
| &nbsp;&nbsp;To MFS Conservative Allocation Fund, MFS and | &nbsp;&nbsp;To MFS Conservative Allocation Fund, MFS and | &nbsp;&nbsp;To MFS Conservative Allocation Fund, MFS and |  |  |  |  |  |  |
| &nbsp;&nbsp;MFS Related Entities<sup>#</sup> |  |  |  | 277651 | 277651 |  | 229540 |  |
| &nbsp;&nbsp;To MFS Emerging Markets Equity Fund, MFS and | &nbsp;&nbsp;To MFS Emerging Markets Equity Fund, MFS and | &nbsp;&nbsp;To MFS Emerging Markets Equity Fund, MFS and | &nbsp;&nbsp;To MFS Emerging Markets Equity Fund, MFS and |  |  |  |  |  |
| &nbsp;&nbsp;MFS Related Entities<sup>#</sup> |  |  |  | 278303 | 278303 |  | 230184 |  |
| &nbsp;&nbsp;To MFS Growth Allocation Fund, MFS and MFS | &nbsp;&nbsp;To MFS Growth Allocation Fund, MFS and MFS | &nbsp;&nbsp;To MFS Growth Allocation Fund, MFS and MFS |  |  |  |  |  |  |
| &nbsp;&nbsp;Related Entities<sup>#</sup> |  |  |  | 277651 | 277651 |  | 229540 |  |
| &nbsp;&nbsp;To MFS International Growth Fund, MFS and MFS | &nbsp;&nbsp;To MFS International Growth Fund, MFS and MFS | &nbsp;&nbsp;To MFS International Growth Fund, MFS and MFS | &nbsp;&nbsp;To MFS International Growth Fund, MFS and MFS |  |  |  |  |  |
| &nbsp;&nbsp;Related Entities<sup>#</sup> |  |  |  | 278303 | 278303 |  | 230184 |  |
| &nbsp;&nbsp;To MFS International Intrinsic Value Fund, MFS | &nbsp;&nbsp;To MFS International Intrinsic Value Fund, MFS | &nbsp;&nbsp;To MFS International Intrinsic Value Fund, MFS |  |  |  |  |  |  |
| &nbsp;&nbsp;and MFS Related Entities<sup>#</sup> |  |  |  | 278303 | 278303 |  | 230184 |  |
| &nbsp;&nbsp;To MFS International Large Cap Value Fund, MFS | &nbsp;&nbsp;To MFS International Large Cap Value Fund, MFS | &nbsp;&nbsp;To MFS International Large Cap Value Fund, MFS | &nbsp;&nbsp;To MFS International Large Cap Value Fund, MFS |  |  |  |  |  |
| &nbsp;&nbsp;and MFS Related Entities<sup>#</sup> |  |  |  | 278303 | 278303 |  | 230184 |  |
| &nbsp;&nbsp;To MFS Managed Wealth Fund, MFS and MFS | &nbsp;&nbsp;To MFS Managed Wealth Fund, MFS and MFS | &nbsp;&nbsp;To MFS Managed Wealth Fund, MFS and MFS |  |  |  |  |  |  |
| &nbsp;&nbsp;Related Entities<sup>#</sup> |  |  |  | 277910 | 277910 |  | 229807 |  |
| &nbsp;&nbsp;To MFS Moderate Allocation Fund, MFS and MFS | &nbsp;&nbsp;To MFS Moderate Allocation Fund, MFS and MFS | &nbsp;&nbsp;To MFS Moderate Allocation Fund, MFS and MFS | &nbsp;&nbsp;To MFS Moderate Allocation Fund, MFS and MFS |  |  |  |  |  |
| &nbsp;&nbsp;Related Entities<sup>#</sup> |  |  |  | 277651 | 277651 |  | 229540 |  |

---

\*This amount reflects the fees billed to MFS and MFS Related Entities for non-audit services relating directly to the operations and financial reporting of the Funds (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds complex).

# This amount reflects the aggregate fees billed by Deloitte or E&Y for non-audit services rendered to the Funds and for non-audit services rendered to MFS and the MFS Related Entities.

<sup>1</sup> The fees included under "Audit-Related Fees" are fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under ''Audit Fees,'' including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews.

<sup>2</sup> The fees included under "Tax Fees" are fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis.

<sup>3</sup> The fees included under "All Other Fees" are fees for products and services provided by Deloitte other than those reported under "Audit Fees," "Audit-Related Fees" and "Tax Fees".

<sup>4</sup> The fees included under "All Other Fees" are fees for products and services provided by E&Y other than those reported under "Audit Fees," "Audit-Related Fees" and "Tax Fees".

**Item 4(e)(1):**

Set forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre-approval of audit and non-audit related services:

To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for all audit and permissible non-audit services rendered to the Fund and all permissible non-audit services rendered to MFS or MFS Related Entities if the services relate directly to the operations and financial reporting of the Registrant. Pre- approval is currently on an engagement-by-engagement basis. In the event pre-approval of such services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for approval; provided that the Chair may not pre-approve any individual engagement for such services exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 in each period between regular meetings of the Audit Committee. Any engagement pre-approved by the Chair between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.

**Item 4(e)(2):**

None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

**Item 4(f):**

Not applicable.

**Item 4(h):**

The Registrant's Audit Committee has considered whether the provision by a Registrant's independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre-approved by the Committee (because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent registered public accounting firm as the Registrant's principal auditors.

**Item 4(i):**

Not applicable.

**Item 4(j):**

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 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.

------

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Conservative Allocation Fund, MFS Moderate Allocation Fund, MFS Growth Allocation Fund, and MFS Aggressive Growth Allocation Fund

### Portfolio of Investments
5/31/25

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

#### MFS Conservative Allocation Fund

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% |
| Bond Funds – 58.6% | Bond Funds – 58.6% | Bond Funds – 58.6% |
| MFS Emerging Markets Debt Fund - Class R6 | &nbsp;&nbsp;6137784 | &nbsp;&nbsp;$73162390 |
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 13094325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73590106 |
| MFS Global Opportunistic Bond Fund - Class R6 | 31307359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254528826 |
| MFS Government Securities Fund - Class R6 | 40105470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342500711 |
| MFS High Income Fund - Class R6 | 47607628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147107572 |
| MFS Inflation-Adjusted Bond Fund - Class R6 | 39426980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361151142 |
| MFS Limited Maturity Fund - Class R6 | 62072296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364364375 |
| MFS Total Return Bond Fund - Class R6 | 55629051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525138240 |
|  |  | &nbsp;&nbsp;$2141543362 |
| International Stock Funds – 8.3% | International Stock Funds – 8.3% | International Stock Funds – 8.3% |
| MFS International Growth Fund - Class R6 | &nbsp;&nbsp;1208044 | &nbsp;&nbsp;$56270700 |
| MFS International Intrinsic Value Fund - Class R6 | &nbsp;&nbsp;1358035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56874494 |
| MFS International Large Cap Value Fund - Class R6 | &nbsp;&nbsp;3673933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57607267 |
| MFS Research International Fund - Class R6 | &nbsp;&nbsp;5257236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133008066 |
|  |  | &nbsp;&nbsp;$303760527 |
| Non-Traditional Funds – 4.0% | Non-Traditional Funds – 4.0% | Non-Traditional Funds – 4.0% |
| MFS Commodity Strategy Fund - Class R6 | 19176913 | &nbsp;&nbsp;$70379270 |
| MFS Global Real Estate Fund - Class R6 | &nbsp;&nbsp;4481217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73805654 |
|  |  | &nbsp;&nbsp;$144184924 |
| U.S. Stock Funds – 26.8% | U.S. Stock Funds – 26.8% | U.S. Stock Funds – 26.8% |
| MFS Growth Fund - Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;962427 | &nbsp;&nbsp;$196816369 |
| MFS Mid Cap Growth Fund - Class R6 | &nbsp;&nbsp;4606838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148846941 |
| MFS Mid Cap Value Fund - Class R6 | &nbsp;&nbsp;4678147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145771041 |
| MFS New Discovery Fund - Class R6 (a) | &nbsp;&nbsp;1201801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36630885 |
| MFS New Discovery Value Fund - Class R6 | &nbsp;&nbsp;2087647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35761392 |
| MFS Research Fund - Class R6 | &nbsp;&nbsp;3373944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194305445 |
| MFS Value Fund - Class R6 | &nbsp;&nbsp;4387006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220534786 |
|  |  | &nbsp;&nbsp;$978666859 |
| Money Market Funds – 2.3% | Money Market Funds – 2.3% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) | 83359449 | &nbsp;&nbsp;$83359449 |
| **Total Mutual Funds (Identified Cost, $2,974,777,057)** | **Total Mutual Funds (Identified Cost, $2,974,777,057)** | &nbsp;&nbsp;**$3651515121** |
| Other Assets, Less Liabilities – 0.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625046 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$3652140167** |

---

#### See Portfolio Footnotes and Notes to Financial Statements
AAFFS-ANN

------

Portfolio of Investments – continued

#### MFS Moderate Allocation Fund

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% |
| Bond Funds – 36.4% | Bond Funds – 36.4% | Bond Funds – 36.4% |
| MFS Emerging Markets Debt Fund - Class R6 | &nbsp;&nbsp;15261963 | &nbsp;&nbsp;$181922594 |
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | &nbsp;&nbsp;22266313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125136677 |
| MFS Global Opportunistic Bond Fund - Class R6 | &nbsp;&nbsp;36640226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297885037 |
| MFS Government Securities Fund - Class R6 | &nbsp;&nbsp;65517170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559516634 |
| MFS High Income Fund - Class R6 | &nbsp;&nbsp;79818151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246638087 |
| MFS Inflation-Adjusted Bond Fund - Class R6 | &nbsp;&nbsp;45231500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414320538 |
| MFS Total Return Bond Fund - Class R6 | &nbsp;&nbsp;53450013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504568124 |
|  |  | &nbsp;&nbsp;$2329987691 |
| International Stock Funds – 13.8% | International Stock Funds – 13.8% | International Stock Funds – 13.8% |
| MFS Emerging Markets Equity Fund - Class R6 | &nbsp;&nbsp;&nbsp;1762749 | &nbsp;&nbsp;$67231245 |
| MFS International Growth Fund - Class R6 | &nbsp;&nbsp;&nbsp;2903495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135244798 |
| MFS International Intrinsic Value Fund - Class R6 | &nbsp;&nbsp;&nbsp;3260832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136563651 |
| MFS International Large Cap Value Fund - Class R6 | &nbsp;&nbsp;&nbsp;8830322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138459438 |
| MFS International New Discovery Fund - Class R6 | &nbsp;&nbsp;&nbsp;2028884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67500975 |
| MFS Research International Fund - Class R6 | &nbsp;&nbsp;13483436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341130928 |
|  |  | &nbsp;&nbsp;$886131035 |
| Non-Traditional Funds – 6.0% | Non-Traditional Funds – 6.0% | Non-Traditional Funds – 6.0% |
| MFS Commodity Strategy Fund - Class R6 | &nbsp;&nbsp;50132027 | &nbsp;&nbsp;$183984541 |
| MFS Global Real Estate Fund - Class R6 | &nbsp;&nbsp;12051986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198496209 |
|  |  | &nbsp;&nbsp;$382480750 |
| U.S. Stock Funds – 41.5% | U.S. Stock Funds – 41.5% | U.S. Stock Funds – 41.5% |
| MFS Growth Fund - Class R6 | &nbsp;&nbsp;&nbsp;2464748 | &nbsp;&nbsp;$504041073 |
| MFS Mid Cap Growth Fund - Class R6 | &nbsp;&nbsp;14892593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481179674 |
| MFS Mid Cap Value Fund - Class R6 | &nbsp;&nbsp;14861459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463083059 |
| MFS New Discovery Fund - Class R6 (a) | &nbsp;&nbsp;&nbsp;3345741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101978187 |
| MFS New Discovery Value Fund - Class R6 | &nbsp;&nbsp;&nbsp;5792340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99222784 |
| MFS Research Fund - Class R6 | &nbsp;&nbsp;&nbsp;8510439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490116184 |
| MFS Value Fund - Class R6 | &nbsp;&nbsp;10398598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522737529 |
|  |  | &nbsp;&nbsp;$2662358490 |
| Money Market Funds – 2.3% | Money Market Funds – 2.3% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) | 147998157 | &nbsp;&nbsp;$147998157 |
| **Total Mutual Funds (Identified Cost, $4,482,841,531)** | **Total Mutual Funds (Identified Cost, $4,482,841,531)** | &nbsp;&nbsp;**$6408956123** |
| Other Assets, Less Liabilities – 0.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849976 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$6410806099** |

---

#### See Portfolio Footnotes and Notes to Financial Statements
*2*

*AAFFS-ANN*

------

Portfolio of Investments – continued

#### MFS Growth Allocation Fund

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% |
| Bond Funds – 17.8% | Bond Funds – 17.8% | Bond Funds – 17.8% |
| MFS Emerging Markets Debt Fund - Class R6 | &nbsp;&nbsp;14940722 | &nbsp;&nbsp;$178093410 |
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | &nbsp;&nbsp;21800285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122517600 |
| MFS Global Opportunistic Bond Fund - Class R6 | &nbsp;&nbsp;21524049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174990523 |
| MFS High Income Fund - Class R6 | &nbsp;&nbsp;78130507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241423266 |
| MFS Inflation-Adjusted Bond Fund - Class R6 | &nbsp;&nbsp;31631590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289745361 |
| MFS Total Return Bond Fund - Class R6 | &nbsp;&nbsp;15391438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145295173 |
|  |  | &nbsp;&nbsp;$1152065333 |
| International Stock Funds – 20.8% | International Stock Funds – 20.8% | International Stock Funds – 20.8% |
| MFS Emerging Markets Equity Fund - Class R6 | &nbsp;&nbsp;&nbsp;3485094 | &nbsp;&nbsp;$132921498 |
| MFS International Growth Fund - Class R6 | &nbsp;&nbsp;&nbsp;4306828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200612066 |
| MFS International Intrinsic Value Fund - Class R6 | &nbsp;&nbsp;&nbsp;4840743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202730315 |
| MFS International Large Cap Value Fund - Class R6 | &nbsp;&nbsp;13096152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205347669 |
| MFS International New Discovery Fund - Class R6 | &nbsp;&nbsp;&nbsp;4010493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133429083 |
| MFS Research International Fund - Class R6 | &nbsp;&nbsp;18668967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472324856 |
|  |  | &nbsp;&nbsp;$1347365487 |
| Non-Traditional Funds – 7.7% | Non-Traditional Funds – 7.7% | Non-Traditional Funds – 7.7% |
| MFS Commodity Strategy Fund - Class R6 | &nbsp;&nbsp;65535502 | &nbsp;&nbsp;$240515293 |
| MFS Global Real Estate Fund - Class R6 | &nbsp;&nbsp;15916254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262140708 |
|  |  | &nbsp;&nbsp;$502656001 |
| U.S. Stock Funds – 51.9% | U.S. Stock Funds – 51.9% | U.S. Stock Funds – 51.9% |
| MFS Growth Fund - Class R6 | &nbsp;&nbsp;&nbsp;3111539 | &nbsp;&nbsp;$636309781 |
| MFS Mid Cap Growth Fund - Class R6 | &nbsp;&nbsp;18955485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612451726 |
| MFS Mid Cap Value Fund - Class R6 | &nbsp;&nbsp;18941217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590208304 |
| MFS New Discovery Fund - Class R6 (a) | &nbsp;&nbsp;&nbsp;4417936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134658702 |
| MFS New Discovery Value Fund - Class R6 | &nbsp;&nbsp;&nbsp;7651824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131075750 |
| MFS Research Fund - Class R6 | &nbsp;&nbsp;10752976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619263870 |
| MFS Value Fund - Class R6 | &nbsp;&nbsp;12865755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646761497 |
|  |  | &nbsp;&nbsp;$3370729630 |
| Money Market Funds – 1.8% | Money Market Funds – 1.8% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) | 114443206 | &nbsp;&nbsp;$114443206 |
| **Total Mutual Funds (Identified Cost, $3,875,546,689)** | **Total Mutual Funds (Identified Cost, $3,875,546,689)** | &nbsp;&nbsp;**$6487259657** |
| Other Assets, Less Liabilities – 0.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031251 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$6488290908** |

---

#### See Portfolio Footnotes and Notes to Financial Statements
*AAFFS-ANN*

*3*

------

Portfolio of Investments – continued

#### MFS Aggressive Growth Allocation Fund

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% |
| International Stock Funds – 30.4% | International Stock Funds – 30.4% | International Stock Funds – 30.4% |
| MFS Emerging Markets Equity Fund - Class R6 | &nbsp;&nbsp;2252496 | &nbsp;&nbsp;$85910204 |
| MFS International Growth Fund - Class R6 | &nbsp;&nbsp;3093156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144079217 |
| MFS International Intrinsic Value Fund - Class R6 | &nbsp;&nbsp;3478361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145673754 |
| MFS International Large Cap Value Fund - Class R6 | &nbsp;&nbsp;9399382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147382308 |
| MFS International New Discovery Fund - Class R6 | &nbsp;&nbsp;3458390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115060641 |
| MFS Research International Fund - Class R6 | &nbsp;&nbsp;9207621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232952800 |
|  |  | &nbsp;&nbsp;$871058924 |
| Non-Traditional Funds – 9.5% | Non-Traditional Funds – 9.5% | Non-Traditional Funds – 9.5% |
| MFS Commodity Strategy Fund - Class R6 | 35333132 | &nbsp;&nbsp;$129672592 |
| MFS Global Real Estate Fund - Class R6 | &nbsp;&nbsp;8585327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141400341 |
|  |  | &nbsp;&nbsp;$271072933 |
| U.S. Stock Funds – 58.8% | U.S. Stock Funds – 58.8% | U.S. Stock Funds – 58.8% |
| MFS Growth Fund - Class R6 | &nbsp;&nbsp;1628625 | &nbsp;&nbsp;$333053813 |
| MFS Mid Cap Growth Fund - Class R6 | &nbsp;&nbsp;9062201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292799705 |
| MFS Mid Cap Value Fund - Class R6 | &nbsp;&nbsp;9065458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282479689 |
| MFS New Discovery Fund - Class R6 (a) | &nbsp;&nbsp;2378732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72503752 |
| MFS New Discovery Value Fund - Class R6 | &nbsp;&nbsp;4130668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70758347 |
| MFS Research Fund - Class R6 | &nbsp;&nbsp;5144410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296266565 |
| MFS Value Fund - Class R6 | &nbsp;&nbsp;6624360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333006577 |
|  |  | &nbsp;&nbsp;$1680868448 |
| Money Market Funds – 1.3% | Money Market Funds – 1.3% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) | 37745956 | &nbsp;&nbsp;$37745956 |
| **Total Mutual Funds (Identified Cost, $1,562,690,276)** | **Total Mutual Funds (Identified Cost, $1,562,690,276)** | &nbsp;&nbsp;**$2860746261** |
| Other Assets, Less Liabilities – (0.0)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77899) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$2860668362** |

---

Portfolio Footnotes:

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values
of each fund's investments in affiliated issuers were as follows:

---

| | |
|:---|:---|
|  | **Affiliated Issuers** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS Conservative Allocation Fund | $3651515121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS Moderate Allocation Fund | &nbsp;&nbsp;6408956123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS Growth Allocation Fund | &nbsp;&nbsp;6487259657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS Aggressive Growth Allocation Fund | &nbsp;&nbsp;2860746261 |

---

(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.

#### See Notes to Financial Statements
*4*

*AAFFS-ANN*

------

*Financial Statements*

### Statements of Assets and Liabilities
At 5/31/25

These statements represent each fund's balance sheet, which details the assets and liabilities comprising the total value of each fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| **Assets** |  |  |  |  |
| Investments in affiliated issuers, at value (identified cost, $2,974,777,057, $4,482,841,531, $3,875,546,689, and $1,562,690,276, respectively) | $3651515121 | $6408956123 | $6487259657 | $2860746261 |
| Receivables for |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3408924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412877 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6806946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4321369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478199 |
| Receivable from investment adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114236 |  |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755 |
| Total assets | $3655304694 | $6419256803 | $6494924353 | $2864641092 |
| **Liabilities** |  |  |  |  |
| Payables for |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments purchased | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$417650 |
| &nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6944461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4910668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770840 |
| Payable to affiliates |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633937 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59816 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90335 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3164527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8450704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6633445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3972730 |
| Net assets | $3652140167 | $6410806099 | $6488290908 | $2860668362 |
| **Net assets consist of** |  |  |  |  |
| Paid-in capital | $3000544134 | $4397713266 | $3708275789 | $1456156725 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;651596033 | &nbsp;&nbsp;&nbsp;2013092833 | &nbsp;&nbsp;&nbsp;2780015119 | &nbsp;&nbsp;&nbsp;1404511637 |
| Net assets | $3652140167 | $6410806099 | $6488290908 | $2860668362 |

---

------

Statements of Assets and Liabilities – continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Net assets |  |  |  |  |
| Class A | $2584126825 | $5024224691 | $4897596313 | $1753392368 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5633454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13651844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17740361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9133579 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;184123410 | &nbsp;&nbsp;&nbsp;&nbsp;291162998 | &nbsp;&nbsp;&nbsp;&nbsp;336993073 | &nbsp;&nbsp;&nbsp;&nbsp;233039763 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;362950833 | &nbsp;&nbsp;&nbsp;&nbsp;387346112 | &nbsp;&nbsp;&nbsp;&nbsp;380010953 | &nbsp;&nbsp;&nbsp;&nbsp;259570313 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7330447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15504907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14226174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10999471 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31969206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77807303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92112139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45375530 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58410367 | &nbsp;&nbsp;&nbsp;&nbsp;118078080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97174214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78053654 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;299267927 | &nbsp;&nbsp;&nbsp;&nbsp;172596234 | &nbsp;&nbsp;&nbsp;&nbsp;217163925 | &nbsp;&nbsp;&nbsp;&nbsp;142373944 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;118327698 | &nbsp;&nbsp;&nbsp;&nbsp;310433930 | &nbsp;&nbsp;&nbsp;&nbsp;435273756 | &nbsp;&nbsp;&nbsp;&nbsp;328729740 |
| Total net assets | $3652140167 | $6410806099 | $6488290908 | $2860668362 |
| Shares of beneficial interest outstanding |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;154372174 | &nbsp;&nbsp;&nbsp;&nbsp;251933216 | &nbsp;&nbsp;&nbsp;&nbsp;194779114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56194676 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296630 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11205616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14992484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13708699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7743743 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21413959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19046853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14904426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8124548 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371950 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4022020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3775922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494653 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3527097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5984405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3906782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524691 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17856473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8664247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8637537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4537799 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6980712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15265019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17063792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10288216 |
| Total shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;218135345 | &nbsp;&nbsp;&nbsp;&nbsp;321426479 | &nbsp;&nbsp;&nbsp;&nbsp;258077546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91576906 |
| Class A shares |  |  |  |  |
| Net asset value per share<br> (net assets / shares of beneficial interest outstanding) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.20 |
| Offering price per share (100 / 94.25 x net asset value per share) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.10 |
| Class B shares |  |  |  |  |
| Net asset value and offering price per share<br> (net assets / shares of beneficial interest outstanding) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.79 |
| Class C shares |  |  |  |  |
| Net asset value and offering price per share<br> (net assets / shares of beneficial interest outstanding) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.09 |
| Class I shares |  |  |  |  |
| Net asset value, offering price, and redemption price per share<br> (net assets / shares of beneficial interest outstanding) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.95 |
| Class R1 shares |  |  |  |  |
| Net asset value, offering price, and redemption price per share<br> (net assets / shares of beneficial interest outstanding) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.57 |
| Class R2 shares |  |  |  |  |
| Net asset value, offering price, and redemption price per share<br> (net assets / shares of beneficial interest outstanding) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.36 |
| Class R3 shares |  |  |  |  |
| Net asset value, offering price, and redemption price per share<br> (net assets / shares of beneficial interest outstanding) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.92 |
| Class R4 shares |  |  |  |  |
| Net asset value, offering price, and redemption price per share<br> (net assets / shares of beneficial interest outstanding) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.38 |

---

------

Statements of Assets and Liabilities – continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Class R6 shares |  |  |  |  |
| Net asset value, offering price, and redemption price per share<br> (net assets / shares of beneficial interest outstanding) | $16.95 | $20.34 | $25.51 | $31.95 |
| 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. | 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. | 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. | 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. | 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. |

---

#### See Notes to Financial Statements

------

*Financial Statements*

### Statements of Operations
Year ended 5/31/25

These statements describe how much each fund earned in investment income and accrued in expenses. They also describe any gains or losses generated by each fund's operations.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| **Net investment income (loss)** |  |  |  |  |
| Dividends from affiliated issuers | $124027997 | $183566649 | $151019501 | &nbsp;&nbsp;&nbsp;$47580682 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 |
| Total investment income | $124028927 | $183568176 | $151020988 | &nbsp;&nbsp;&nbsp;$47581350 |
| Expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;$9196726 | &nbsp;&nbsp;&nbsp;$17067456 | &nbsp;&nbsp;&nbsp;$16960481 | &nbsp;&nbsp;&nbsp;&nbsp;$7321033 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;2742172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5279955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5849985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777409 |
| &nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 |
| &nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52813 |
| &nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51179 |
| &nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171759 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50236 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13971 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239467 |
| Total expenses | &nbsp;&nbsp;$12605992 | &nbsp;&nbsp;&nbsp;$23288646 | &nbsp;&nbsp;&nbsp;$23809155 | &nbsp;&nbsp;&nbsp;$10695367 |
| &nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(610790) | &nbsp;&nbsp;&nbsp;&nbsp;(1013931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1504) |
| Net expenses | &nbsp;&nbsp;$12604472 | &nbsp;&nbsp;&nbsp;$22677856 | &nbsp;&nbsp;&nbsp;$22795224 | &nbsp;&nbsp;&nbsp;$10693863 |
| Net investment income (loss) | $111424455 | $160890320 | $128225764 | &nbsp;&nbsp;&nbsp;$36887487 |
| **Realized and unrealized gain (loss)** |  |  |  |  |
| Realized gain (loss) (identified cost basis) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | &nbsp;&nbsp;$36240665 | &nbsp;&nbsp;&nbsp;$95133003 | &nbsp;&nbsp;&nbsp;$79346095 | &nbsp;&nbsp;&nbsp;$24810854 |
| &nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;84624909 | &nbsp;&nbsp;&nbsp;223121243 | &nbsp;&nbsp;&nbsp;293492970 | &nbsp;&nbsp;&nbsp;156177051 |
| Net realized gain (loss) | $120865574 | $318254246 | $372839065 | $180987905 |
| Change in unrealized appreciation or depreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;$22874201 | &nbsp;&nbsp;&nbsp;$44772127 | &nbsp;&nbsp;&nbsp;$63401629 | &nbsp;&nbsp;&nbsp;$41335851 |
| Net realized and unrealized gain (loss) | $143739775 | $363026373 | $436240694 | $222323756 |
| Change in net assets from operations | $255164230 | $523916693 | $564466458 | $259211243 |

---

#### See Notes to Financial Statements

------

*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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year ended 5/31/25** | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| **Change in net assets** |  |  |  |  |
| **From operations** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;$111424455 | &nbsp;&nbsp;&nbsp;&nbsp;$160890320 | &nbsp;&nbsp;&nbsp;&nbsp;$128225764 | &nbsp;&nbsp;&nbsp;&nbsp;$36887487 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;120865574 | &nbsp;&nbsp;&nbsp;&nbsp;318254246 | &nbsp;&nbsp;&nbsp;&nbsp;372839065 | &nbsp;&nbsp;&nbsp;&nbsp;180987905 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22874201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44772127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63401629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41335851 |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;$255164230 | &nbsp;&nbsp;&nbsp;&nbsp;$523916693 | &nbsp;&nbsp;&nbsp;&nbsp;$564466458 | &nbsp;&nbsp;&nbsp;&nbsp;$259211243 |
| Total distributions to shareholders | &nbsp;&nbsp;$(244424555) | &nbsp;&nbsp;&nbsp;$(432398392) | &nbsp;&nbsp;&nbsp;$(372077446) | &nbsp;&nbsp;&nbsp;$(134061228) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;$(118385306) | &nbsp;&nbsp;&nbsp;$(311478667) | &nbsp;&nbsp;&nbsp;$(246522002) | &nbsp;&nbsp;&nbsp;&nbsp;$(57162528) |
| Total change in net assets | &nbsp;&nbsp;$(107645631) | &nbsp;&nbsp;&nbsp;$(219960366) | &nbsp;&nbsp;&nbsp;&nbsp;$(54132990) | &nbsp;&nbsp;&nbsp;&nbsp;$67987487 |
| **Net assets** |  |  |  |  |
| At beginning of period | &nbsp;&nbsp;3759785798 | &nbsp;&nbsp;&nbsp;6630766465 | &nbsp;&nbsp;&nbsp;6542423898 | &nbsp;&nbsp;&nbsp;2792680875 |
| At end of period | $3652140167 | $6410806099 | $6488290908 | $2860668362 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year ended 5/31/24** | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| **Change in net assets** |  |  |  |  |
| **From operations** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;$106143998 | &nbsp;&nbsp;&nbsp;&nbsp;$146245547 | &nbsp;&nbsp;&nbsp;&nbsp;$110108706 | &nbsp;&nbsp;&nbsp;&nbsp;$28142191 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;101888874 | &nbsp;&nbsp;&nbsp;&nbsp;223756418 | &nbsp;&nbsp;&nbsp;&nbsp;188487204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83264396 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;150916467 | &nbsp;&nbsp;&nbsp;&nbsp;445189662 | &nbsp;&nbsp;&nbsp;&nbsp;697896876 | &nbsp;&nbsp;&nbsp;&nbsp;363533640 |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;$358949339 | &nbsp;&nbsp;&nbsp;&nbsp;$815191627 | &nbsp;&nbsp;&nbsp;&nbsp;$996492786 | &nbsp;&nbsp;&nbsp;&nbsp;$474940227 |
| Total distributions to shareholders | &nbsp;&nbsp;$(128744928) | &nbsp;&nbsp;&nbsp;$(261699848) | &nbsp;&nbsp;&nbsp;$(223743119) | &nbsp;&nbsp;&nbsp;&nbsp;$(83271543) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;$(270743007) | &nbsp;&nbsp;&nbsp;$(222811782) | &nbsp;&nbsp;&nbsp;$(164837632) | &nbsp;&nbsp;&nbsp;&nbsp;$(18861300) |
| Total change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;$(40538596) | &nbsp;&nbsp;&nbsp;&nbsp;$330679997 | &nbsp;&nbsp;&nbsp;&nbsp;$607912035 | &nbsp;&nbsp;&nbsp;&nbsp;$372807384 |
| **Net assets** |  |  |  |  |
| At beginning of period | &nbsp;&nbsp;3800324394 | &nbsp;&nbsp;&nbsp;6300086468 | &nbsp;&nbsp;&nbsp;5934511863 | &nbsp;&nbsp;&nbsp;2419873491 |
| At end of period | $3759785798 | $6630766465 | $6542423898 | $2792680875 |

---

#### See Notes to Financial Statements

------

*Financial Statements*

### Financial Highlights

#### MFS Conservative Allocation Fund
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class A** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.98 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.26 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.69 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.27) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.48) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.19 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.04 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Net assets at end of period (000 omitted) | $2584127 | &nbsp;&nbsp;&nbsp;$2634559 | &nbsp;&nbsp;&nbsp;$2605100 | &nbsp;&nbsp;&nbsp;$2760128 | &nbsp;&nbsp;&nbsp;$2471451 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class B** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $16.65 | &nbsp;&nbsp;&nbsp;&nbsp;$15.65 | &nbsp;&nbsp;&nbsp;&nbsp;$16.44 | &nbsp;&nbsp;&nbsp;&nbsp;$18.09 | &nbsp;&nbsp;&nbsp;&nbsp;$15.89 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;$0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 |
| Total from investment operations | &nbsp;&nbsp;$1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.43 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.55 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.14) |
| From net realized gain | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Total distributions declared to shareholders | $(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.35) |
| Net asset value, end of period (x) | $16.70 | &nbsp;&nbsp;&nbsp;&nbsp;$16.65 | &nbsp;&nbsp;&nbsp;&nbsp;$15.65 | &nbsp;&nbsp;&nbsp;&nbsp;$16.44 | &nbsp;&nbsp;&nbsp;&nbsp;$18.09 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.12 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Net assets at end of period (000 omitted) | $5633 | &nbsp;&nbsp;&nbsp;$10641 | &nbsp;&nbsp;&nbsp;$17274 | &nbsp;&nbsp;&nbsp;$28023 | &nbsp;&nbsp;&nbsp;$45913 |

---

#### See Notes to Financial Statements

------

*Financial Highlights - continued*

#### MFS Conservative Allocation Fund - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class C** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$16.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.71 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.52 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.14) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.35) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$16.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.88 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.15 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Net assets at end of period (000 omitted) | $184123 | &nbsp;&nbsp;&nbsp;$230461 | &nbsp;&nbsp;&nbsp;$282608 | &nbsp;&nbsp;&nbsp;$392290 | &nbsp;&nbsp;&nbsp;$484043 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class I** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$16.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.14 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.76 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.31) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.52) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$16.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.38 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.32 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Net assets at end of period (000 omitted) | $362951 | &nbsp;&nbsp;&nbsp;$389407 | &nbsp;&nbsp;&nbsp;$400796 | &nbsp;&nbsp;&nbsp;$508191 | &nbsp;&nbsp;&nbsp;$519688 |

---

#### See Notes to Financial Statements

------

*Financial Highlights - continued*

#### MFS Conservative Allocation Fund - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R1** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $16.00 | &nbsp;&nbsp;&nbsp;$15.06 | &nbsp;&nbsp;&nbsp;$15.87 | &nbsp;&nbsp;&nbsp;&nbsp;$17.49 | &nbsp;&nbsp;&nbsp;&nbsp;$15.38 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;$0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 |
| Total from investment operations | &nbsp;&nbsp;$0.98 | &nbsp;&nbsp;&nbsp;&nbsp;$1.39 | &nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.47 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.39) | &nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.15) |
| From net realized gain | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Total distributions declared to shareholders | $(1.00) | &nbsp;&nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.36) |
| Net asset value, end of period (x) | $15.98 | &nbsp;&nbsp;&nbsp;$16.00 | &nbsp;&nbsp;&nbsp;$15.06 | &nbsp;&nbsp;&nbsp;&nbsp;$15.87 | &nbsp;&nbsp;&nbsp;&nbsp;$17.49 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;6.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.28 | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.18 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Net assets at end of period (000 omitted) | $7330 | &nbsp;&nbsp;&nbsp;$8754 | &nbsp;&nbsp;&nbsp;$9884 | &nbsp;&nbsp;&nbsp;$11188 | &nbsp;&nbsp;&nbsp;$13269 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R2** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$16.13 | &nbsp;&nbsp;&nbsp;&nbsp;$15.19 | &nbsp;&nbsp;&nbsp;&nbsp;$15.99 | &nbsp;&nbsp;&nbsp;&nbsp;$17.62 | &nbsp;&nbsp;&nbsp;&nbsp;$15.49 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.46 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.57 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.23) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.44) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$16.12 | &nbsp;&nbsp;&nbsp;&nbsp;$16.13 | &nbsp;&nbsp;&nbsp;&nbsp;$15.19 | &nbsp;&nbsp;&nbsp;&nbsp;$15.99 | &nbsp;&nbsp;&nbsp;&nbsp;$17.62 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;6.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.75 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Net assets at end of period (000 omitted) | $31969 | &nbsp;&nbsp;&nbsp;$39250 | &nbsp;&nbsp;&nbsp;$42000 | &nbsp;&nbsp;&nbsp;$48041 | &nbsp;&nbsp;&nbsp;$54728 |

---

#### See Notes to Financial Statements

------

*Financial Highlights - continued*

#### MFS Conservative Allocation Fund - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R3** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$16.54 | &nbsp;&nbsp;&nbsp;&nbsp;$15.56 | &nbsp;&nbsp;&nbsp;&nbsp;$16.37 | &nbsp;&nbsp;&nbsp;&nbsp;$18.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.84 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.26 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.54 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.66 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.27) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.48) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$16.56 | &nbsp;&nbsp;&nbsp;&nbsp;$16.54 | &nbsp;&nbsp;&nbsp;&nbsp;$15.56 | &nbsp;&nbsp;&nbsp;&nbsp;$16.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.02 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;7.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.98 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Net assets at end of period (000 omitted) | $58410 | &nbsp;&nbsp;&nbsp;$67619 | &nbsp;&nbsp;&nbsp;$77250 | &nbsp;&nbsp;&nbsp;$91528 | &nbsp;&nbsp;&nbsp;$109177 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R4** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$16.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.99 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.74 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.31) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.52) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$16.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.21 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.36 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Net assets at end of period (000 omitted) | $299268 | &nbsp;&nbsp;&nbsp;$275572 | &nbsp;&nbsp;&nbsp;$279463 | &nbsp;&nbsp;&nbsp;$267840 | &nbsp;&nbsp;&nbsp;$269196 |

---

#### See Notes to Financial Statements

------

*Financial Highlights - continued*

#### MFS Conservative Allocation Fund - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R6** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22(i)** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$16.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.89 | &nbsp;&nbsp;&nbsp;&nbsp;$16.71 | &nbsp;&nbsp;&nbsp;&nbsp;$18.54 |
| **Income (loss) from investment operations** |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.63 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.23) |
| **Less distributions declared to shareholders** |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.40) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.60) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$16.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.91 | &nbsp;&nbsp;&nbsp;&nbsp;$15.89 | &nbsp;&nbsp;&nbsp;&nbsp;$16.71 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.95)(n) |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04(a) |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03(a) |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44(a) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Net assets at end of period (000 omitted) | $118328 | &nbsp;&nbsp;&nbsp;$103522 | &nbsp;&nbsp;&nbsp;$85950 | &nbsp;&nbsp;&nbsp;$66370 |

---

(a) Annualized.

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

(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the
fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may
own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.

(i) For Class R6, the period is from the class inception, September 30, 2021, through the stated period end.

(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

(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

------

*Financial Highlights - continued*

#### MFS Moderate Allocation Fund
**The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). 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.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class A** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.02 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.29 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.24) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.74) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.57 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.18 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $5024225 | &nbsp;&nbsp;&nbsp;$5030342 | &nbsp;&nbsp;&nbsp;$4676731 | &nbsp;&nbsp;&nbsp;$4812425 | &nbsp;&nbsp;&nbsp;$4687031 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class B** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$19.42 | &nbsp;&nbsp;&nbsp;&nbsp;$17.81 | &nbsp;&nbsp;&nbsp;&nbsp;$18.93 | &nbsp;&nbsp;&nbsp;&nbsp;$21.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.79 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.23 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.09 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.10) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.60) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$19.67 | &nbsp;&nbsp;&nbsp;&nbsp;$19.42 | &nbsp;&nbsp;&nbsp;&nbsp;$17.81 | &nbsp;&nbsp;&nbsp;&nbsp;$18.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.28 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.24 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $13652 | &nbsp;&nbsp;&nbsp;$26965 | &nbsp;&nbsp;&nbsp;$43399 | &nbsp;&nbsp;&nbsp;$69914 | &nbsp;&nbsp;&nbsp;$116059 |

---

#### See Notes to Financial Statements

------

*Financial Highlights - continued*

#### MFS Moderate Allocation Fund - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class C** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$19.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.65 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.05 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.10) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.60) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$19.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.10 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.19 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $291163 | &nbsp;&nbsp;&nbsp;$357049 | &nbsp;&nbsp;&nbsp;$403805 | &nbsp;&nbsp;&nbsp;$537508 | &nbsp;&nbsp;&nbsp;$721781 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class I** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$20.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.29 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.41 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.29) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.79) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$20.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.91 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.49 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $387346 | &nbsp;&nbsp;&nbsp;$422766 | &nbsp;&nbsp;&nbsp;$416670 | &nbsp;&nbsp;&nbsp;$448966 | &nbsp;&nbsp;&nbsp;$476798 |

---

#### See Notes to Financial Statements

------

*Financial Highlights - continued*

#### MFS Moderate Allocation Fund - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R1** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$18.65 | &nbsp;&nbsp;&nbsp;&nbsp;$17.15 | &nbsp;&nbsp;&nbsp;&nbsp;$18.27 | &nbsp;&nbsp;&nbsp;&nbsp;$20.58 | &nbsp;&nbsp;&nbsp;&nbsp;$17.23 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.14 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.96 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.11) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.61) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$18.82 | &nbsp;&nbsp;&nbsp;&nbsp;$18.65 | &nbsp;&nbsp;&nbsp;&nbsp;$17.15 | &nbsp;&nbsp;&nbsp;&nbsp;$18.27 | &nbsp;&nbsp;&nbsp;&nbsp;$20.58 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;7.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.25 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $15505 | &nbsp;&nbsp;&nbsp;$18754 | &nbsp;&nbsp;&nbsp;$21036 | &nbsp;&nbsp;&nbsp;$25035 | &nbsp;&nbsp;&nbsp;$26919 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R2** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$19.14 | &nbsp;&nbsp;&nbsp;&nbsp;$17.58 | &nbsp;&nbsp;&nbsp;&nbsp;$18.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.59 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.29 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.15 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.20) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.70) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$19.35 | &nbsp;&nbsp;&nbsp;&nbsp;$19.14 | &nbsp;&nbsp;&nbsp;&nbsp;$17.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.04 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;8.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.88 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $77807 | &nbsp;&nbsp;&nbsp;$86169 | &nbsp;&nbsp;&nbsp;$94299 | &nbsp;&nbsp;&nbsp;$107117 | &nbsp;&nbsp;&nbsp;$128654 |

---

#### See Notes to Financial Statements

------

*Financial Highlights - continued*

#### MFS Moderate Allocation Fund - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R3** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$19.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.86 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.26 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.24) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.74) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$19.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.38 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.21 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $118078 | &nbsp;&nbsp;&nbsp;$157588 | &nbsp;&nbsp;&nbsp;$163134 | &nbsp;&nbsp;&nbsp;$196975 | &nbsp;&nbsp;&nbsp;$250644 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R4** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$19.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.34 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.29) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.79) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$19.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.55 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.50 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $172596 | &nbsp;&nbsp;&nbsp;$226037 | &nbsp;&nbsp;&nbsp;$247048 | &nbsp;&nbsp;&nbsp;$296478 | &nbsp;&nbsp;&nbsp;$334080 |

---

#### See Notes to Financial Statements

------

*Financial Highlights - continued*

#### MFS Moderate Allocation Fund - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R6** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22(i)** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$20.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.22 |
| **Income (loss) from investment operations** |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.67) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.52) |
| **Less distributions declared to shareholders** |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.57) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.15) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$20.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.55 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.39)(n) |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03(a) |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02(a) |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12(a) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Net assets at end of period (000 omitted) | $310434 | &nbsp;&nbsp;&nbsp;$305097 | &nbsp;&nbsp;&nbsp;$233967 | &nbsp;&nbsp;&nbsp;$207850 |

---

(a) Annualized.

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

(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the
fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may
own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.

(i) For Class R6, the period is from the class inception, September 30, 2021, through the stated period end.

(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

(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

------

*Financial Highlights - continued*

#### MFS Growth Allocation Fund
**The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). 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.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class A** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.57 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.48 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.23) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.87) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.18 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.90 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $4897596 | &nbsp;&nbsp;&nbsp;$4774614 | &nbsp;&nbsp;&nbsp;$4249189 | &nbsp;&nbsp;&nbsp;$4361480 | &nbsp;&nbsp;&nbsp;$4279764 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class B** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$24.42 | &nbsp;&nbsp;&nbsp;&nbsp;$21.53 | &nbsp;&nbsp;&nbsp;&nbsp;$22.92 | &nbsp;&nbsp;&nbsp;&nbsp;$25.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.39 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.05 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.50 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.26 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.02) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.66) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$25.20 | &nbsp;&nbsp;&nbsp;&nbsp;$24.42 | &nbsp;&nbsp;&nbsp;&nbsp;$21.53 | &nbsp;&nbsp;&nbsp;&nbsp;$22.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.99 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;8.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.98 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $17740 | &nbsp;&nbsp;&nbsp;$31854 | &nbsp;&nbsp;&nbsp;$46181 | &nbsp;&nbsp;&nbsp;$69836 | &nbsp;&nbsp;&nbsp;$109514 |

---

#### See Notes to Financial Statements

------

*Financial Highlights - continued*

#### MFS Growth Allocation Fund - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class C** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$23.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.12 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.18 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.03) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.67) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$24.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.63 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.98 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $336993 | &nbsp;&nbsp;&nbsp;$383396 | &nbsp;&nbsp;&nbsp;$396612 | &nbsp;&nbsp;&nbsp;$490305 | &nbsp;&nbsp;&nbsp;$638016 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class I** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$24.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.78 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.62 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.29) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.93) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$25.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.47 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.24 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $380011 | &nbsp;&nbsp;&nbsp;$396160 | &nbsp;&nbsp;&nbsp;$421284 | &nbsp;&nbsp;&nbsp;$421692 | &nbsp;&nbsp;&nbsp;$434119 |

---

#### See Notes to Financial Statements

------

*Financial Highlights - continued*

#### MFS Growth Allocation Fund - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R1** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$23.22 | &nbsp;&nbsp;&nbsp;&nbsp;$20.55 | &nbsp;&nbsp;&nbsp;&nbsp;$21.97 | &nbsp;&nbsp;&nbsp;&nbsp;$25.02 | &nbsp;&nbsp;&nbsp;&nbsp;$19.69 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.05 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.34 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.03 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.65) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.70) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$23.82 | &nbsp;&nbsp;&nbsp;&nbsp;$23.22 | &nbsp;&nbsp;&nbsp;&nbsp;$20.55 | &nbsp;&nbsp;&nbsp;&nbsp;$21.97 | &nbsp;&nbsp;&nbsp;&nbsp;$25.02 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;8.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.91 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $14226 | &nbsp;&nbsp;&nbsp;$16321 | &nbsp;&nbsp;&nbsp;$16463 | &nbsp;&nbsp;&nbsp;$18598 | &nbsp;&nbsp;&nbsp;$21519 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R2** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$23.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.06 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.27 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.17) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.81) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$24.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.52 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.62 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $92112 | &nbsp;&nbsp;&nbsp;$101107 | &nbsp;&nbsp;&nbsp;$107528 | &nbsp;&nbsp;&nbsp;$122694 | &nbsp;&nbsp;&nbsp;$142619 |

---

#### See Notes to Financial Statements

------

*Financial Highlights - continued*

#### MFS Growth Allocation Fund - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R3** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$24.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.37 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.43 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.23) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.87) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$24.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.93 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.94 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $97174 | &nbsp;&nbsp;&nbsp;$114964 | &nbsp;&nbsp;&nbsp;$115250 | &nbsp;&nbsp;&nbsp;$140484 | &nbsp;&nbsp;&nbsp;$170541 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R4** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$24.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.55 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.55 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.29) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.93) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$25.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.17 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.26 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $217164 | &nbsp;&nbsp;&nbsp;$277386 | &nbsp;&nbsp;&nbsp;$307903 | &nbsp;&nbsp;&nbsp;$328631 | &nbsp;&nbsp;&nbsp;$360879 |

---

#### See Notes to Financial Statements

------

*Financial Highlights - continued*

#### MFS Growth Allocation Fund - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R6** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22(i)** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$24.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.02 |
| **Income (loss) from investment operations** |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.87) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.75) |
| **Less distributions declared to shareholders** |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.90) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.92) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$25.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.35 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.27)(n) |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04(a) |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02(a) |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75(a) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Net assets at end of period (000 omitted) | $435274 | &nbsp;&nbsp;&nbsp;$446621 | &nbsp;&nbsp;&nbsp;$274102 | &nbsp;&nbsp;&nbsp;$228326 |

---

(a) Annualized.

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

(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the
fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may
own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.

(i) For Class R6, the period is from the class inception, September 30, 2021, through the stated period end.

(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

(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

------

*Financial Highlights - continued*

#### MFS Aggressive Growth Allocation Fund
**The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). 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.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class A** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.23 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.66 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.80 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.15) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.00) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.03 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.35 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $1753392 | &nbsp;&nbsp;&nbsp;$1662799 | &nbsp;&nbsp;&nbsp;$1422920 | &nbsp;&nbsp;&nbsp;$1424073 | &nbsp;&nbsp;&nbsp;$1386555 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class B** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $29.44 | &nbsp;&nbsp;&nbsp;&nbsp;$25.31 | &nbsp;&nbsp;&nbsp;&nbsp;$26.90 | &nbsp;&nbsp;&nbsp;&nbsp;$30.47 | &nbsp;&nbsp;&nbsp;&nbsp;$22.88 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.69 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50 |
| Total from investment operations | &nbsp;&nbsp;$2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.78 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.44 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) |
| Total distributions declared to shareholders | $(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.82) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.85) |
| Net asset value, end of period (x) | $30.79 | &nbsp;&nbsp;&nbsp;&nbsp;$29.44 | &nbsp;&nbsp;&nbsp;&nbsp;$25.31 | &nbsp;&nbsp;&nbsp;&nbsp;$26.90 | &nbsp;&nbsp;&nbsp;&nbsp;$30.47 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;8.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.30 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $9134 | &nbsp;&nbsp;&nbsp;$15383 | &nbsp;&nbsp;&nbsp;$19808 | &nbsp;&nbsp;&nbsp;$27855 | &nbsp;&nbsp;&nbsp;$40147 |

---

#### See Notes to Financial Statements

------

*Financial Highlights - continued*

#### MFS Aggressive Growth Allocation Fund - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class C** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$28.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.61 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.05) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.33 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.85) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$30.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.09 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.26 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $233040 | &nbsp;&nbsp;&nbsp;$237741 | &nbsp;&nbsp;&nbsp;$217393 | &nbsp;&nbsp;&nbsp;$232876 | &nbsp;&nbsp;&nbsp;$264940 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class I** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$30.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.65 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.80 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.02 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.20) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.05) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$31.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.62 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.67 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $259570 | &nbsp;&nbsp;&nbsp;$266362 | &nbsp;&nbsp;&nbsp;$238896 | &nbsp;&nbsp;&nbsp;$240621 | &nbsp;&nbsp;&nbsp;$241144 |

---

#### See Notes to Financial Statements

------

*Financial Highlights - continued*

#### MFS Aggressive Growth Allocation Fund - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R1** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$28.33 | &nbsp;&nbsp;&nbsp;&nbsp;$24.44 | &nbsp;&nbsp;&nbsp;&nbsp;$26.07 | &nbsp;&nbsp;&nbsp;&nbsp;$29.60 | &nbsp;&nbsp;&nbsp;&nbsp;$22.25 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.69 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.26 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.61 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.20 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.69) | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.85) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$29.57 | &nbsp;&nbsp;&nbsp;&nbsp;$28.33 | &nbsp;&nbsp;&nbsp;&nbsp;$24.44 | &nbsp;&nbsp;&nbsp;&nbsp;$26.07 | &nbsp;&nbsp;&nbsp;&nbsp;$29.60 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;8.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.28 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $10999 | &nbsp;&nbsp;&nbsp;$14166 | &nbsp;&nbsp;&nbsp;$12269 | &nbsp;&nbsp;&nbsp;$15536 | &nbsp;&nbsp;&nbsp;$18496 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R2** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$29.12 | &nbsp;&nbsp;&nbsp;&nbsp;$25.08 | &nbsp;&nbsp;&nbsp;&nbsp;$26.71 | &nbsp;&nbsp;&nbsp;&nbsp;$30.30 | &nbsp;&nbsp;&nbsp;&nbsp;$22.71 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.44 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.87 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.51 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.07) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;$(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.92) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$30.36 | &nbsp;&nbsp;&nbsp;&nbsp;$29.12 | &nbsp;&nbsp;&nbsp;&nbsp;$25.08 | &nbsp;&nbsp;&nbsp;&nbsp;$26.71 | &nbsp;&nbsp;&nbsp;&nbsp;$30.30 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;9.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.93 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $45376 | &nbsp;&nbsp;&nbsp;$50476 | &nbsp;&nbsp;&nbsp;$49019 | &nbsp;&nbsp;&nbsp;$55975 | &nbsp;&nbsp;&nbsp;$65485 |

---

#### See Notes to Financial Statements

------

*Financial Highlights - continued*

#### MFS Aggressive Growth Allocation Fund - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R3** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$29.63 | &nbsp;&nbsp;&nbsp;&nbsp;$25.50 | &nbsp;&nbsp;&nbsp;&nbsp;$27.15 | &nbsp;&nbsp;&nbsp;&nbsp;$30.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.04 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.56 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$2.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.03 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.71 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.14) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;$(2.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.99) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$30.92 | &nbsp;&nbsp;&nbsp;&nbsp;$29.63 | &nbsp;&nbsp;&nbsp;&nbsp;$25.50 | &nbsp;&nbsp;&nbsp;&nbsp;$27.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.76 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.28 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $78054 | &nbsp;&nbsp;&nbsp;$83257 | &nbsp;&nbsp;&nbsp;$77815 | &nbsp;&nbsp;&nbsp;$91223 | &nbsp;&nbsp;&nbsp;$105120 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R4** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$30.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.32 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.67 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.88 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.20) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.05) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$31.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.15 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.61 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $142374 | &nbsp;&nbsp;&nbsp;$151061 | &nbsp;&nbsp;&nbsp;$167605 | &nbsp;&nbsp;&nbsp;$183201 | &nbsp;&nbsp;&nbsp;$200635 |

---

#### See Notes to Financial Statements

------

*Financial Highlights - continued*

#### MFS Aggressive Growth Allocation Fund - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R6** | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22(i)** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$30.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.28 |
| **Income (loss) from investment operations** |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.01 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.11) |
| **Less distributions declared to shareholders** |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.04) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.20) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$31.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.97 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.35)(n) |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08(a) |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05(a) |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05(a) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Net assets at end of period (000 omitted) | $328730 | &nbsp;&nbsp;&nbsp;$311437 | &nbsp;&nbsp;&nbsp;$214147 | &nbsp;&nbsp;&nbsp;$186590 |

---

(a) Annualized.

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

(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the
fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may
own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.

(i) For Class R6, the period is from the class inception, September 30, 2021, through the stated period end.

(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

(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

------

### Notes to Financial Statements
(1) Business and Organization

MFS Conservative Allocation Fund, MFS Moderate Allocation Fund, MFS Growth Allocation Fund, and MFS Aggressive Growth Allocation Fund (the funds) are each a diversified series of MFS Series Trust X (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.

Each 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 each fund's Statement of Assets and Liabilities through the date that the financial statements were issued.**

Each fund is a "fund of funds", which invests the majority of its assets in other MFS mutual funds (hereafter referred to as "underlying affiliated funds" or "underlying funds"), which may have different fiscal year ends than the funds. The underlying funds, in turn, may engage in a number of investment techniques and practices, which involve certain risks. Certain underlying funds invest their portfolio in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments. Certain underlying funds invest a significant portion of their 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. Certain underlying funds invest 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 in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, accounting, and auditing 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, and economic instability than developed markets.

The accounting policies of the underlying funds in which each fund invests are outlined in the underlying funds' financial statements, which are available without charge by calling 1-800-225-2606, at mfs.com and on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov. The underlying funds' financial statements are not covered by this report.

In this reporting period, the funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each fund's financial position or the results of its operations. An operating segment is 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. Each fund represents a single operating segment and the Chairman's Committee of the funds' adviser acts as the segment's CODM. Each 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 each fund's financial statements.

**Investment Valuations — Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of this policy disclosure, "fund" also refers to the underlying funds in which the fund-of-funds invests.**

Subject to its oversight, the funds' Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of each fund's investments to MFS as the funds' adviser, pursuant to each 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 each 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.

------

Notes to Financial Statements - continued

Under each fund's valuation policy and procedures, equity securities, including restricted equity securities and equity securities sold short, 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. Equity securities sold short, for which there were no sales reported that day, are generally valued at the last quoted daily ask 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. Debt instruments sold short are generally valued at an evaluated or composite mean as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. Funds traded on a recognized securities exchange (such as Exchange Traded Funds or Closed End Funds) are generally valued at the official closing price on their primary market or exchange as provided by a third-party pricing service. If no sales are reported that day for these funds, generally they will be valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. 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 each fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of each 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 each 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 each fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that each fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which each fund determines its net asset value per share.

Various inputs are used in determining the value of each 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. Each 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,

------

Notes to Financial Statements - continued

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 May 31, 2025 in valuing each fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **MFS Conservative Allocation Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;$3651515121 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3651515121 |
| **MFS Moderate Allocation Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;$6408956123 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6408956123 |
| **MFS Growth Allocation Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;$6487259657 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6487259657 |
| **MFS Aggressive Growth Allocation Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;$2860746261 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2860746261 |

---

For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds' financial statements for further information regarding the levels used in valuing the underlying funds' assets and liabilities.

**Derivatives — Each fund does not invest in derivatives directly. Each fund does invest in underlying funds that may use 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 underlying funds use 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.**

**Indemnifications — Under each 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 each fund. Additionally, in the normal course of business, each fund enters into agreements with service providers that may contain indemnification clauses. Each fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against each 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. Distributions of income and capital gains from the underlying funds are recorded on the ex-dividend date. Recognition of net investment income and realized gain from affiliated issuers by each fund is affected by the timing of the declaration of distributions by the underlying funds in which each fund invests.**

Each fund and/or the underlying funds may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statements 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 Statements 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.

**Tax Matters and Distributions — Each 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. Each 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 each 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.**

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.

------

Notes to Financial Statements - continued

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, as applicable to each fund.

The tax character of distributions declared to shareholders for the last two fiscal years is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year ended 5/31/25** | &nbsp;&nbsp;&nbsp;**MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;$119221725 | &nbsp;&nbsp;&nbsp;$173393089 | &nbsp;&nbsp;&nbsp;$148322381 | &nbsp;&nbsp;&nbsp;&nbsp;$43873190 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;125202830 | &nbsp;&nbsp;&nbsp;&nbsp;259005303 | &nbsp;&nbsp;&nbsp;&nbsp;223755065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90188038 |
| Total distributions | &nbsp;&nbsp;&nbsp;$244424555 | &nbsp;&nbsp;&nbsp;$432398392 | &nbsp;&nbsp;&nbsp;$372077446 | &nbsp;&nbsp;&nbsp;$134061228 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year ended 5/31/24** | &nbsp;&nbsp;&nbsp;**MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;$102180742 | &nbsp;&nbsp;&nbsp;$148678366 | &nbsp;&nbsp;&nbsp;$102505563 | &nbsp;&nbsp;&nbsp;$25002015 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26564186 | &nbsp;&nbsp;&nbsp;&nbsp;113021482 | &nbsp;&nbsp;&nbsp;&nbsp;121237556 | &nbsp;&nbsp;&nbsp;&nbsp;58269528 |
| Total distributions | &nbsp;&nbsp;&nbsp;$128744928 | &nbsp;&nbsp;&nbsp;$261699848 | &nbsp;&nbsp;&nbsp;$223743119 | &nbsp;&nbsp;&nbsp;$83271543 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of 5/31/25** | &nbsp;&nbsp;&nbsp;**MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Cost of investments | &nbsp;&nbsp;&nbsp;$3113327126 | &nbsp;&nbsp;&nbsp;$4658119003 | &nbsp;&nbsp;&nbsp;$4013559204 | &nbsp;&nbsp;&nbsp;$1603172865 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700787736 | &nbsp;&nbsp;&nbsp;&nbsp;1994449940 | &nbsp;&nbsp;&nbsp;&nbsp;2581648751 | &nbsp;&nbsp;&nbsp;&nbsp;1269844370 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162599741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243612820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107948298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12270974) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;$538187995 | &nbsp;&nbsp;&nbsp;$1750837120 | &nbsp;&nbsp;&nbsp;$2473700453 | &nbsp;&nbsp;&nbsp;$1257573396 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16015104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21142205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20775298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076382 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97392934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241113508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285539368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145861859 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$651596033 | &nbsp;&nbsp;&nbsp;$2013092833 | &nbsp;&nbsp;&nbsp;$2780015119 | &nbsp;&nbsp;&nbsp;$1404511637 |

---

**Multiple Classes of Shares of Beneficial Interest — Each fund offers multiple classes of shares, which differ in their respective distribution and service fees. Each 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. Each fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | **MFS Conservative<br> Allocation Fund** | **MFS Moderate<br> Allocation Fund** | **MFS Moderate<br> Allocation Fund** | **MFS Growth<br> Allocation Fund** | **MFS Growth<br> Allocation Fund** | **MFS Aggressive Growth<br> Allocation Fund** | **MFS Aggressive Growth<br> Allocation Fund** |
|  | **Year Ended<br> 5/31/25** | **Year Ended<br> 5/31/24** | **Year Ended<br> 5/31/25** | **Year Ended<br> 5/31/24** | **Year Ended<br> 5/31/25** | **Year Ended<br> 5/31/24** | **Year Ended<br> 5/31/25** | **Year Ended<br> 5/31/24** |
| Class A | $173610804 | &nbsp;&nbsp;&nbsp;$89871853 | $332680004 | $197640422 | $276235793 | $162775358 | &nbsp;&nbsp;&nbsp;$81027423 | $49468948 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413740 |
| Class C | &nbsp;&nbsp;&nbsp;12240103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6885359 | &nbsp;&nbsp;&nbsp;&nbsp;19316733 | &nbsp;&nbsp;&nbsp;&nbsp;12688690 | &nbsp;&nbsp;&nbsp;&nbsp;18173230 | &nbsp;&nbsp;&nbsp;&nbsp;11280328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9818174 | &nbsp;&nbsp;&nbsp;&nbsp;5924888 |
| Class I | &nbsp;&nbsp;&nbsp;24962524 | &nbsp;&nbsp;&nbsp;&nbsp;14162367 | &nbsp;&nbsp;&nbsp;&nbsp;26840374 | &nbsp;&nbsp;&nbsp;&nbsp;17769328 | &nbsp;&nbsp;&nbsp;&nbsp;22354706 | &nbsp;&nbsp;&nbsp;&nbsp;16117657 | &nbsp;&nbsp;&nbsp;&nbsp;12665931 | &nbsp;&nbsp;&nbsp;&nbsp;8677074 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368981 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;2261037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5323264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3492144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5424146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3529778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252056 | &nbsp;&nbsp;&nbsp;&nbsp;1508730 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;4284937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9217877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6389272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6164688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3992894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3667987 | &nbsp;&nbsp;&nbsp;&nbsp;2573233 |
| Class R4 | &nbsp;&nbsp;&nbsp;18189879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900754 | &nbsp;&nbsp;&nbsp;&nbsp;14579421 | &nbsp;&nbsp;&nbsp;&nbsp;10245145 | &nbsp;&nbsp;&nbsp;&nbsp;14604500 | &nbsp;&nbsp;&nbsp;&nbsp;11096068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7409111 | &nbsp;&nbsp;&nbsp;&nbsp;5353798 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;7914634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546281 | &nbsp;&nbsp;&nbsp;&nbsp;22281978 | &nbsp;&nbsp;&nbsp;&nbsp;11641861 | &nbsp;&nbsp;&nbsp;&nbsp;27183811 | &nbsp;&nbsp;&nbsp;&nbsp;13445555 | &nbsp;&nbsp;&nbsp;&nbsp;16316208 | &nbsp;&nbsp;&nbsp;&nbsp;8982151 |
| Total | $244424555 | $128744928 | $432398392 | $261699848 | $372077446 | $223743119 | $134061228 | $83271543 |

---

(3) Transactions with Affiliates

**Investment Adviser — Each fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the funds. MFS receives no compensation under this agreement; however MFS receives management fees from the underlying MFS funds.**

------

Notes to Financial Statements - continued

The investment adviser has agreed in writing to pay a portion of the following funds' operating expenses, excluding distribution and service fees, interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses including fees and expenses associated with investments in investment companies and other similar investment vehicles, such that operating expenses do not exceed the following rates annually of these funds' average daily net assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| &nbsp;&nbsp;&nbsp;Class A | 0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;Class B | 0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;Class C | 0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;Class I | 0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;Class R1 | 0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;Class R2 | 0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;Class R3 | 0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;Class R4 | 0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;Class R6 | 0.03% | &nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;0.05% |

---

These written agreements will continue until modified by the funds' Board of Trustees, but such agreements will continue at least until September 30, 2026. For the year ended May 31, 2025, these reductions amounted to $609,827 for the MFS Moderate Allocation Fund and $1,012,103 for the MFS Growth Allocation Fund. Each reduction is included in the reduction of total expenses in the Statements of Operations. For the year ended May 31, 2025, the actual operating expenses for the MFS Conservative Allocation Fund and the MFS Aggressive Growth Allocation Fund did not exceed the limits described above and therefore, the investment adviser did not pay any portion of these funds' expenses related to this agreement.

In addition to the fees and expenses which each fund bears directly, each fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which each fund invests. Accordingly, the expense ratio for each fund reflects only those fees and expenses borne directly by each fund.

**Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received the following amounts for the year ended May 31, 2025, as its portion of the initial sales charge on sales of Class A shares of each fund:**

---

| | | | |
|:---|:---|:---|:---|
| **MFS Conservative<br> Allocation Fund** | **MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| $149788 | $407397 | &nbsp;&nbsp;&nbsp;$705050 | &nbsp;&nbsp;&nbsp;$408812 |

---

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.

Each fund's distribution plan provides that each 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Distribution<br> Fee Rate (d)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| MFS Conservative Allocation Fund |  | 0.25% | 0.25% | 0.25% | $6602055 |
| MFS Moderate Allocation Fund |  | 0.25% | 0.25% | 0.25% | 12655484 |
| MFS Growth Allocation Fund |  | 0.25% | 0.25% | 0.25% | 12147160 |
| MFS Aggressive Growth Allocation Fund |  | 0.25% | 0.25% | 0.25% | 4270062 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Distribution<br> Fee Rate (d)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| MFS Conservative Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | $80696 |
| MFS Moderate Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 210497 |
| MFS Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 257774 |
| MFS Aggressive Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 126776 |

---

------

Notes to Financial Statements - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Distribution<br> Fee Rate (d)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| MFS Conservative Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | $2093039 |
| MFS Moderate Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 3277730 |
| MFS Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 3645710 |
| MFS Aggressive Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 2358064 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R1** | **Class R1** | **Class R1** | **Class R1** |
|  | **Distribution<br> Fee Rate (d)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| MFS Conservative Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | $85562 |
| MFS Moderate Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 169725 |
| MFS Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 157171 |
| MFS Aggressive Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 124724 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** |
|  | **Distribution<br> Fee Rate (d)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| MFS Conservative Allocation Fund | 0.25% | 0.25% | 0.50% | 0.50% | $173882 |
| MFS Moderate Allocation Fund | 0.25% | 0.25% | 0.50% | 0.50% | 406168 |
| MFS Growth Allocation Fund | 0.25% | 0.25% | 0.50% | 0.50% | 483691 |
| MFS Aggressive Growth Allocation Fund | 0.25% | 0.25% | 0.50% | 0.50% | 242408 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **Distribution<br> Fee Rate (d)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| MFS Conservative Allocation Fund |  | 0.25% | 0.25% | 0.25% | $161492 |
| MFS Moderate Allocation Fund |  | 0.25% | 0.25% | 0.25% | 347852 |
| MFS Growth Allocation Fund |  | 0.25% | 0.25% | 0.25% | 268975 |
| MFS Aggressive Growth Allocation Fund |  | 0.25% | 0.25% | 0.25% | 198999 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Total Distribution and Service Fees | &nbsp;&nbsp;&nbsp;&nbsp;$9196726 | &nbsp;&nbsp;&nbsp;&nbsp;$17067456 | &nbsp;&nbsp;&nbsp;&nbsp;$16960481 | &nbsp;&nbsp;&nbsp;&nbsp;$7321033 |

---

(d) In accordance with the distribution plan for certain classes, each 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 year ended May 31, 2025 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 year ended May 31, 2025, these rebates amounted to the following and are included in the reduction of total expenses in the Statements of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Class A | $1035 | &nbsp;&nbsp;$884 | &nbsp;&nbsp;$1575 | &nbsp;&nbsp;$1431 |
| Class B |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Class R2 |  | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;— |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |

---

------

Notes to Financial Statements - continued

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 year ended May 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CDSC Imposed** | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Class A | $112599 | &nbsp;&nbsp;$190138 | &nbsp;&nbsp;$104761 | &nbsp;&nbsp;$48345 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;4539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 |
| Class C | &nbsp;&nbsp;&nbsp;11592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51838 | &nbsp;&nbsp;&nbsp;&nbsp;43868 |

---

**Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from each fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of each fund as determined periodically under the supervision of the funds' Board of Trustees. For the year ended May 31, 2025, each fund paid the following fee, which equated to the following annual percentage of each fund's average daily net assets:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Expenses paid | $286679 | &nbsp;&nbsp;$722914 | &nbsp;&nbsp;$972400 | &nbsp;&nbsp;$514954 |
| Annual percentage of average daily net assets | 0.0077% | &nbsp;&nbsp;&nbsp;0.0110% | &nbsp;&nbsp;&nbsp;0.0148% | &nbsp;&nbsp;&nbsp;0.0182% |

---

MFSC also receives reimbursement from each 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 year ended May 31, 2025, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to the following:

---

| | | | |
|:---|:---|:---|:---|
| **MFS Conservative<br> Allocation Fund** | **MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| $2455493 | $4557041 | &nbsp;&nbsp;&nbsp;$4877585 | &nbsp;&nbsp;&nbsp;$2262455 |

---

**Administrator – MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to each fund. Under an administrative services agreement, each fund reimburses MFS the costs incurred to provide these services. Each fund pays an annual fixed amount of $17,500. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended May 31, 2025 was equivalent to the following annual effective rates of each fund's average daily net assets:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Percentage of average daily net assets | 0.0005% | &nbsp;&nbsp;0.0003% | &nbsp;&nbsp;0.0003% | &nbsp;&nbsp;0.0006% |

---

**Trustees' and Officers' Compensation — Each 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 funds do not pay compensation directly to Trustees or officers of each fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to each fund. Certain officers and Trustees of each fund are officers or directors of MFS, MFD, and MFSC.**

**Other — Each 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 purchased or redeemed fund shares on the dates indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Date** | &nbsp;&nbsp;**Transaction** | &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| MFS Conservative Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class A | &nbsp;&nbsp;3 | &nbsp;&nbsp;$51 |
| MFS Conservative Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class B | &nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;90 |
| MFS Conservative Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class I | &nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| MFS Conservative Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class R1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| MFS Conservative Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class R2 | &nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;59 |
| MFS Conservative Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class R3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| MFS Conservative Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class R4 | &nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| MFS Moderate Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class A | &nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| MFS Moderate Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class B | &nbsp;&nbsp;5 | &nbsp;&nbsp;110 |
| MFS Moderate Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class I | &nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;85 |

---

------

Notes to Financial Statements - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Date** | &nbsp;&nbsp;**Transaction** | &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| MFS Moderate Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class R1 | &nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| MFS Moderate Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class R2 | &nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| MFS Moderate Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class R3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| MFS Moderate Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class R4 | &nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| MFS Growth Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class B | &nbsp;&nbsp;5 | &nbsp;&nbsp;132 |
| MFS Growth Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class I | &nbsp;&nbsp;4 | &nbsp;&nbsp;106 |
| MFS Growth Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class R1 | &nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;85 |
| MFS Growth Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class R2 | &nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| MFS Growth Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class R3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;100 |
| MFS Growth Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class R4 | &nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| MFS Aggressive Growth Allocation Fund | 7/10/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class B | &nbsp;&nbsp;5 | &nbsp;&nbsp;150 |
| MFS Aggressive Growth Allocation Fund | 7/10/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class R4 | &nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| MFS Aggressive Growth Allocation Fund | 7/10/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| MFS Aggressive Growth Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class C | &nbsp;&nbsp;4 | &nbsp;&nbsp;120 |
| MFS Aggressive Growth Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class I | &nbsp;&nbsp;4 | &nbsp;&nbsp;120 |
| MFS Aggressive Growth Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class R1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;97 |
| MFS Aggressive Growth Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class R2 | &nbsp;&nbsp;3 | &nbsp;&nbsp;100 |
| MFS Aggressive Growth Allocation Fund | 8/19/2024 | &nbsp;&nbsp;Redemption | &nbsp;&nbsp;Class R3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;113 |

---

(4) Portfolio Securities

For the year ended May 31, 2025, purchases and sales of shares of underlying funds, excluding the MFS Institutional Money Market Portfolio, aggregated to the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Purchases | $170614760 | &nbsp;&nbsp;$353162806 | &nbsp;&nbsp;$325675178 | &nbsp;&nbsp;$152536293 |
| Sales | $510479619 | &nbsp;&nbsp;$1064731196 | &nbsp;&nbsp;$932039675 | &nbsp;&nbsp;$347546159 |

---

(5) Shares of Beneficial Interest

Each 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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Conservative Allocation Fund** | **MFS Conservative Allocation Fund** | **MFS Conservative Allocation Fund** | **MFS Conservative Allocation Fund** | &nbsp;&nbsp;**MFS Moderate Allocation Fund** | &nbsp;&nbsp;**MFS Moderate Allocation Fund** | &nbsp;&nbsp;**MFS Moderate Allocation Fund** | &nbsp;&nbsp;**MFS Moderate Allocation Fund** |
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | **Amount** | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 24668351 | $417007678 | 28653866 | &nbsp;&nbsp;$461680881 | &nbsp;&nbsp; 31123429 | $621026990 | &nbsp;&nbsp; 38488685 | &nbsp;&nbsp;$724945243 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4366 | &nbsp;&nbsp;&nbsp; 73028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036 | &nbsp;&nbsp;&nbsp;&nbsp; 32968 | &nbsp;&nbsp; 9544 | &nbsp;&nbsp;&nbsp; 193976 | &nbsp;&nbsp; 14892 | &nbsp;&nbsp;&nbsp;&nbsp; 275072 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1014706 | &nbsp;&nbsp;&nbsp; 16740633 | &nbsp;&nbsp;&nbsp;&nbsp;1128987 | &nbsp;&nbsp;&nbsp;&nbsp; 17891623 | &nbsp;&nbsp; 1733476 | &nbsp;&nbsp;&nbsp; 33671777 | &nbsp;&nbsp; 2174910 | &nbsp;&nbsp;&nbsp;&nbsp; 40030031 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;4504287 | &nbsp;&nbsp;&nbsp; 76290545 | &nbsp;&nbsp;&nbsp;&nbsp;4434001 | &nbsp;&nbsp;&nbsp;&nbsp; 72449069 | &nbsp;&nbsp; 4310174 | &nbsp;&nbsp;&nbsp; 87730922 | &nbsp;&nbsp; 4201975 | &nbsp;&nbsp;&nbsp;&nbsp; 80574077 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67262 | &nbsp;&nbsp;&nbsp; 1088125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102856 | &nbsp;&nbsp;&nbsp;&nbsp; 1591718 | &nbsp;&nbsp; 79868 | &nbsp;&nbsp;&nbsp; 1504879 | &nbsp;&nbsp; 101321 | &nbsp;&nbsp;&nbsp;&nbsp; 1806636 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319083 | &nbsp;&nbsp;&nbsp; 5176183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421430 | &nbsp;&nbsp;&nbsp;&nbsp; 6609935 | &nbsp;&nbsp; 375570 | &nbsp;&nbsp;&nbsp; 7219374 | &nbsp;&nbsp; 711023 | &nbsp;&nbsp;&nbsp;&nbsp; 13035650 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612624 | &nbsp;&nbsp;&nbsp; 10197244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658105 | &nbsp;&nbsp;&nbsp;&nbsp; 10520309 | &nbsp;&nbsp; 750703 | &nbsp;&nbsp;&nbsp; 14825055 | &nbsp;&nbsp; 1437785 | &nbsp;&nbsp;&nbsp;&nbsp; 26924426 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;6486904 | &nbsp;&nbsp;&nbsp; 108073530 | &nbsp;&nbsp;&nbsp;&nbsp;5211089 | &nbsp;&nbsp;&nbsp;&nbsp; 84854054 | &nbsp;&nbsp; 1762560 | &nbsp;&nbsp;&nbsp; 35116393 | &nbsp;&nbsp; 2469665 | &nbsp;&nbsp;&nbsp;&nbsp; 46364103 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;2436707 | &nbsp;&nbsp;&nbsp; 41589155 | &nbsp;&nbsp;&nbsp;&nbsp;2388355 | &nbsp;&nbsp;&nbsp;&nbsp; 38891841 | &nbsp;&nbsp; 3147039 | &nbsp;&nbsp;&nbsp; 63903868 | &nbsp;&nbsp; 4260214 | &nbsp;&nbsp;&nbsp;&nbsp; 81413430 |
|  | 40114290 | &nbsp;&nbsp;&nbsp;&nbsp;$676236121 | 43000725 | &nbsp;&nbsp; $694522398 | &nbsp;&nbsp; 43292363 | &nbsp;&nbsp;&nbsp;&nbsp;$865193234 | &nbsp;&nbsp; 53860470 | &nbsp;&nbsp; $1015368668 |

---

------

Notes to Financial Statements - continued

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Conservative Allocation Fund - continued** | **MFS Conservative Allocation Fund - continued** | **MFS Conservative Allocation Fund - continued** | **MFS Conservative Allocation Fund - continued** | &nbsp;&nbsp;**MFS Moderate Allocation Fund - continued** | &nbsp;&nbsp;**MFS Moderate Allocation Fund - continued** | &nbsp;&nbsp;**MFS Moderate Allocation Fund - continued** | &nbsp;&nbsp;**MFS Moderate Allocation Fund - continued** |
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | **Amount** | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares issued to shareholders in<br> reinvestment of distributions |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 10165276 | $168017641 | &nbsp;&nbsp;&nbsp;&nbsp;5374506 | &nbsp;&nbsp;$87057068 | &nbsp;&nbsp; 16662359 | $324924623 | &nbsp;&nbsp; 10184600 | &nbsp;&nbsp;$192561050 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26520 | &nbsp;&nbsp;&nbsp; 437290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22710 | &nbsp;&nbsp;&nbsp;&nbsp; 367106 | &nbsp;&nbsp; 61483 | &nbsp;&nbsp;&nbsp; 1181317 | &nbsp;&nbsp; 59873 | &nbsp;&nbsp;&nbsp;&nbsp; 1119215 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730574 | &nbsp;&nbsp;&nbsp; 11850041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415839 | &nbsp;&nbsp;&nbsp;&nbsp; 6634590 | &nbsp;&nbsp; 992233 | &nbsp;&nbsp;&nbsp; 18832598 | &nbsp;&nbsp; 665898 | &nbsp;&nbsp;&nbsp;&nbsp; 12317379 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;1281353 | &nbsp;&nbsp;&nbsp; 21440587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745225 | &nbsp;&nbsp;&nbsp;&nbsp; 12198560 | &nbsp;&nbsp; 1152858 | &nbsp;&nbsp;&nbsp; 22921747 | &nbsp;&nbsp; 718212 | &nbsp;&nbsp;&nbsp;&nbsp; 13813624 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33162 | &nbsp;&nbsp;&nbsp; 523339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17940 | &nbsp;&nbsp;&nbsp;&nbsp; 279109 | &nbsp;&nbsp; 53050 | &nbsp;&nbsp;&nbsp; 976822 | &nbsp;&nbsp; 39539 | &nbsp;&nbsp;&nbsp;&nbsp; 710602 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141967 | &nbsp;&nbsp;&nbsp; 2260917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83535 | &nbsp;&nbsp;&nbsp;&nbsp; 1307566 | &nbsp;&nbsp; 280658 | &nbsp;&nbsp;&nbsp; 5309541 | &nbsp;&nbsp; 189172 | &nbsp;&nbsp;&nbsp;&nbsp; 3479935 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261653 | &nbsp;&nbsp;&nbsp; 4278256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151137 | &nbsp;&nbsp;&nbsp;&nbsp; 2421813 | &nbsp;&nbsp; 477689 | &nbsp;&nbsp;&nbsp; 9217877 | &nbsp;&nbsp; 341416 | &nbsp;&nbsp;&nbsp;&nbsp; 6389272 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;1003142 | &nbsp;&nbsp;&nbsp; 16600991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541186 | &nbsp;&nbsp;&nbsp;&nbsp; 8766990 | &nbsp;&nbsp; 585361 | &nbsp;&nbsp;&nbsp; 11407456 | &nbsp;&nbsp; 420047 | &nbsp;&nbsp;&nbsp;&nbsp; 7922869 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464922 | &nbsp;&nbsp;&nbsp; 7775177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214240 | &nbsp;&nbsp;&nbsp;&nbsp; 3508220 | &nbsp;&nbsp; 1118392 | &nbsp;&nbsp;&nbsp; 22237388 | &nbsp;&nbsp; 604281 | &nbsp;&nbsp;&nbsp;&nbsp; 11627315 |
|  | 14108569 | &nbsp;&nbsp;&nbsp;&nbsp;$233184239 | &nbsp;&nbsp;&nbsp;&nbsp;7566318 | &nbsp;&nbsp; $122541022 | &nbsp;&nbsp; 21384083 | &nbsp;&nbsp;&nbsp;&nbsp;$417009369 | &nbsp;&nbsp; 13223038 | &nbsp;&nbsp; $249941261 |
| Shares reacquired |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (38132712) | $(642036450) | &nbsp;&nbsp;(42165659) | &nbsp;&nbsp;$(679410705) | &nbsp;&nbsp;&nbsp;(51278470) | $(1022359326) | &nbsp;&nbsp;&nbsp;(52035061) | &nbsp;&nbsp;$(979416954) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(332595) | &nbsp;&nbsp;&nbsp; (5615489) | &nbsp;&nbsp; (489767) | &nbsp;&nbsp;&nbsp;&nbsp; (7889942) | &nbsp;&nbsp;&nbsp; (765621) | &nbsp;&nbsp;&nbsp; (15054672) | &nbsp;&nbsp;&nbsp; (1122715) | &nbsp;&nbsp;&nbsp;&nbsp; (20845372) |
| &nbsp;&nbsp;&nbsp;Class C | (4579083) | &nbsp;&nbsp;&nbsp; (75825309) | &nbsp;&nbsp; (5810667) | &nbsp;&nbsp;&nbsp;&nbsp; (91987897) | &nbsp;&nbsp;&nbsp; (6324379) | &nbsp;&nbsp;&nbsp; (122964427) | &nbsp;&nbsp;&nbsp; (7146592) | &nbsp;&nbsp;&nbsp;&nbsp; (131304365) |
| &nbsp;&nbsp;&nbsp;Class I | (7406469) | &nbsp;&nbsp;&nbsp; (126105452) | &nbsp;&nbsp; (7368608) | &nbsp;&nbsp;&nbsp;&nbsp; (120195504) | &nbsp;&nbsp;&nbsp; (7494485) | &nbsp;&nbsp;&nbsp; (152618710) | &nbsp;&nbsp;&nbsp; (6498734) | &nbsp;&nbsp;&nbsp;&nbsp; (124568446) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;(188988) | &nbsp;&nbsp;&nbsp; (3016114) | &nbsp;&nbsp; (229590) | &nbsp;&nbsp;&nbsp;&nbsp; (3555455) | &nbsp;&nbsp;&nbsp; (314508) | &nbsp;&nbsp;&nbsp; (6047636) | &nbsp;&nbsp;&nbsp; (361813) | &nbsp;&nbsp;&nbsp;&nbsp; (6435169) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(911181) | &nbsp;&nbsp;&nbsp; (14807526) | &nbsp;&nbsp; (837330) | &nbsp;&nbsp;&nbsp;&nbsp; (13024028) | &nbsp;&nbsp;&nbsp; (1135754) | &nbsp;&nbsp;&nbsp; (21928169) | &nbsp;&nbsp;&nbsp; (1761251) | &nbsp;&nbsp;&nbsp;&nbsp; (32303718) |
| &nbsp;&nbsp;&nbsp;Class R3 | (1434683) | &nbsp;&nbsp;&nbsp; (23802812) | &nbsp;&nbsp; (1686619) | &nbsp;&nbsp;&nbsp;&nbsp; (26858947) | &nbsp;&nbsp;&nbsp; (3326462) | &nbsp;&nbsp;&nbsp; (65357579) | &nbsp;&nbsp;&nbsp; (2811459) | &nbsp;&nbsp;&nbsp;&nbsp; (52336764) |
| &nbsp;&nbsp;&nbsp;Class R4 | (6107641) | &nbsp;&nbsp;&nbsp; (101811796) | &nbsp;&nbsp; (7045576) | &nbsp;&nbsp;&nbsp;&nbsp; (114018186) | &nbsp;&nbsp;&nbsp; (5172974) | &nbsp;&nbsp;&nbsp; (102305901) | &nbsp;&nbsp;&nbsp; (5084608) | &nbsp;&nbsp;&nbsp;&nbsp; (95256133) |
| &nbsp;&nbsp;&nbsp;Class R6 | (2044243) | &nbsp;&nbsp;&nbsp; (34784718) | &nbsp;&nbsp; (1888179) | &nbsp;&nbsp;&nbsp;&nbsp; (30865763) | &nbsp;&nbsp;&nbsp; (4211910) | &nbsp;&nbsp;&nbsp; (85044850) | &nbsp;&nbsp;&nbsp; (2375075) | &nbsp;&nbsp;&nbsp;&nbsp; (45654790) |
|  | (61137595) | $(1027805666) | &nbsp;&nbsp;(67521995) | &nbsp;&nbsp;$(1087806427) | &nbsp;&nbsp;&nbsp;(80024563) | $(1593681270) | &nbsp;&nbsp;&nbsp;(79197308) | &nbsp;&nbsp;$(1488121711) |
| Net change |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3299085) | $(57011131) | &nbsp;&nbsp; (8137287) | &nbsp;&nbsp;$(130672756) | &nbsp;&nbsp;&nbsp; (3492682) | $(76407713) | &nbsp;&nbsp;&nbsp; (3361776) | &nbsp;&nbsp;$(61910661) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(301709) | &nbsp;&nbsp;&nbsp; (5105171) | &nbsp;&nbsp; (465021) | &nbsp;&nbsp;&nbsp;&nbsp; (7489868) | &nbsp;&nbsp;&nbsp; (694594) | &nbsp;&nbsp;&nbsp; (13679379) | &nbsp;&nbsp;&nbsp; (1047950) | &nbsp;&nbsp;&nbsp;&nbsp; (19451085) |
| &nbsp;&nbsp;&nbsp;Class C | (2833803) | &nbsp;&nbsp;&nbsp; (47234635) | &nbsp;&nbsp; (4265841) | &nbsp;&nbsp;&nbsp;&nbsp; (67461684) | &nbsp;&nbsp;&nbsp; (3598670) | &nbsp;&nbsp;&nbsp; (70460052) | &nbsp;&nbsp;&nbsp; (4305784) | &nbsp;&nbsp;&nbsp;&nbsp; (78956955) |
| &nbsp;&nbsp;&nbsp;Class I | (1620829) | &nbsp;&nbsp;&nbsp; (28374320) | &nbsp;&nbsp; (2189382) | &nbsp;&nbsp;&nbsp;&nbsp; (35547875) | &nbsp;&nbsp;&nbsp; (2031453) | &nbsp;&nbsp;&nbsp; (41966041) | &nbsp;&nbsp;&nbsp; (1578547) | &nbsp;&nbsp;&nbsp;&nbsp; (30180745) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88564) | &nbsp;&nbsp;&nbsp; (1404650) | &nbsp;&nbsp; (108794) | &nbsp;&nbsp;&nbsp;&nbsp; (1684628) | &nbsp;&nbsp;&nbsp; (181590) | &nbsp;&nbsp;&nbsp; (3565935) | &nbsp;&nbsp;&nbsp; (220953) | &nbsp;&nbsp;&nbsp;&nbsp; (3917931) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(450131) | &nbsp;&nbsp;&nbsp; (7370426) | &nbsp;&nbsp; (332365) | &nbsp;&nbsp;&nbsp;&nbsp; (5106527) | &nbsp;&nbsp;&nbsp; (479526) | &nbsp;&nbsp;&nbsp; (9399254) | &nbsp;&nbsp;&nbsp; (861056) | &nbsp;&nbsp;&nbsp;&nbsp; (15788133) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;(560406) | &nbsp;&nbsp;&nbsp; (9327312) | &nbsp;&nbsp; (877377) | &nbsp;&nbsp;&nbsp;&nbsp; (13916825) | &nbsp;&nbsp;&nbsp; (2098070) | &nbsp;&nbsp;&nbsp; (41314647) | &nbsp;&nbsp;&nbsp; (1032258) | &nbsp;&nbsp;&nbsp;&nbsp; (19023066) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;1382405 | &nbsp;&nbsp;&nbsp; 22862725 | &nbsp;&nbsp; (1293301) | &nbsp;&nbsp;&nbsp;&nbsp; (20397142) | &nbsp;&nbsp;&nbsp; (2825053) | &nbsp;&nbsp;&nbsp; (55782052) | &nbsp;&nbsp;&nbsp; (2194896) | &nbsp;&nbsp;&nbsp;&nbsp; (40969161) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857386 | &nbsp;&nbsp;&nbsp; 14579614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714416 | &nbsp;&nbsp;&nbsp;&nbsp; 11534298 | &nbsp;&nbsp; 53521 | &nbsp;&nbsp;&nbsp; 1096406 | &nbsp;&nbsp; 2489420 | &nbsp;&nbsp;&nbsp;&nbsp; 47385955 |
|  | (6914736) | &nbsp;&nbsp;&nbsp;&nbsp;$(118385306) | &nbsp;&nbsp;(16954952) | &nbsp;&nbsp; $(270743007) | &nbsp;&nbsp;&nbsp;(15348117) | &nbsp;&nbsp;&nbsp;&nbsp;$(311478667) | &nbsp;&nbsp;&nbsp;(12113800) | &nbsp;&nbsp; $(222811782) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Growth Allocation Fund** | **MFS Growth Allocation Fund** | **MFS Growth Allocation Fund** | **MFS Growth Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth Allocation Fund** |
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | **Amount** | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 22745576 | $566550595 | 26373321 | &nbsp;&nbsp;$607598304 | &nbsp;&nbsp; 7550516 | $230743445 | &nbsp;&nbsp; 8337637 | &nbsp;&nbsp;$231956156 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810 | &nbsp;&nbsp;&nbsp; 69837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13033 | &nbsp;&nbsp;&nbsp;&nbsp; 298444 | &nbsp;&nbsp; 1684 | &nbsp;&nbsp;&nbsp; 51989 | &nbsp;&nbsp; 5592 | &nbsp;&nbsp;&nbsp;&nbsp; 155166 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1712548 | &nbsp;&nbsp;&nbsp; 41666578 | &nbsp;&nbsp;&nbsp;&nbsp;2228222 | &nbsp;&nbsp;&nbsp;&nbsp; 50213389 | &nbsp;&nbsp; 1387656 | &nbsp;&nbsp;&nbsp; 40866461 | &nbsp;&nbsp; 1501745 | &nbsp;&nbsp;&nbsp;&nbsp; 40371819 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;3120584 | &nbsp;&nbsp;&nbsp; 78867780 | &nbsp;&nbsp;&nbsp;&nbsp;3323201 | &nbsp;&nbsp;&nbsp;&nbsp; 77611965 | &nbsp;&nbsp; 1515371 | &nbsp;&nbsp;&nbsp; 47406000 | &nbsp;&nbsp; 2347008 | &nbsp;&nbsp;&nbsp;&nbsp; 65619427 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60941 | &nbsp;&nbsp;&nbsp; 1443345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78399 | &nbsp;&nbsp;&nbsp;&nbsp; 1712219 | &nbsp;&nbsp; 37264 | &nbsp;&nbsp;&nbsp; 1078216 | &nbsp;&nbsp; 55524 | &nbsp;&nbsp;&nbsp;&nbsp; 1449531 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302363 | &nbsp;&nbsp;&nbsp; 7260151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472409 | &nbsp;&nbsp;&nbsp;&nbsp; 10538293 | &nbsp;&nbsp; 195605 | &nbsp;&nbsp;&nbsp; 5850878 | &nbsp;&nbsp; 267583 | &nbsp;&nbsp;&nbsp;&nbsp; 7235169 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371428 | &nbsp;&nbsp;&nbsp; 9154658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758566 | &nbsp;&nbsp;&nbsp;&nbsp; 17401361 | &nbsp;&nbsp; 337720 | &nbsp;&nbsp;&nbsp; 10252484 | &nbsp;&nbsp; 499068 | &nbsp;&nbsp;&nbsp;&nbsp; 13772733 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;1292809 | &nbsp;&nbsp;&nbsp; 32037345 | &nbsp;&nbsp;&nbsp;&nbsp;1693765 | &nbsp;&nbsp;&nbsp;&nbsp; 38911275 | &nbsp;&nbsp; 811630 | &nbsp;&nbsp;&nbsp; 24904568 | &nbsp;&nbsp; 1202455 | &nbsp;&nbsp;&nbsp;&nbsp; 33650536 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;3417592 | &nbsp;&nbsp;&nbsp; 86748437 | &nbsp;&nbsp;&nbsp;&nbsp;6378653 | &nbsp;&nbsp;&nbsp;&nbsp; 148826066 | &nbsp;&nbsp; 1785619 | &nbsp;&nbsp;&nbsp; 55930915 | &nbsp;&nbsp; 2764571 | &nbsp;&nbsp;&nbsp;&nbsp; 78389580 |
|  | 33026651 | &nbsp;&nbsp;&nbsp;&nbsp;$823798726 | 41319569 | &nbsp;&nbsp; $953111316 | &nbsp;&nbsp; 13623065 | &nbsp;&nbsp;&nbsp;&nbsp;$417084956 | &nbsp;&nbsp; 16981183 | &nbsp;&nbsp; $472600117 |

---

------

Notes to Financial Statements - continued

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Growth Allocation Fund - continued** | **MFS Growth Allocation Fund - continued** | **MFS Growth Allocation Fund - continued** | **MFS Growth Allocation Fund - continued** | &nbsp;&nbsp;**MFS Aggressive Growth Allocation Fund - continued** | &nbsp;&nbsp;**MFS Aggressive Growth Allocation Fund - continued** | &nbsp;&nbsp;**MFS Aggressive Growth Allocation Fund - continued** | &nbsp;&nbsp;**MFS Aggressive Growth Allocation Fund - continued** |
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | **Amount** | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares issued to shareholders in<br> reinvestment of distributions |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 11143012 | $270998049 | &nbsp;&nbsp;&nbsp;&nbsp;6895731 | &nbsp;&nbsp;$159566952 | &nbsp;&nbsp; 2631906 | $79167741 | &nbsp;&nbsp; 1731313 | &nbsp;&nbsp;$48338271 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47308 | &nbsp;&nbsp;&nbsp; 1156693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42943 | &nbsp;&nbsp;&nbsp;&nbsp; 995840 | &nbsp;&nbsp; 15694 | &nbsp;&nbsp;&nbsp; 467382 | &nbsp;&nbsp; 14971 | &nbsp;&nbsp;&nbsp;&nbsp; 413044 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751150 | &nbsp;&nbsp;&nbsp; 17914916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489783 | &nbsp;&nbsp;&nbsp;&nbsp; 11122968 | &nbsp;&nbsp; 331947 | &nbsp;&nbsp;&nbsp; 9662988 | &nbsp;&nbsp; 215414 | &nbsp;&nbsp;&nbsp;&nbsp; 5829111 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813962 | &nbsp;&nbsp;&nbsp; 20056028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625767 | &nbsp;&nbsp;&nbsp;&nbsp; 14655458 | &nbsp;&nbsp; 354071 | &nbsp;&nbsp;&nbsp; 10894753 | &nbsp;&nbsp; 262919 | &nbsp;&nbsp;&nbsp;&nbsp; 7501074 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33721 | &nbsp;&nbsp;&nbsp; 779624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22859 | &nbsp;&nbsp;&nbsp;&nbsp; 504043 | &nbsp;&nbsp; 15274 | &nbsp;&nbsp;&nbsp; 436843 | &nbsp;&nbsp; 13903 | &nbsp;&nbsp;&nbsp;&nbsp; 368981 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229327 | &nbsp;&nbsp;&nbsp; 5416697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156620 | &nbsp;&nbsp;&nbsp;&nbsp; 3525506 | &nbsp;&nbsp; 76862 | &nbsp;&nbsp;&nbsp; 2252056 | &nbsp;&nbsp; 55407 | &nbsp;&nbsp;&nbsp;&nbsp; 1508730 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256221 | &nbsp;&nbsp;&nbsp; 6164688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174362 | &nbsp;&nbsp;&nbsp;&nbsp; 3992894 | &nbsp;&nbsp; 123046 | &nbsp;&nbsp;&nbsp; 3667987 | &nbsp;&nbsp; 92997 | &nbsp;&nbsp;&nbsp;&nbsp; 2573233 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496181 | &nbsp;&nbsp;&nbsp; 12052230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396749 | &nbsp;&nbsp;&nbsp;&nbsp; 9168874 | &nbsp;&nbsp; 204148 | &nbsp;&nbsp;&nbsp; 6169344 | &nbsp;&nbsp; 164820 | &nbsp;&nbsp;&nbsp;&nbsp; 4621554 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1093869 | &nbsp;&nbsp;&nbsp; 26952926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572494 | &nbsp;&nbsp;&nbsp;&nbsp; 13413543 | &nbsp;&nbsp; 527660 | &nbsp;&nbsp;&nbsp; 16230812 | &nbsp;&nbsp; 314237 | &nbsp;&nbsp;&nbsp;&nbsp; 8962035 |
|  | 14864751 | &nbsp;&nbsp;&nbsp;&nbsp;$361491851 | &nbsp;&nbsp;&nbsp;&nbsp;9377308 | &nbsp;&nbsp; $216946078 | &nbsp;&nbsp; 4280608 | &nbsp;&nbsp;&nbsp;&nbsp;$128949906 | &nbsp;&nbsp; 2865981 | &nbsp;&nbsp; $80116033 |
| Shares reacquired |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (34369351) | $(856437789) | &nbsp;&nbsp;(34701688) | &nbsp;&nbsp;$(800188597) | &nbsp;&nbsp;&nbsp; (9604614) | $(294311605) | &nbsp;&nbsp;&nbsp; (9763709) | &nbsp;&nbsp;$(271168271) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(650225) | &nbsp;&nbsp;&nbsp; (16208547) | &nbsp;&nbsp; (896653) | &nbsp;&nbsp;&nbsp;&nbsp; (20633952) | &nbsp;&nbsp;&nbsp; (243210) | &nbsp;&nbsp;&nbsp; (7343995) | &nbsp;&nbsp;&nbsp; (280825) | &nbsp;&nbsp;&nbsp;&nbsp; (7686617) |
| &nbsp;&nbsp;&nbsp;Class C | (4783288) | &nbsp;&nbsp;&nbsp; (116443285) | &nbsp;&nbsp; (5449297) | &nbsp;&nbsp;&nbsp;&nbsp; (122951706) | &nbsp;&nbsp;&nbsp; (2207778) | &nbsp;&nbsp;&nbsp; (65266125) | &nbsp;&nbsp;&nbsp; (2221331) | &nbsp;&nbsp;&nbsp;&nbsp; (59884198) |
| &nbsp;&nbsp;&nbsp;Class I | (5021114) | &nbsp;&nbsp;&nbsp; (126855136) | &nbsp;&nbsp; (7218417) | &nbsp;&nbsp;&nbsp;&nbsp; (169596270) | &nbsp;&nbsp;&nbsp; (2456483) | &nbsp;&nbsp;&nbsp; (77237975) | &nbsp;&nbsp;&nbsp; (2987100) | &nbsp;&nbsp;&nbsp;&nbsp; (85039076) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;(200387) | &nbsp;&nbsp;&nbsp; (4824423) | &nbsp;&nbsp; (199314) | &nbsp;&nbsp;&nbsp;&nbsp; (4359554) | &nbsp;&nbsp;&nbsp; (180609) | &nbsp;&nbsp;&nbsp; (5363736) | &nbsp;&nbsp;&nbsp; (71429) | &nbsp;&nbsp;&nbsp;&nbsp; (1896741) |
| &nbsp;&nbsp;&nbsp;Class R2 | (1011267) | &nbsp;&nbsp;&nbsp; (24289035) | &nbsp;&nbsp; (1492343) | &nbsp;&nbsp;&nbsp;&nbsp; (33162251) | &nbsp;&nbsp;&nbsp; (511091) | &nbsp;&nbsp;&nbsp; (15097235) | &nbsp;&nbsp;&nbsp; (544505) | &nbsp;&nbsp;&nbsp;&nbsp; (14786730) |
| &nbsp;&nbsp;&nbsp;Class R3 | (1471352) | &nbsp;&nbsp;&nbsp; (36156946) | &nbsp;&nbsp; (1572046) | &nbsp;&nbsp;&nbsp;&nbsp; (35662874) | &nbsp;&nbsp;&nbsp; (746056) | &nbsp;&nbsp;&nbsp; (22943905) | &nbsp;&nbsp;&nbsp; (833881) | &nbsp;&nbsp;&nbsp;&nbsp; (22948365) |
| &nbsp;&nbsp;&nbsp;Class R4 | (4497417) | &nbsp;&nbsp;&nbsp; (112150772) | &nbsp;&nbsp; (5002019) | &nbsp;&nbsp;&nbsp;&nbsp; (114090971) | &nbsp;&nbsp;&nbsp; (1504413) | &nbsp;&nbsp;&nbsp; (46117923) | &nbsp;&nbsp;&nbsp; (2824746) | &nbsp;&nbsp;&nbsp;&nbsp; (78452912) |
| &nbsp;&nbsp;&nbsp;Class R6 | (5466476) | &nbsp;&nbsp;&nbsp; (138446646) | &nbsp;&nbsp; (1457895) | &nbsp;&nbsp;&nbsp;&nbsp; (34248851) | &nbsp;&nbsp;&nbsp; (2209709) | &nbsp;&nbsp;&nbsp; (69514891) | &nbsp;&nbsp;&nbsp; (1040500) | &nbsp;&nbsp;&nbsp;&nbsp; (29714540) |
|  | (57470877) | $(1431812579) | &nbsp;&nbsp;(57989672) | &nbsp;&nbsp;$(1334895026) | &nbsp;&nbsp;&nbsp;(19663963) | &nbsp;&nbsp;&nbsp;&nbsp;$(603197390) | &nbsp;&nbsp;&nbsp;(20568026) | &nbsp;&nbsp; $(571577450) |
| Net change |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(480763) | $(18889145) | &nbsp;&nbsp; (1432636) | &nbsp;&nbsp;$(33023341) | &nbsp;&nbsp; 577808 | $15599581 | &nbsp;&nbsp; 305241 | &nbsp;&nbsp;$9126156 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(600107) | &nbsp;&nbsp;&nbsp; (14982017) | &nbsp;&nbsp; (840677) | &nbsp;&nbsp;&nbsp;&nbsp; (19339668) | &nbsp;&nbsp;&nbsp; (225832) | &nbsp;&nbsp;&nbsp; (6824624) | &nbsp;&nbsp;&nbsp; (260262) | &nbsp;&nbsp;&nbsp;&nbsp; (7118407) |
| &nbsp;&nbsp;&nbsp;Class C | (2319590) | &nbsp;&nbsp;&nbsp; (56861791) | &nbsp;&nbsp; (2731292) | &nbsp;&nbsp;&nbsp;&nbsp; (61615349) | &nbsp;&nbsp;&nbsp; (488175) | &nbsp;&nbsp;&nbsp; (14736676) | &nbsp;&nbsp;&nbsp; (504172) | &nbsp;&nbsp;&nbsp;&nbsp; (13683268) |
| &nbsp;&nbsp;&nbsp;Class I | (1086568) | &nbsp;&nbsp;&nbsp; (27931328) | &nbsp;&nbsp; (3269449) | &nbsp;&nbsp;&nbsp;&nbsp; (77328847) | &nbsp;&nbsp;&nbsp; (587041) | &nbsp;&nbsp;&nbsp; (18937222) | &nbsp;&nbsp;&nbsp; (377173) | &nbsp;&nbsp;&nbsp;&nbsp; (11918575) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;(105725) | &nbsp;&nbsp;&nbsp; (2601454) | &nbsp;&nbsp; (98056) | &nbsp;&nbsp;&nbsp;&nbsp; (2143292) | &nbsp;&nbsp;&nbsp; (128071) | &nbsp;&nbsp;&nbsp; (3848677) | &nbsp;&nbsp;&nbsp; (2002) | &nbsp;&nbsp;&nbsp;&nbsp; (78229) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(479577) | &nbsp;&nbsp;&nbsp; (11612187) | &nbsp;&nbsp; (863314) | &nbsp;&nbsp;&nbsp;&nbsp; (19098452) | &nbsp;&nbsp;&nbsp; (238624) | &nbsp;&nbsp;&nbsp; (6994301) | &nbsp;&nbsp;&nbsp; (221515) | &nbsp;&nbsp;&nbsp;&nbsp; (6042831) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;(843703) | &nbsp;&nbsp;&nbsp; (20837600) | &nbsp;&nbsp; (639118) | &nbsp;&nbsp;&nbsp;&nbsp; (14268619) | &nbsp;&nbsp;&nbsp; (285290) | &nbsp;&nbsp;&nbsp; (9023434) | &nbsp;&nbsp;&nbsp; (241816) | &nbsp;&nbsp;&nbsp;&nbsp; (6602399) |
| &nbsp;&nbsp;&nbsp;Class R4 | (2708427) | &nbsp;&nbsp;&nbsp; (68061197) | &nbsp;&nbsp; (2911505) | &nbsp;&nbsp;&nbsp;&nbsp; (66010822) | &nbsp;&nbsp;&nbsp; (488635) | &nbsp;&nbsp;&nbsp; (15044011) | &nbsp;&nbsp;&nbsp; (1457471) | &nbsp;&nbsp;&nbsp;&nbsp; (40180822) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(955015) | &nbsp;&nbsp;&nbsp; (24745283) | &nbsp;&nbsp;&nbsp;&nbsp;5493252 | &nbsp;&nbsp;&nbsp;&nbsp; 127990758 | &nbsp;&nbsp; 103570 | &nbsp;&nbsp;&nbsp; 2646836 | &nbsp;&nbsp; 2038308 | &nbsp;&nbsp;&nbsp;&nbsp; 57637075 |
|  | (9579475) | &nbsp;&nbsp;&nbsp;&nbsp;$(246522002) | &nbsp;&nbsp; (7292795) | &nbsp;&nbsp; $(164837632) | &nbsp;&nbsp;&nbsp; (1760290) | &nbsp;&nbsp;&nbsp;&nbsp;$(57162528) | &nbsp;&nbsp;&nbsp; (720862) | &nbsp;&nbsp; $(18861300) |

---

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

(6) Line of Credit

Each 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 each 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) plus 0.10%, 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 12, 2026 unless extended or renewed. In addition, each 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,

------

Notes to Financial Statements - continued

based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended May 31, 2025, each fund's commitment fee and interest expense were as follows and are included in "Miscellaneous" expense in the Statements of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Commitment Fee | $19131 | &nbsp;&nbsp;$31930 | &nbsp;&nbsp;$32442 | &nbsp;&nbsp;$13652 |
| Interest Expense |  | &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. For the purposes of this report, the following were affiliated issuers for the year ended May 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Conservative Allocation Fund** | **MFS Conservative Allocation Fund** | **MFS Conservative Allocation Fund** | **MFS Conservative Allocation Fund** | **MFS Conservative Allocation Fund** | **MFS Conservative Allocation Fund** |
| **Affiliated Issuers** | **Beginning<br> Value** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | **Ending<br> Value** |
| MFS Commodity Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;$73990862 | &nbsp;&nbsp;&nbsp;&nbsp;$8830147 | &nbsp;&nbsp;&nbsp;$13075514 | &nbsp;&nbsp;$(2144741) | &nbsp;&nbsp;&nbsp;$2778516 | &nbsp;&nbsp;&nbsp;&nbsp;$70379270 |
| MFS Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75371286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5841817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8458270 | &nbsp;&nbsp;&nbsp;(1727891) | &nbsp;&nbsp;&nbsp;&nbsp;2135448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73162390 |
| MFS Emerging Markets Debt Local Currency Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74861597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8454391 | &nbsp;&nbsp;&nbsp;&nbsp;12357102 | &nbsp;&nbsp;&nbsp;(1785092) | &nbsp;&nbsp;&nbsp;&nbsp;4416312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73590106 |
| MFS Global Opportunistic Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;262991582 | &nbsp;&nbsp;&nbsp;&nbsp;13128878 | &nbsp;&nbsp;&nbsp;&nbsp;27827067 | &nbsp;&nbsp;&nbsp;(4376479) | &nbsp;&nbsp;&nbsp;10611912 | &nbsp;&nbsp;&nbsp;&nbsp;254528826 |
| MFS Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75124162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7832164 | &nbsp;&nbsp;&nbsp;&nbsp;10601007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73805654 |
| MFS Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;350196697 | &nbsp;&nbsp;&nbsp;&nbsp;29856858 | &nbsp;&nbsp;&nbsp;&nbsp;41835938 | &nbsp;&nbsp;&nbsp;(7620423) | &nbsp;&nbsp;&nbsp;11903517 | &nbsp;&nbsp;&nbsp;&nbsp;342500711 |
| MFS Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;197357367 | &nbsp;&nbsp;&nbsp;&nbsp;44438352 | &nbsp;&nbsp;&nbsp;&nbsp;47396400 | &nbsp;&nbsp;&nbsp;22504423 | &nbsp;&nbsp;(20087373) | &nbsp;&nbsp;&nbsp;&nbsp;196816369 |
| MFS High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;150885326 | &nbsp;&nbsp;&nbsp;&nbsp;11862987 | &nbsp;&nbsp;&nbsp;&nbsp;18062042 | &nbsp;&nbsp;&nbsp;(1756510) | &nbsp;&nbsp;&nbsp;&nbsp;4177811 | &nbsp;&nbsp;&nbsp;&nbsp;147107572 |
| MFS Inflation-Adjusted Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;372796911 | &nbsp;&nbsp;&nbsp;&nbsp;26002516 | &nbsp;&nbsp;&nbsp;&nbsp;40806408 | &nbsp;&nbsp;&nbsp;(9428134) | &nbsp;&nbsp;&nbsp;12586257 | &nbsp;&nbsp;&nbsp;&nbsp;361151142 |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;112019102 | &nbsp;&nbsp;&nbsp;133217942 | &nbsp;&nbsp;&nbsp;161868875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83359449 |
| MFS International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56131684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6719682 | &nbsp;&nbsp;&nbsp;&nbsp;11738955 | &nbsp;&nbsp;&nbsp;&nbsp;2707954 | &nbsp;&nbsp;&nbsp;&nbsp;2450335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56270700 |
| MFS International Intrinsic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56419287 | &nbsp;&nbsp;&nbsp;&nbsp;10039688 | &nbsp;&nbsp;&nbsp;&nbsp;10924159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56874494 |
| MFS International Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56626723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6373594 | &nbsp;&nbsp;&nbsp;&nbsp;11658842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418835 | &nbsp;&nbsp;&nbsp;&nbsp;5846957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57607267 |
| MFS Limited Maturity Fund | &nbsp;&nbsp;&nbsp;&nbsp;376334575 | &nbsp;&nbsp;&nbsp;&nbsp;23323505 | &nbsp;&nbsp;&nbsp;&nbsp;42964999 | &nbsp;&nbsp;&nbsp;(1795949) | &nbsp;&nbsp;&nbsp;&nbsp;9467243 | &nbsp;&nbsp;&nbsp;&nbsp;364364375 |
| MFS Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;147334621 | &nbsp;&nbsp;&nbsp;&nbsp;25176586 | &nbsp;&nbsp;&nbsp;&nbsp;30614736 | &nbsp;&nbsp;&nbsp;13397520 | &nbsp;&nbsp;&nbsp;(6447050) | &nbsp;&nbsp;&nbsp;&nbsp;148846941 |
| MFS Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;150631023 | &nbsp;&nbsp;&nbsp;&nbsp;25406827 | &nbsp;&nbsp;&nbsp;&nbsp;21686721 | &nbsp;&nbsp;&nbsp;11033165 | &nbsp;&nbsp;(19613253) | &nbsp;&nbsp;&nbsp;&nbsp;145771041 |
| MFS New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37302373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4258970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5859316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36630885 |
| MFS New Discovery Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37404049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5656310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600531 | &nbsp;&nbsp;&nbsp;&nbsp;1925426 | &nbsp;&nbsp;&nbsp;(3623862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35761392 |
| MFS Research Fund | &nbsp;&nbsp;&nbsp;&nbsp;196638720 | &nbsp;&nbsp;&nbsp;&nbsp;32107668 | &nbsp;&nbsp;&nbsp;&nbsp;34560681 | &nbsp;&nbsp;&nbsp;13718827 | &nbsp;&nbsp;(13599089) | &nbsp;&nbsp;&nbsp;&nbsp;194305445 |
| MFS Research International Fund | &nbsp;&nbsp;&nbsp;&nbsp;132087128 | &nbsp;&nbsp;&nbsp;&nbsp;10819811 | &nbsp;&nbsp;&nbsp;&nbsp;19864966 | &nbsp;&nbsp;&nbsp;&nbsp;3715614 | &nbsp;&nbsp;&nbsp;&nbsp;6250479 | &nbsp;&nbsp;&nbsp;&nbsp;133008066 |
| MFS Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;538861608 | &nbsp;&nbsp;&nbsp;&nbsp;40612917 | &nbsp;&nbsp;&nbsp;&nbsp;61947907 | &nbsp;&nbsp;(11619598) | &nbsp;&nbsp;&nbsp;19231220 | &nbsp;&nbsp;&nbsp;&nbsp;525138240 |
| MFS Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;225762101 | &nbsp;&nbsp;&nbsp;&nbsp;27658355 | &nbsp;&nbsp;&nbsp;&nbsp;32638058 | &nbsp;&nbsp;&nbsp;&nbsp;7618494 | &nbsp;&nbsp;&nbsp;(7866106) | &nbsp;&nbsp;&nbsp;&nbsp;220534786 |
|  | $3757128784 | $507619965 | $672348494 | $36240665 | $22874201 | $3651515121 |

---

------

Notes to Financial Statements - continued

---

| | | |
|:---|:---|:---|
|  | **MFS Conservative Allocation Fund<br> - continued** | **MFS Conservative Allocation Fund<br> - continued** |
| **Affiliated Issuers** | **Dividend<br> Income** | **Capital Gain<br> Distributions** |
| MFS Commodity Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;$2512338 | $— |
| MFS Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;5043804 |  |
| MFS Emerging Markets Debt Local Currency Fund | &nbsp;&nbsp;&nbsp;&nbsp;4157152 |  |
| MFS Global Opportunistic Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;8774570 |  |
| MFS Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;1841423 |  |
| MFS Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;13996751 |  |
| MFS Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293997 | &nbsp;&nbsp;&nbsp;21731856 |
| MFS High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;9618101 |  |
| MFS Inflation-Adjusted Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;15790012 |  |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;4865647 |  |
| MFS International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906035 | &nbsp;&nbsp;&nbsp;&nbsp;2374603 |
| MFS International Intrinsic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1242564 | &nbsp;&nbsp;&nbsp;&nbsp;5155985 |
| MFS International Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1735776 | &nbsp;&nbsp;&nbsp;&nbsp;2042423 |
| MFS Limited Maturity Fund | &nbsp;&nbsp;&nbsp;&nbsp;16633181 |  |
| MFS Mid Cap Growth Fund |  | &nbsp;&nbsp;&nbsp;&nbsp;9425029 |
| MFS Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;2619051 | &nbsp;&nbsp;&nbsp;11482273 |
| MFS New Discovery Fund |  |  |
| MFS New Discovery Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1037020 | &nbsp;&nbsp;&nbsp;&nbsp;1198641 |
| MFS Research Fund | &nbsp;&nbsp;&nbsp;&nbsp;1668635 | &nbsp;&nbsp;&nbsp;16508740 |
| MFS Research International Fund | &nbsp;&nbsp;&nbsp;&nbsp;2761491 |  |
| MFS Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;24044092 |  |
| MFS Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;4486357 | &nbsp;&nbsp;&nbsp;14705359 |
|  | $124027997 | $84624909 |

---

------

Notes to Financial Statements - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Moderate Allocation Fund** | **MFS Moderate Allocation Fund** | **MFS Moderate Allocation Fund** | **MFS Moderate Allocation Fund** | **MFS Moderate Allocation Fund** | **MFS Moderate Allocation Fund** |
| **Affiliated Issuers** | **Beginning<br> Value** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | **Ending<br> Value** |
| MFS Commodity Strategy Fund | &nbsp;&nbsp;&nbsp;$197572781 | &nbsp;&nbsp;&nbsp;$16692869 | &nbsp;&nbsp;&nbsp;&nbsp;$31854308 | &nbsp;&nbsp;$(7505510) | &nbsp;&nbsp;&nbsp;$9078709 | &nbsp;&nbsp;&nbsp;$183984541 |
| MFS Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;199368840 | &nbsp;&nbsp;&nbsp;&nbsp;13628593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31925532 | &nbsp;&nbsp;&nbsp;(7516621) | &nbsp;&nbsp;&nbsp;&nbsp;8367314 | &nbsp;&nbsp;&nbsp;&nbsp;181922594 |
| MFS Emerging Markets Debt Local Currency Fund | &nbsp;&nbsp;&nbsp;&nbsp;130041251 | &nbsp;&nbsp;&nbsp;&nbsp;13150785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22094574 | &nbsp;&nbsp;&nbsp;(6551087) | &nbsp;&nbsp;&nbsp;10590302 | &nbsp;&nbsp;&nbsp;&nbsp;125136677 |
| MFS Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65807407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5238459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13173474 | &nbsp;&nbsp;&nbsp;(2654703) | &nbsp;&nbsp;&nbsp;12013556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67231245 |
| MFS Global Opportunistic Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;327673852 | &nbsp;&nbsp;&nbsp;&nbsp;15440601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52935652 | &nbsp;&nbsp;&nbsp;(9918620) | &nbsp;&nbsp;&nbsp;17624856 | &nbsp;&nbsp;&nbsp;&nbsp;297885037 |
| MFS Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;196953022 | &nbsp;&nbsp;&nbsp;&nbsp;19119458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22035282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946093 | &nbsp;&nbsp;&nbsp;&nbsp;3512918 | &nbsp;&nbsp;&nbsp;&nbsp;198496209 |
| MFS Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;608321325 | &nbsp;&nbsp;&nbsp;&nbsp;54825026 | &nbsp;&nbsp;&nbsp;&nbsp;111440275 | &nbsp;&nbsp;(20564207) | &nbsp;&nbsp;&nbsp;28374765 | &nbsp;&nbsp;&nbsp;&nbsp;559516634 |
| MFS Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;487286045 | &nbsp;&nbsp;&nbsp;110568677 | &nbsp;&nbsp;&nbsp;&nbsp;109355304 | &nbsp;&nbsp;&nbsp;55188925 | &nbsp;&nbsp;(39647270) | &nbsp;&nbsp;&nbsp;&nbsp;504041073 |
| MFS High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;265322603 | &nbsp;&nbsp;&nbsp;&nbsp;17243398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39723703 | &nbsp;&nbsp;&nbsp;(5314723) | &nbsp;&nbsp;&nbsp;&nbsp;9110512 | &nbsp;&nbsp;&nbsp;&nbsp;246638087 |
| MFS Inflation-Adjusted Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;454038276 | &nbsp;&nbsp;&nbsp;&nbsp;34014740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77475189 | &nbsp;&nbsp;(15948502) | &nbsp;&nbsp;&nbsp;19691213 | &nbsp;&nbsp;&nbsp;&nbsp;414320538 |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;193157749 | &nbsp;&nbsp;&nbsp;174969578 | &nbsp;&nbsp;&nbsp;&nbsp;220113069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11867) | &nbsp;&nbsp;&nbsp;&nbsp;147998157 |
| MFS International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;133968013 | &nbsp;&nbsp;&nbsp;&nbsp;13984842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25195892 | &nbsp;&nbsp;&nbsp;&nbsp;6259127 | &nbsp;&nbsp;&nbsp;&nbsp;6228708 | &nbsp;&nbsp;&nbsp;&nbsp;135244798 |
| MFS International Intrinsic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;134711990 | &nbsp;&nbsp;&nbsp;&nbsp;21539638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22991501 | &nbsp;&nbsp;&nbsp;&nbsp;1073769 | &nbsp;&nbsp;&nbsp;&nbsp;2229755 | &nbsp;&nbsp;&nbsp;&nbsp;136563651 |
| MFS International Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;135227456 | &nbsp;&nbsp;&nbsp;&nbsp;13800271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25595079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690126 | &nbsp;&nbsp;&nbsp;14336664 | &nbsp;&nbsp;&nbsp;&nbsp;138459438 |
| MFS International New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66473913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7130339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8412948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125314 | &nbsp;&nbsp;&nbsp;&nbsp;2184357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67500975 |
| MFS Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;458490265 | &nbsp;&nbsp;&nbsp;&nbsp;77127269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83487900 | &nbsp;&nbsp;&nbsp;38468190 | &nbsp;&nbsp;&nbsp;(9418150) | &nbsp;&nbsp;&nbsp;&nbsp;481179674 |
| MFS Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;470472589 | &nbsp;&nbsp;&nbsp;&nbsp;77535698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62312357 | &nbsp;&nbsp;&nbsp;32336621 | &nbsp;&nbsp;(54949492) | &nbsp;&nbsp;&nbsp;&nbsp;463083059 |
| MFS New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98597220 | &nbsp;&nbsp;&nbsp;&nbsp;13024549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14260786 | &nbsp;&nbsp;&nbsp;(1136568) | &nbsp;&nbsp;&nbsp;&nbsp;5753772 | &nbsp;&nbsp;&nbsp;&nbsp;101978187 |
| MFS New Discovery Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99674785 | &nbsp;&nbsp;&nbsp;&nbsp;17856931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15619342 | &nbsp;&nbsp;&nbsp;&nbsp;3954725 | &nbsp;&nbsp;&nbsp;(6644315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99222784 |
| MFS Research Fund | &nbsp;&nbsp;&nbsp;&nbsp;483162574 | &nbsp;&nbsp;&nbsp;&nbsp;83042762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82256890 | &nbsp;&nbsp;&nbsp;31795155 | &nbsp;&nbsp;(25627417) | &nbsp;&nbsp;&nbsp;&nbsp;490116184 |
| MFS Research International Fund | &nbsp;&nbsp;&nbsp;&nbsp;337102824 | &nbsp;&nbsp;&nbsp;&nbsp;23164632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44775260 | &nbsp;&nbsp;&nbsp;&nbsp;8593241 | &nbsp;&nbsp;&nbsp;17045491 | &nbsp;&nbsp;&nbsp;&nbsp;341130928 |
| MFS Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;549143576 | &nbsp;&nbsp;&nbsp;&nbsp;47550980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99900290 | &nbsp;&nbsp;(19493465) | &nbsp;&nbsp;&nbsp;27267323 | &nbsp;&nbsp;&nbsp;&nbsp;504568124 |
| MFS Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;535003267 | &nbsp;&nbsp;&nbsp;&nbsp;55673540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67909658 | &nbsp;&nbsp;&nbsp;12309957 | &nbsp;&nbsp;(12339577) | &nbsp;&nbsp;&nbsp;&nbsp;522737529 |
|  | $6627571623 | $926323635 | $1284844265 | $95133003 | $44772127 | $6408956123 |

---

------

Notes to Financial Statements - continued

---

| | | |
|:---|:---|:---|
|  | **MFS Moderate Allocation Fund<br> - continued** | **MFS Moderate Allocation Fund<br> - continued** |
| **Affiliated Issuers** | **Dividend<br> Income** | **Capital Gain<br> Distributions** |
| MFS Commodity Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;$6730487 | $— |
| MFS Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;13316013 |  |
| MFS Emerging Markets Debt Local Currency Fund | &nbsp;&nbsp;&nbsp;&nbsp;7306911 |  |
| MFS Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1725153 |  |
| MFS Global Opportunistic Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;10966815 |  |
| MFS Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;4950370 |  |
| MFS Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;24529411 |  |
| MFS Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728161 | &nbsp;&nbsp;&nbsp;&nbsp;53381897 |
| MFS High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;16922322 |  |
| MFS Inflation-Adjusted Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;19515226 |  |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;8496640 |  |
| MFS International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;2149689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5634065 |
| MFS International Intrinsic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;2949405 | &nbsp;&nbsp;&nbsp;&nbsp;12238470 |
| MFS International Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;4119953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4847800 |
| MFS International New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;1796485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2876632 |
| MFS Mid Cap Growth Fund |  | &nbsp;&nbsp;&nbsp;&nbsp;29345566 |
| MFS Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;8209509 | &nbsp;&nbsp;&nbsp;&nbsp;35991605 |
| MFS New Discovery Fund |  |  |
| MFS New Discovery Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;2786365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219491 |
| MFS Research Fund | &nbsp;&nbsp;&nbsp;&nbsp;4101204 | &nbsp;&nbsp;&nbsp;&nbsp;40575509 |
| MFS Research International Fund | &nbsp;&nbsp;&nbsp;&nbsp;7024927 |  |
| MFS Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;24634991 |  |
| MFS Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;10606612 | &nbsp;&nbsp;&nbsp;&nbsp;35010208 |
|  | $183566649 | $223121243 |

---

------

Notes to Financial Statements - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Growth Allocation Fund** | **MFS Growth Allocation Fund** | **MFS Growth Allocation Fund** | **MFS Growth Allocation Fund** | **MFS Growth Allocation Fund** | **MFS Growth Allocation Fund** |
| **Affiliated Issuers** | **Beginning<br> Value** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | **Ending<br> Value** |
| MFS Commodity Strategy Fund | &nbsp;&nbsp;&nbsp;$260264533 | &nbsp;&nbsp;&nbsp;$24876521 | &nbsp;&nbsp;&nbsp;&nbsp;$46410869 | $(12658306) | $14443414 | &nbsp;&nbsp;&nbsp;$240515293 |
| MFS Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;196491441 | &nbsp;&nbsp;&nbsp;&nbsp;14991801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34055286 | &nbsp;&nbsp;&nbsp;&nbsp;(8308019) | &nbsp;&nbsp;&nbsp;&nbsp;8973473 | &nbsp;&nbsp;&nbsp;&nbsp;178093410 |
| MFS Emerging Markets Debt Local Currency Fund | &nbsp;&nbsp;&nbsp;&nbsp;126637435 | &nbsp;&nbsp;&nbsp;&nbsp;14761789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22719740 | &nbsp;&nbsp;&nbsp;&nbsp;(7993772) | &nbsp;&nbsp;&nbsp;11831888 | &nbsp;&nbsp;&nbsp;&nbsp;122517600 |
| MFS Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;129885501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8183635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23233172 | &nbsp;&nbsp;&nbsp;&nbsp;(3478807) | &nbsp;&nbsp;&nbsp;21564341 | &nbsp;&nbsp;&nbsp;&nbsp;132921498 |
| MFS Global Opportunistic Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;192174290 | &nbsp;&nbsp;&nbsp;&nbsp;12614807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34260992 | &nbsp;&nbsp;&nbsp;&nbsp;(7517288) | &nbsp;&nbsp;&nbsp;11979706 | &nbsp;&nbsp;&nbsp;&nbsp;174990523 |
| MFS Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;255483882 | &nbsp;&nbsp;&nbsp;&nbsp;22511772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20655240 | &nbsp;&nbsp;&nbsp;&nbsp;1003757 | &nbsp;&nbsp;&nbsp;&nbsp;3796537 | &nbsp;&nbsp;&nbsp;&nbsp;262140708 |
| MFS Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;613829066 | &nbsp;&nbsp;&nbsp;122654960 | &nbsp;&nbsp;&nbsp;&nbsp;115156151 | &nbsp;&nbsp;&nbsp;&nbsp;56952977 | &nbsp;&nbsp;(41971071) | &nbsp;&nbsp;&nbsp;&nbsp;636309781 |
| MFS High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;260316834 | &nbsp;&nbsp;&nbsp;&nbsp;17673916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40019192 | &nbsp;&nbsp;&nbsp;&nbsp;(5753871) | &nbsp;&nbsp;&nbsp;&nbsp;9205579 | &nbsp;&nbsp;&nbsp;&nbsp;241423266 |
| MFS Inflation-Adjusted Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;314835948 | &nbsp;&nbsp;&nbsp;&nbsp;31618707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59324616 | &nbsp;&nbsp;&nbsp;(12452406) | &nbsp;&nbsp;&nbsp;15067728 | &nbsp;&nbsp;&nbsp;&nbsp;289745361 |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;141147812 | &nbsp;&nbsp;&nbsp;159042179 | &nbsp;&nbsp;&nbsp;&nbsp;185734947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7683) | &nbsp;&nbsp;&nbsp;&nbsp;114443206 |
| MFS International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;197928651 | &nbsp;&nbsp;&nbsp;&nbsp;18942019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33999241 | &nbsp;&nbsp;&nbsp;&nbsp;5779956 | &nbsp;&nbsp;&nbsp;11960681 | &nbsp;&nbsp;&nbsp;&nbsp;200612066 |
| MFS International Intrinsic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;199701572 | &nbsp;&nbsp;&nbsp;&nbsp;31474541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32449034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665573 | &nbsp;&nbsp;&nbsp;&nbsp;3337663 | &nbsp;&nbsp;&nbsp;&nbsp;202730315 |
| MFS International Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;200352106 | &nbsp;&nbsp;&nbsp;&nbsp;20803281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37509436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504430 | &nbsp;&nbsp;&nbsp;21197288 | &nbsp;&nbsp;&nbsp;&nbsp;205347669 |
| MFS International New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;131105243 | &nbsp;&nbsp;&nbsp;&nbsp;15747026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17532071 | &nbsp;&nbsp;&nbsp;&nbsp;(1771561) | &nbsp;&nbsp;&nbsp;&nbsp;5880446 | &nbsp;&nbsp;&nbsp;&nbsp;133429083 |
| MFS Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;578329871 | &nbsp;&nbsp;&nbsp;&nbsp;82322063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80872712 | &nbsp;&nbsp;&nbsp;&nbsp;22006331 | &nbsp;&nbsp;&nbsp;10666173 | &nbsp;&nbsp;&nbsp;&nbsp;612451726 |
| MFS Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;597229966 | &nbsp;&nbsp;&nbsp;&nbsp;87175092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62987492 | &nbsp;&nbsp;&nbsp;&nbsp;34611439 | &nbsp;&nbsp;(65820701) | &nbsp;&nbsp;&nbsp;&nbsp;590208304 |
| MFS New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;128876894 | &nbsp;&nbsp;&nbsp;&nbsp;13710900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13233669 | &nbsp;&nbsp;&nbsp;&nbsp;(2188278) | &nbsp;&nbsp;&nbsp;&nbsp;7492855 | &nbsp;&nbsp;&nbsp;&nbsp;134658702 |
| MFS New Discovery Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;130884164 | &nbsp;&nbsp;&nbsp;&nbsp;20903466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16542572 | &nbsp;&nbsp;&nbsp;&nbsp;2417212 | &nbsp;&nbsp;&nbsp;(6586520) | &nbsp;&nbsp;&nbsp;&nbsp;131075750 |
| MFS Research Fund | &nbsp;&nbsp;&nbsp;&nbsp;607809024 | &nbsp;&nbsp;&nbsp;&nbsp;89141490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81853601 | &nbsp;&nbsp;&nbsp;&nbsp;11606992 | &nbsp;&nbsp;&nbsp;(7440035) | &nbsp;&nbsp;&nbsp;&nbsp;619263870 |
| MFS Research International Fund | &nbsp;&nbsp;&nbsp;&nbsp;465645197 | &nbsp;&nbsp;&nbsp;&nbsp;30813777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58146091 | &nbsp;&nbsp;&nbsp;&nbsp;5221405 | &nbsp;&nbsp;&nbsp;28790568 | &nbsp;&nbsp;&nbsp;&nbsp;472324856 |
| MFS Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;150456270 | &nbsp;&nbsp;&nbsp;&nbsp;24622395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31853027 | &nbsp;&nbsp;&nbsp;&nbsp;(4679276) | &nbsp;&nbsp;&nbsp;&nbsp;6748811 | &nbsp;&nbsp;&nbsp;&nbsp;145295173 |
| MFS Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;660138515 | &nbsp;&nbsp;&nbsp;&nbsp;58176203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69225471 | &nbsp;&nbsp;&nbsp;&nbsp;5381762 | &nbsp;&nbsp;&nbsp;(7709512) | &nbsp;&nbsp;&nbsp;&nbsp;646761497 |
|  | $6539524215 | $922762340 | $1117774622 | &nbsp;&nbsp;$79346095 | $63401629 | $6487259657 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend<br> Income** | **Capital Gain<br> Distributions** |
| MFS Commodity Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;$8968013 | $— |
| MFS Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;13223132 |  |
| MFS Emerging Markets Debt Local Currency Fund | &nbsp;&nbsp;&nbsp;&nbsp;7223046 |  |
| MFS Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;3464755 |  |
| MFS Global Opportunistic Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;6511058 |  |
| MFS Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;6595078 |  |
| MFS Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939204 | &nbsp;&nbsp;&nbsp;&nbsp;68999666 |
| MFS High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;16779276 |  |
| MFS Inflation-Adjusted Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;13731125 |  |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;6467488 |  |
| MFS International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;3248075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8512796 |
| MFS International Intrinsic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;4452625 | &nbsp;&nbsp;&nbsp;&nbsp;18476040 |
| MFS International Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;6188459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7281736 |
| MFS International New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;3600634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5765538 |
| MFS Mid Cap Growth Fund |  | &nbsp;&nbsp;&nbsp;&nbsp;38199667 |
| MFS Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;10554833 | &nbsp;&nbsp;&nbsp;&nbsp;46273813 |
| MFS New Discovery Fund |  |  |
| MFS New Discovery Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;3712897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4294219 |
| MFS Research Fund | &nbsp;&nbsp;&nbsp;&nbsp;5257349 | &nbsp;&nbsp;&nbsp;&nbsp;52013904 |
| MFS Research International Fund | &nbsp;&nbsp;&nbsp;&nbsp;9872847 |  |
| MFS Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;7020504 |  |
| MFS Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;13209103 | &nbsp;&nbsp;&nbsp;&nbsp;43675591 |
|  | $151019501 | $293492970 |

---

------

Notes to Financial Statements - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Aggressive Growth Allocation Fund** | **MFS Aggressive Growth Allocation Fund** | **MFS Aggressive Growth Allocation Fund** | **MFS Aggressive Growth Allocation Fund** | **MFS Aggressive Growth Allocation Fund** | **MFS Aggressive Growth Allocation Fund** |
| **Affiliated Issuers** | **Beginning<br> Value** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | **Ending<br> Value** |
| MFS Commodity Strategy Fund | &nbsp;&nbsp;&nbsp;$138085071 | &nbsp;&nbsp;&nbsp;$17280400 | &nbsp;&nbsp;&nbsp;$26541335 | &nbsp;&nbsp;$(9916628) | $10765084 | &nbsp;&nbsp;&nbsp;$129672592 |
| MFS Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82659664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5522245 | &nbsp;&nbsp;&nbsp;&nbsp;13497924 | &nbsp;&nbsp;&nbsp;(2417699) | &nbsp;&nbsp;&nbsp;13643918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85910204 |
| MFS Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;137259260 | &nbsp;&nbsp;&nbsp;&nbsp;12890524 | &nbsp;&nbsp;&nbsp;&nbsp;10975447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221049 | &nbsp;&nbsp;&nbsp;&nbsp;2004955 | &nbsp;&nbsp;&nbsp;&nbsp;141400341 |
| MFS Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;315995797 | &nbsp;&nbsp;&nbsp;&nbsp;61931567 | &nbsp;&nbsp;&nbsp;&nbsp;51097005 | &nbsp;&nbsp;&nbsp;24988140 | &nbsp;&nbsp;(18764686) | &nbsp;&nbsp;&nbsp;&nbsp;333053813 |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40659061 | &nbsp;&nbsp;&nbsp;&nbsp;71524078 | &nbsp;&nbsp;&nbsp;&nbsp;74433507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37745956 |
| MFS International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;140236074 | &nbsp;&nbsp;&nbsp;&nbsp;13805109 | &nbsp;&nbsp;&nbsp;&nbsp;22067150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899961 | &nbsp;&nbsp;&nbsp;11205223 | &nbsp;&nbsp;&nbsp;&nbsp;144079217 |
| MFS International Intrinsic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;140927041 | &nbsp;&nbsp;&nbsp;&nbsp;24173825 | &nbsp;&nbsp;&nbsp;&nbsp;21793546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(665397) | &nbsp;&nbsp;&nbsp;&nbsp;3031831 | &nbsp;&nbsp;&nbsp;&nbsp;145673754 |
| MFS International Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;141398691 | &nbsp;&nbsp;&nbsp;&nbsp;16269431 | &nbsp;&nbsp;&nbsp;&nbsp;25291100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263232) | &nbsp;&nbsp;&nbsp;15268518 | &nbsp;&nbsp;&nbsp;&nbsp;147382308 |
| MFS International New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;111416603 | &nbsp;&nbsp;&nbsp;&nbsp;14732436 | &nbsp;&nbsp;&nbsp;&nbsp;14227736 | &nbsp;&nbsp;&nbsp;(3005090) | &nbsp;&nbsp;&nbsp;&nbsp;6144428 | &nbsp;&nbsp;&nbsp;&nbsp;115060641 |
| MFS Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;273856861 | &nbsp;&nbsp;&nbsp;&nbsp;37275800 | &nbsp;&nbsp;&nbsp;&nbsp;32867942 | &nbsp;&nbsp;&nbsp;&nbsp;3846354 | &nbsp;&nbsp;&nbsp;10688632 | &nbsp;&nbsp;&nbsp;&nbsp;292799705 |
| MFS Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;281504724 | &nbsp;&nbsp;&nbsp;&nbsp;41441673 | &nbsp;&nbsp;&nbsp;&nbsp;24486470 | &nbsp;&nbsp;&nbsp;&nbsp;6521875 | &nbsp;&nbsp;(22502113) | &nbsp;&nbsp;&nbsp;&nbsp;282479689 |
| MFS New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68626102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7991466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6726248 | &nbsp;&nbsp;&nbsp;(1047273) | &nbsp;&nbsp;&nbsp;&nbsp;3659705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72503752 |
| MFS New Discovery Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69617915 | &nbsp;&nbsp;&nbsp;&nbsp;11646247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7990975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955635 | &nbsp;&nbsp;&nbsp;(3470475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70758347 |
| MFS Research Fund | &nbsp;&nbsp;&nbsp;&nbsp;286479893 | &nbsp;&nbsp;&nbsp;&nbsp;38082407 | &nbsp;&nbsp;&nbsp;&nbsp;29074539 | &nbsp;&nbsp;&nbsp;&nbsp;3922432 | &nbsp;&nbsp;&nbsp;(3143628) | &nbsp;&nbsp;&nbsp;&nbsp;296266565 |
| MFS Research International Fund | &nbsp;&nbsp;&nbsp;&nbsp;225772320 | &nbsp;&nbsp;&nbsp;&nbsp;17179919 | &nbsp;&nbsp;&nbsp;&nbsp;25917240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227987) | &nbsp;&nbsp;&nbsp;16145788 | &nbsp;&nbsp;&nbsp;&nbsp;232952800 |
| MFS Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;336281302 | &nbsp;&nbsp;&nbsp;&nbsp;34055716 | &nbsp;&nbsp;&nbsp;&nbsp;34991502 | &nbsp;&nbsp;&nbsp;&nbsp;1000130 | &nbsp;&nbsp;&nbsp;(3339069) | &nbsp;&nbsp;&nbsp;&nbsp;333006577 |
|  | $2790776379 | $425802843 | $421979666 | $24810854 | $41335851 | $2860746261 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend<br> Income** | **Capital Gain<br> Distributions** |
| MFS Commodity Strategy Fund | &nbsp;&nbsp;$4857925 | $— |
| MFS Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;2252275 |  |
| MFS Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;3565473 |  |
| MFS Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485462 | &nbsp;&nbsp;&nbsp;&nbsp;36190382 |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;2015261 |  |
| MFS International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;2335818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6121884 |
| MFS International Intrinsic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;3200589 | &nbsp;&nbsp;&nbsp;&nbsp;13280755 |
| MFS International Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;4462694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5251090 |
| MFS International New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;3111872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4982904 |
| MFS Mid Cap Growth Fund |  | &nbsp;&nbsp;&nbsp;&nbsp;18236945 |
| MFS Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;5070550 | &nbsp;&nbsp;&nbsp;&nbsp;22229973 |
| MFS New Discovery Fund |  |  |
| MFS New Discovery Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;2002935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319567 |
| MFS Research Fund | &nbsp;&nbsp;&nbsp;&nbsp;2515591 | &nbsp;&nbsp;&nbsp;&nbsp;24888145 |
| MFS Research International Fund | &nbsp;&nbsp;&nbsp;&nbsp;4871104 |  |
| MFS Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;6833133 | &nbsp;&nbsp;&nbsp;&nbsp;22675406 |
|  | $47580682 | $156177051 |

---

------

### Report of Independent Registered Public Accounting Firm
To the Shareholders of MFS Conservative Allocation Fund, MFS Moderate Allocation Fund, MFS Growth Allocation Fund and MFS Aggressive Growth Allocation Fund and the Board of Trustees of MFS Series Trust X

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of MFS Conservative Allocation Fund, MFS Moderate Allocation Fund, MFS Growth Allocation Fund and MFS Aggressive Growth Allocation Fund (collectively referred to as the "Funds") (four of the funds constituting MFS Series Trust X (the "Trust")), including the portfolios of investments, as of May 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting MFS Series Trust X) at May 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more MFS investment companies since 1993.

Boston, Massachusetts

July 16, 2025

------

#### Federal Tax Information (unaudited)
The funds will notify shareholders of amounts for use in preparing 2025 income tax forms in January 2026. The following information is provided pursuant to provisions of the Internal Revenue Code.

The funds designate the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

The funds below designated the following amounts as capital gain dividends paid during the fiscal year:

---

| | |
|:---|:---|
|  | **Capital<br> Gains** |
| MFS Conservative Allocation Fund | $154493000 |
| MFS Moderate Allocation Fund | &nbsp;&nbsp;323225000 |
| MFS Growth Allocation Fund | &nbsp;&nbsp;284223000 |
| MFS Aggressive Growth Allocation Fund | &nbsp;&nbsp;114905000 |

---

For corporate shareholders, the percentages of the ordinary income dividends paid during the prior calendar year that qualify for the corporate dividends received deduction are as follows:

---

| | |
|:---|:---|
|  | **Dividends Received<br> Deductions** |
| MFS Conservative Allocation Fund | &nbsp;&nbsp;7.66% |
| MFS Moderate Allocation Fund | 13.67% |
| MFS Growth Allocation Fund | 20.25% |
| MFS Aggressive Growth Allocation Fund | 34.18% |

---

The funds designate the maximum amount allowable as Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

The funds intend to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

------

#### ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Conservative Allocation Fund, MFS Moderate Allocation Fund, MFS Growth Allocation Fund, and MFS Aggressive Growth Allocation Fund.

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Conservative Allocation Fund, MFS Moderate Allocation Fund, MFS Growth Allocation Fund, and MFS Aggressive Growth Allocation 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 Conservative Allocation Fund, MFS Moderate Allocation Fund, MFS Growth Allocation Fund, and MFS Aggressive Growth Allocation Fund. See the Statements 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 Blended Research Mid Cap Equity Fund

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Blended Research Mid Cap Equity Fund

### Portfolio of Investments - 5/31/25
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** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – 99.0% | Common Stocks – 99.0% | Common Stocks – 99.0% |
| Aerospace & Defense – 2.3% | Aerospace & Defense – 2.3% |  |
| Amentum Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826 | $79045 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135581 | &nbsp;&nbsp;&nbsp; **20136490** |
| Standard Aero, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69251 | &nbsp;&nbsp;&nbsp; **2031132** |
| Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175584 | &nbsp;&nbsp;&nbsp; **12998484** |
|  |  | &nbsp;&nbsp; **$35245151** |
| Airlines – 1.4% | Airlines – 1.4% |  |
| SkyWest, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96758 | $9816099 |
| United Airlines Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147322 | &nbsp;&nbsp;&nbsp; **11703996** |
|  |  | &nbsp;&nbsp; **$21520095** |
| Alcoholic Beverages – 0.1% | Alcoholic Beverages – 0.1% |  |
| Molson Coors Beverage Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19206 | $1029250 |
| Apparel Manufacturers – 1.6% | Apparel Manufacturers – 1.6% |  |
| Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17890 | $1141024 |
| PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65291 | &nbsp;&nbsp;&nbsp; **5469427** |
| VF Corp. | &nbsp;&nbsp;&nbsp;1351581 | &nbsp;&nbsp;&nbsp; **16840700** |
|  |  | &nbsp;&nbsp; **$23451151** |
| Automotive – 1.6% | Automotive – 1.6% |  |
| Aptiv PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322571 | $21550969 |
| Visteon Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27452 | &nbsp;&nbsp;&nbsp; **2317635** |
|  |  | &nbsp;&nbsp; **$23868604** |
| Biotechnology – 2.0% | Biotechnology – 2.0% |  |
| Biogen, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57098 | $7410749 |
| Exelixis, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359736 | &nbsp;&nbsp;&nbsp; **15483038** |
| Illumina, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90993 | &nbsp;&nbsp;&nbsp; **7483264** |
|  |  | &nbsp;&nbsp; **$30377051** |
| Broadcasting – 2.5% | Broadcasting – 2.5% |  |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187995 | $13806353 |
| Spotify Technology S.A. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35987 | &nbsp;&nbsp;&nbsp; **23936393** |
|  |  | &nbsp;&nbsp; **$37742746** |
| Brokerage & Asset Managers – 1.3% | Brokerage & Asset Managers – 1.3% |  |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130267 | $19146644 |
| Business Services – 5.2% | Business Services – 5.2% |  |
| Constellium SE (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203361 | $2468803 |
| Dropbox, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358461 | &nbsp;&nbsp;&nbsp; **10345184** |
| GoDaddy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119268 | &nbsp;&nbsp;&nbsp; **21724666** |
| Hims & Hers Health, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91742 | &nbsp;&nbsp;&nbsp; **5188927** |
| TriNet Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118452 | &nbsp;&nbsp;&nbsp; **9856391** |
| Verisk Analytics, Inc., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82877 | &nbsp;&nbsp;&nbsp; **26034981** |

---

BMSFS-ANN

------

MFS Blended Research Mid Cap Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Business Services – continued | Business Services – continued |  |
| WNS (Holdings) Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33495 | $1942375 |
|  |  | &nbsp;&nbsp; **$77561327** |
| Chemicals – 2.1% | Chemicals – 2.1% |  |
| Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416244 | $15038896 |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220726 | &nbsp;&nbsp;&nbsp; **17298296** |
|  |  | &nbsp;&nbsp; **$32337192** |
| Computer Software – 7.7% | Computer Software – 7.7% |  |
| ACI Worldwide, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90367 | $4180378 |
| AppLovin Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48449 | &nbsp;&nbsp;&nbsp; **19040457** |
| BILL Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64727 | &nbsp;&nbsp;&nbsp; **2827275** |
| Datadog, Inc., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158039 | &nbsp;&nbsp;&nbsp; **18629637** |
| Guidewire Software, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100139 | &nbsp;&nbsp;&nbsp; **21531888** |
| Okta, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138158 | &nbsp;&nbsp;&nbsp; **14253761** |
| Palantir Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65131 | &nbsp;&nbsp;&nbsp; **8582963** |
| Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47212 | &nbsp;&nbsp;&nbsp; **4633858** |
| Tyler Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5958 | &nbsp;&nbsp;&nbsp; **3437706** |
| VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27904 | &nbsp;&nbsp;&nbsp; **7603003** |
| Zoom Communications, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129301 | &nbsp;&nbsp;&nbsp; **10505706** |
|  |  | &nbsp;&nbsp; **$115226632** |
| Computer Software - Systems – 0.9% | Computer Software - Systems – 0.9% |  |
| Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29952 | $1497900 |
| Q2 Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47601 | &nbsp;&nbsp;&nbsp; **4166039** |
| Zebra Technologies Corp., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25807 | &nbsp;&nbsp;&nbsp; **7478094** |
|  |  | &nbsp;&nbsp; **$13142033** |
| Construction – 4.9% | Construction – 4.9% |  |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152809 | $16454473 |
| Essex Property Trust, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34110 | &nbsp;&nbsp;&nbsp; **9683829** |
| GMS, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45928 | &nbsp;&nbsp;&nbsp; **3478127** |
| Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280535 | &nbsp;&nbsp;&nbsp; **17510995** |
| Mohawk Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160989 | &nbsp;&nbsp;&nbsp; **16197103** |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161430 | &nbsp;&nbsp;&nbsp; **10562365** |
|  |  | &nbsp;&nbsp; **$73886892** |
| Consumer Products – 0.7% | Consumer Products – 0.7% |  |
| Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;2121345 | $11243128 |
| Consumer Services – 0.6% | Consumer Services – 0.6% |  |
| Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49875 | $8316656 |
| Grand Canyon Education, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5929 | &nbsp;&nbsp;&nbsp; **1173023** |
|  |  | &nbsp;&nbsp; **$9489679** |
| Containers – 0.1% | Containers – 0.1% |  |
| Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11148 | $1493275 |
| Electrical Equipment – 1.9% | Electrical Equipment – 1.9% |  |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47534 | $8496227 |
| Amphenol Corp., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224223 | &nbsp;&nbsp;&nbsp; **20164375** |
|  |  | &nbsp;&nbsp; **$28660602** |

---

------

MFS Blended Research Mid Cap Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electronics – 1.3% | Electronics – 1.3% |  |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6470 | $742626 |
| Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298591 | &nbsp;&nbsp;&nbsp; **5380610** |
| Cirrus Logic, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50149 | &nbsp;&nbsp;&nbsp; **4932656** |
| Formfactor, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15429 | &nbsp;&nbsp;&nbsp; **460556** |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11830 | &nbsp;&nbsp;&nbsp; **7830277** |
|  |  | &nbsp;&nbsp; **$19346725** |
| Energy - Independent – 3.1% | Energy - Independent – 3.1% |  |
| Antero Resources Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202784 | $7594261 |
| Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32972 | &nbsp;&nbsp;&nbsp; **3829038** |
| Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156126 | &nbsp;&nbsp;&nbsp; **17717178** |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136872 | &nbsp;&nbsp;&nbsp; **17652382** |
|  |  | &nbsp;&nbsp; **$46792859** |
| Energy - Integrated – 0.8% | Energy - Integrated – 0.8% |  |
| National Gas Fuel Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138896 | $11464476 |
| Engineering - Construction – 0.5% | Engineering - Construction – 0.5% |  |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64639 | $8163906 |
| Food & Beverages – 2.7% | Food & Beverages – 2.7% |  |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29766 | $3412672 |
| General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393371 | &nbsp;&nbsp;&nbsp; **21344310** |
| Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110723 | &nbsp;&nbsp;&nbsp; **15403784** |
|  |  | &nbsp;&nbsp; **$40160766** |
| Forest & Paper Products – 0.6% | Forest & Paper Products – 0.6% |  |
| Boise Cascade Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4961 | $431012 |
| International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63417 | &nbsp;&nbsp;&nbsp; **3031967** |
| Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77129 | &nbsp;&nbsp;&nbsp; **4085523** |
| UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18102 | &nbsp;&nbsp;&nbsp; **1766031** |
|  |  | &nbsp;&nbsp; **$9314533** |
| Gaming & Lodging – 0.2% | Gaming & Lodging – 0.2% |  |
| Carnival Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119070 | $2764805 |
| DraftKings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23278 | &nbsp;&nbsp;&nbsp; **835215** |
|  |  | &nbsp;&nbsp; **$3600020** |
| Health Maintenance Organizations – 0.8% | Health Maintenance Organizations – 0.8% |  |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51060 | $11903618 |
| Insurance – 9.3% | Insurance – 9.3% |  |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57811 | $29439674 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5491 | &nbsp;&nbsp;&nbsp; **1114563** |
| AXIS Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17238 | &nbsp;&nbsp;&nbsp; **1789304** |
| Brighthouse Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78436 | &nbsp;&nbsp;&nbsp; **4691257** |
| Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733845 | &nbsp;&nbsp;&nbsp; **23930686** |
| Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136533 | &nbsp;&nbsp;&nbsp; **7218500** |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53756 | &nbsp;&nbsp;&nbsp; **18663546** |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11386 | &nbsp;&nbsp;&nbsp; **2003708** |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181419 | &nbsp;&nbsp;&nbsp; **23555443** |
| Jackson Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118285 | &nbsp;&nbsp;&nbsp; **9688724** |
| Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35412 | &nbsp;&nbsp;&nbsp; **2256807** |

---

------

MFS Blended Research Mid Cap Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Insurance – continued | Insurance – continued |  |
| Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55565 | $1841424 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87647 | &nbsp;&nbsp;&nbsp; **6826825** |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11366 | &nbsp;&nbsp;&nbsp; **2310594** |
| Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61693 | &nbsp;&nbsp;&nbsp; **4103818** |
|  |  | &nbsp;&nbsp; **$139434873** |
| Internet – 0.2% | Internet – 0.2% |  |
| Pinterest, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80771 | $2512786 |
| Leisure & Toys – 1.7% | Leisure & Toys – 1.7% |  |
| Roblox Corp., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300386 | $26127574 |
| Machinery & Tools – 4.6% | Machinery & Tools – 4.6% |  |
| Albany International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17215 | $1137395 |
| CNH Industrial N.V. | &nbsp;&nbsp;&nbsp;1888276 | &nbsp;&nbsp;&nbsp; **23622333** |
| Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167401 | &nbsp;&nbsp;&nbsp; **8354984** |
| Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104011 | &nbsp;&nbsp;&nbsp; **8099336** |
| Mueller Water Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34179 | &nbsp;&nbsp;&nbsp; **838411** |
| Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8224 | &nbsp;&nbsp;&nbsp; **815656** |
| Wabtec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131487 | &nbsp;&nbsp;&nbsp; **26602450** |
|  |  | &nbsp;&nbsp; **$69470565** |
| Medical & Health Technology & Services – 4.7% | Medical & Health Technology & Services – 4.7% |  |
| IQVIA Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87690 | $12305538 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12775 | &nbsp;&nbsp;&nbsp; **9191740** |
| Option Care Health, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37647 | &nbsp;&nbsp;&nbsp; **1230304** |
| Universal Health Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109808 | &nbsp;&nbsp;&nbsp; **20901953** |
| Veeva Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94488 | &nbsp;&nbsp;&nbsp; **26428293** |
| Ventas, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10900 | &nbsp;&nbsp;&nbsp; **700652** |
|  |  | &nbsp;&nbsp; **$70758480** |
| Medical Equipment – 1.1% | Medical Equipment – 1.1% |  |
| DexCom, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46564 | $3995191 |
| Envista Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596832 | &nbsp;&nbsp;&nbsp; **10904121** |
| Lantheus Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25805 | &nbsp;&nbsp;&nbsp; **1949826** |
|  |  | &nbsp;&nbsp; **$16849138** |
| Natural Gas - Distribution – 0.2% | Natural Gas - Distribution – 0.2% |  |
| UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96485 | $3479249 |
| Natural Gas - Pipeline – 0.1% | Natural Gas - Pipeline – 0.1% |  |
| Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984 | $944168 |
| Oil Services – 1.6% | Oil Services – 1.6% |  |
| NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32798 | $393576 |
| TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768485 | &nbsp;&nbsp;&nbsp; **23938308** |
|  |  | &nbsp;&nbsp; **$24331884** |
| Other Banks & Diversified Financials – 7.4% | Other Banks & Diversified Financials – 7.4% |  |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95177 | $17383127 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199049 | &nbsp;&nbsp;&nbsp; **21246490** |
| Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222711 | &nbsp;&nbsp;&nbsp; **23057270** |
| SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272610 | &nbsp;&nbsp;&nbsp; **8824386** |

---

------

MFS Blended Research Mid Cap Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Other Banks & Diversified Financials – continued | Other Banks & Diversified Financials – continued |  |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390395 | $22506272 |
| Texas Capital Bancshares, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253783 | &nbsp;&nbsp;&nbsp; **18193703** |
|  |  | &nbsp;&nbsp; **$111211248** |
| Pharmaceuticals – 1.2% | Pharmaceuticals – 1.2% |  |
| Incyte Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161897 | $10533019 |
| Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847234 | &nbsp;&nbsp;&nbsp; **7811497** |
|  |  | &nbsp;&nbsp; **$18344516** |
| Printing & Publishing – 0.9% | Printing & Publishing – 0.9% |  |
| Lamar Advertising Co., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111809 | $13477457 |
| Real Estate – 4.4% | Real Estate – 4.4% |  |
| Broadstone Net Lease, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214761 | $3416847 |
| CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284802 | &nbsp;&nbsp;&nbsp; **8190906** |
| CBRE Group, Inc., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68185 | &nbsp;&nbsp;&nbsp; **8524489** |
| Essential Properties Realty Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235428 | &nbsp;&nbsp;&nbsp; **7651410** |
| Jones Lang LaSalle, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75765 | &nbsp;&nbsp;&nbsp; **16872865** |
| Simon Property Group, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39442 | &nbsp;&nbsp;&nbsp; **6431807** |
| W.P. Carey, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247657 | &nbsp;&nbsp;&nbsp; **15542953** |
|  |  | &nbsp;&nbsp; **$66631277** |
| Real Estate - Office – 1.9% | Real Estate - Office – 1.9% |  |
| Cousins Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347330 | $9749553 |
| Douglas Emmett, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp; **455360** |
| Highwoods Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635619 | &nbsp;&nbsp;&nbsp; **18877884** |
|  |  | &nbsp;&nbsp; **$29082797** |
| Restaurants – 3.4% | Restaurants – 3.4% |  |
| Aramark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551450 | $22333725 |
| Brinker International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17716 | &nbsp;&nbsp;&nbsp; **3058313** |
| Performance Food Group Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36039 | &nbsp;&nbsp;&nbsp; **3227653** |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62761 | &nbsp;&nbsp;&nbsp; **12251575** |
| U.S. Foods Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126118 | &nbsp;&nbsp;&nbsp; **9978456** |
|  |  | &nbsp;&nbsp; **$50849722** |
| Specialty Chemicals – 1.7% | Specialty Chemicals – 1.7% |  |
| Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79732 | $5645026 |
| RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168663 | &nbsp;&nbsp;&nbsp; **19200596** |
|  |  | &nbsp;&nbsp; **$24845622** |
| Specialty Stores – 2.1% | Specialty Stores – 2.1% |  |
| Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124831 | $3510248 |
| Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195235 | &nbsp;&nbsp;&nbsp; **4355693** |
| O'Reilly Automotive, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16900 | &nbsp;&nbsp;&nbsp; **23110750** |
|  |  | &nbsp;&nbsp; **$30976691** |
| Utilities - Electric Power – 5.6% | Utilities - Electric Power – 5.6% |  |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69403 | $6723763 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6767 | &nbsp;&nbsp;&nbsp; **924710** |
| Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342341 | &nbsp;&nbsp;&nbsp; **19051277** |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157269 | &nbsp;&nbsp;&nbsp; **13097362** |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197521 | &nbsp;&nbsp;&nbsp; **30793524** |

---

------

MFS Blended Research Mid Cap Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Utilities - Electric Power – continued | Utilities - Electric Power – continued |  |
| PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325742 | $11319534 |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14091 | &nbsp;&nbsp;&nbsp; **2262592** |
|  |  | &nbsp;&nbsp; **$84172762** |
| **Total Common Stocks (Identified Cost, $1,359,206,526)** |  | &nbsp;&nbsp;**$1489669164** |
| Mutual Funds (h) – 0.8% | Mutual Funds (h) – 0.8% | Mutual Funds (h) – 0.8% |
| Money Market Funds – 0.8% | Money Market Funds – 0.8% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $11,469,886) | 11469886 | &nbsp;&nbsp;$11469886 |
| Other Assets, Less Liabilities – 0.2% |  | &nbsp;&nbsp;&nbsp;&nbsp; **3465952** |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **$1504605002** |

---

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values
of the fund's investments in affiliated issuers and in unaffiliated issuers were $11,469,886 and $1,489,669,164, respectively.

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

The following abbreviations are used in this report and are defined: <br> REIT Real Estate Investment Trust

#### See Notes to Financial Statements

------

MFS Blended Research Mid Cap Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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 5/31/25 <br>Assets** |  |
| Investments in unaffiliated issuers, at value (identified cost, $1,359,206,526) | &nbsp;&nbsp;$1489669164 |
| Investments in affiliated issuers, at value (identified cost, $11,469,886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11469886 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7780 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3876135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447097 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322 |
| Total assets | &nbsp;&nbsp;$1506471384 |
| **Liabilities** |  |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$77295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500414 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92255 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1866382 |
| Net assets | &nbsp;&nbsp;$1504605002 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$1353544670 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151060332 |
| Net assets | &nbsp;&nbsp;$1504605002 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105967938 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$67840008 | &nbsp;&nbsp;&nbsp;&nbsp;4761682 | &nbsp;&nbsp;&nbsp;&nbsp;$14.25 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9921 | &nbsp;&nbsp;&nbsp;&nbsp;13.97 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5174982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371691 | &nbsp;&nbsp;&nbsp;&nbsp;13.92 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;622849675 | &nbsp;&nbsp;&nbsp;&nbsp;43952171 | &nbsp;&nbsp;&nbsp;&nbsp;14.17 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12950 | &nbsp;&nbsp;&nbsp;&nbsp;14.02 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42615 | &nbsp;&nbsp;&nbsp;&nbsp;14.09 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6581860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465760 | &nbsp;&nbsp;&nbsp;&nbsp;14.13 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97425 | &nbsp;&nbsp;&nbsp;&nbsp;14.21 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;799853996 | &nbsp;&nbsp;&nbsp;&nbsp;56253723 | &nbsp;&nbsp;&nbsp;&nbsp;14.22 |

---

(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 $15.12 [100 / 94.25 x $14.25]. 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.

------

MFS Blended Research Mid Cap Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | |
|:---|:---|
| **Year ended 5/31/25 <br>Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | &nbsp;&nbsp;$14697702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income on securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149257) |
| Total investment income | &nbsp;&nbsp;$15202567 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;$4868726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256086 |
| Total expenses | &nbsp;&nbsp;&nbsp;$6152190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(731449) |
| Net expenses | &nbsp;&nbsp;&nbsp;$5420703 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;$9781864 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$56982165 |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$7170653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(737) |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;$7169916 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;$64152081 |
| Change in net assets from operations | &nbsp;&nbsp;$73933945 |

---

------

MFS Blended Research Mid Cap Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9781864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6774870 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56982165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58146347 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7169916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93951176 |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;$73933945 | &nbsp;&nbsp;&nbsp;$158872393 |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(88821477) | &nbsp;&nbsp;&nbsp;&nbsp;$(13586306) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;&nbsp;$820158753 | &nbsp;&nbsp;&nbsp;&nbsp;$69104258 |
| Total change in net assets | &nbsp;&nbsp;&nbsp;$805271221 | &nbsp;&nbsp;&nbsp;$214390345 |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;699333781 | &nbsp;&nbsp;&nbsp;&nbsp;484943436 |
| At end of period | $1504605002 | &nbsp;&nbsp;&nbsp;$699333781 |

---

------

MFS Blended Research Mid Cap Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**Financial Highlights** |

---

The financial highlights table is intended to help you understand the fund's financial performance for the past 5 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** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$14.57 | &nbsp;&nbsp;&nbsp;&nbsp;$11.31 | &nbsp;&nbsp;&nbsp;&nbsp;$12.38 | &nbsp;&nbsp;&nbsp;&nbsp;$15.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.70 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.53 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.76 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.10) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;$(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.10) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$14.25 | &nbsp;&nbsp;&nbsp;&nbsp;$14.57 | &nbsp;&nbsp;&nbsp;&nbsp;$11.31 | &nbsp;&nbsp;&nbsp;&nbsp;$12.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.36 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.61 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| Net assets at end of period (000 omitted) | $67840 | &nbsp;&nbsp;&nbsp;$42546 | &nbsp;&nbsp;&nbsp;$32605 | &nbsp;&nbsp;&nbsp;$19061 | &nbsp;&nbsp;&nbsp;$133584 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class B** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $14.33 | &nbsp;&nbsp;&nbsp;$11.12 | &nbsp;&nbsp;&nbsp;$12.17 | &nbsp;&nbsp;&nbsp;$15.26 | &nbsp;&nbsp;&nbsp;$10.64 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.00)(w) | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.02) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65 |
| Total from investment operations | &nbsp;&nbsp;$1.06 | &nbsp;&nbsp;&nbsp;&nbsp;$3.38 | &nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;$4.63 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.00)(w) | &nbsp;&nbsp;&nbsp;$(0.01) |
| From net realized gain | &nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | $(1.42) | &nbsp;&nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;&nbsp;$(3.00) | &nbsp;&nbsp;&nbsp;$(0.01) |
| Net asset value, end of period (x) | $13.97 | &nbsp;&nbsp;&nbsp;$14.33 | &nbsp;&nbsp;&nbsp;$11.12 | &nbsp;&nbsp;&nbsp;$12.17 | &nbsp;&nbsp;&nbsp;$15.26 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;6.87 | &nbsp;&nbsp;&nbsp;&nbsp;30.58 | &nbsp;&nbsp;&nbsp;&nbsp;(5.01) | &nbsp;&nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;43.56 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Net investment income (loss) | &nbsp;&nbsp;(0.00)(w) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$139 | &nbsp;&nbsp;&nbsp;&nbsp;$219 | &nbsp;&nbsp;&nbsp;&nbsp;$197 | &nbsp;&nbsp;&nbsp;&nbsp;$236 | &nbsp;&nbsp;&nbsp;&nbsp;$126 |

---

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

------

MFS Blended Research Mid Cap Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $14.29 | &nbsp;&nbsp;&nbsp;$11.09 | &nbsp;&nbsp;&nbsp;$12.16 | &nbsp;&nbsp;&nbsp;$15.25 | &nbsp;&nbsp;&nbsp;$10.64 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.00)(w) | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;$0.01 | &nbsp;&nbsp;&nbsp;$(0.02) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64 |
| Total from investment operations | &nbsp;&nbsp;$1.05 | &nbsp;&nbsp;&nbsp;&nbsp;$3.37 | &nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;$4.62 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.01) |
| From net realized gain | &nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | $(1.42) | &nbsp;&nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;$(3.01) | &nbsp;&nbsp;&nbsp;$(0.01) |
| Net asset value, end of period (x) | $13.92 | &nbsp;&nbsp;&nbsp;$14.29 | &nbsp;&nbsp;&nbsp;$11.09 | &nbsp;&nbsp;&nbsp;$12.16 | &nbsp;&nbsp;&nbsp;$15.25 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;6.82 | &nbsp;&nbsp;&nbsp;&nbsp;30.59 | &nbsp;&nbsp;&nbsp;&nbsp;(4.98) | &nbsp;&nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;&nbsp;43.49 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Net investment income (loss) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| Net assets at end of period (000 omitted) | $5175 | &nbsp;&nbsp;&nbsp;$4168 | &nbsp;&nbsp;&nbsp;$4180 | &nbsp;&nbsp;&nbsp;$3161 | &nbsp;&nbsp;&nbsp;&nbsp;$350 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$14.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.38 | &nbsp;&nbsp;&nbsp;$10.71 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$4.79 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;$(0.12) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3.14) | &nbsp;&nbsp;&nbsp;$(0.12) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$14.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.31 | &nbsp;&nbsp;&nbsp;$15.38 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;44.98 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| Net assets at end of period (000 omitted) | $622850 | &nbsp;&nbsp;&nbsp;$190406 | &nbsp;&nbsp;&nbsp;$119155 | &nbsp;&nbsp;&nbsp;$108560 | &nbsp;&nbsp;&nbsp;$5410 |

---

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

------

MFS Blended Research Mid Cap Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R1** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $14.32 | &nbsp;&nbsp;&nbsp;$11.13 | &nbsp;&nbsp;&nbsp;$12.18 | &nbsp;&nbsp;&nbsp;$15.26 | &nbsp;&nbsp;&nbsp;$10.65 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.02) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64 |
| Total from investment operations | &nbsp;&nbsp;$1.14 | &nbsp;&nbsp;&nbsp;&nbsp;$3.38 | &nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;$4.62 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.02) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(0.01) |
| From net realized gain | &nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | $(1.44) | &nbsp;&nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;&nbsp;$(3.00) | &nbsp;&nbsp;&nbsp;$(0.01) |
| Net asset value, end of period (x) | $14.02 | &nbsp;&nbsp;&nbsp;$14.32 | &nbsp;&nbsp;&nbsp;$11.13 | &nbsp;&nbsp;&nbsp;$12.18 | &nbsp;&nbsp;&nbsp;$15.26 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;30.52 | &nbsp;&nbsp;&nbsp;&nbsp;(5.00) | &nbsp;&nbsp;&nbsp;&nbsp;(1.72) | &nbsp;&nbsp;&nbsp;&nbsp;43.45 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$182 | &nbsp;&nbsp;&nbsp;&nbsp;$167 | &nbsp;&nbsp;&nbsp;&nbsp;$132 | &nbsp;&nbsp;&nbsp;&nbsp;$136 | &nbsp;&nbsp;&nbsp;&nbsp;$142 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R2** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $14.42 | &nbsp;&nbsp;&nbsp;$11.20 | &nbsp;&nbsp;&nbsp;$12.26 | &nbsp;&nbsp;&nbsp;$15.33 | &nbsp;&nbsp;&nbsp;$10.70 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 |
| Total from investment operations | &nbsp;&nbsp;$1.15 | &nbsp;&nbsp;&nbsp;&nbsp;$3.47 | &nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;$4.72 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.06) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.09) |
| From net realized gain | &nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | $(1.48) | &nbsp;&nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;$(3.06) | &nbsp;&nbsp;&nbsp;$(0.09) |
| Net asset value, end of period (x) | $14.09 | &nbsp;&nbsp;&nbsp;$14.42 | &nbsp;&nbsp;&nbsp;$11.20 | &nbsp;&nbsp;&nbsp;$12.26 | &nbsp;&nbsp;&nbsp;$15.33 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp;&nbsp;&nbsp;31.24 | &nbsp;&nbsp;&nbsp;&nbsp;(4.52) | &nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;44.24 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$600 | &nbsp;&nbsp;&nbsp;&nbsp;$549 | &nbsp;&nbsp;&nbsp;&nbsp;$416 | &nbsp;&nbsp;&nbsp;&nbsp;$292 | &nbsp;&nbsp;&nbsp;&nbsp;$253 |

---

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

------

MFS Blended Research Mid Cap Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R3** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $14.47 | &nbsp;&nbsp;&nbsp;$11.23 | &nbsp;&nbsp;&nbsp;$12.30 | &nbsp;&nbsp;&nbsp;$15.36 | &nbsp;&nbsp;&nbsp;$10.71 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 |
| Total from investment operations | &nbsp;&nbsp;$1.19 | &nbsp;&nbsp;&nbsp;&nbsp;$3.51 | &nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;$4.76 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.11) | &nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.11) |
| From net realized gain | &nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | $(1.53) | &nbsp;&nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;&nbsp;$(3.09) | &nbsp;&nbsp;&nbsp;$(0.11) |
| Net asset value, end of period (x) | $14.13 | &nbsp;&nbsp;&nbsp;$14.47 | &nbsp;&nbsp;&nbsp;$11.23 | &nbsp;&nbsp;&nbsp;$12.30 | &nbsp;&nbsp;&nbsp;$15.36 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp;&nbsp;&nbsp;31.54 | &nbsp;&nbsp;&nbsp;&nbsp;(4.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;44.60 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| Net assets at end of period (000 omitted) | $6582 | &nbsp;&nbsp;&nbsp;$3632 | &nbsp;&nbsp;&nbsp;$1051 | &nbsp;&nbsp;&nbsp;$1947 | &nbsp;&nbsp;&nbsp;$1422 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R4** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $14.53 | &nbsp;&nbsp;&nbsp;$11.27 | &nbsp;&nbsp;&nbsp;$12.33 | &nbsp;&nbsp;&nbsp;$15.39 | &nbsp;&nbsp;&nbsp;$10.72 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69 |
| Total from investment operations | &nbsp;&nbsp;$1.23 | &nbsp;&nbsp;&nbsp;&nbsp;$3.56 | &nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$4.80 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.13) | &nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;$(0.13) |
| From net realized gain | &nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | $(1.55) | &nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;&nbsp;$(3.13) | &nbsp;&nbsp;&nbsp;$(0.13) |
| Net asset value, end of period (x) | $14.21 | &nbsp;&nbsp;&nbsp;$14.53 | &nbsp;&nbsp;&nbsp;$11.27 | &nbsp;&nbsp;&nbsp;$12.33 | &nbsp;&nbsp;&nbsp;$15.39 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;7.97 | &nbsp;&nbsp;&nbsp;&nbsp;31.93 | &nbsp;&nbsp;&nbsp;&nbsp;(4.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;44.95 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| Net assets at end of period (000 omitted) | $1384 | &nbsp;&nbsp;&nbsp;$1161 | &nbsp;&nbsp;&nbsp;&nbsp;$854 | &nbsp;&nbsp;&nbsp;&nbsp;$934 | &nbsp;&nbsp;&nbsp;&nbsp;$953 |

---

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

------

MFS Blended Research Mid Cap Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$14.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.73 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.81 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.14) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.14) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$14.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.40 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.02 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| Net assets at end of period (000 omitted) | $799854 | &nbsp;&nbsp;&nbsp;$456485 | &nbsp;&nbsp;&nbsp;$326353 | &nbsp;&nbsp;&nbsp;$325339 | &nbsp;&nbsp;&nbsp;$308874 |

---

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

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

(g) The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and
losses at such time.

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

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

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

(w) Per share amount was less than $0.01 and total return or ratio was less than 0.01%, as applicable.

(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.

------

MFS Blended Research Mid Cap Equity Fund

### Notes to Financial Statements
(1) Business and Organization

MFS Blended Research Mid Cap Equity Fund (the fund) is a diversified series of MFS Series Trust X (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.**

In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. An operating segment is 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

------

MFS Blended Research Mid Cap Equity Fund

Notes to Financial Statements - continued

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 May 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $1489669164 | $— | $— | $1489669164 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11469886 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11469886 |
| Total | $1501139050 | $— | $— | $1501139050 |

---

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

**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 May 31, 2025, 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 — 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.**

------

MFS Blended Research Mid Cap Equity Fund

Notes to Financial Statements - 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.

**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 year ended May 31, 2025, 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 declared to shareholders for the last two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/24** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;$30733692 | &nbsp;&nbsp;&nbsp;&nbsp;$6501103 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;58087785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7085203 |
| Total distributions | &nbsp;&nbsp;&nbsp;$88821477 | &nbsp;&nbsp;&nbsp;$13586306 |

---

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

---

| | |
|:---|:---|
| **As of 5/31/25** |  |
| Cost of investments | &nbsp;&nbsp;&nbsp;$1380619047 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206141273 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85621270) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;$120520003 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983620 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30503524 |
| Post-October capital loss deferral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3946815) |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$151060332 |

---

**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 and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. The fund's realized and unrealized gain (loss) 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:**

------

MFS Blended Research Mid Cap Equity Fund

Notes to Financial Statements - continued

---

| | | |
|:---|:---|:---|
|  | **Year<br> ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year<br> ended<br> 5/31/24** |
| Class A | &nbsp;&nbsp;$5437487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$701210 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;432307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55432 |
| Class I | &nbsp;&nbsp;31623202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415290 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9563 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;595281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41666 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;126721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23572 |
| Class R6 | &nbsp;&nbsp;50515478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9334663 |
| Total | $88821477 | &nbsp;&nbsp;&nbsp;$13586306 |

---

(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 $1 billion | &nbsp;&nbsp;0.50% |
| In excess of $1 billion and up to $2.5 billion | 0.475% |
| In excess of $2.5 billion | &nbsp;&nbsp;0.45% |

---

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 September 30, 2026. For the year ended May 31, 2025, this management fee reduction amounted to $132,850, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended May 31, 2025 was equivalent to an annual effective rate of 0.49% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed the following rates annually of each class's average daily net assets:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** |
| **A** | &nbsp;&nbsp;&nbsp;**B** | &nbsp;&nbsp;&nbsp;**C** | &nbsp;&nbsp;&nbsp;**I** | &nbsp;&nbsp;&nbsp;**R1** | &nbsp;&nbsp;&nbsp;**R2** | &nbsp;&nbsp;&nbsp;**R3** | &nbsp;&nbsp;&nbsp;**R4** | &nbsp;&nbsp;&nbsp;**R6** |
| 0.84% | &nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;0.52% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2026. For the year ended May 31, 2025, this reduction amounted to $598,567, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $14,750 for the year ended May 31, 2025, 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.

------

MFS Blended Research Mid Cap Equity Fund

Notes to Financial Statements - continued

#### Distribution Plan Fee Table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution<br> Fee Rate (d)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | $137708 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1668 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;46451 |
| Class R1 | 0.75% | 0.25% | 1.00% | 0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | &nbsp;&nbsp;&nbsp;&nbsp;2972 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | &nbsp;&nbsp;&nbsp;13592 |
| Total Distribution and Service Fees |  |  |  |  | $203260 |

---

(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 year ended May 31, 2025 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 year ended May 31, 2025, this rebate amounted to $32 for Class A and is included in the reduction of total expenses in the Statement of Operations. For the period from October 1, 2024
through May 31, 2025, the 0.75% distribution fee was not imposed for Class R1 shares due to the sales charge limitations contained in Financial Industry Regulatory Authority ("FINRA") Rule 2341.

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 year ended May 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $551 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;21 |
| Class C | 1223 |

---

**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 year ended May 31, 2025, the fee was $19,215, which equated to 0.0020% 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 year ended May 31, 2025, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $454,618.**

**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 year ended May 31, 2025 was equivalent to an annual effective rate of 0.0148% 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 purchased or redeemed fund shares on the dates indicated:

------

MFS Blended Research Mid Cap Equity Fund

Notes to Financial Statements - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Transaction** | &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class A | &nbsp;&nbsp;3 | &nbsp;&nbsp;$45 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class C | &nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class I | &nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R3 | &nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;36 |

---

At May 31, 2025, MFS held approximately 82% and 63% of the outstanding shares of Class B and Class R1, respectively.

During the year ended May 31, 2025, 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 $151,396.

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 year ended May 31, 2025, this reimbursement amounted to $68,032, which is included in "Other" income in the Statement of Operations.

(4) Portfolio Securities

For the year ended May 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $1,301,735,323 and $565,033,830, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;2358828 | &nbsp;&nbsp;&nbsp;&nbsp;$34749652 | &nbsp;&nbsp;&nbsp;&nbsp;1053413 | &nbsp;&nbsp;&nbsp;&nbsp;$13910097 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83966 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;141661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770384 |
| &nbsp;&nbsp;&nbsp;Class I | 36139897 | &nbsp;&nbsp;&nbsp;&nbsp;522110644 | &nbsp;&nbsp;&nbsp;&nbsp;6233164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81741399 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144326 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;274427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3982297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915056 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222657 |
| &nbsp;&nbsp;&nbsp;Class R6 | 29865891 | &nbsp;&nbsp;&nbsp;&nbsp;414091114 | &nbsp;&nbsp;&nbsp;&nbsp;6590295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86900001 |
|  | 68828392 | &nbsp;&nbsp;&nbsp;$977647594 | &nbsp;&nbsp;&nbsp;14180645 | &nbsp;&nbsp;&nbsp;$186605822 |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;363991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5434384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$700501 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55432 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;2130600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31618104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415290 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9563 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41666 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23572 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;3296640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49054009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9332740 |
|  | &nbsp;&nbsp;5875626 | &nbsp;&nbsp;&nbsp;&nbsp;$87351807 | &nbsp;&nbsp;&nbsp;&nbsp;1045326 | &nbsp;&nbsp;&nbsp;&nbsp;$13583674 |

---

------

MFS Blended Research Mid Cap Equity Fund

Notes to Financial Statements - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(880295) | &nbsp;&nbsp;&nbsp;$(12667289) | &nbsp;&nbsp;&nbsp;(1071588) | &nbsp;&nbsp;&nbsp;&nbsp;$(13402085) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(12137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31215) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(91251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1323555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1891851) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;(7451204) | &nbsp;&nbsp;&nbsp;(104805492) | &nbsp;&nbsp;&nbsp;(3955769) | &nbsp;&nbsp;&nbsp;&nbsp;(51218670) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6997) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144957) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;(99802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1438745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(794145) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;(27681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(376710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192384) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;(8307574) | &nbsp;&nbsp;&nbsp;(123989843) | &nbsp;&nbsp;&nbsp;(4846024) | &nbsp;&nbsp;&nbsp;&nbsp;(63402934) |
|  | (16874556) | &nbsp;&nbsp;$(244840648) | &nbsp;&nbsp;(10113104) | &nbsp;&nbsp;$(131085238) |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;1842524 | &nbsp;&nbsp;&nbsp;&nbsp;$27516747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1208513 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28524) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1066035) |
| &nbsp;&nbsp;&nbsp;Class I | 30819293 | &nbsp;&nbsp;&nbsp;&nbsp;448923256 | &nbsp;&nbsp;&nbsp;&nbsp;2540717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33938019 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2876) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8932 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;214820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162577 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53845 |
| &nbsp;&nbsp;&nbsp;Class R6 | 24854957 | &nbsp;&nbsp;&nbsp;&nbsp;339155280 | &nbsp;&nbsp;&nbsp;&nbsp;2462174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32829807 |
|  | 57829462 | &nbsp;&nbsp;&nbsp;$820158753 | &nbsp;&nbsp;&nbsp;&nbsp;5112867 | &nbsp;&nbsp;&nbsp;&nbsp;$69104258 |

---

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 Lifetime 2040 Fund, the MFS Lifetime 2050 Fund, the MFS Lifetime 2045 Fund, the MFS Lifetime 2035 Fund, the MFS Lifetime 2055 Fund, the MFS Lifetime 2030 Fund, the MFS Lifetime 2060 Fund, and the MFS Lifetime Income Fund were the owners of record of approximately 5%, 4%, 3%, 3%, 3%, 2%, 2%, and 1%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Lifetime 2025 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 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) plus 0.10%, 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 12, 2026 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 year ended May 31, 2025, the fund's commitment fee and interest expense were $4,385 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. For the purposes of this report, the following were affiliated issuers for the year ended May 31, 2025:

------

MFS Blended Research Mid Cap Equity Fund

Notes to Financial Statements - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;$8781307 | &nbsp;&nbsp;&nbsp;$309001690 | &nbsp;&nbsp;&nbsp;$306312374 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(737) | &nbsp;&nbsp;&nbsp;$11469886 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;$473110 | &nbsp;&nbsp;&nbsp;$— |

---

------

MFS Blended Research Mid Cap Equity Fund

### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of MFS Series Trust X and the Shareholders of MFS Blended Research Mid Cap Equity Fund:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of MFS Blended Research Mid Cap Equity Fund (the "Fund"), including the portfolio of investments, as of May 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

July 16, 2025

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Blended Research Mid Cap Equity Fund

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2025 income tax forms in January 2026. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

The fund designates $66,421,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 27.41% of the ordinary income dividends paid during the prior calendar year qualify for the corporate dividends received deduction.

The fund designates the maximum amount allowable as Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

------

#### ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Blended Research Mid Cap Equity Fund.

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Blended Research Mid Cap Equity 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 Blended Research Mid Cap Equity 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 Blended Research Small Cap Equity Fund

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Blended Research Small Cap Equity Fund

### Portfolio of Investments - 5/31/25
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** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – 99.3% | Common Stocks – 99.3% | Common Stocks – 99.3% |
| Aerospace & Defense – 1.3% | Aerospace & Defense – 1.3% |  |
| CACI International, Inc., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875 | $2086500 |
| Karman Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20315 | &nbsp;&nbsp;&nbsp; **870701** |
| Standard Aero, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29852 | &nbsp;&nbsp;&nbsp; **875559** |
|  |  | &nbsp;&nbsp; **$3832760** |
| Apparel Manufacturers – 0.2% | Apparel Manufacturers – 0.2% |  |
| VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57430 | $715578 |
| Automotive – 2.7% | Automotive – 2.7% |  |
| Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28973 | $2619739 |
| Methode Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;137124 | &nbsp;&nbsp;&nbsp; **1090136** |
| REV Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58976 | &nbsp;&nbsp;&nbsp; **2211010** |
| Visteon Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26258 | &nbsp;&nbsp;&nbsp; **2216831** |
|  |  | &nbsp;&nbsp; **$8137716** |
| Biotechnology – 1.9% | Biotechnology – 1.9% |  |
| Adaptive Biotechnologies Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27915 | $265751 |
| Arcus Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18207 | &nbsp;&nbsp;&nbsp; **162589** |
| Beam Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45063 | &nbsp;&nbsp;&nbsp; **713347** |
| Entrada Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70949 | &nbsp;&nbsp;&nbsp; **539212** |
| Exelixis, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34312 | &nbsp;&nbsp;&nbsp; **1476788** |
| Novavax, Inc. (a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72990 | &nbsp;&nbsp;&nbsp; **535747** |
| Protagonist Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26099 | &nbsp;&nbsp;&nbsp; **1238920** |
| Prothena Corp. PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36043 | &nbsp;&nbsp;&nbsp; **165437** |
| Twist Bioscience Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10683 | &nbsp;&nbsp;&nbsp; **313012** |
| Voyager Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;149611 | &nbsp;&nbsp;&nbsp; **409934** |
|  |  | &nbsp;&nbsp; **$5820737** |
| Brokerage & Asset Managers – 0.3% | Brokerage & Asset Managers – 0.3% |  |
| A-Mark Precious Metals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20498 | $404426 |
| Hamilton Lane, Inc., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224 | &nbsp;&nbsp;&nbsp; **480376** |
|  |  | &nbsp;&nbsp; **$884802** |
| Business Services – 4.1% | Business Services – 4.1% |  |
| BlueLinx Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21729 | $1454105 |
| Innodata, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8444 | &nbsp;&nbsp;&nbsp; **333285** |
| TriNet Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39644 | &nbsp;&nbsp;&nbsp; **3298777** |
| WNS (Holdings) Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73171 | &nbsp;&nbsp;&nbsp; **4243186** |
| World Fuel Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65096 | &nbsp;&nbsp;&nbsp; **1782980** |
| Yext, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;228140 | &nbsp;&nbsp;&nbsp; **1530819** |
|  |  | &nbsp;&nbsp; **$12643152** |
| Chemicals – 2.8% | Chemicals – 2.8% |  |
| Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78519 | $2836891 |
| BioLife Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35714 | &nbsp;&nbsp;&nbsp; **781422** |
| Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180445 | &nbsp;&nbsp;&nbsp; **3857914** |
| Rayonier Advanced Materials, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;234870 | &nbsp;&nbsp;&nbsp; **904250** |
|  |  | &nbsp;&nbsp; **$8380477** |

---

BRSFS-ANN

------

MFS Blended Research Small Cap Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software – 5.8% | Computer Software – 5.8% |  |
| ACI Worldwide, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52365 | $2422405 |
| BILL Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63660 | &nbsp;&nbsp;&nbsp; **2780669** |
| Clear Secure, Inc., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98992 | &nbsp;&nbsp;&nbsp; **2450052** |
| Consensus Cloud Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17541 | &nbsp;&nbsp;&nbsp; **385376** |
| Elastic N.V. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33237 | &nbsp;&nbsp;&nbsp; **2687876** |
| Five9, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44265 | &nbsp;&nbsp;&nbsp; **1173465** |
| Nutanix, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10446 | &nbsp;&nbsp;&nbsp; **801104** |
| PagerDuty, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97796 | &nbsp;&nbsp;&nbsp; **1394571** |
| Sabre Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;815709 | &nbsp;&nbsp;&nbsp; **2055586** |
| SentinelOne, Inc., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73903 | &nbsp;&nbsp;&nbsp; **1301432** |
| ServiceTitan, Inc., "A" (a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331 | &nbsp;&nbsp;&nbsp; **257972** |
|  |  | &nbsp;&nbsp; **$17710508** |
| Computer Software - Systems – 1.8% | Computer Software - Systems – 1.8% |  |
| Adtran Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54447 | $437210 |
| Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63894 | &nbsp;&nbsp;&nbsp; **658108** |
| Q2 Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905 | &nbsp;&nbsp;&nbsp; **341766** |
| ScanSource, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16380 | &nbsp;&nbsp;&nbsp; **661424** |
| Unisys Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30320 | &nbsp;&nbsp;&nbsp; **144626** |
| Verint Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;182784 | &nbsp;&nbsp;&nbsp; **3206031** |
|  |  | &nbsp;&nbsp; **$5449165** |
| Construction – 2.9% | Construction – 2.9% |  |
| AZEK Co., Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88516 | $4382427 |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14112 | &nbsp;&nbsp;&nbsp; **1519580** |
| Mohawk Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27486 | &nbsp;&nbsp;&nbsp; **2765367** |
| SiteOne Landscape Supply, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp; **120314** |
|  |  | &nbsp;&nbsp; **$8787688** |
| Consumer Products – 2.2% | Consumer Products – 2.2% |  |
| Herbalife Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31778 | $248186 |
| Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;685674 | &nbsp;&nbsp;&nbsp; **3634072** |
| Prestige Consumer Healthcare, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34389 | &nbsp;&nbsp;&nbsp; **2946106** |
|  |  | &nbsp;&nbsp; **$6828364** |
| Consumer Services – 3.3% | Consumer Services – 3.3% |  |
| Adtalem Global Education, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17965 | $2371919 |
| European Wax Center, Inc., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;188733 | &nbsp;&nbsp;&nbsp; **960651** |
| Grand Canyon Education, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22737 | &nbsp;&nbsp;&nbsp; **4498402** |
| Lyft, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;150188 | &nbsp;&nbsp;&nbsp; **2288865** |
|  |  | &nbsp;&nbsp; **$10119837** |
| Electrical Equipment – 1.4% | Electrical Equipment – 1.4% |  |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26807 | $4171973 |
| Electronics – 5.0% | Electronics – 5.0% |  |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37455 | $4299085 |
| Alpha and Omega Semiconductor Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944 | &nbsp;&nbsp;&nbsp; **83692** |
| Cirrus Logic, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13925 | &nbsp;&nbsp;&nbsp; **1369663** |
| Formfactor, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90387 | &nbsp;&nbsp;&nbsp; **2698052** |
| Kimball Electronics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49264 | &nbsp;&nbsp;&nbsp; **891678** |
| Onto Innovation, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847 | &nbsp;&nbsp;&nbsp; **169813** |
| Photronics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73293 | &nbsp;&nbsp;&nbsp; **1224726** |

---

------

MFS Blended Research Small Cap Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electronics – continued | Electronics – continued |  |
| Plexus Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11704 | $1536267 |
| Sanmina Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33487 | &nbsp;&nbsp;&nbsp; **2836014** |
|  |  | &nbsp;&nbsp; **$15108990** |
| Energy - Independent – 1.5% | Energy - Independent – 1.5% |  |
| Berry Corp. | &nbsp;&nbsp;&nbsp;&nbsp;318013 | $760051 |
| Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;181279 | &nbsp;&nbsp;&nbsp; **2285928** |
| SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59890 | &nbsp;&nbsp;&nbsp; **1402624** |
|  |  | &nbsp;&nbsp; **$4448603** |
| Energy - Integrated – 0.6% | Energy - Integrated – 0.6% |  |
| National Gas Fuel Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22967 | $1895696 |
| Energy - Renewables – 0.7% | Energy - Renewables – 0.7% |  |
| Bloom Energy Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;117154 | $2163834 |
| Engineering - Construction – 3.7% | Engineering - Construction – 3.7% |  |
| APi Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;101963 | $4758613 |
| Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9787 | &nbsp;&nbsp;&nbsp; **705741** |
| Sterling Infrastructure, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17113 | &nbsp;&nbsp;&nbsp; **3217415** |
| Tutor Perini Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73199 | &nbsp;&nbsp;&nbsp; **2699579** |
|  |  | &nbsp;&nbsp; **$11381348** |
| Food & Beverages – 0.9% | Food & Beverages – 0.9% |  |
| Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11817 | $167329 |
| Simply Good Foods Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58746 | &nbsp;&nbsp;&nbsp; **2027324** |
| WK Kellogg Co. (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27289 | &nbsp;&nbsp;&nbsp; **461730** |
|  |  | &nbsp;&nbsp; **$2656383** |
| Forest & Paper Products – 0.1% | Forest & Paper Products – 0.1% |  |
| JELD-WEN Holding, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39231 | $143193 |
| Gaming & Lodging – 1.5% | Gaming & Lodging – 1.5% |  |
| Gambling.com Group Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36102 | $425643 |
| International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp;133418 | &nbsp;&nbsp;&nbsp; **1962579** |
| Rush Street Interactive, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;170980 | &nbsp;&nbsp;&nbsp; **2169736** |
|  |  | &nbsp;&nbsp; **$4557958** |
| Insurance – 5.8% | Insurance – 5.8% |  |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21448 | $3774419 |
| Jackson Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35472 | &nbsp;&nbsp;&nbsp; **2905511** |
| Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67988 | &nbsp;&nbsp;&nbsp; **4332875** |
| Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81791 | &nbsp;&nbsp;&nbsp; **2710554** |
| Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60390 | &nbsp;&nbsp;&nbsp; **4017143** |
|  |  | &nbsp;&nbsp; **$17740502** |
| Internet – 2.5% | Internet – 2.5% |  |
| CarGurus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90164 | $2825740 |
| EverQuote, Inc., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99621 | &nbsp;&nbsp;&nbsp; **2296264** |
| Vimeo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;114158 | &nbsp;&nbsp;&nbsp; **497729** |
| Yelp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55633 | &nbsp;&nbsp;&nbsp; **2123511** |
|  |  | &nbsp;&nbsp; **$7743244** |

---

------

MFS Blended Research Small Cap Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Leisure & Toys – 2.3% | Leisure & Toys – 2.3% |  |
| Corsair Gaming, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;408447 | $3590249 |
| Mattel, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;124487 | &nbsp;&nbsp;&nbsp; **2357784** |
| Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7067 | &nbsp;&nbsp;&nbsp; **606772** |
| Playtika Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;123874 | &nbsp;&nbsp;&nbsp; **587163** |
|  |  | &nbsp;&nbsp; **$7141968** |
| Machinery & Tools – 2.7% | Machinery & Tools – 2.7% |  |
| Albany International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24142 | $1595062 |
| Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70962 | &nbsp;&nbsp;&nbsp; **3541713** |
| Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33708 | &nbsp;&nbsp;&nbsp; **999442** |
| Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15320 | &nbsp;&nbsp;&nbsp; **2044301** |
|  |  | &nbsp;&nbsp; **$8180518** |
| Major Banks – 0.3% | Major Banks – 0.3% |  |
| First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19624 | $1017308 |
| Medical & Health Technology & Services – 2.6% | Medical & Health Technology & Services – 2.6% |  |
| Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39771 | $4808314 |
| Guardant Health, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3777 | &nbsp;&nbsp;&nbsp; **153422** |
| Health Catalyst, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;253048 | &nbsp;&nbsp;&nbsp; **961582** |
| Owens & Minor, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78745 | &nbsp;&nbsp;&nbsp; **519717** |
| Teladoc Health, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;226655 | &nbsp;&nbsp;&nbsp; **1568453** |
|  |  | &nbsp;&nbsp; **$8011488** |
| Medical Equipment – 3.7% | Medical Equipment – 3.7% |  |
| Anika Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36366 | $405481 |
| Concentra Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184830 | &nbsp;&nbsp;&nbsp; **3997873** |
| Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11720 | &nbsp;&nbsp;&nbsp; **123412** |
| Lantheus Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4997 | &nbsp;&nbsp;&nbsp; **377573** |
| MiMedx Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;139591 | &nbsp;&nbsp;&nbsp; **897570** |
| Natera, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12806 | &nbsp;&nbsp;&nbsp; **2019890** |
| QuidelOrtho Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32925 | &nbsp;&nbsp;&nbsp; **1009810** |
| UFP Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3978 | &nbsp;&nbsp;&nbsp; **931648** |
| Veracyte, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7440 | &nbsp;&nbsp;&nbsp; **197978** |
| ZimVie, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;130017 | &nbsp;&nbsp;&nbsp; **1188355** |
|  |  | &nbsp;&nbsp; **$11149590** |
| Metals & Mining – 0.4% | Metals & Mining – 0.4% |  |
| Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64255 | $1333934 |
| Natural Gas - Distribution – 0.7% | Natural Gas - Distribution – 0.7% |  |
| UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56341 | $2031657 |
| Oil Services – 2.1% | Oil Services – 2.1% |  |
| Expro Group Holdings N.V. (a) | &nbsp;&nbsp;&nbsp;&nbsp;204263 | $1699468 |
| Flowco Holdings, Inc., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8139 | &nbsp;&nbsp;&nbsp; **140072** |
| NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171808 | &nbsp;&nbsp;&nbsp; **2061696** |
| Select Water Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102632 | &nbsp;&nbsp;&nbsp; **825162** |
| Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40625 | &nbsp;&nbsp;&nbsp; **1771250** |
|  |  | &nbsp;&nbsp; **$6497648** |

---

------

MFS Blended Research Small Cap Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Other Banks & Diversified Financials – 13.8% | Other Banks & Diversified Financials – 13.8% |  |
| Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;232235 | $3186264 |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36496 | &nbsp;&nbsp;&nbsp; **1870055** |
| Cathay General Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97509 | &nbsp;&nbsp;&nbsp; **4178748** |
| Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176639 | &nbsp;&nbsp;&nbsp; **4129820** |
| East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40357 | &nbsp;&nbsp;&nbsp; **3680558** |
| First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7987 | &nbsp;&nbsp;&nbsp; **190730** |
| Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6955 | &nbsp;&nbsp;&nbsp; **159409** |
| Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93057 | &nbsp;&nbsp;&nbsp; **1250686** |
| Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46532 | &nbsp;&nbsp;&nbsp; **4817458** |
| PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52388 | &nbsp;&nbsp;&nbsp; **1510346** |
| Sezzle, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7926 | &nbsp;&nbsp;&nbsp; **845784** |
| Shore Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43313 | &nbsp;&nbsp;&nbsp; **627605** |
| SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;116834 | &nbsp;&nbsp;&nbsp; **3781917** |
| Texas Capital Bancshares, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49505 | &nbsp;&nbsp;&nbsp; **3549013** |
| UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45474 | &nbsp;&nbsp;&nbsp; **4689279** |
| United Community Bank, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120835 | &nbsp;&nbsp;&nbsp; **3472798** |
|  |  | &nbsp;&nbsp; **$41940470** |
| Pharmaceuticals – 6.4% | Pharmaceuticals – 6.4% |  |
| ACADIA Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47684 | $1028544 |
| Alkermes PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34907 | &nbsp;&nbsp;&nbsp; **1068503** |
| Amicus Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98428 | &nbsp;&nbsp;&nbsp; **597458** |
| Amneal Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;137528 | &nbsp;&nbsp;&nbsp; **1006705** |
| Arcturus Therapeutics Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48113 | &nbsp;&nbsp;&nbsp; **602856** |
| Catalyst Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60728 | &nbsp;&nbsp;&nbsp; **1515771** |
| Collegium Pharmaceutical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5481 | &nbsp;&nbsp;&nbsp; **159716** |
| Cytokinetics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28783 | &nbsp;&nbsp;&nbsp; **892849** |
| Jazz Pharmaceuticals PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6717 | &nbsp;&nbsp;&nbsp; **725906** |
| Kiniksa Pharmaceuticals International PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52185 | &nbsp;&nbsp;&nbsp; **1427782** |
| Kymera Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29999 | &nbsp;&nbsp;&nbsp; **889170** |
| Neurocrine Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6770 | &nbsp;&nbsp;&nbsp; **832846** |
| Nurix Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35380 | &nbsp;&nbsp;&nbsp; **376089** |
| Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;266988 | &nbsp;&nbsp;&nbsp; **2461629** |
| Phibro Animal Health Corp., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77521 | &nbsp;&nbsp;&nbsp; **1893063** |
| PTC Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34967 | &nbsp;&nbsp;&nbsp; **1696599** |
| Rigel Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41545 | &nbsp;&nbsp;&nbsp; **797664** |
| Ultragenyx Pharmaceutical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17140 | &nbsp;&nbsp;&nbsp; **583274** |
| USANA Health Sciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4615 | &nbsp;&nbsp;&nbsp; **137850** |
| Vanda Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;143951 | &nbsp;&nbsp;&nbsp; **624747** |
| Zymeworks, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22027 | &nbsp;&nbsp;&nbsp; **251769** |
|  |  | &nbsp;&nbsp; **$19570790** |
| Printing & Publishing – 0.3% | Printing & Publishing – 0.3% |  |
| Cimpress PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6485 | $287026 |
| Quad/Graphics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130464 | &nbsp;&nbsp;&nbsp; **760605** |
|  |  | &nbsp;&nbsp; **$1047631** |
| Railroad & Shipping – 0.6% | Railroad & Shipping – 0.6% |  |
| Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6676 | $265304 |
| Teekay Tankers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35655 | &nbsp;&nbsp;&nbsp; **1575595** |
|  |  | &nbsp;&nbsp; **$1840899** |

---

------

MFS Blended Research Small Cap Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Real Estate – 2.6% | Real Estate – 2.6% |  |
| Broadstone Net Lease, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;145172 | $2309687 |
| Cushman & Wakefield PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80271 | &nbsp;&nbsp;&nbsp; **805118** |
| Essential Properties Realty Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp;143943 | &nbsp;&nbsp;&nbsp; **4678147** |
| Uniti Group, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30237 | &nbsp;&nbsp;&nbsp; **130019** |
|  |  | &nbsp;&nbsp; **$7922971** |
| Real Estate - Office – 2.9% | Real Estate - Office – 2.9% |  |
| Cousins Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23825 | $668768 |
| Highwoods Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;139748 | &nbsp;&nbsp;&nbsp; **4150516** |
| Piedmont Office Realty Trust, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;552710 | &nbsp;&nbsp;&nbsp; **3935295** |
|  |  | &nbsp;&nbsp; **$8754579** |
| Restaurants – 0.5% | Restaurants – 0.5% |  |
| Chefs' Warehouse, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25930 | $1653815 |
| Specialty Stores – 0.7% | Specialty Stores – 0.7% |  |
| Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64926 | $1825719 |
| Genesco, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18139 | &nbsp;&nbsp;&nbsp; **394161** |
|  |  | &nbsp;&nbsp; **$2219880** |
| Telecom Services – 0.7% | Telecom Services – 0.7% |  |
| Liberty Global Ltd., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28160 | $271181 |
| Lumen Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;483126 | &nbsp;&nbsp;&nbsp; **1893854** |
|  |  | &nbsp;&nbsp; **$2165035** |
| Tobacco – 0.4% | Tobacco – 0.4% |  |
| Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16152 | $1200417 |
| Trucking – 0.6% | Trucking – 0.6% |  |
| Saia, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6612 | $1748279 |
| Utilities - Electric Power – 2.0% | Utilities - Electric Power – 2.0% |  |
| Hawaiian Electric Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;157380 | $1680818 |
| Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;105529 | &nbsp;&nbsp;&nbsp; **4474430** |
|  |  | &nbsp;&nbsp; **$6155248** |
| **Total Common Stocks (Identified Cost, $289,215,924)** |  | &nbsp;&nbsp;**$302906633** |
| Mutual Funds (h) – 0.6% | Mutual Funds (h) – 0.6% | Mutual Funds (h) – 0.6% |
| Money Market Funds – 0.6% | Money Market Funds – 0.6% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $1,698,528) | 1698528 | &nbsp;&nbsp;$1698528 |
| Collateral for Securities Loaned – 0.4% | Collateral for Securities Loaned – 0.4% | Collateral for Securities Loaned – 0.4% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 4.25% (j) (Identified Cost, $1,151,750) | 1151750 | &nbsp;&nbsp;$1151750 |
| Other Assets, Less Liabilities – (0.3)% |  | &nbsp;&nbsp;&nbsp;&nbsp; **(793876)** |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **$304963035** |

---

------

MFS Blended Research Small Cap Equity Fund

Portfolio of Investments – continued

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values
of the fund's investments in affiliated issuers and in unaffiliated issuers were $1,698,528 and $304,058,383, respectively.

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

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

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

The following abbreviations are used in this report and are defined: <br> REIT Real Estate Investment Trust

#### See Notes to Financial Statements

------

MFS Blended Research Small Cap Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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 5/31/25 <br>Assets** |  |
| Investments in unaffiliated issuers, at value, including $1,117,384 of securities on loan (identified cost, $290,367,674) | &nbsp;&nbsp;$304058383 |
| Investments in affiliated issuers, at value (identified cost, $1,698,528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698528 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379177 |
| Receivable from investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27588 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 |
| Total assets | &nbsp;&nbsp;$306472222 |
| **Liabilities** |  |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$213560 |
| Collateral for securities loaned, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151750 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72766 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1509187 |
| Net assets | &nbsp;&nbsp;$304963035 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$288633762 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16329273 |
| Net assets | &nbsp;&nbsp;$304963035 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22614459 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$36287220 | &nbsp;&nbsp;&nbsp;&nbsp;2714783 | &nbsp;&nbsp;&nbsp;&nbsp;$13.37 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13408 | &nbsp;&nbsp;&nbsp;&nbsp;12.76 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3666078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288428 | &nbsp;&nbsp;&nbsp;&nbsp;12.71 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;105881022 | &nbsp;&nbsp;&nbsp;&nbsp;7837313 | &nbsp;&nbsp;&nbsp;&nbsp;13.51 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223504 | &nbsp;&nbsp;&nbsp;&nbsp;12.71 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;11931722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900125 | &nbsp;&nbsp;&nbsp;&nbsp;13.26 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87984 | &nbsp;&nbsp;&nbsp;&nbsp;13.38 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;18513494 | &nbsp;&nbsp;&nbsp;&nbsp;1368509 | &nbsp;&nbsp;&nbsp;&nbsp;13.53 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;124494455 | &nbsp;&nbsp;&nbsp;&nbsp;9180405 | &nbsp;&nbsp;&nbsp;&nbsp;13.56 |

---

(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 $14.19 [100 / 94.25 x $13.37]. 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.

------

MFS Blended Research Small Cap Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | |
|:---|:---|
| **Year ended 5/31/25 <br>Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$4210914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income on securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14020) |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;$4460938 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;&nbsp;$2152992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170043 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;$3026543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(470774) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;$2555769 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$1905169 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$13972943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(528) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;$13972415 |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$(30160400) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222) |
| Net unrealized gain (loss) | &nbsp;&nbsp;$(30160622) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;$(16188207) |
| Change in net assets from operations | &nbsp;&nbsp;$(14283038) |

---

------

MFS Blended Research Small Cap Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$1905169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2650178 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;13972415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20992559 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(30160622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37585722 |
| Change in net assets from operations | $(14283038) | &nbsp;&nbsp;&nbsp;&nbsp;$61228459 |
| Total distributions to shareholders | $(23937608) | &nbsp;&nbsp;&nbsp;&nbsp;$(2451014) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;&nbsp;&nbsp;$3472858 | &nbsp;&nbsp;&nbsp;&nbsp;$(10857124) |
| Total change in net assets | $(34747788) | &nbsp;&nbsp;&nbsp;&nbsp;$47920321 |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;339710823 | &nbsp;&nbsp;&nbsp;&nbsp;291790502 |
| At end of period | $304963035 | &nbsp;&nbsp;&nbsp;$339710823 |

---

------

MFS Blended Research Small Cap Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**Financial Highlights** |

---

The financial highlights table is intended to help you understand the fund's financial performance for the past 5 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** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$15.16 | &nbsp;&nbsp;&nbsp;&nbsp;$12.56 | &nbsp;&nbsp;&nbsp;&nbsp;$14.31 | &nbsp;&nbsp;&nbsp;&nbsp;$17.57 | &nbsp;&nbsp;&nbsp;&nbsp;$11.33 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 |
| Total from investment operations | &nbsp;&nbsp;$(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.69 | &nbsp;&nbsp;&nbsp;&nbsp;$(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.30 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;$(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$13.37 | &nbsp;&nbsp;&nbsp;&nbsp;$15.16 | &nbsp;&nbsp;&nbsp;&nbsp;$12.56 | &nbsp;&nbsp;&nbsp;&nbsp;$14.31 | &nbsp;&nbsp;&nbsp;&nbsp;$17.57 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(5.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.75 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Net assets at end of period (000 omitted) | $36287 | &nbsp;&nbsp;&nbsp;$40727 | &nbsp;&nbsp;&nbsp;$33667 | &nbsp;&nbsp;&nbsp;$40921 | &nbsp;&nbsp;&nbsp;$73141 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class B** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $14.47 | &nbsp;&nbsp;&nbsp;$12.01 | &nbsp;&nbsp;&nbsp;$13.81 | &nbsp;&nbsp;&nbsp;$17.15 | &nbsp;&nbsp;&nbsp;$11.10 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.06) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;$(0.07) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 |
| Total from investment operations | $(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;$2.46 | &nbsp;&nbsp;&nbsp;$(1.26) | &nbsp;&nbsp;&nbsp;$(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;$6.05 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | $(0.93) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;$(2.11) | &nbsp;&nbsp;&nbsp;$— |
| Net asset value, end of period (x) | $12.76 | &nbsp;&nbsp;&nbsp;$14.47 | &nbsp;&nbsp;&nbsp;$12.01 | &nbsp;&nbsp;&nbsp;$13.81 | &nbsp;&nbsp;&nbsp;$17.15 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;(6.34) | &nbsp;&nbsp;&nbsp;&nbsp;20.48 | &nbsp;&nbsp;&nbsp;&nbsp;(9.34) | &nbsp;&nbsp;&nbsp;&nbsp;(8.21) | &nbsp;&nbsp;&nbsp;&nbsp;54.50 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Net investment income (loss) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$171 | &nbsp;&nbsp;&nbsp;&nbsp;$355 | &nbsp;&nbsp;&nbsp;&nbsp;$451 | &nbsp;&nbsp;&nbsp;&nbsp;$664 | &nbsp;&nbsp;&nbsp;&nbsp;$615 |

---

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

------

MFS Blended Research Small Cap Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $14.46 | &nbsp;&nbsp;&nbsp;$11.99 | &nbsp;&nbsp;&nbsp;$13.79 | &nbsp;&nbsp;&nbsp;$17.14 | &nbsp;&nbsp;&nbsp;$11.09 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.06) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.07) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 |
| Total from investment operations | $(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;$2.47 | &nbsp;&nbsp;&nbsp;$(1.26) | &nbsp;&nbsp;&nbsp;$(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;$6.05 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.04) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | $(0.97) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;$(2.11) | &nbsp;&nbsp;&nbsp;$— |
| Net asset value, end of period (x) | $12.71 | &nbsp;&nbsp;&nbsp;$14.46 | &nbsp;&nbsp;&nbsp;$11.99 | &nbsp;&nbsp;&nbsp;$13.79 | &nbsp;&nbsp;&nbsp;$17.14 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;(6.40) | &nbsp;&nbsp;&nbsp;&nbsp;20.60 | &nbsp;&nbsp;&nbsp;&nbsp;(9.35) | &nbsp;&nbsp;&nbsp;&nbsp;(8.27) | &nbsp;&nbsp;&nbsp;&nbsp;54.55 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Net investment income (loss) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Net assets at end of period (000 omitted) | $3666 | &nbsp;&nbsp;&nbsp;$4989 | &nbsp;&nbsp;&nbsp;$5319 | &nbsp;&nbsp;&nbsp;$6593 | &nbsp;&nbsp;&nbsp;$7503 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$15.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.67 | &nbsp;&nbsp;&nbsp;&nbsp;$11.39 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.31 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.38 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.10) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.14) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.10) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$13.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.40 | &nbsp;&nbsp;&nbsp;&nbsp;$17.67 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(5.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.17 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Net assets at end of period (000 omitted) | $105881 | &nbsp;&nbsp;&nbsp;$115902 | &nbsp;&nbsp;&nbsp;$102893 | &nbsp;&nbsp;&nbsp;$115533 | &nbsp;&nbsp;&nbsp;$80950 |

---

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

------

MFS Blended Research Small Cap Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R1** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $14.47 | &nbsp;&nbsp;&nbsp;$12.00 | &nbsp;&nbsp;&nbsp;$13.80 | &nbsp;&nbsp;&nbsp;$17.15 | &nbsp;&nbsp;&nbsp;$11.09 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.05) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;$(0.07) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 |
| Total from investment operations | $(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;$2.47 | &nbsp;&nbsp;&nbsp;$(1.26) | &nbsp;&nbsp;&nbsp;$(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;$6.06 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.05) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | $(0.98) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;$(2.11) | &nbsp;&nbsp;&nbsp;$— |
| Net asset value, end of period (x) | $12.71 | &nbsp;&nbsp;&nbsp;$14.47 | &nbsp;&nbsp;&nbsp;$12.00 | &nbsp;&nbsp;&nbsp;$13.80 | &nbsp;&nbsp;&nbsp;$17.15 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;(6.39) | &nbsp;&nbsp;&nbsp;&nbsp;20.58 | &nbsp;&nbsp;&nbsp;&nbsp;(9.35) | &nbsp;&nbsp;&nbsp;&nbsp;(8.26) | &nbsp;&nbsp;&nbsp;&nbsp;54.64 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Net investment income (loss) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Net assets at end of period (000 omitted) | $2841 | &nbsp;&nbsp;&nbsp;$3647 | &nbsp;&nbsp;&nbsp;$3410 | &nbsp;&nbsp;&nbsp;$3853 | &nbsp;&nbsp;&nbsp;$4996 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R2** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$15.04 | &nbsp;&nbsp;&nbsp;&nbsp;$12.46 | &nbsp;&nbsp;&nbsp;&nbsp;$14.24 | &nbsp;&nbsp;&nbsp;&nbsp;$17.54 | &nbsp;&nbsp;&nbsp;&nbsp;$11.32 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.00)(w) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.00)(w) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 |
| Total from investment operations | &nbsp;&nbsp;$(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.63 | &nbsp;&nbsp;&nbsp;&nbsp;$(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.26 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.04) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;$(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.04) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$13.26 | &nbsp;&nbsp;&nbsp;&nbsp;$15.04 | &nbsp;&nbsp;&nbsp;&nbsp;$12.46 | &nbsp;&nbsp;&nbsp;&nbsp;$14.24 | &nbsp;&nbsp;&nbsp;&nbsp;$17.54 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(5.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.37 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Net assets at end of period (000 omitted) | $11932 | &nbsp;&nbsp;&nbsp;$14234 | &nbsp;&nbsp;&nbsp;$13529 | &nbsp;&nbsp;&nbsp;$14633 | &nbsp;&nbsp;&nbsp;$16870 |

---

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

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MFS Blended Research Small Cap Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R3** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $15.18 | &nbsp;&nbsp;&nbsp;$12.58 | &nbsp;&nbsp;&nbsp;$14.34 | &nbsp;&nbsp;&nbsp;$17.61 | &nbsp;&nbsp;&nbsp;$11.35 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29 |
| Total from investment operations | $(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;$2.70 | &nbsp;&nbsp;&nbsp;$(1.22) | &nbsp;&nbsp;&nbsp;$(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;$6.32 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.17) | &nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(0.06) |
| From net realized gain | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | $(1.10) | &nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;$(2.11) | &nbsp;&nbsp;&nbsp;$(0.06) |
| Net asset value, end of period (x) | $13.38 | &nbsp;&nbsp;&nbsp;$15.18 | &nbsp;&nbsp;&nbsp;$12.58 | &nbsp;&nbsp;&nbsp;$14.34 | &nbsp;&nbsp;&nbsp;$17.61 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;(5.66) | &nbsp;&nbsp;&nbsp;&nbsp;21.45 | &nbsp;&nbsp;&nbsp;&nbsp;(8.70) | &nbsp;&nbsp;&nbsp;&nbsp;(7.55) | &nbsp;&nbsp;&nbsp;&nbsp;55.83 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Net assets at end of period (000 omitted) | $1177 | &nbsp;&nbsp;&nbsp;$1012 | &nbsp;&nbsp;&nbsp;&nbsp;$661 | &nbsp;&nbsp;&nbsp;&nbsp;$450 | &nbsp;&nbsp;&nbsp;&nbsp;$667 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R4** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$15.33 | &nbsp;&nbsp;&nbsp;&nbsp;$12.69 | &nbsp;&nbsp;&nbsp;&nbsp;$14.42 | &nbsp;&nbsp;&nbsp;&nbsp;$17.68 | &nbsp;&nbsp;&nbsp;&nbsp;$11.40 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30 |
| Total from investment operations | &nbsp;&nbsp;$(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.76 | &nbsp;&nbsp;&nbsp;&nbsp;$(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.37 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.09) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;$(2.13) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.09) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$13.53 | &nbsp;&nbsp;&nbsp;&nbsp;$15.33 | &nbsp;&nbsp;&nbsp;&nbsp;$12.69 | &nbsp;&nbsp;&nbsp;&nbsp;$14.42 | &nbsp;&nbsp;&nbsp;&nbsp;$17.68 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(5.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.09 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Net assets at end of period (000 omitted) | $18513 | &nbsp;&nbsp;&nbsp;$21298 | &nbsp;&nbsp;&nbsp;$18322 | &nbsp;&nbsp;&nbsp;$20000 | &nbsp;&nbsp;&nbsp;$23281 |

---

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

------

MFS Blended Research Small Cap Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$15.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.40 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.41 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.11) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.11) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$13.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.70 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(5.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.40 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Net assets at end of period (000 omitted) | $124494 | &nbsp;&nbsp;&nbsp;$137545 | &nbsp;&nbsp;&nbsp;$113539 | &nbsp;&nbsp;&nbsp;$135216 | &nbsp;&nbsp;&nbsp;$136883 |

---

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

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

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

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

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

(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.

------

MFS Blended Research Small Cap Equity Fund

### Notes to Financial Statements
(1) Business and Organization

MFS Blended Research Small Cap Equity Fund (the fund) is a diversified series of MFS Series Trust X (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.**

In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. An operating segment is 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

------

MFS Blended Research Small Cap Equity Fund

Notes to Financial Statements - continued

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 May 31, 2025 in valuing the fund's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $302906633 | $— | $— | $302906633 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;2850278 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2850278 |
| Total | $305756911 | $— | $— | $305756911 |

---

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

**Security Loans — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, 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 five business days. The loans are collateralized by cash and/or U.S. government securities 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 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 or the cash needed to pay their market value, 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 $1,117,384. The fair value of the fund's investment securities on loan and a related liability of $1,151,750 for the obligation to return cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. 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. government securities, 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.**

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MFS Blended Research Small Cap Equity Fund

Notes to Financial Statements - continued

**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.

**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 declared to shareholders for the last two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/24** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;&nbsp;$5094540 | &nbsp;&nbsp;&nbsp;$2451014 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;18843068 | &nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;$23937608 | &nbsp;&nbsp;&nbsp;$2451014 |

---

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

---

| | |
|:---|:---|
| **As of 5/31/25** |  |
| Cost of investments | &nbsp;&nbsp;&nbsp;$295297193 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52112675 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(41652957) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;$10459718 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348823 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7558389 |
| Post-October capital loss deferral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2037657) |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$16329273 |

---

**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 and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. The fund's realized and unrealized gain (loss) 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:**

------

MFS Blended Research Small Cap Equity Fund

Notes to Financial Statements - continued

---

| | | |
|:---|:---|:---|
|  | **Year<br> ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year<br> ended<br> 5/31/24** |
| Class A | &nbsp;&nbsp;$2893472 | &nbsp;&nbsp;&nbsp;&nbsp;$224299 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14277 | &nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;295207 | &nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;8393038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819300 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;232349 | &nbsp;&nbsp;&nbsp;— |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;959653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49235 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5746 |
| Class R4 | &nbsp;&nbsp;&nbsp;1513773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170011 |
| Class R6 | &nbsp;&nbsp;&nbsp;9549005 | &nbsp;&nbsp;&nbsp;&nbsp;1182423 |
| Total | $23937608 | &nbsp;&nbsp;&nbsp;$2451014 |

---

(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 $1 billion | &nbsp;&nbsp;0.65% |
| In excess of $1 billion and up to $2.5 billion | &nbsp;&nbsp;0.60% |
| In excess of $2.5 billion | 0.575% |

---

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 September 30, 2026. For the year ended May 31, 2025, this management fee reduction amounted to $44,958, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended May 31, 2025 was equivalent to an annual effective rate of 0.64% of the fund's average daily net assets.

For the period from June 1, 2024 through July 31, 2024, the investment adviser had agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses did not exceed the following rates annually of each class's average daily net assets:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** |
| **A** | &nbsp;&nbsp;&nbsp;**B** | &nbsp;&nbsp;&nbsp;**C** | &nbsp;&nbsp;&nbsp;**I** | &nbsp;&nbsp;&nbsp;**R1** | &nbsp;&nbsp;&nbsp;**R2** | &nbsp;&nbsp;&nbsp;**R3** | &nbsp;&nbsp;&nbsp;**R4** | &nbsp;&nbsp;&nbsp;**R6** |
| 0.99% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;0.67% |

---

This written agreement terminated on July 31, 2024. For the period from June 1, 2024 through July 31, 2024, this reduction amounted to $66,450, which is included in the reduction of total expenses in the Statement of Operations.

Effective August 1, 2024, the investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed the following rates annually of each class's average daily net assets:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** |
| **A** | &nbsp;&nbsp;&nbsp;**B** | &nbsp;&nbsp;&nbsp;**C** | &nbsp;&nbsp;&nbsp;**I** | &nbsp;&nbsp;&nbsp;**R1** | &nbsp;&nbsp;&nbsp;**R2** | &nbsp;&nbsp;&nbsp;**R3** | &nbsp;&nbsp;&nbsp;**R4** | &nbsp;&nbsp;&nbsp;**R6** |
| 0.99% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;0.66% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2026. For the period from August 1, 2024 through May 31, 2025, this reduction amounted to $359,317, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $9,013 for the year ended May 31, 2025, as its portion of the initial sales charge on sales of Class A shares of the fund.**

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MFS Blended Research Small Cap Equity Fund

Notes to Financial Statements - continued

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)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | $100523 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;2352 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;45031 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;33320 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | &nbsp;&nbsp;&nbsp;68562 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;3066 |
| Total Distribution and Service Fees |  |  |  |  | $252854 |

---

(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 year ended May 31, 2025 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 year ended May 31, 2025, this rebate amounted to $16 and $33 for Class A 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 year ended May 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $705 |
| Class B | &nbsp;&nbsp;&nbsp;47 |
| Class C | &nbsp;&nbsp;567 |

---

**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 year ended May 31, 2025, the fee was $21,898, which equated to 0.0066% 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 year ended May 31, 2025, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $240,170.**

**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 year ended May 31, 2025 was equivalent to an annual effective rate of 0.0171% 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 Blended Research Small Cap Equity Fund

Notes to Financial Statements - continued

MFS purchased or redeemed fund shares on the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Transaction** | &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class A | &nbsp;&nbsp;3 | &nbsp;&nbsp;$41 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class C | &nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class I | &nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R1 | &nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;35 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;37 |

---

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 year ended May 31, 2025, this reimbursement amounted to $56,835, which is included in "Other" income in the Statement of Operations.

(4) Portfolio Securities

For the year ended May 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $218,071,510 and $235,623,806, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;504057 | &nbsp;&nbsp;&nbsp;&nbsp;$7426140 | &nbsp;&nbsp;&nbsp;&nbsp;611486 | &nbsp;&nbsp;&nbsp;&nbsp;$8803439 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;32358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939356 |
| &nbsp;&nbsp;&nbsp;Class I | 1567810 | &nbsp;&nbsp;&nbsp;&nbsp;22869992 | &nbsp;&nbsp;&nbsp;2385448 | &nbsp;&nbsp;&nbsp;&nbsp;35073132 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;20855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363683 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;169124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496062 | &nbsp;&nbsp;&nbsp;&nbsp;193064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700196 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;29935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226977 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;192322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2848429 | &nbsp;&nbsp;&nbsp;&nbsp;127665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834434 |
| &nbsp;&nbsp;&nbsp;Class R6 | 2254774 | &nbsp;&nbsp;&nbsp;&nbsp;31389403 | &nbsp;&nbsp;&nbsp;1681809 | &nbsp;&nbsp;&nbsp;&nbsp;24029689 |
|  | 4771312 | &nbsp;&nbsp;&nbsp;$68212319 | &nbsp;&nbsp;&nbsp;5114199 | &nbsp;&nbsp;&nbsp;$73973306 |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;184207 | &nbsp;&nbsp;&nbsp;&nbsp;$2890206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$224051 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14277 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;19633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293899 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;529784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8391784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819169 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;15521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232349 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;61595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49235 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5746 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;95446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170011 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;600328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9539212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181626 |
|  | 1512991 | &nbsp;&nbsp;&nbsp;$23921987 | &nbsp;&nbsp;&nbsp;&nbsp;161030 | &nbsp;&nbsp;&nbsp;&nbsp;$2449838 |

---

------

MFS Blended Research Small Cap Equity Fund

Notes to Financial Statements - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;(659710) | &nbsp;&nbsp;&nbsp;$(9554638) | &nbsp;&nbsp;&nbsp;&nbsp;(621437) | &nbsp;&nbsp;&nbsp;&nbsp;$(8824190) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(12182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178166) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;(108693) | &nbsp;&nbsp;&nbsp;&nbsp;(1541016) | &nbsp;&nbsp;&nbsp;&nbsp;(170178) | &nbsp;&nbsp;&nbsp;&nbsp;(2268888) |
| &nbsp;&nbsp;&nbsp;Class I | (1829772) | &nbsp;&nbsp;&nbsp;(27281465) | &nbsp;&nbsp;(2987297) | &nbsp;&nbsp;&nbsp;&nbsp;(42673683) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;(64983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(923121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(780703) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;(276772) | &nbsp;&nbsp;&nbsp;&nbsp;(4042639) | &nbsp;&nbsp;&nbsp;&nbsp;(335910) | &nbsp;&nbsp;&nbsp;&nbsp;(4693139) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;(14172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29183) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;(308517) | &nbsp;&nbsp;&nbsp;&nbsp;(4635974) | &nbsp;&nbsp;&nbsp;&nbsp;(192969) | &nbsp;&nbsp;&nbsp;&nbsp;(2787483) |
| &nbsp;&nbsp;&nbsp;Class R6 | (2627827) | &nbsp;&nbsp;&nbsp;(40296723) | &nbsp;&nbsp;(1732499) | &nbsp;&nbsp;&nbsp;&nbsp;(25044833) |
|  | (5902628) | &nbsp;&nbsp;$(88661448) | &nbsp;&nbsp;(6114409) | &nbsp;&nbsp;$(87280268) |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;28554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$761708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$203300 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(11155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175766) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(56702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(798643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98336) | &nbsp;&nbsp;&nbsp;&nbsp;(1329532) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;267822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980311 | &nbsp;&nbsp;&nbsp;&nbsp;(547992) | &nbsp;&nbsp;&nbsp;&nbsp;(6781382) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;(28607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(417020) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(46053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(586924) | &nbsp;&nbsp;&nbsp;&nbsp;(139559) | &nbsp;&nbsp;&nbsp;&nbsp;(1943708) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;21290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203540 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;(20749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(273772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(783038) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;227275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166482 |
|  | &nbsp;&nbsp;&nbsp;381675 | &nbsp;&nbsp;&nbsp;&nbsp;$3472858 | &nbsp;&nbsp;&nbsp;&nbsp;(839180) | &nbsp;&nbsp;$(10857124) |

---

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 Lifetime 2040 Fund, the MFS Lifetime 2050 Fund, the MFS Lifetime 2045 Fund, the MFS Lifetime 2030 Fund, the MFS Lifetime 2035 Fund, the MFS Lifetime 2055 Fund, the MFS Lifetime Income Fund, the MFS Lifetime 2060 Fund, and the MFS Lifetime 2025 Fund were the owners of record of approximately 5%, 5%, 4%, 3%, 3%, 3%, 2%, 2%, and 1%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Lifetime 2065 Fund was the owner 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) plus 0.10%, 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 12, 2026 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 year ended May 31, 2025, the fund's commitment fee and interest expense were $1,618 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. For the purposes of this report, the following were affiliated issuers for the year ended May 31, 2025:

------

MFS Blended Research Small Cap Equity Fund

Notes to Financial Statements - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;$2394092 | &nbsp;&nbsp;&nbsp;$44203491 | &nbsp;&nbsp;&nbsp;$44898305 | &nbsp;&nbsp;&nbsp;$(528) | &nbsp;&nbsp;&nbsp;$(222) | &nbsp;&nbsp;&nbsp;$1698528 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;$117373 | &nbsp;&nbsp;&nbsp;$— |

---

------

MFS Blended Research Small Cap Equity Fund

### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of MFS Series Trust X and the Shareholders of MFS Blended Research Small Cap Equity Fund:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of MFS Blended Research Small Cap Equity Fund (the "Fund"), including the portfolio of investments, as of May 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

July 16, 2025

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Blended Research Small Cap Equity Fund

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2025 income tax forms in January 2026. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

The fund designates $21,677,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 77.08% of the ordinary income dividends paid during the prior calendar year qualify for the corporate dividends received deduction.

The fund designates the maximum amount allowable as Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

------

#### ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Blended Research Small Cap Equity Fund.

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Blended Research Small Cap Equity 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 Blended Research Small Cap Equity 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 Blended Research Value Equity Fund

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Blended Research Value Equity Fund

### Portfolio of Investments - 5/31/25
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** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – 99.1% | Common Stocks – 99.1% | Common Stocks – 99.1% |
| Aerospace & Defense – 4.6% | Aerospace & Defense – 4.6% |  |
| Amentum Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | $9064 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14033 | &nbsp;&nbsp;&nbsp; **3908050** |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17836 | &nbsp;&nbsp;&nbsp; **4386051** |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16890 | &nbsp;&nbsp;&nbsp; **2508503** |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20469 | &nbsp;&nbsp;&nbsp; **2793609** |
|  |  | &nbsp;&nbsp; **$13605277** |
| Apparel Manufacturers – 0.5% | Apparel Manufacturers – 0.5% |  |
| VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;127883 | $1593422 |
| Biotechnology – 0.6% | Biotechnology – 0.6% |  |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15029 | $1654392 |
| Brokerage & Asset Managers – 4.3% | Brokerage & Asset Managers – 4.3% |  |
| Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20050 | $1771217 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68817 | &nbsp;&nbsp;&nbsp; **5183296** |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610 | &nbsp;&nbsp;&nbsp; **1043290** |
| Interactive Brokers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6811 | &nbsp;&nbsp;&nbsp; **1428131** |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22760 | &nbsp;&nbsp;&nbsp; **3345265** |
|  |  | &nbsp;&nbsp; **$12771199** |
| Business Services – 2.0% | Business Services – 2.0% |  |
| Accenture PLC, "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4956 | $1570160 |
| Fiserv, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23788 | &nbsp;&nbsp;&nbsp; **3872448** |
| GoDaddy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3352 | &nbsp;&nbsp;&nbsp; **610567** |
|  |  | &nbsp;&nbsp; **$6053175** |
| Chemicals – 0.5% | Chemicals – 0.5% |  |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18126 | $1420535 |
| Computer Software – 2.4% | Computer Software – 2.4% |  |
| Guidewire Software, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3246 | $697955 |
| Okta, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10535 | &nbsp;&nbsp;&nbsp; **1086896** |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13840 | &nbsp;&nbsp;&nbsp; **3672721** |
| VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787 | &nbsp;&nbsp;&nbsp; **486904** |
| Zoom Communications, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14446 | &nbsp;&nbsp;&nbsp; **1173737** |
|  |  | &nbsp;&nbsp; **$7118213** |
| Construction – 2.1% | Construction – 2.1% |  |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10806 | $1163590 |
| CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6163 | &nbsp;&nbsp;&nbsp; **561819** |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648 | &nbsp;&nbsp;&nbsp; **665176** |
| Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6875 | &nbsp;&nbsp;&nbsp; **429138** |
| Mohawk Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8242 | &nbsp;&nbsp;&nbsp; **829228** |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37061 | &nbsp;&nbsp;&nbsp; **2424901** |
|  |  | &nbsp;&nbsp; **$6073852** |

---

BRUFS-ANN

------

MFS Blended Research Value Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Consumer Products – 2.5% | Consumer Products – 2.5% |  |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40616 | $3774851 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25940 | &nbsp;&nbsp;&nbsp; **3729134** |
|  |  | &nbsp;&nbsp; **$7503985** |
| Consumer Services – 1.2% | Consumer Services – 1.2% |  |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | $3438293 |
| Electrical Equipment – 2.0% | Electrical Equipment – 2.0% |  |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153 | $563567 |
| Amphenol Corp., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58699 | &nbsp;&nbsp;&nbsp; **5278801** |
|  |  | &nbsp;&nbsp; **$5842368** |
| Electronics – 2.2% | Electronics – 2.2% |  |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18483 | $2897210 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43221 | &nbsp;&nbsp;&nbsp; **3491825** |
|  |  | &nbsp;&nbsp; **$6389035** |
| Energy - Independent – 3.9% | Energy - Independent – 3.9% |  |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38100 | $3251835 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35648 | &nbsp;&nbsp;&nbsp; **3870304** |
| Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27636 | &nbsp;&nbsp;&nbsp; **3136133** |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10162 | &nbsp;&nbsp;&nbsp; **1310593** |
|  |  | &nbsp;&nbsp; **$11568865** |
| Energy - Integrated – 1.7% | Energy - Integrated – 1.7% |  |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29997 | $3068693 |
| National Gas Fuel Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24098 | &nbsp;&nbsp;&nbsp; **1989049** |
|  |  | &nbsp;&nbsp; **$5057742** |
| Energy - Renewables – 0.7% | Energy - Renewables – 0.7% |  |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4309 | $2038071 |
| Engineering - Construction – 0.3% | Engineering - Construction – 0.3% |  |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7212 | $910876 |
| Food & Beverages – 2.6% | Food & Beverages – 2.6% |  |
| General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25854 | $1402838 |
| Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7320 | &nbsp;&nbsp;&nbsp; **1018358** |
| Mondelez International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58031 | &nbsp;&nbsp;&nbsp; **3916512** |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9864 | &nbsp;&nbsp;&nbsp; **1296623** |
|  |  | &nbsp;&nbsp; **$7634331** |
| Food & Drug Stores – 0.2% | Food & Drug Stores – 0.2% |  |
| Albertsons Cos., Inc., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30250 | $672458 |
| General Merchandise – 0.5% | General Merchandise – 0.5% |  |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13636 | $1326101 |

---

------

MFS Blended Research Value Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Health Maintenance Organizations – 2.1% | Health Maintenance Organizations – 2.1% |  |
| Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14609 | $4625794 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786 | &nbsp;&nbsp;&nbsp; **882630** |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 | &nbsp;&nbsp;&nbsp; **792514** |
|  |  | &nbsp;&nbsp; **$6300938** |
| Insurance – 8.2% | Insurance – 8.2% |  |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7669 | $649104 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6594 | &nbsp;&nbsp;&nbsp; **3357929** |
| Berkshire Hathaway, Inc., "B" (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13470 | &nbsp;&nbsp;&nbsp; **6788341** |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16932 | &nbsp;&nbsp;&nbsp; **5032190** |
| Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21626 | &nbsp;&nbsp;&nbsp; **705224** |
| Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56526 | &nbsp;&nbsp;&nbsp; **2988530** |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2963 | &nbsp;&nbsp;&nbsp; **1028724** |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14499 | &nbsp;&nbsp;&nbsp; **1882550** |
| MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13956 | &nbsp;&nbsp;&nbsp; **1096662** |
| Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9948 | &nbsp;&nbsp;&nbsp; **661741** |
|  |  | &nbsp;&nbsp; **$24190995** |
| Interactive Media Services – 2.1% | Interactive Media Services – 2.1% |  |
| Alphabet, Inc., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16216 | $2784936 |
| Meta Platforms, Inc., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5315 | &nbsp;&nbsp;&nbsp; **3441409** |
|  |  | &nbsp;&nbsp; **$6226345** |
| Machinery & Tools – 5.7% | Machinery & Tools – 5.7% |  |
| CNH Industrial N.V. | &nbsp;&nbsp;&nbsp;&nbsp;150716 | $1885457 |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp; **1189711** |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14501 | &nbsp;&nbsp;&nbsp; **4643220** |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11916 | &nbsp;&nbsp;&nbsp; **5127097** |
| Wabtec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20183 | &nbsp;&nbsp;&nbsp; **4083425** |
|  |  | &nbsp;&nbsp; **$16928910** |
| Major Banks – 4.8% | Major Banks – 4.8% |  |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34245 | $1511232 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21156 | &nbsp;&nbsp;&nbsp; **5585184** |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93795 | &nbsp;&nbsp;&nbsp; **7013990** |
|  |  | &nbsp;&nbsp; **$14110406** |
| Medical & Health Technology & Services – 1.2% | Medical & Health Technology & Services – 1.2% |  |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4144 | $2981650 |
| Ventas, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9240 | &nbsp;&nbsp;&nbsp; **593947** |
|  |  | &nbsp;&nbsp; **$3575597** |
| Medical Equipment – 3.1% | Medical Equipment – 3.1% |  |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9586 | $1280498 |
| Boston Scientific Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21796 | &nbsp;&nbsp;&nbsp; **2294247** |
| Envista Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90910 | &nbsp;&nbsp;&nbsp; **1660925** |
| Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48956 | &nbsp;&nbsp;&nbsp; **4062369** |
|  |  | &nbsp;&nbsp; **$9298039** |
| Metals & Mining – 0.5% | Metals & Mining – 0.5% |  |
| United States Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28375 | $1527143 |

---

------

MFS Blended Research Value Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Network & Telecom – 1.0% | Network & Telecom – 1.0% |  |
| Qualcomm, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20142 | $2924618 |
| Oil Services – 1.0% | Oil Services – 1.0% |  |
| TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94167 | $2933302 |
| Other Banks & Diversified Financials – 5.3% | Other Banks & Diversified Financials – 5.3% |  |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17767 | $5224386 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36347 | &nbsp;&nbsp;&nbsp; **3879679** |
| Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40681 | &nbsp;&nbsp;&nbsp; **4211704** |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41952 | &nbsp;&nbsp;&nbsp; **2418533** |
|  |  | &nbsp;&nbsp; **$15734302** |
| Pharmaceuticals – 6.8% | Pharmaceuticals – 6.8% |  |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19731 | $3672136 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50523 | &nbsp;&nbsp;&nbsp; **7841675** |
| Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65866 | &nbsp;&nbsp;&nbsp; **607285** |
| Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;195999 | &nbsp;&nbsp;&nbsp; **4604017** |
| Vertex Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7546 | &nbsp;&nbsp;&nbsp; **3335709** |
|  |  | &nbsp;&nbsp; **$20060822** |
| Railroad & Shipping – 1.6% | Railroad & Shipping – 1.6% |  |
| CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45837 | $1447991 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14113 | &nbsp;&nbsp;&nbsp; **3128287** |
|  |  | &nbsp;&nbsp; **$4576278** |
| Real Estate – 2.1% | Real Estate – 2.1% |  |
| Essential Properties Realty Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30460 | $989950 |
| Jones Lang LaSalle, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982 | &nbsp;&nbsp;&nbsp; **441392** |
| Simon Property Group, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5361 | &nbsp;&nbsp;&nbsp; **874218** |
| W.P. Carey, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63191 | &nbsp;&nbsp;&nbsp; **3965867** |
|  |  | &nbsp;&nbsp; **$6271427** |
| Real Estate - Office – 2.0% | Real Estate - Office – 2.0% |  |
| Cousins Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;122655 | $3442926 |
| Highwoods Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86603 | &nbsp;&nbsp;&nbsp; **2572109** |
|  |  | &nbsp;&nbsp; **$6015035** |
| Restaurants – 1.2% | Restaurants – 1.2% |  |
| Aramark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89131 | $3609806 |
| Specialty Chemicals – 3.1% | Specialty Chemicals – 3.1% |  |
| Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51834 | $3669847 |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5610 | &nbsp;&nbsp;&nbsp; **2623124** |
| RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24323 | &nbsp;&nbsp;&nbsp; **2768930** |
|  |  | &nbsp;&nbsp; **$9061901** |
| Specialty Stores – 3.5% | Specialty Stores – 3.5% |  |
| Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4266 | $1571125 |
| O'Reilly Automotive, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 | &nbsp;&nbsp;&nbsp; **4273438** |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22707 | &nbsp;&nbsp;&nbsp; **2134685** |
| TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13130 | &nbsp;&nbsp;&nbsp; **1666197** |

---

------

MFS Blended Research Value Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Specialty Stores – continued | Specialty Stores – continued |  |
| Walmart Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6414 | $633190 |
|  |  | &nbsp;&nbsp; **$10278635** |
| Telecom Services – 2.0% | Telecom Services – 2.0% |  |
| Liberty Global Ltd., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62130 | $598312 |
| T-Mobile USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21593 | &nbsp;&nbsp;&nbsp; **5229825** |
|  |  | &nbsp;&nbsp; **$5828137** |
| Tobacco – 2.2% | Tobacco – 2.2% |  |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46136 | $2796303 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21039 | &nbsp;&nbsp;&nbsp; **3799433** |
|  |  | &nbsp;&nbsp; **$6595736** |
| Utilities - Electric Power – 4.8% | Utilities - Electric Power – 4.8% |  |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7353 | $712359 |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27036 | &nbsp;&nbsp;&nbsp; **3182678** |
| Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33135 | &nbsp;&nbsp;&nbsp; **1843963** |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25188 | &nbsp;&nbsp;&nbsp; **2097656** |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56016 | &nbsp;&nbsp;&nbsp; **3956970** |
| PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;143859 | &nbsp;&nbsp;&nbsp; **2428340** |
|  |  | &nbsp;&nbsp; **$14221966** |
| **Total Common Stocks (Identified Cost, $226,987,664)** |  | &nbsp;&nbsp;**$292942528** |
| 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, 4.35% (v) (Identified Cost, $2,013,676) | 2013676 | &nbsp;&nbsp;$2013676 |
| Other Assets, Less Liabilities – 0.2% |  | &nbsp;&nbsp;&nbsp; **595821** |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **$295552025** |

---

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values
of the fund's investments in affiliated issuers and in unaffiliated issuers were $2,013,676 and $292,942,528, respectively.

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

The following abbreviations are used in this report and are defined: <br> REIT Real Estate Investment Trust

#### See Notes to Financial Statements

------

MFS Blended Research Value Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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 5/31/25 <br>Assets** |  |
| Investments in unaffiliated issuers, at value (identified cost, $226,987,664) | &nbsp;&nbsp;$292942528 |
| Investments in affiliated issuers, at value (identified cost, $2,013,676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013676 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540852 |
| Receivable from investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19173 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 |
| Total assets | &nbsp;&nbsp;$295680840 |
| **Liabilities** |  |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36572 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Payable for audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59859 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8709 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$128815 |
| Net assets | &nbsp;&nbsp;$295552025 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$215310579 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80241446 |
| Net assets | &nbsp;&nbsp;$295552025 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18718877 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$28907128 | &nbsp;&nbsp;&nbsp;&nbsp;1819990 | &nbsp;&nbsp;&nbsp;&nbsp;$15.88 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15356 | &nbsp;&nbsp;&nbsp;&nbsp;15.68 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95459 | &nbsp;&nbsp;&nbsp;&nbsp;15.50 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;60209616 | &nbsp;&nbsp;&nbsp;&nbsp;3824704 | &nbsp;&nbsp;&nbsp;&nbsp;15.74 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7640 | &nbsp;&nbsp;&nbsp;&nbsp;15.61 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9346 | &nbsp;&nbsp;&nbsp;&nbsp;15.67 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16765 | &nbsp;&nbsp;&nbsp;&nbsp;15.70 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8090 | &nbsp;&nbsp;&nbsp;&nbsp;15.77 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;204058840 | &nbsp;&nbsp;&nbsp;&nbsp;12921527 | &nbsp;&nbsp;&nbsp;&nbsp;15.79 |

---

(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 $16.85 [100 / 94.25 x $15.88]. 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.

------

MFS Blended Research Value Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | |
|:---|:---|
| **Year ended 5/31/25 <br>Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$5964342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15893) |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;$6078563 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;&nbsp;$1171496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35477 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;$1666653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(291328) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;$1375325 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$4703238 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$26852214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;$26852511 |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$(12044485) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(412) |
| Net unrealized gain (loss) | &nbsp;&nbsp;$(12044897) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;$14807614 |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;$19510852 |

---

------

MFS Blended Research Value Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$4703238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4712528 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;26852511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16512216 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(12044897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43733159 |
| Change in net assets from operations | &nbsp;&nbsp;$19510852 | &nbsp;&nbsp;&nbsp;&nbsp;$64957903 |
| Total distributions to shareholders | $(29000528) | &nbsp;&nbsp;&nbsp;&nbsp;$(9661076) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;&nbsp;&nbsp;$7487660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3544009 |
| Total change in net assets | &nbsp;&nbsp;&nbsp;$(2002016) | &nbsp;&nbsp;&nbsp;&nbsp;$58840836 |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;297554041 | &nbsp;&nbsp;&nbsp;&nbsp;238713205 |
| At end of period | $295552025 | &nbsp;&nbsp;&nbsp;$297554041 |

---

------

MFS Blended Research Value Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**Financial Highlights** |

---

The financial highlights table is intended to help you understand the fund's financial performance for the past 5 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** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$16.53 | &nbsp;&nbsp;&nbsp;&nbsp;$13.45 | &nbsp;&nbsp;&nbsp;&nbsp;$15.05 | &nbsp;&nbsp;&nbsp;&nbsp;$16.28 | &nbsp;&nbsp;&nbsp;&nbsp;$11.48 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.58 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.02 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.22) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.68) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.22) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$15.88 | &nbsp;&nbsp;&nbsp;&nbsp;$16.53 | &nbsp;&nbsp;&nbsp;&nbsp;$13.45 | &nbsp;&nbsp;&nbsp;&nbsp;$15.05 | &nbsp;&nbsp;&nbsp;&nbsp;$16.28 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.17 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Net assets at end of period (000 omitted) | $28907 | &nbsp;&nbsp;&nbsp;$26761 | &nbsp;&nbsp;&nbsp;$22380 | &nbsp;&nbsp;&nbsp;$17572 | &nbsp;&nbsp;&nbsp;$68612 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class B** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $16.30 | &nbsp;&nbsp;&nbsp;$13.21 | &nbsp;&nbsp;&nbsp;$14.85 | &nbsp;&nbsp;&nbsp;$16.28 | &nbsp;&nbsp;&nbsp;$11.46 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| Total from investment operations | &nbsp;&nbsp;$0.90 | &nbsp;&nbsp;&nbsp;&nbsp;$3.41 | &nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;$4.92 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.08) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;$(0.10) |
| From net realized gain | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | $(1.52) | &nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;$(1.05) | &nbsp;&nbsp;&nbsp;$(1.80) | &nbsp;&nbsp;&nbsp;$(0.10) |
| Net asset value, end of period (x) | $15.68 | &nbsp;&nbsp;&nbsp;$16.30 | &nbsp;&nbsp;&nbsp;$13.21 | &nbsp;&nbsp;&nbsp;$14.85 | &nbsp;&nbsp;&nbsp;$16.28 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;26.05 | &nbsp;&nbsp;&nbsp;&nbsp;(4.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;43.10 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$241 | &nbsp;&nbsp;&nbsp;&nbsp;$329 | &nbsp;&nbsp;&nbsp;&nbsp;$560 | &nbsp;&nbsp;&nbsp;&nbsp;$439 | &nbsp;&nbsp;&nbsp;&nbsp;$140 |

---

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

------

MFS Blended Research Value Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $16.16 | &nbsp;&nbsp;&nbsp;$13.19 | &nbsp;&nbsp;&nbsp;$14.78 | &nbsp;&nbsp;&nbsp;$16.22 | &nbsp;&nbsp;&nbsp;$11.45 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81 |
| Total from investment operations | &nbsp;&nbsp;$0.90 | &nbsp;&nbsp;&nbsp;&nbsp;$3.38 | &nbsp;&nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;$0.36 | &nbsp;&nbsp;&nbsp;&nbsp;$4.91 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.12) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;$(0.14) |
| From net realized gain | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | $(1.56) | &nbsp;&nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;&nbsp;$(1.01) | &nbsp;&nbsp;&nbsp;$(1.80) | &nbsp;&nbsp;&nbsp;$(0.14) |
| Net asset value, end of period (x) | $15.50 | &nbsp;&nbsp;&nbsp;$16.16 | &nbsp;&nbsp;&nbsp;$13.19 | &nbsp;&nbsp;&nbsp;$14.78 | &nbsp;&nbsp;&nbsp;$16.22 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;5.52 | &nbsp;&nbsp;&nbsp;&nbsp;25.97 | &nbsp;&nbsp;&nbsp;&nbsp;(4.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;43.08 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Net assets at end of period (000 omitted) | $1479 | &nbsp;&nbsp;&nbsp;$1389 | &nbsp;&nbsp;&nbsp;&nbsp;$966 | &nbsp;&nbsp;&nbsp;&nbsp;$974 | &nbsp;&nbsp;&nbsp;&nbsp;$873 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$16.40 | &nbsp;&nbsp;&nbsp;&nbsp;$13.35 | &nbsp;&nbsp;&nbsp;&nbsp;$14.93 | &nbsp;&nbsp;&nbsp;&nbsp;$16.37 | &nbsp;&nbsp;&nbsp;$11.54 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;$0.24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.59 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.52 | &nbsp;&nbsp;&nbsp;&nbsp;$5.08 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;&nbsp;$(0.25) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(1.72) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.96) | &nbsp;&nbsp;&nbsp;$(0.25) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$15.74 | &nbsp;&nbsp;&nbsp;&nbsp;$16.40 | &nbsp;&nbsp;&nbsp;&nbsp;$13.35 | &nbsp;&nbsp;&nbsp;&nbsp;$14.93 | &nbsp;&nbsp;&nbsp;$16.37 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;44.51 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Net assets at end of period (000 omitted) | $60210 | &nbsp;&nbsp;&nbsp;$59883 | &nbsp;&nbsp;&nbsp;$52655 | &nbsp;&nbsp;&nbsp;$56857 | &nbsp;&nbsp;&nbsp;$1517 |

---

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

------

MFS Blended Research Value Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R1** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $16.28 | &nbsp;&nbsp;&nbsp;$13.26 | &nbsp;&nbsp;&nbsp;$14.84 | &nbsp;&nbsp;&nbsp;$16.22 | &nbsp;&nbsp;&nbsp;$11.45 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80 |
| Total from investment operations | &nbsp;&nbsp;$1.01 | &nbsp;&nbsp;&nbsp;&nbsp;$3.53 | &nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;$0.48 | &nbsp;&nbsp;&nbsp;&nbsp;$4.90 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.24) | &nbsp;&nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;&nbsp;$(0.13) |
| From net realized gain | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | $(1.68) | &nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;$(1.11) | &nbsp;&nbsp;&nbsp;$(1.86) | &nbsp;&nbsp;&nbsp;$(0.13) |
| Net asset value, end of period (x) | $15.61 | &nbsp;&nbsp;&nbsp;$16.28 | &nbsp;&nbsp;&nbsp;$13.26 | &nbsp;&nbsp;&nbsp;$14.84 | &nbsp;&nbsp;&nbsp;$16.22 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;27.00 | &nbsp;&nbsp;&nbsp;&nbsp;(3.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;43.07 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$119 | &nbsp;&nbsp;&nbsp;&nbsp;$112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R2** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $16.33 | &nbsp;&nbsp;&nbsp;$13.30 | &nbsp;&nbsp;&nbsp;$14.89 | &nbsp;&nbsp;&nbsp;$16.31 | &nbsp;&nbsp;&nbsp;$11.50 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;&nbsp;&nbsp;$0.18 | &nbsp;&nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 |
| Total from investment operations | &nbsp;&nbsp;$0.98 | &nbsp;&nbsp;&nbsp;&nbsp;$3.50 | &nbsp;&nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;$0.45 | &nbsp;&nbsp;&nbsp;&nbsp;$5.00 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.20) | &nbsp;&nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;&nbsp;$(0.19) |
| From net realized gain | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | $(1.64) | &nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;$(1.07) | &nbsp;&nbsp;&nbsp;$(1.87) | &nbsp;&nbsp;&nbsp;$(0.19) |
| Net asset value, end of period (x) | $15.67 | &nbsp;&nbsp;&nbsp;$16.33 | &nbsp;&nbsp;&nbsp;$13.30 | &nbsp;&nbsp;&nbsp;$14.89 | &nbsp;&nbsp;&nbsp;$16.31 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;5.99 | &nbsp;&nbsp;&nbsp;&nbsp;26.70 | &nbsp;&nbsp;&nbsp;&nbsp;(3.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;43.83 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$146 | &nbsp;&nbsp;&nbsp;&nbsp;$136 | &nbsp;&nbsp;&nbsp;&nbsp;$105 | &nbsp;&nbsp;&nbsp;&nbsp;$111 | &nbsp;&nbsp;&nbsp;&nbsp;$104 |

---

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

------

MFS Blended Research Value Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R3** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $16.36 | &nbsp;&nbsp;&nbsp;$13.32 | &nbsp;&nbsp;&nbsp;$14.90 | &nbsp;&nbsp;&nbsp;$16.36 | &nbsp;&nbsp;&nbsp;$11.53 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;&nbsp;$0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85 |
| Total from investment operations | &nbsp;&nbsp;$1.02 | &nbsp;&nbsp;&nbsp;&nbsp;$3.55 | &nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;$0.48 | &nbsp;&nbsp;&nbsp;&nbsp;$5.05 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.24) | &nbsp;&nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;&nbsp;$(0.22) |
| From net realized gain | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | $(1.68) | &nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;$(1.11) | &nbsp;&nbsp;&nbsp;$(1.94) | &nbsp;&nbsp;&nbsp;$(0.22) |
| Net asset value, end of period (x) | $15.70 | &nbsp;&nbsp;&nbsp;$16.36 | &nbsp;&nbsp;&nbsp;$13.32 | &nbsp;&nbsp;&nbsp;$14.90 | &nbsp;&nbsp;&nbsp;$16.36 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;27.01 | &nbsp;&nbsp;&nbsp;&nbsp;(3.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;44.17 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$263 | &nbsp;&nbsp;&nbsp;&nbsp;$336 | &nbsp;&nbsp;&nbsp;&nbsp;$292 | &nbsp;&nbsp;&nbsp;&nbsp;$312 | &nbsp;&nbsp;&nbsp;&nbsp;$103 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R4** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $16.42 | &nbsp;&nbsp;&nbsp;$13.37 | &nbsp;&nbsp;&nbsp;$14.96 | &nbsp;&nbsp;&nbsp;$16.37 | &nbsp;&nbsp;&nbsp;$11.54 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;&nbsp;&nbsp;$0.26 | &nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;$0.24 | &nbsp;&nbsp;&nbsp;&nbsp;$0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85 |
| Total from investment operations | &nbsp;&nbsp;$1.07 | &nbsp;&nbsp;&nbsp;&nbsp;$3.59 | &nbsp;&nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;$0.54 | &nbsp;&nbsp;&nbsp;&nbsp;$5.08 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.28) | &nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;&nbsp;$(0.25) |
| From net realized gain | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | $(1.72) | &nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;$(1.14) | &nbsp;&nbsp;&nbsp;$(1.95) | &nbsp;&nbsp;&nbsp;$(0.25) |
| Net asset value, end of period (x) | $15.77 | &nbsp;&nbsp;&nbsp;$16.42 | &nbsp;&nbsp;&nbsp;$13.37 | &nbsp;&nbsp;&nbsp;$14.96 | &nbsp;&nbsp;&nbsp;$16.37 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;27.30 | &nbsp;&nbsp;&nbsp;&nbsp;(3.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;44.52 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$128 | &nbsp;&nbsp;&nbsp;&nbsp;$120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94 |

---

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

------

MFS Blended Research Value Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$16.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.56 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.10 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.27) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.27) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$15.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.39 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.57 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Net assets at end of period (000 omitted) | $204059 | &nbsp;&nbsp;&nbsp;$208489 | &nbsp;&nbsp;&nbsp;$161572 | &nbsp;&nbsp;&nbsp;$162638 | &nbsp;&nbsp;&nbsp;$190875 |

---

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

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

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

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

(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.

------

MFS Blended Research Value Equity Fund

### Notes to Financial Statements
(1) Business and Organization

MFS Blended Research Value Equity Fund (the fund) is a diversified series of MFS Series Trust X (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.**

In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. An operating segment is 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

------

MFS Blended Research Value Equity Fund

Notes to Financial Statements - continued

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 May 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $292942528 | $— | $— | $292942528 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;2013676 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2013676 |
| Total | $294956204 | $— | $— | $294956204 |

---

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.**

**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.

**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**

------

MFS Blended Research Value Equity Fund

Notes to Financial Statements - continued

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 declared to shareholders for the last two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/24** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;$10320028 | &nbsp;&nbsp;&nbsp;$4001019 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;18680500 | &nbsp;&nbsp;&nbsp;&nbsp;5660057 |
| Total distributions | &nbsp;&nbsp;&nbsp;$29000528 | &nbsp;&nbsp;&nbsp;$9661076 |

---

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

---

| | |
|:---|:---|
| **As of 5/31/25** |  |
| Cost of investments | &nbsp;&nbsp;&nbsp;$230228976 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76271826 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(11544598) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;$64727228 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284585 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13229633 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$80241446 |

---

**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:**

---

| | | |
|:---|:---|:---|
|  | **Year<br> ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year<br> ended<br> 5/31/24** |
| Class A | &nbsp;&nbsp;$2684044 | &nbsp;&nbsp;&nbsp;&nbsp;$755611 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7465 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;128652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33472 |
| Class I | &nbsp;&nbsp;&nbsp;6033750 | &nbsp;&nbsp;&nbsp;&nbsp;2015558 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3764 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10245 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3803 |
| Class R6 | &nbsp;&nbsp;20056669 | &nbsp;&nbsp;&nbsp;&nbsp;6827785 |
| Total | $29000528 | &nbsp;&nbsp;&nbsp;$9661076 |

---

------

MFS Blended Research Value Equity Fund

Notes to Financial Statements - continued

(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 $1 billion | &nbsp;&nbsp;0.40% |
| In excess of $1 billion and up to $2.5 billion | 0.375% |
| In excess of $2.5 billion | &nbsp;&nbsp;0.35% |

---

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 September 30, 2026. For the year ended May 31, 2025, this management fee reduction amounted to $39,786, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended May 31, 2025 was equivalent to an annual effective rate of 0.39% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed the following rates annually of each class's average daily net assets:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** |
| **A** | &nbsp;&nbsp;&nbsp;**B** | &nbsp;&nbsp;&nbsp;**C** | &nbsp;&nbsp;&nbsp;**I** | &nbsp;&nbsp;&nbsp;**R1** | &nbsp;&nbsp;&nbsp;**R2** | &nbsp;&nbsp;&nbsp;**R3** | &nbsp;&nbsp;&nbsp;**R4** | &nbsp;&nbsp;&nbsp;**R6** |
| 0.74% | &nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;0.44% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2026. For the year ended May 31, 2025, this reduction amounted to $251,536, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $7,015 for the year ended May 31, 2025, 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)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | $69091 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;2855 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;14057 |
| Class R1 | 0.75% | 0.25% | 1.00% | 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 |
| Total Distribution and Service Fees |  |  |  |  | $87830 |

---

(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 year ended May 31, 2025 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

------

MFS Blended Research Value Equity Fund

Notes to Financial Statements - continued

intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the year ended May 31, 2025, this rebate amounted to $5 and $1 for Class A and Class C shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. For the year ended May 31, 2025, the 0.75% distribution fee was not imposed for Class R1 shares due to the sales charge limitations contained in Financial Industry Regulatory Authority ("FINRA") Rule 2341.

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 year ended May 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $44 |
| Class B | &nbsp;&nbsp;&nbsp;2 |
| Class C | 784 |

---

**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 year ended May 31, 2025, the fee was $9,715, which equated to 0.0033% 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 year ended May 31, 2025, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $70,986.**

**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 year ended May 31, 2025 was equivalent to an annual effective rate of 0.0175% 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 purchased or redeemed fund shares on the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Transaction** | &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class C | &nbsp;&nbsp;5586 | &nbsp;&nbsp;92285 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |

---

At May 31, 2025, MFS held approximately 83% of the outstanding shares of Class R2 and 100% of the outstanding shares of Class R1 and Class R4.

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 year ended May 31, 2025, this reimbursement amounted to $8,401, which is included in "Other" income in the Statement of Operations.

(4) Portfolio Securities

For the year ended May 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $139,983,452 and $153,736,861, 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:

------

MFS Blended Research Value Equity Fund

Notes to Financial Statements - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;399110 | &nbsp;&nbsp;&nbsp;&nbsp;$6405540 | &nbsp;&nbsp;&nbsp;&nbsp;415753 | &nbsp;&nbsp;&nbsp;&nbsp;$6372300 |
| &nbsp;&nbsp;&nbsp;Class B |  | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39020 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;28347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498408 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;286208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4579721 | &nbsp;&nbsp;&nbsp;&nbsp;375968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5545503 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7620 |
| &nbsp;&nbsp;&nbsp;Class R6 | 1159390 | &nbsp;&nbsp;&nbsp;&nbsp;18188643 | &nbsp;&nbsp;&nbsp;1363703 | &nbsp;&nbsp;&nbsp;&nbsp;20073416 |
|  | 1874379 | &nbsp;&nbsp;&nbsp;$29641448 | &nbsp;&nbsp;&nbsp;2193027 | &nbsp;&nbsp;&nbsp;$32538535 |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;168876 | &nbsp;&nbsp;&nbsp;&nbsp;$2683438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$755430 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7465 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33472 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;383582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6033750 | &nbsp;&nbsp;&nbsp;&nbsp;136371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015558 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3764 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10245 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3803 |
| &nbsp;&nbsp;&nbsp;Class R6 | 1271018 | &nbsp;&nbsp;&nbsp;&nbsp;20056669 | &nbsp;&nbsp;&nbsp;&nbsp;460714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6827785 |
|  | 1837944 | &nbsp;&nbsp;&nbsp;$28999922 | &nbsp;&nbsp;&nbsp;&nbsp;651943 | &nbsp;&nbsp;&nbsp;&nbsp;$9660895 |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;(367063) | &nbsp;&nbsp;&nbsp;$(5928918) | &nbsp;&nbsp;&nbsp;&nbsp;(510872) | &nbsp;&nbsp;&nbsp;&nbsp;$(7578399) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(6376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356139) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(27102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353613) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;(497481) | &nbsp;&nbsp;&nbsp;&nbsp;(8141696) | &nbsp;&nbsp;&nbsp;&nbsp;(804331) | &nbsp;&nbsp;&nbsp;&nbsp;(12009873) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;(7151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37300) |
| &nbsp;&nbsp;&nbsp;Class R6 | (2189405) | &nbsp;&nbsp;&nbsp;(36438877) | &nbsp;&nbsp;(1214949) | &nbsp;&nbsp;&nbsp;&nbsp;(18319953) |
|  | (3094579) | &nbsp;&nbsp;$(51153710) | &nbsp;&nbsp;(2582004) | &nbsp;&nbsp;$(38655421) |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;200923 | &nbsp;&nbsp;&nbsp;&nbsp;$3160060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(450669) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(4824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309654) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178267 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;172309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471775 | &nbsp;&nbsp;&nbsp;&nbsp;(291992) | &nbsp;&nbsp;&nbsp;&nbsp;(4448812) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5888 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;(3748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19435) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3803 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;241003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806435 | &nbsp;&nbsp;&nbsp;&nbsp;609468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8581248 |
|  | &nbsp;&nbsp;&nbsp;617744 | &nbsp;&nbsp;&nbsp;&nbsp;$7487660 | &nbsp;&nbsp;&nbsp;&nbsp;262966 | &nbsp;&nbsp;&nbsp;&nbsp;$3544009 |

---

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 Lifetime 2040 Fund, the MFS Lifetime 2050 Fund, the MFS Lifetime 2045 Fund, the MFS Lifetime 2035 Fund, the MFS Lifetime 2030 Fund, the MFS Lifetime 2055 Fund, the MFS Lifetime 2060 Fund, the MFS Lifetime Income Fund, the MFS Lifetime 2025 Fund, and the MFS Lifetime 2065 Fund were the owners of record of approximately 13%, 11%, 9%, 9%, 8%, 7%, 4%, 4%, 2%, and 1%, respectively, 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.

------

MFS Blended Research Value Equity Fund

Notes to Financial Statements - continued

(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) plus 0.10%, 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 12, 2026 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 year ended May 31, 2025, the fund's commitment fee and interest expense were $1,416 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. For the purposes of this report, the following were affiliated issuers for the year ended May 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;$4496352 | &nbsp;&nbsp;&nbsp;$36041047 | &nbsp;&nbsp;&nbsp;$38523608 | &nbsp;&nbsp;&nbsp;$297 | &nbsp;&nbsp;&nbsp;$(412) | &nbsp;&nbsp;&nbsp;$2013676 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;$121618 | &nbsp;&nbsp;&nbsp;$— |

---

------

MFS Blended Research Value Equity Fund

### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of MFS Series Trust X and the Shareholders of MFS Blended Research Value Equity Fund:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of MFS Blended Research Value Equity Fund (the "Fund"), including the portfolio of investments, as of May 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

July 16, 2025

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Blended Research Value Equity Fund

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2025 income tax forms in January 2026. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

The fund designates $22,119,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 50.90% of the ordinary income dividends paid during the prior calendar year qualify for the corporate dividends received deduction.

The fund designates the maximum amount allowable as Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

------

#### ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Blended Research Value Equity Fund.

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Blended Research Value Equity 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 Blended Research Value Equity 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 Blended Research Growth Equity Fund

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Blended Research Growth Equity Fund

### Portfolio of Investments - 5/31/25
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** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – 99.4% | Common Stocks – 99.4% | Common Stocks – 99.4% |
| Aerospace & Defense – 0.6% | Aerospace & Defense – 0.6% |  |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17340 | $2575337 |
| Apparel Manufacturers – 0.4% | Apparel Manufacturers – 0.4% |  |
| VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;154020 | $1919089 |
| Automotive – 2.2% | Automotive – 2.2% |  |
| Aptiv PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4037 | $269712 |
| Tesla, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26730 | &nbsp;&nbsp;&nbsp; **9260876** |
|  |  | &nbsp;&nbsp; **$9530588** |
| Broadcasting – 2.5% | Broadcasting – 2.5% |  |
| Netflix, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837 | $3424912 |
| Spotify Technology S.A. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11229 | &nbsp;&nbsp;&nbsp; **7468857** |
|  |  | &nbsp;&nbsp; **$10893769** |
| Business Services – 2.6% | Business Services – 2.6% |  |
| Dropbox, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;128378 | $3704989 |
| GoDaddy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10873 | &nbsp;&nbsp;&nbsp; **1980517** |
| Verisk Analytics, Inc., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17268 | &nbsp;&nbsp;&nbsp; **5424569** |
|  |  | &nbsp;&nbsp; **$11110075** |
| Computer Software – 18.9% | Computer Software – 18.9% |  |
| AppLovin Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12246 | $4812678 |
| Atlassian Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20925 | &nbsp;&nbsp;&nbsp; **4344658** |
| Autodesk, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16505 | &nbsp;&nbsp;&nbsp; **4887461** |
| Datadog, Inc., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12053 | &nbsp;&nbsp;&nbsp; **1420808** |
| Guidewire Software, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25729 | &nbsp;&nbsp;&nbsp; **5532249** |
| HubSpot, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933 | &nbsp;&nbsp;&nbsp; **1140277** |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98682 | &nbsp;&nbsp;&nbsp; **45429245** |
| Palantir Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5977 | &nbsp;&nbsp;&nbsp; **787649** |
| Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13155 | &nbsp;&nbsp;&nbsp; **1291163** |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10846 | &nbsp;&nbsp;&nbsp; **2878203** |
| ServiceNow, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8333 | &nbsp;&nbsp;&nbsp; **8425413** |
|  |  | &nbsp;&nbsp; **$80949804** |
| Computer Software - Systems – 9.0% | Computer Software - Systems – 9.0% |  |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192968 | $38757623 |
| Construction – 1.1% | Construction – 1.1% |  |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31073 | $3345941 |
| Mohawk Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15668 | &nbsp;&nbsp;&nbsp; **1576357** |
|  |  | &nbsp;&nbsp; **$4922298** |
| Consumer Products – 1.2% | Consumer Products – 1.2% |  |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13776 | $1280341 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25823 | &nbsp;&nbsp;&nbsp; **3712315** |
|  |  | &nbsp;&nbsp; **$4992656** |

---

BRWFS-ANN

------

MFS Blended Research Growth Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Consumer Services – 2.3% | Consumer Services – 2.3% |  |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449 | $7996930 |
| Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11178 | &nbsp;&nbsp;&nbsp; **1863931** |
|  |  | &nbsp;&nbsp; **$9860861** |
| Electrical Equipment – 0.7% | Electrical Equipment – 0.7% |  |
| Amphenol Corp., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31822 | $2861752 |
| Electronics – 16.3% | Electronics – 16.3% |  |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25727 | $4032707 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42800 | &nbsp;&nbsp;&nbsp; **10360596** |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69087 | &nbsp;&nbsp;&nbsp; **5581539** |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;369584 | &nbsp;&nbsp;&nbsp; **49941886** |
|  |  | &nbsp;&nbsp; **$69916728** |
| Food & Beverages – 0.2% | Food & Beverages – 0.2% |  |
| Monster Worldwide, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12006 | $767784 |
| Gaming & Lodging – 0.2% | Gaming & Lodging – 0.2% |  |
| DraftKings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21295 | $764065 |
| Health Maintenance Organizations – 1.3% | Health Maintenance Organizations – 1.3% |  |
| Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12394 | $3924436 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6195 | &nbsp;&nbsp;&nbsp; **1444240** |
|  |  | &nbsp;&nbsp; **$5368676** |
| Insurance – 2.6% | Insurance – 2.6% |  |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10417 | $5304753 |
| Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107931 | &nbsp;&nbsp;&nbsp; **5706312** |
|  |  | &nbsp;&nbsp; **$11011065** |
| Interactive Media Services – 10.3% | Interactive Media Services – 10.3% |  |
| Alphabet, Inc., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84435 | $14500867 |
| Alphabet, Inc., "C" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43313 | &nbsp;&nbsp;&nbsp; **7486652** |
| Meta Platforms, Inc., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34171 | &nbsp;&nbsp;&nbsp; **22125381** |
|  |  | &nbsp;&nbsp; **$44112900** |
| Leisure & Toys – 1.3% | Leisure & Toys – 1.3% |  |
| Roblox Corp., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63008 | $5480436 |
| Machinery & Tools – 1.1% | Machinery & Tools – 1.1% |  |
| Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17449 | $870880 |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3172 | &nbsp;&nbsp;&nbsp; **1364816** |
| Wabtec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11607 | &nbsp;&nbsp;&nbsp; **2348328** |
|  |  | &nbsp;&nbsp; **$4584024** |
| Medical & Health Technology & Services – 2.7% | Medical & Health Technology & Services – 2.7% |  |
| IQVIA Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16785 | $2355439 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4219 | &nbsp;&nbsp;&nbsp; **3035612** |
| Veeva Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21514 | &nbsp;&nbsp;&nbsp; **6017466** |
|  |  | &nbsp;&nbsp; **$11408517** |

---

------

MFS Blended Research Growth Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Medical Equipment – 0.1% | Medical Equipment – 0.1% |  |
| DexCom, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5665 | $486057 |
| Network & Telecom – 1.4% | Network & Telecom – 1.4% |  |
| Qualcomm, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41897 | $6083444 |
| Other Banks & Diversified Financials – 5.5% | Other Banks & Diversified Financials – 5.5% |  |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18012 | $5296429 |
| Mastercard, Inc., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8613 | &nbsp;&nbsp;&nbsp; **5043773** |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41426 | &nbsp;&nbsp;&nbsp; **4421811** |
| Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25570 | &nbsp;&nbsp;&nbsp; **2647262** |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13220 | &nbsp;&nbsp;&nbsp; **762133** |
| Visa, Inc., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14821 | &nbsp;&nbsp;&nbsp; **5412481** |
|  |  | &nbsp;&nbsp; **$23583889** |
| Pharmaceuticals – 3.3% | Pharmaceuticals – 3.3% |  |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19497 | $3628587 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6332 | &nbsp;&nbsp;&nbsp; **4670926** |
| Incyte Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17599 | &nbsp;&nbsp;&nbsp; **1144991** |
| Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140076 | &nbsp;&nbsp;&nbsp; **3290385** |
| Sarepta Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6780 | &nbsp;&nbsp;&nbsp; **254928** |
| Vertex Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542 | &nbsp;&nbsp;&nbsp; **1123691** |
|  |  | &nbsp;&nbsp; **$14113508** |
| Printing & Publishing – 0.6% | Printing & Publishing – 0.6% |  |
| Lamar Advertising Co., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22572 | $2720829 |
| Real Estate – 0.3% | Real Estate – 0.3% |  |
| Jones Lang LaSalle, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5402 | $1203025 |
| Simon Property Group, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296 | &nbsp;&nbsp;&nbsp; **211339** |
|  |  | &nbsp;&nbsp; **$1414364** |
| Specialty Chemicals – 0.3% | Specialty Chemicals – 0.3% |  |
| RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11521 | $1311551 |
| Specialty Stores – 10.1% | Specialty Stores – 10.1% |  |
| Amazon.com, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;146855 | $30106743 |
| Carvana Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4054 | &nbsp;&nbsp;&nbsp; **1326307** |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476 | &nbsp;&nbsp;&nbsp; **2575486** |
| Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp; **269957** |
| O'Reilly Automotive, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014 | &nbsp;&nbsp;&nbsp; **5489145** |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017 | &nbsp;&nbsp;&nbsp; **282561** |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27261 | &nbsp;&nbsp;&nbsp; **2562807** |
| TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7188 | &nbsp;&nbsp;&nbsp; **912157** |
|  |  | &nbsp;&nbsp; **$43525163** |
| Utilities - Electric Power – 0.3% | Utilities - Electric Power – 0.3% |  |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8758 | $1365372 |
| **Total Common Stocks (Identified Cost, $233,018,096)** |  | &nbsp;&nbsp;**$426392224** |

---

------

MFS Blended Research Growth Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Mutual Funds (h) – 0.6% | Mutual Funds (h) – 0.6% | Mutual Funds (h) – 0.6% |
| Money Market Funds – 0.6% | Money Market Funds – 0.6% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $2,522,680) | 2522680 | &nbsp;&nbsp;$2522680 |
| Other Assets, Less Liabilities – 0.0% |  | &nbsp;&nbsp;&nbsp; **189033** |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **$429103937** |

---

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values
of the fund's investments in affiliated issuers and in unaffiliated issuers were $2,522,680 and $426,392,224, respectively.

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

The following abbreviations are used in this report and are defined: <br> REIT Real Estate Investment Trust

#### See Notes to Financial Statements

------

MFS Blended Research Growth Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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 5/31/25 <br>Assets** |  |
| Investments in unaffiliated issuers, at value (identified cost, $233,018,096) | &nbsp;&nbsp;$426392224 |
| Investments in affiliated issuers, at value (identified cost, $2,522,680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522680 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231334 |
| Receivable from investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42943 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684 |
| Total assets | &nbsp;&nbsp;$429670867 |
| **Liabilities** |  |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$438017 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2876 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Payable for audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59359 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10894 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$566930 |
| Net assets | &nbsp;&nbsp;$429103937 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$226261764 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;202842173 |
| Net assets | &nbsp;&nbsp;$429103937 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17235300 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$118764833 | &nbsp;&nbsp;&nbsp;&nbsp;4813075 | &nbsp;&nbsp;&nbsp;&nbsp;$24.68 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21950 | &nbsp;&nbsp;&nbsp;&nbsp;23.43 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148177 | &nbsp;&nbsp;&nbsp;&nbsp;23.39 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;101949132 | &nbsp;&nbsp;&nbsp;&nbsp;4083422 | &nbsp;&nbsp;&nbsp;&nbsp;24.97 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35866 | &nbsp;&nbsp;&nbsp;&nbsp;23.43 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20376 | &nbsp;&nbsp;&nbsp;&nbsp;24.62 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45695 | &nbsp;&nbsp;&nbsp;&nbsp;24.84 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7806 | &nbsp;&nbsp;&nbsp;&nbsp;25.01 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;201737347 | &nbsp;&nbsp;&nbsp;&nbsp;8058933 | &nbsp;&nbsp;&nbsp;&nbsp;25.03 |

---

(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 $26.19 [100 / 94.25 x $24.68]. 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.

------

MFS Blended Research Growth Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | |
|:---|:---|
| **Year ended 5/31/25 <br>Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | &nbsp;&nbsp;&nbsp;$2662765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9609) |
| Total investment income | &nbsp;&nbsp;&nbsp;$2836032 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;$1519231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35978 |
| Total expenses | &nbsp;&nbsp;&nbsp;$2366768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344517) |
| Net expenses | &nbsp;&nbsp;&nbsp;$2022251 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$813781 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$25408447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 |
| Net realized gain (loss) | &nbsp;&nbsp;$25409582 |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$30803472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196) |
| Net unrealized gain (loss) | &nbsp;&nbsp;$30803276 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;$56212858 |
| Change in net assets from operations | &nbsp;&nbsp;$57026639 |

---

------

MFS Blended Research Growth Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$813781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$738515 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;25409582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15260913 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;30803276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75679924 |
| Change in net assets from operations | &nbsp;&nbsp;$57026639 | &nbsp;&nbsp;&nbsp;&nbsp;$91679352 |
| Total distributions to shareholders | $(18266705) | &nbsp;&nbsp;&nbsp;&nbsp;$(1770465) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;$51538250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3268090 |
| Total change in net assets | &nbsp;&nbsp;$90298184 | &nbsp;&nbsp;&nbsp;&nbsp;$93176977 |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;338805753 | &nbsp;&nbsp;&nbsp;&nbsp;245628776 |
| At end of period | $429103937 | &nbsp;&nbsp;&nbsp;$338805753 |

---

------

MFS Blended Research Growth Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**Financial Highlights** |

---

The financial highlights table is intended to help you understand the fund's financial performance for the past 5 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** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$22.33 | &nbsp;&nbsp;&nbsp;&nbsp;$16.25 | &nbsp;&nbsp;&nbsp;&nbsp;$15.89 | &nbsp;&nbsp;&nbsp;&nbsp;$20.10 | &nbsp;&nbsp;&nbsp;&nbsp;$15.79 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.00(w) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.00(w) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$3.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.69 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.52 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.00)(w) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.04) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;$(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.21) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$24.68 | &nbsp;&nbsp;&nbsp;&nbsp;$22.33 | &nbsp;&nbsp;&nbsp;&nbsp;$16.25 | &nbsp;&nbsp;&nbsp;&nbsp;$15.89 | &nbsp;&nbsp;&nbsp;&nbsp;$20.10 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;15.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.89 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(w) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Net assets at end of period (000 omitted) | $118765 | &nbsp;&nbsp;&nbsp;$72063 | &nbsp;&nbsp;&nbsp;$19925 | &nbsp;&nbsp;&nbsp;$15472 | &nbsp;&nbsp;&nbsp;$71049 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class B** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $21.37 | &nbsp;&nbsp;&nbsp;$15.59 | &nbsp;&nbsp;&nbsp;$15.37 | &nbsp;&nbsp;&nbsp;$19.67 | &nbsp;&nbsp;&nbsp;$15.55 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.17) | &nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;$(0.12) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41 |
| Total from investment operations | &nbsp;&nbsp;$3.20 | &nbsp;&nbsp;&nbsp;&nbsp;$5.79 | &nbsp;&nbsp;&nbsp;&nbsp;$0.55 | &nbsp;&nbsp;&nbsp;$(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;$5.29 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;(1.17) |
| Total distributions declared to shareholders | $(1.14) | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;$(3.46) | &nbsp;&nbsp;&nbsp;$(1.17) |
| Net asset value, end of period (x) | $23.43 | &nbsp;&nbsp;&nbsp;$21.37 | &nbsp;&nbsp;&nbsp;$15.59 | &nbsp;&nbsp;&nbsp;$15.37 | &nbsp;&nbsp;&nbsp;$19.67 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;14.76 | &nbsp;&nbsp;&nbsp;&nbsp;37.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;&nbsp;34.89 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Net investment income (loss) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$514 | &nbsp;&nbsp;&nbsp;&nbsp;$854 | &nbsp;&nbsp;&nbsp;&nbsp;$478 | &nbsp;&nbsp;&nbsp;&nbsp;$467 | &nbsp;&nbsp;&nbsp;&nbsp;$550 |

---

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

------

MFS Blended Research Growth Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $21.34 | &nbsp;&nbsp;&nbsp;$15.58 | &nbsp;&nbsp;&nbsp;$15.36 | &nbsp;&nbsp;&nbsp;$19.66 | &nbsp;&nbsp;&nbsp;$15.54 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.17) | &nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;$(0.12) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41 |
| Total from investment operations | &nbsp;&nbsp;$3.19 | &nbsp;&nbsp;&nbsp;&nbsp;$5.79 | &nbsp;&nbsp;&nbsp;&nbsp;$0.55 | &nbsp;&nbsp;&nbsp;$(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;$5.29 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;(1.17) |
| Total distributions declared to shareholders | $(1.14) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;$(3.46) | &nbsp;&nbsp;&nbsp;$(1.17) |
| Net asset value, end of period (x) | $23.39 | &nbsp;&nbsp;&nbsp;$21.34 | &nbsp;&nbsp;&nbsp;$15.58 | &nbsp;&nbsp;&nbsp;$15.36 | &nbsp;&nbsp;&nbsp;$19.66 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;14.73 | &nbsp;&nbsp;&nbsp;&nbsp;37.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;&nbsp;34.91 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Net investment income (loss) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Net assets at end of period (000 omitted) | $3466 | &nbsp;&nbsp;&nbsp;$2067 | &nbsp;&nbsp;&nbsp;$1056 | &nbsp;&nbsp;&nbsp;&nbsp;$874 | &nbsp;&nbsp;&nbsp;&nbsp;$859 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$22.57 | &nbsp;&nbsp;&nbsp;&nbsp;$16.39 | &nbsp;&nbsp;&nbsp;&nbsp;$16.00 | &nbsp;&nbsp;&nbsp;&nbsp;$20.21 | &nbsp;&nbsp;&nbsp;$15.87 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.74 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;$5.60 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$(0.09) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;(1.17) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;$(3.51) | &nbsp;&nbsp;&nbsp;$(1.26) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$24.97 | &nbsp;&nbsp;&nbsp;&nbsp;$22.57 | &nbsp;&nbsp;&nbsp;&nbsp;$16.39 | &nbsp;&nbsp;&nbsp;&nbsp;$16.00 | &nbsp;&nbsp;&nbsp;$20.21 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;15.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.66) | &nbsp;&nbsp;&nbsp;&nbsp;36.23 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Net assets at end of period (000 omitted) | $101949 | &nbsp;&nbsp;&nbsp;$67182 | &nbsp;&nbsp;&nbsp;$54445 | &nbsp;&nbsp;&nbsp;$53045 | &nbsp;&nbsp;&nbsp;$4866 |

---

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

------

MFS Blended Research Growth Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R1** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $21.37 | &nbsp;&nbsp;&nbsp;$15.58 | &nbsp;&nbsp;&nbsp;$15.36 | &nbsp;&nbsp;&nbsp;$19.66 | &nbsp;&nbsp;&nbsp;$15.54 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.17) | &nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;$(0.12) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41 |
| Total from investment operations | &nbsp;&nbsp;$3.20 | &nbsp;&nbsp;&nbsp;&nbsp;$5.79 | &nbsp;&nbsp;&nbsp;&nbsp;$0.55 | &nbsp;&nbsp;&nbsp;$(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;$5.29 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;(1.17) |
| Total distributions declared to shareholders | $(1.14) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;$(3.46) | &nbsp;&nbsp;&nbsp;$(1.17) |
| Net asset value, end of period (x) | $23.43 | &nbsp;&nbsp;&nbsp;$21.37 | &nbsp;&nbsp;&nbsp;$15.58 | &nbsp;&nbsp;&nbsp;$15.36 | &nbsp;&nbsp;&nbsp;$19.66 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;14.76 | &nbsp;&nbsp;&nbsp;&nbsp;37.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;&nbsp;34.91 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Net investment income (loss) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$840 | &nbsp;&nbsp;&nbsp;$1144 | &nbsp;&nbsp;&nbsp;&nbsp;$918 | &nbsp;&nbsp;&nbsp;&nbsp;$495 | &nbsp;&nbsp;&nbsp;&nbsp;$320 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R2** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $22.30 | &nbsp;&nbsp;&nbsp;$16.23 | &nbsp;&nbsp;&nbsp;$15.91 | &nbsp;&nbsp;&nbsp;$20.15 | &nbsp;&nbsp;&nbsp;$15.84 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.06) | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;$(0.03) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52 |
| Total from investment operations | &nbsp;&nbsp;$3.46 | &nbsp;&nbsp;&nbsp;&nbsp;$6.13 | &nbsp;&nbsp;&nbsp;&nbsp;$0.65 | &nbsp;&nbsp;&nbsp;$(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;$5.49 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(0.01) |
| From net realized gain | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;(1.17) |
| Total distributions declared to shareholders | $(1.14) | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;$(3.46) | &nbsp;&nbsp;&nbsp;$(1.18) |
| Net asset value, end of period (x) | $24.62 | &nbsp;&nbsp;&nbsp;$22.30 | &nbsp;&nbsp;&nbsp;$16.23 | &nbsp;&nbsp;&nbsp;$15.91 | &nbsp;&nbsp;&nbsp;$20.15 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;15.32 | &nbsp;&nbsp;&nbsp;&nbsp;37.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;(7.07) | &nbsp;&nbsp;&nbsp;&nbsp;35.52 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net investment income (loss) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$502 | &nbsp;&nbsp;&nbsp;&nbsp;$383 | &nbsp;&nbsp;&nbsp;&nbsp;$253 | &nbsp;&nbsp;&nbsp;&nbsp;$200 | &nbsp;&nbsp;&nbsp;&nbsp;$182 |

---

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

------

MFS Blended Research Growth Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R3** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $22.47 | &nbsp;&nbsp;&nbsp;$16.33 | &nbsp;&nbsp;&nbsp;$15.97 | &nbsp;&nbsp;&nbsp;$20.17 | &nbsp;&nbsp;&nbsp;$15.85 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;$0.00(w) | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.00 | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52 |
| Total from investment operations | &nbsp;&nbsp;$3.54 | &nbsp;&nbsp;&nbsp;&nbsp;$6.23 | &nbsp;&nbsp;&nbsp;&nbsp;$0.69 | &nbsp;&nbsp;&nbsp;$(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;$5.54 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.03) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.00)(w) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(0.05) |
| From net realized gain | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;(1.17) |
| Total distributions declared to shareholders | $(1.17) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;$(3.46) | &nbsp;&nbsp;&nbsp;$(1.22) |
| Net asset value, end of period (x) | $24.84 | &nbsp;&nbsp;&nbsp;$22.47 | &nbsp;&nbsp;&nbsp;$16.33 | &nbsp;&nbsp;&nbsp;$15.97 | &nbsp;&nbsp;&nbsp;$20.17 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;15.58 | &nbsp;&nbsp;&nbsp;&nbsp;38.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;(6.85) | &nbsp;&nbsp;&nbsp;&nbsp;35.85 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net investment income (loss) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Net assets at end of period (000 omitted) | $1135 | &nbsp;&nbsp;&nbsp;&nbsp;$203 | &nbsp;&nbsp;&nbsp;&nbsp;$147 | &nbsp;&nbsp;&nbsp;&nbsp;$122 | &nbsp;&nbsp;&nbsp;&nbsp;$130 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R4** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $22.60 | &nbsp;&nbsp;&nbsp;$16.42 | &nbsp;&nbsp;&nbsp;$16.03 | &nbsp;&nbsp;&nbsp;$20.23 | &nbsp;&nbsp;&nbsp;$15.87 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56 |
| Total from investment operations | &nbsp;&nbsp;$3.64 | &nbsp;&nbsp;&nbsp;&nbsp;$6.30 | &nbsp;&nbsp;&nbsp;&nbsp;$0.74 | &nbsp;&nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;$5.62 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.09) | &nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;$(0.09) |
| From net realized gain | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;(1.17) |
| Total distributions declared to shareholders | $(1.23) | &nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;&nbsp;$(3.50) | &nbsp;&nbsp;&nbsp;$(1.26) |
| Net asset value, end of period (x) | $25.01 | &nbsp;&nbsp;&nbsp;$22.60 | &nbsp;&nbsp;&nbsp;$16.42 | &nbsp;&nbsp;&nbsp;$16.03 | &nbsp;&nbsp;&nbsp;$20.23 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;15.92 | &nbsp;&nbsp;&nbsp;&nbsp;38.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;(6.64) | &nbsp;&nbsp;&nbsp;&nbsp;36.34 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$195 | &nbsp;&nbsp;&nbsp;&nbsp;$168 | &nbsp;&nbsp;&nbsp;&nbsp;$122 | &nbsp;&nbsp;&nbsp;&nbsp;$116 | &nbsp;&nbsp;&nbsp;&nbsp;$124 |

---

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

------

MFS Blended Research Growth Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$22.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.89 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$3.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.61 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.10) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.27) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$25.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.23 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;15.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.29 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Net assets at end of period (000 omitted) | $201737 | &nbsp;&nbsp;&nbsp;$194742 | &nbsp;&nbsp;&nbsp;$168286 | &nbsp;&nbsp;&nbsp;$158585 | &nbsp;&nbsp;&nbsp;$185568 |

---

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

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

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

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

(w) Per share amount was less than $0.01 and total return or ratio was less than 0.01%, as applicable.

(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.

------

MFS Blended Research Growth Equity Fund

### Notes to Financial Statements
(1) Business and Organization

MFS Blended Research Growth Equity Fund (the fund) is a non-diversified series of MFS Series Trust X (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.**

In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. An operating segment is 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

------

MFS Blended Research Growth Equity Fund

Notes to Financial Statements - continued

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 May 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $426392224 | $— | $— | $426392224 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;2522680 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2522680 |
| Total | $428914904 | $— | $— | $428914904 |

---

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

**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.

**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.**

------

MFS Blended Research Growth Equity Fund

Notes to Financial Statements - continued

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 declared to shareholders for the last two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/24** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;&nbsp;$4715175 | &nbsp;&nbsp;&nbsp;$1770465 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;13551530 | &nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;$18266705 | &nbsp;&nbsp;&nbsp;$1770465 |

---

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

---

| | |
|:---|:---|
| **As of 5/31/25** |  |
| Cost of investments | &nbsp;&nbsp;&nbsp;$237981272 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;200481357 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9547725) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;$190933632 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4110478 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7798063 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;$202842173 |

---

**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:**

---

| | | |
|:---|:---|:---|
|  | **Year<br> ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year<br> ended<br> 5/31/24** |
| Class A | &nbsp;&nbsp;$4890778 | &nbsp;&nbsp;&nbsp;&nbsp;$197828 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;136161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119 |
| Class I | &nbsp;&nbsp;&nbsp;3952537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354433 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58364 | &nbsp;&nbsp;&nbsp;— |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 |
| Class R6 | &nbsp;&nbsp;&nbsp;9147808 | &nbsp;&nbsp;&nbsp;&nbsp;1213113 |
| Total | $18266705 | &nbsp;&nbsp;&nbsp;$1770465 |

---

(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:**

------

MFS Blended Research Growth Equity Fund

Notes to Financial Statements - continued

---

| | |
|:---|:---|
| Up to $1 billion | &nbsp;&nbsp;0.40% |
| In excess of $1 billion and up to $2.5 billion | 0.375% |
| In excess of $2.5 billion | &nbsp;&nbsp;0.35% |

---

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 September 30, 2026. For the year ended May 31, 2025, this management fee reduction amounted to $51,679, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended May 31, 2025 was equivalent to an annual effective rate of 0.39% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed the following rates annually of each class's average daily net assets:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;&nbsp;**Classes** |  |  |  |  |
| **A** | &nbsp;&nbsp;&nbsp;**B** | &nbsp;&nbsp;&nbsp;**C** | &nbsp;&nbsp;&nbsp;**I** | &nbsp;&nbsp;&nbsp;**R1** | &nbsp;&nbsp;&nbsp;**R2** | &nbsp;&nbsp;&nbsp;**R3** | &nbsp;&nbsp;&nbsp;**R4** | &nbsp;&nbsp;&nbsp;**R6** |
| 0.74% | &nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;0.43% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2026. For the year ended May 31, 2025, this reduction amounted to $292,808, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $37,957 for the year ended May 31, 2025, 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)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | $251359 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;7232 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;28951 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;11398 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | &nbsp;&nbsp;&nbsp;&nbsp;2206 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;1014 |
| Total Distribution and Service Fees |  |  |  |  | $302160 |

---

(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 year ended May 31, 2025 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 year ended May 31, 2025, this rebate amounted to $24 and $6 for Class A 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 year ended May 31, 2025, were as follows:

------

MFS Blended Research Growth Equity Fund

Notes to Financial Statements - continued

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $1008 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;231 |

---

**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 year ended May 31, 2025, the fee was $30,621, which equated to 0.0081% 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 year ended May 31, 2025, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $152,828.**

**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 year ended May 31, 2025 was equivalent to an annual effective rate of 0.0166% 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.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Transaction** | &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class C | &nbsp;&nbsp;5968 | &nbsp;&nbsp;72131 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |

---

At May 31, 2025, MFS held 100% of the outstanding shares of Class R4.

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 year ended May 31, 2025, this reimbursement amounted to $7,774, which is included in "Other" income in the Statement of Operations.

(4) Portfolio Securities

For the year ended May 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $205,930,341 and $172,212,716, 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:

------

MFS Blended Research Growth Equity Fund

Notes to Financial Statements - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2620692 | &nbsp;&nbsp;&nbsp;&nbsp;$63759642 | &nbsp;&nbsp;&nbsp;2472567 | &nbsp;&nbsp;&nbsp;$48709454 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476842 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;72382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841502 |
| &nbsp;&nbsp;&nbsp;Class I | 1770690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43706811 | &nbsp;&nbsp;&nbsp;&nbsp;878377 | &nbsp;&nbsp;&nbsp;&nbsp;16863761 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40516 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30587 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;49371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 |
| &nbsp;&nbsp;&nbsp;Class R6 | 1659352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37677050 | &nbsp;&nbsp;&nbsp;1184199 | &nbsp;&nbsp;&nbsp;&nbsp;22708762 |
|  | 6186672 | &nbsp;&nbsp;&nbsp;$148284925 | &nbsp;&nbsp;&nbsp;4611155 | &nbsp;&nbsp;&nbsp;$89673307 |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;190256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4885764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$197566 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;152313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3952531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354414 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58364 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;351704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9147808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213113 |
|  | &nbsp;&nbsp;&nbsp;705446 | &nbsp;&nbsp;&nbsp;&nbsp;$18261290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92315 | &nbsp;&nbsp;&nbsp;&nbsp;$1770175 |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1224773) | &nbsp;&nbsp;&nbsp;$(28991437) | &nbsp;&nbsp;&nbsp;&nbsp;(482376) | &nbsp;&nbsp;&nbsp;&nbsp;$(9674938) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(27508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(640037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307388) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(26629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(615925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294397) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;(816651) | &nbsp;&nbsp;&nbsp;&nbsp;(20180890) | &nbsp;&nbsp;(1241959) | &nbsp;&nbsp;&nbsp;&nbsp;(23036762) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;(21913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(488423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143522) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(2063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1782) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;(13117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1763) |
| &nbsp;&nbsp;&nbsp;Class R6 | (2561651) | &nbsp;&nbsp;&nbsp;&nbsp;(63778516) | &nbsp;&nbsp;(2882734) | &nbsp;&nbsp;&nbsp;&nbsp;(54714840) |
|  | (4694305) | &nbsp;&nbsp;$(115007965) | &nbsp;&nbsp;(4648672) | &nbsp;&nbsp;$(88175392) |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1586175 | &nbsp;&nbsp;&nbsp;&nbsp;$39653969 | &nbsp;&nbsp;&nbsp;2000595 | &nbsp;&nbsp;&nbsp;$39232082 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(18011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(408720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169781 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;51313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549215 |
| &nbsp;&nbsp;&nbsp;Class I | 1106352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27478452 | &nbsp;&nbsp;&nbsp;&nbsp;(345094) | &nbsp;&nbsp;&nbsp;&nbsp;(5818587) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;(17667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103006) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29765 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;36668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;(550595) | &nbsp;&nbsp;&nbsp;&nbsp;(16953658) | &nbsp;&nbsp;(1635385) | &nbsp;&nbsp;&nbsp;&nbsp;(30792965) |
|  | 2197813 | &nbsp;&nbsp;&nbsp;&nbsp;$51538250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54798 | &nbsp;&nbsp;&nbsp;&nbsp;$3268090 |

---

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 Lifetime 2040 Fund, the MFS Lifetime 2050 Fund, the MFS Lifetime 2045 Fund, the MFS Lifetime 2035 Fund, the MFS Lifetime 2030 Fund, the MFS Lifetime 2055 Fund, the MFS Lifetime 2060 Fund, the MFS Lifetime Income Fund, and the MFS Lifetime 2025 Fund were the owners of record of approximately 9%, 7%, 6%, 6%, 5%, 5%, 3%, 2%, and 1%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Lifetime 2065 Fund was the owner of record of less than 1% of the value of outstanding voting shares of the fund.

------

MFS Blended Research Growth Equity Fund

Notes to Financial Statements - continued

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) plus 0.10%, 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 12, 2026 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 year ended May 31, 2025, the fund's commitment fee and interest expense were $1,727 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. For the purposes of this report, the following were affiliated issuers for the year ended May 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;$1969671 | &nbsp;&nbsp;&nbsp;$69225522 | &nbsp;&nbsp;&nbsp;$68673452 | &nbsp;&nbsp;&nbsp;$1135 | &nbsp;&nbsp;&nbsp;$(196) | &nbsp;&nbsp;&nbsp;$2522680 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;$174995 | &nbsp;&nbsp;&nbsp;$— |

---

------

MFS Blended Research Growth Equity Fund

### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of MFS Series Trust X and the Shareholders of MFS Blended Research Growth Equity Fund:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of MFS Blended Research Growth Equity Fund (the "Fund"), including the portfolio of investments, as of May 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

July 16, 2025

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Blended Research Growth Equity Fund

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2025 income tax forms in January 2026. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

The fund designates $17,012,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 48.05% of the ordinary income dividends paid during the prior calendar year qualify for the corporate dividends received deduction.

The fund designates the maximum amount allowable as Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

------

#### ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Blended Research Growth Equity Fund.

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Blended Research Growth Equity 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 Blended Research Growth Equity 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 Emerging Markets Equity Fund

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Emerging Markets Equity Fund

### Portfolio of Investments - 5/31/25
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** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – 98.3% | Common Stocks – 98.3% | Common Stocks – 98.3% |
| Airlines – 0.3% | Airlines – 0.3% |  |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956133 | $11824973 |
| Grupo Aeroportuario del Sureste, "B" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481905 | &nbsp;&nbsp;&nbsp;&nbsp; **15465136** |
|  |  | &nbsp;&nbsp; **$27290109** |
| Alcoholic Beverages – 3.3% | Alcoholic Beverages – 3.3% |  |
| Ambev S.A., ADR | &nbsp;&nbsp;&nbsp;25319971 | $61780729 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;18489000 | &nbsp;&nbsp;&nbsp;&nbsp; **58396725** |
| Kweichow Moutai Co. Ltd., "A" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572600 | &nbsp;&nbsp;&nbsp;&nbsp; **121112768** |
| Wuliangye Yibin Co. Ltd., "A" | &nbsp;&nbsp;&nbsp;&nbsp;2137518 | &nbsp;&nbsp;&nbsp;&nbsp; **37559362** |
|  |  | &nbsp;&nbsp; **$278849584** |
| Automotive – 3.7% | Automotive – 3.7% |  |
| BYD Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | $54580525 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842511 | &nbsp;&nbsp;&nbsp;&nbsp; **42426324** |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3007032 | &nbsp;&nbsp;&nbsp;&nbsp; **104602195** |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367358 | &nbsp;&nbsp;&nbsp;&nbsp; **52883239** |
| PT Astra International Tbk | &nbsp;&nbsp;198920900 | &nbsp;&nbsp;&nbsp;&nbsp; **59224454** |
|  |  | &nbsp;&nbsp; **$313716737** |
| Biotechnology – 0.6% | Biotechnology – 0.6% |  |
| Hugel, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195977 | $47052094 |
| Brokerage & Asset Managers – 0.3% | Brokerage & Asset Managers – 0.3% |  |
| B3 S.A. - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;10707100 | $26114878 |
| Business Services – 3.8% | Business Services – 3.8% |  |
| Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9163165 | $167330154 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3113277 | &nbsp;&nbsp;&nbsp;&nbsp; **126000860** |
| Tech Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1262961 | &nbsp;&nbsp;&nbsp;&nbsp; **23228446** |
|  |  | &nbsp;&nbsp; **$316559460** |
| Chemicals – 0.7% | Chemicals – 0.7% |  |
| UPL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8342986 | $61514815 |
| Computer Software – 0.8% | Computer Software – 0.8% |  |
| Kingsoft Corp. | &nbsp;&nbsp;&nbsp;15801800 | $67309449 |
| Computer Software - Systems – 5.1% | Computer Software - Systems – 5.1% |  |
| EPAM Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307641 | $53680278 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;10672000 | &nbsp;&nbsp;&nbsp;&nbsp; **54689774** |
| Lenovo Group Ltd. | &nbsp;&nbsp;&nbsp;40218000 | &nbsp;&nbsp;&nbsp;&nbsp; **45921815** |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6757030 | &nbsp;&nbsp;&nbsp;&nbsp; **275237433** |
|  |  | &nbsp;&nbsp; **$429529300** |
| Conglomerates – 0.6% | Conglomerates – 0.6% |  |
| LG Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946203 | $48692044 |

---

FEMFS-ANN

------

MFS Emerging Markets Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Construction – 3.4% | Construction – 3.4% |  |
| Anhui Conch Cement Co. Ltd. | &nbsp;&nbsp;&nbsp;16446500 | $42755562 |
| Beijing New Building Materials PLC, "A" | &nbsp;&nbsp;&nbsp;11846894 | &nbsp;&nbsp;&nbsp;&nbsp; **47201536** |
| Gree Electric Appliances, Inc., "A" | &nbsp;&nbsp;&nbsp;&nbsp;8540239 | &nbsp;&nbsp;&nbsp;&nbsp; **55093339** |
| Midea Group Co. Ltd., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;7115201 | &nbsp;&nbsp;&nbsp;&nbsp; **78003567** |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5508000 | &nbsp;&nbsp;&nbsp;&nbsp; **61319328** |
|  |  | &nbsp;&nbsp; **$284373332** |
| Consumer Services – 0.2% | Consumer Services – 0.2% |  |
| MakeMyTrip Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162990 | $16564674 |
| Electronics – 12.8% | Electronics – 12.8% |  |
| ASE Technology Holding Co. Ltd | &nbsp;&nbsp;&nbsp;23028000 | $106040142 |
| MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2282000 | &nbsp;&nbsp;&nbsp;&nbsp; **94613029** |
| SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238965 | &nbsp;&nbsp;&nbsp;&nbsp; **35419542** |
| SK Square Co. Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578139 | &nbsp;&nbsp;&nbsp;&nbsp; **48104919** |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;24989695 | &nbsp;&nbsp;&nbsp;&nbsp; **794629988** |
|  |  | &nbsp;&nbsp;$1078807620 |
| Energy - Independent – 2.2% | Energy - Independent – 2.2% |  |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp;&nbsp;21661091 | $80594699 |
| PT United Tractors Tbk | &nbsp;&nbsp;&nbsp;31720900 | &nbsp;&nbsp;&nbsp;&nbsp; **43716035** |
| Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3785568 | &nbsp;&nbsp;&nbsp;&nbsp; **62856133** |
|  |  | &nbsp;&nbsp; **$187166867** |
| Energy - Integrated – 3.3% | Energy - Integrated – 3.3% |  |
| Galp Energia SGPS S.A., "B" | &nbsp;&nbsp;&nbsp;&nbsp;4351174 | $69389899 |
| Petroleo Brasileiro S.A., ADR | &nbsp;&nbsp;&nbsp;&nbsp;6755502 | &nbsp;&nbsp;&nbsp;&nbsp; **77958493** |
| Petroleo Brasileiro S.A., ADR | &nbsp;&nbsp;&nbsp;&nbsp;3232276 | &nbsp;&nbsp;&nbsp;&nbsp; **34973226** |
| Petronet LNG Ltd. | &nbsp;&nbsp;&nbsp;14796919 | &nbsp;&nbsp;&nbsp;&nbsp; **53135766** |
| Saudi Arabian Oil Co. | &nbsp;&nbsp;&nbsp;&nbsp;6142040 | &nbsp;&nbsp;&nbsp;&nbsp; **40928925** |
|  |  | &nbsp;&nbsp; **$276386309** |
| Engineering - Construction – 0.6% | Engineering - Construction – 0.6% |  |
| Doosan Bobcat, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1469773 | $49935389 |
| Food & Beverages – 2.3% | Food & Beverages – 2.3% |  |
| Gruma S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;3602459 | $67886925 |
| Inner Mongolia Yili Industrial Group Co. Ltd., "A" | &nbsp;&nbsp;&nbsp;15011727 | &nbsp;&nbsp;&nbsp;&nbsp; **63211663** |
| Orion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765914 | &nbsp;&nbsp;&nbsp;&nbsp; **61286443** |
|  |  | &nbsp;&nbsp; **$192385031** |
| Food & Drug Stores – 1.7% | Food & Drug Stores – 1.7% |  |
| BIM Birlesik Magazalar A.S. | &nbsp;&nbsp;&nbsp;&nbsp;5336303 | $64975892 |
| Walmart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;24808291 | &nbsp;&nbsp;&nbsp;&nbsp; **81474951** |
|  |  | &nbsp;&nbsp; **$146450843** |
| Gaming & Lodging – 0.9% | Gaming & Lodging – 0.9% |  |
| ITC Hotels Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1331221 | $3367449 |
| Sands China Ltd. | &nbsp;&nbsp;&nbsp;36167600 | &nbsp;&nbsp;&nbsp;&nbsp; **70602798** |
|  |  | &nbsp;&nbsp; **$73970247** |

---

------

MFS Emerging Markets Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Insurance – 4.9% | Insurance – 4.9% |  |
| AIA Group Ltd. | &nbsp;&nbsp;&nbsp;11238800 | $93317909 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881680 | &nbsp;&nbsp;&nbsp;&nbsp; **64223266** |
| Hyundai Marine & Fire Insurance Co. Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3600337 | &nbsp;&nbsp;&nbsp;&nbsp; **63541499** |
| Ping An Insurance Co. of China Ltd., "H" | &nbsp;&nbsp;&nbsp;20817500 | &nbsp;&nbsp;&nbsp;&nbsp; **121636296** |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231388 | &nbsp;&nbsp;&nbsp;&nbsp; **67838259** |
|  |  | &nbsp;&nbsp; **$410557229** |
| Interactive Media Services – 0.2% | Interactive Media Services – 0.2% |  |
| Baidu, Inc., ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180036 | $14744948 |
| Leisure & Toys – 8.1% | Leisure & Toys – 8.1% |  |
| NetEase, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;1197505 | $145808209 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8524300 | &nbsp;&nbsp;&nbsp;&nbsp; **537312984** |
|  |  | &nbsp;&nbsp; **$683121193** |
| Machinery & Tools – 1.6% | Machinery & Tools – 1.6% |  |
| Delta Electronics, Inc. | &nbsp;&nbsp;&nbsp;10749000 | $132398081 |
| Major Banks – 3.9% | Major Banks – 3.9% |  |
| Banco Bradesco S.A., ADR | &nbsp;&nbsp;&nbsp;38659212 | $111338530 |
| Bandhan Bank Ltd. | &nbsp;&nbsp;&nbsp;16869762 | &nbsp;&nbsp;&nbsp;&nbsp; **33550275** |
| National Bank of Greece S.A | &nbsp;&nbsp;&nbsp;&nbsp;5107829 | &nbsp;&nbsp;&nbsp;&nbsp; **60896693** |
| Nedbank Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4408021 | &nbsp;&nbsp;&nbsp;&nbsp; **62630300** |
| OTP Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723038 | &nbsp;&nbsp;&nbsp;&nbsp; **54836573** |
|  |  | &nbsp;&nbsp; **$323252371** |
| Metals & Mining – 2.2% | Metals & Mining – 2.2% |  |
| Industries Qatar Q.P.S.C. | &nbsp;&nbsp;&nbsp;15485856 | $50400273 |
| Vale S.A., ADR | &nbsp;&nbsp;&nbsp;14770580 | &nbsp;&nbsp;&nbsp;&nbsp; **134855395** |
|  |  | &nbsp;&nbsp; **$185255668** |
| Natural Gas - Distribution – 0.4% | Natural Gas - Distribution – 0.4% |  |
| China Resources Gas Group Ltd. | &nbsp;&nbsp;&nbsp;12016700 | $31837386 |
| Network & Telecom – 0.7% | Network & Telecom – 0.7% |  |
| Accton Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911000 | $22300878 |
| GDS Holdings Ltd., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;4695700 | &nbsp;&nbsp;&nbsp;&nbsp; **13972257** |
| GDS Holdings Ltd., ADR (a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;1082380 | &nbsp;&nbsp;&nbsp;&nbsp; **25641582** |
|  |  | &nbsp;&nbsp; **$61914717** |
| Oil Services – 1.1% | Oil Services – 1.1% |  |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp;&nbsp;25149738 | $35947761 |
| Samsung E&A Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3699856 | &nbsp;&nbsp;&nbsp;&nbsp; **58325627** |
|  |  | &nbsp;&nbsp; **$94273388** |
| Other Banks & Diversified Financials – 15.1% | Other Banks & Diversified Financials – 15.1% |  |
| Bangkok Bank Public Co. Ltd. | &nbsp;&nbsp;&nbsp;14831700 | $64156619 |
| Bank Negara Indonesia PT | &nbsp;&nbsp;292103500 | &nbsp;&nbsp;&nbsp;&nbsp; **80512260** |
| China Construction Bank Corp. | &nbsp;&nbsp;205010490 | &nbsp;&nbsp;&nbsp;&nbsp; **183331737** |
| China Merchants Bank Co. Ltd. | &nbsp;&nbsp;&nbsp;17599000 | &nbsp;&nbsp;&nbsp;&nbsp; **109214435** |
| Credicorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343108 | &nbsp;&nbsp;&nbsp;&nbsp; **72673705** |
| Emirates NBD Bank PJSC | &nbsp;&nbsp;&nbsp;11584447 | &nbsp;&nbsp;&nbsp;&nbsp; **70648411** |
| Grupo Financiero Banorte S.A. de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;8064271 | &nbsp;&nbsp;&nbsp;&nbsp; **71287889** |

---

------

MFS Emerging Markets Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Other Banks & Diversified Financials – continued | Other Banks & Diversified Financials – continued |  |
| HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8748127 | $198489037 |
| Kasikornbank Co. Ltd. | &nbsp;&nbsp;&nbsp;23733900 | &nbsp;&nbsp;&nbsp;&nbsp; **111701700** |
| KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1074269 | &nbsp;&nbsp;&nbsp;&nbsp; **80854973** |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5677732 | &nbsp;&nbsp;&nbsp;&nbsp; **137652242** |
| PT Bank Central Asia Tbk | &nbsp;&nbsp;&nbsp;87702500 | &nbsp;&nbsp;&nbsp;&nbsp; **50607950** |
| Saudi Awwal Bank | &nbsp;&nbsp;&nbsp;&nbsp;2801579 | &nbsp;&nbsp;&nbsp;&nbsp; **25203122** |
| Sberbank of Russia PJSC (a)(u) | &nbsp;&nbsp;&nbsp;50760059 | &nbsp;&nbsp; **0** |
| State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;1752766 | &nbsp;&nbsp;&nbsp;&nbsp; **16637707** |
|  |  | &nbsp;&nbsp;$1272971787 |
| Pharmaceuticals – 0.3% | Pharmaceuticals – 0.3% |  |
| WuXi AppTec Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100300 | $872304 |
| WuXi AppTec Co. Ltd., "A" | &nbsp;&nbsp;&nbsp;&nbsp;2933300 | &nbsp;&nbsp;&nbsp;&nbsp; **25774665** |
|  |  | &nbsp;&nbsp; **$26646969** |
| Precious Metals & Minerals – 0.8% | Precious Metals & Minerals – 0.8% |  |
| Gold Fields Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;2893265 | $66545095 |
| Real Estate – 1.7% | Real Estate – 1.7% |  |
| Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;25674804 | $91920412 |
| Hang Lung Properties Ltd. | &nbsp;&nbsp;&nbsp;37979000 | &nbsp;&nbsp;&nbsp;&nbsp; **30030200** |
| SM Investments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1571550 | &nbsp;&nbsp;&nbsp;&nbsp; **23519029** |
|  |  | &nbsp;&nbsp; **$145469641** |
| Specialty Stores – 6.3% | Specialty Stores – 6.3% |  |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;21330448 | $305549009 |
| Meituan, "B" (a) | &nbsp;&nbsp;&nbsp;&nbsp;5114700 | &nbsp;&nbsp;&nbsp;&nbsp; **88455462** |
| PDD Holdings, Inc., ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968511 | &nbsp;&nbsp;&nbsp;&nbsp; **93470996** |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;2902482 | &nbsp;&nbsp;&nbsp;&nbsp; **40025227** |
|  |  | &nbsp;&nbsp; **$527500694** |
| Telecom Services – 2.3% | Telecom Services – 2.3% |  |
| Etihad Etisalat Co. | &nbsp;&nbsp;&nbsp;&nbsp;4356396 | $69207203 |
| Hellenic Telecommunications Organization S.A. | &nbsp;&nbsp;&nbsp;&nbsp;2597254 | &nbsp;&nbsp;&nbsp;&nbsp; **50104399** |
| PT Telekom Indonesia | &nbsp;&nbsp;406299600 | &nbsp;&nbsp;&nbsp;&nbsp; **70335474** |
|  |  | &nbsp;&nbsp; **$189647076** |
| Tobacco – 1.7% | Tobacco – 1.7% |  |
| British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;1706484 | $76656332 |
| ITC Ltd. | &nbsp;&nbsp;&nbsp;13632697 | &nbsp;&nbsp;&nbsp;&nbsp; **66598294** |
|  |  | &nbsp;&nbsp; **$143254626** |
| Utilities - Electric Power – 0.4% | Utilities - Electric Power – 0.4% |  |
| NTPC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8895249 | $34707843 |
| **Total Common Stocks (Identified Cost, $6,739,821,647)** |  | &nbsp;&nbsp;**$8266767494** |
| Mutual Funds (h) – 1.3% | Mutual Funds (h) – 1.3% | Mutual Funds (h) – 1.3% |
| Money Market Funds – 1.3% | Money Market Funds – 1.3% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $109,270,703) | 109270703 | &nbsp;&nbsp;$109270703 |

---

------

MFS Emerging Markets Equity Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Collateral for Securities Loaned – 0.2% | Collateral for Securities Loaned – 0.2% | Collateral for Securities Loaned – 0.2% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 4.25% (j) (Identified Cost, $13,564,680) | &nbsp;&nbsp;13564680 | &nbsp;&nbsp;$13564680 |
| Other Assets, Less Liabilities – 0.2% |  | &nbsp;&nbsp;&nbsp;&nbsp; **17267693** |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **$8406870570** |

---

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values
of the fund's investments in affiliated issuers and in unaffiliated issuers were $109,270,703 and $8,280,332,174, respectively.

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

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

(u) The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund's level 3 holdings, please see Note 2
in the Notes to Financial Statements.

(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: <br> ADR American Depositary Receipt

#### See Notes to Financial Statements

------

MFS Emerging Markets Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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 5/31/25 <br>Assets** |  |
| Investments in unaffiliated issuers, at value, including $12,508,320 of securities on loan (identified cost, $6,753,386,327) | &nbsp;&nbsp;$8280332174 |
| Investments in affiliated issuers, at value (identified cost, $109,270,703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109270703 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 |
| Foreign currency, at value (identified cost, $9,263,404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9256410 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12922755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33867244 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9040 |
| Total assets | &nbsp;&nbsp;$8449581278 |
| **Liabilities** |  |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2966604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842065 |
| Collateral for securities loaned, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13564680 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23202747 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624764 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42710708 |
| Net assets | &nbsp;&nbsp;$8406870570 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$7687781085 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719089485 |
| Net assets | &nbsp;&nbsp;$8406870570 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220736265 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$172689965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4801712 | &nbsp;&nbsp;&nbsp;&nbsp;$35.96 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7849 | &nbsp;&nbsp;&nbsp;&nbsp;33.02 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2419068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75575 | &nbsp;&nbsp;&nbsp;&nbsp;32.01 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125651360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295374 | &nbsp;&nbsp;&nbsp;&nbsp;38.13 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34033 | &nbsp;&nbsp;&nbsp;&nbsp;31.43 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67341 | &nbsp;&nbsp;&nbsp;&nbsp;32.50 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55477 | &nbsp;&nbsp;&nbsp;&nbsp;35.92 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6693733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186957 | &nbsp;&nbsp;&nbsp;&nbsp;35.80 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;8093906037 | &nbsp;&nbsp;&nbsp;&nbsp;212211947 | &nbsp;&nbsp;&nbsp;&nbsp;38.14 |

---

(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 $38.15 [100 / 94.25 x $35.96]. 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.

------

MFS Emerging Markets Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | |
|:---|:---|
| **Year ended 5/31/25 <br>Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$291610231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6110334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income on securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30266159) |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;$269326323 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$70308426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374829 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76745699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3086056) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$73659643 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$195666680 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (includes $8,271,373 foreign capital gains tax) | &nbsp;&nbsp;&nbsp;&nbsp;$165889785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2725) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2535128) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$163351932 |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (includes $17,254,241 increase in deferred foreign capital gains tax) | &nbsp;&nbsp;&nbsp;&nbsp;$922794979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11383) |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130056 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$922913652 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;$1086265584 |
| Change in net assets from operations | &nbsp;&nbsp;$1281932264 |

---

------

MFS Emerging Markets Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;$195666680 | &nbsp;&nbsp;&nbsp;&nbsp;$182227475 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;163351932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233675613) |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;922913652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846907442 |
| Change in net assets from operations | $1281932264 | &nbsp;&nbsp;&nbsp;&nbsp;$795459304 |
| Total distributions to shareholders | &nbsp;&nbsp;$(200003459) | &nbsp;&nbsp;&nbsp;&nbsp;$(195005589) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;$(223693279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43328238 |
| Total change in net assets | &nbsp;&nbsp;&nbsp;$858235526 | &nbsp;&nbsp;&nbsp;&nbsp;$643781953 |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;7548635044 | &nbsp;&nbsp;&nbsp;&nbsp;6904853091 |
| At end of period | $8406870570 | &nbsp;&nbsp;&nbsp;$7548635044 |

---

------

MFS Emerging Markets Equity Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**Financial Highlights** |

---

The financial highlights table is intended to help you understand the fund's financial performance for the past 5 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** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$31.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.13 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.33 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$5.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;$(10.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.45 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.20) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$35.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.38 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;16.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.89 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Net assets at end of period (000 omitted) | $172690 | &nbsp;&nbsp;&nbsp;$164392 | &nbsp;&nbsp;&nbsp;$157909 | &nbsp;&nbsp;&nbsp;$168750 | &nbsp;&nbsp;&nbsp;$204557 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class B** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $28.90 | &nbsp;&nbsp;&nbsp;$26.70 | &nbsp;&nbsp;&nbsp;$27.95 | &nbsp;&nbsp;&nbsp;$37.84 | &nbsp;&nbsp;&nbsp;$25.78 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.38 | &nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;$0.36 | &nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;$0.05 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;(9.73) | &nbsp;&nbsp;&nbsp;&nbsp;12.01 |
| Total from investment operations | &nbsp;&nbsp;$4.60 | &nbsp;&nbsp;&nbsp;&nbsp;$2.68 | &nbsp;&nbsp;&nbsp;$(1.25) | &nbsp;&nbsp;&nbsp;$(9.53) | &nbsp;&nbsp;&nbsp;$12.06 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.48) | &nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;&nbsp;$— |
| Net asset value, end of period (x) | $33.02 | &nbsp;&nbsp;&nbsp;$28.90 | &nbsp;&nbsp;&nbsp;$26.70 | &nbsp;&nbsp;&nbsp;$27.95 | &nbsp;&nbsp;&nbsp;$37.84 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;16.03 | &nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;(4.47) | &nbsp;&nbsp;&nbsp;(25.33) | &nbsp;&nbsp;&nbsp;&nbsp;46.78 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$259 | &nbsp;&nbsp;&nbsp;&nbsp;$421 | &nbsp;&nbsp;&nbsp;&nbsp;$673 | &nbsp;&nbsp;&nbsp;$1166 | &nbsp;&nbsp;&nbsp;$2396 |

---

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

------

MFS Emerging Markets Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $28.10 | &nbsp;&nbsp;&nbsp;$26.00 | &nbsp;&nbsp;&nbsp;$27.23 | &nbsp;&nbsp;&nbsp;$36.91 | &nbsp;&nbsp;&nbsp;&nbsp;$25.15 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.39 | &nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;$0.35 | &nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;(9.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.70 |
| Total from investment operations | &nbsp;&nbsp;$4.47 | &nbsp;&nbsp;&nbsp;&nbsp;$2.60 | &nbsp;&nbsp;&nbsp;$(1.21) | &nbsp;&nbsp;&nbsp;$(9.29) | &nbsp;&nbsp;&nbsp;&nbsp;$11.76 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.56) | &nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;$— |
| Net asset value, end of period (x) | $32.01 | &nbsp;&nbsp;&nbsp;$28.10 | &nbsp;&nbsp;&nbsp;$26.00 | &nbsp;&nbsp;&nbsp;$27.23 | &nbsp;&nbsp;&nbsp;&nbsp;$36.91 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;16.05 | &nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;(4.45) | &nbsp;&nbsp;&nbsp;(25.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.76 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Net assets at end of period (000 omitted) | $2419 | &nbsp;&nbsp;&nbsp;$2887 | &nbsp;&nbsp;&nbsp;$3702 | &nbsp;&nbsp;&nbsp;$5427 | &nbsp;&nbsp;&nbsp;$10467 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$33.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.75 | &nbsp;&nbsp;&nbsp;&nbsp;$32.24 | &nbsp;&nbsp;&nbsp;&nbsp;$43.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.64 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.43 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;(11.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.84 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$5.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.41 | &nbsp;&nbsp;&nbsp;&nbsp;$(1.14) | &nbsp;&nbsp;&nbsp;$(10.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.27 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.28) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$38.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.34 | &nbsp;&nbsp;&nbsp;&nbsp;$30.75 | &nbsp;&nbsp;&nbsp;&nbsp;$32.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43.63 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;17.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.51) | &nbsp;&nbsp;&nbsp;&nbsp;(24.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.24 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Net assets at end of period (000 omitted) | $125651 | &nbsp;&nbsp;&nbsp;$100206 | &nbsp;&nbsp;&nbsp;$95629 | &nbsp;&nbsp;&nbsp;$93329 | &nbsp;&nbsp;&nbsp;$168061 |

---

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

------

MFS Emerging Markets Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R1** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $27.72 | &nbsp;&nbsp;&nbsp;$25.42 | &nbsp;&nbsp;&nbsp;$26.70 | &nbsp;&nbsp;&nbsp;$36.41 | &nbsp;&nbsp;&nbsp;$24.80 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.42 | &nbsp;&nbsp;&nbsp;&nbsp;$0.52 | &nbsp;&nbsp;&nbsp;&nbsp;$0.35 | &nbsp;&nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;$0.05 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;(9.30) | &nbsp;&nbsp;&nbsp;&nbsp;11.56 |
| Total from investment operations | &nbsp;&nbsp;$4.38 | &nbsp;&nbsp;&nbsp;&nbsp;$2.57 | &nbsp;&nbsp;&nbsp;$(1.19) | &nbsp;&nbsp;&nbsp;$(9.14) | &nbsp;&nbsp;&nbsp;$11.61 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.67) | &nbsp;&nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.57) | &nbsp;&nbsp;&nbsp;$— |
| Net asset value, end of period (x) | $31.43 | &nbsp;&nbsp;&nbsp;$27.72 | &nbsp;&nbsp;&nbsp;$25.42 | &nbsp;&nbsp;&nbsp;$26.70 | &nbsp;&nbsp;&nbsp;$36.41 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;16.01 | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;(4.47) | &nbsp;&nbsp;&nbsp;(25.33) | &nbsp;&nbsp;&nbsp;&nbsp;46.81 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Net assets at end of period (000 omitted) | $1070 | &nbsp;&nbsp;&nbsp;&nbsp;$519 | &nbsp;&nbsp;&nbsp;$1296 | &nbsp;&nbsp;&nbsp;$1414 | &nbsp;&nbsp;&nbsp;&nbsp;$725 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R2** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $28.53 | &nbsp;&nbsp;&nbsp;$26.44 | &nbsp;&nbsp;&nbsp;$27.77 | &nbsp;&nbsp;&nbsp;$37.68 | &nbsp;&nbsp;&nbsp;$25.64 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.56 | &nbsp;&nbsp;&nbsp;&nbsp;$0.50 | &nbsp;&nbsp;&nbsp;&nbsp;$0.50 | &nbsp;&nbsp;&nbsp;&nbsp;$0.36 | &nbsp;&nbsp;&nbsp;&nbsp;$0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;(9.68) | &nbsp;&nbsp;&nbsp;&nbsp;11.94 |
| Total from investment operations | &nbsp;&nbsp;$4.67 | &nbsp;&nbsp;&nbsp;&nbsp;$2.79 | &nbsp;&nbsp;&nbsp;$(1.11) | &nbsp;&nbsp;&nbsp;$(9.32) | &nbsp;&nbsp;&nbsp;$12.16 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.70) | &nbsp;&nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;$(0.12) |
| Net asset value, end of period (x) | $32.50 | &nbsp;&nbsp;&nbsp;$28.53 | &nbsp;&nbsp;&nbsp;$26.44 | &nbsp;&nbsp;&nbsp;$27.77 | &nbsp;&nbsp;&nbsp;$37.68 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;16.58 | &nbsp;&nbsp;&nbsp;&nbsp;10.71 | &nbsp;&nbsp;&nbsp;&nbsp;(3.99) | &nbsp;&nbsp;&nbsp;(24.96) | &nbsp;&nbsp;&nbsp;&nbsp;47.47 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Net assets at end of period (000 omitted) | $2189 | &nbsp;&nbsp;&nbsp;$2250 | &nbsp;&nbsp;&nbsp;$2028 | &nbsp;&nbsp;&nbsp;$2427 | &nbsp;&nbsp;&nbsp;$4227 |

---

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

------

MFS Emerging Markets Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R3** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $31.47 | &nbsp;&nbsp;&nbsp;$29.08 | &nbsp;&nbsp;&nbsp;$30.51 | &nbsp;&nbsp;&nbsp;&nbsp;$41.17 | &nbsp;&nbsp;&nbsp;$27.95 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.71 | &nbsp;&nbsp;&nbsp;&nbsp;$0.64 | &nbsp;&nbsp;&nbsp;&nbsp;$0.63 | &nbsp;&nbsp;&nbsp;&nbsp;$0.56 | &nbsp;&nbsp;&nbsp;&nbsp;$0.41 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;4.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;(10.69) | &nbsp;&nbsp;&nbsp;&nbsp;12.96 |
| Total from investment operations | &nbsp;&nbsp;$5.25 | &nbsp;&nbsp;&nbsp;&nbsp;$3.15 | &nbsp;&nbsp;&nbsp;$(1.15) | &nbsp;&nbsp;&nbsp;$(10.13) | &nbsp;&nbsp;&nbsp;$13.37 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.80) | &nbsp;&nbsp;&nbsp;$(0.76) | &nbsp;&nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;&nbsp;$(0.15) |
| Net asset value, end of period (x) | $35.92 | &nbsp;&nbsp;&nbsp;$31.47 | &nbsp;&nbsp;&nbsp;$29.08 | &nbsp;&nbsp;&nbsp;&nbsp;$30.51 | &nbsp;&nbsp;&nbsp;$41.17 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;16.90 | &nbsp;&nbsp;&nbsp;&nbsp;11.01 | &nbsp;&nbsp;&nbsp;&nbsp;(3.75) | &nbsp;&nbsp;&nbsp;&nbsp;(24.78) | &nbsp;&nbsp;&nbsp;&nbsp;47.89 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Net assets at end of period (000 omitted) | $1993 | &nbsp;&nbsp;&nbsp;$1661 | &nbsp;&nbsp;&nbsp;$1286 | &nbsp;&nbsp;&nbsp;&nbsp;$1406 | &nbsp;&nbsp;&nbsp;$5103 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R4** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $31.36 | &nbsp;&nbsp;&nbsp;$28.98 | &nbsp;&nbsp;&nbsp;$30.43 | &nbsp;&nbsp;&nbsp;&nbsp;$41.24 | &nbsp;&nbsp;&nbsp;$28.03 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.80 | &nbsp;&nbsp;&nbsp;&nbsp;$0.73 | &nbsp;&nbsp;&nbsp;&nbsp;$0.70 | &nbsp;&nbsp;&nbsp;&nbsp;$0.60 | &nbsp;&nbsp;&nbsp;&nbsp;$0.43 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;(10.62) | &nbsp;&nbsp;&nbsp;&nbsp;13.06 |
| Total from investment operations | &nbsp;&nbsp;$5.32 | &nbsp;&nbsp;&nbsp;&nbsp;$3.21 | &nbsp;&nbsp;&nbsp;$(1.08) | &nbsp;&nbsp;&nbsp;$(10.02) | &nbsp;&nbsp;&nbsp;$13.49 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.88) | &nbsp;&nbsp;&nbsp;$(0.83) | &nbsp;&nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.79) | &nbsp;&nbsp;&nbsp;$(0.28) |
| Net asset value, end of period (x) | $35.80 | &nbsp;&nbsp;&nbsp;$31.36 | &nbsp;&nbsp;&nbsp;$28.98 | &nbsp;&nbsp;&nbsp;&nbsp;$30.43 | &nbsp;&nbsp;&nbsp;$41.24 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;17.19 | &nbsp;&nbsp;&nbsp;&nbsp;11.27 | &nbsp;&nbsp;&nbsp;&nbsp;(3.53) | &nbsp;&nbsp;&nbsp;&nbsp;(24.57) | &nbsp;&nbsp;&nbsp;&nbsp;48.20 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Net assets at end of period (000 omitted) | $6694 | &nbsp;&nbsp;&nbsp;$5670 | &nbsp;&nbsp;&nbsp;$4138 | &nbsp;&nbsp;&nbsp;&nbsp;$3264 | &nbsp;&nbsp;&nbsp;$3037 |

---

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

------

MFS Emerging Markets Equity Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.66 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.47 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.86 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(10.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.33 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.32) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43.67 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.43 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Net assets at end of period (000 omitted) | $8093906 | &nbsp;&nbsp;&nbsp;$7270629 | &nbsp;&nbsp;&nbsp;$6638192 | &nbsp;&nbsp;&nbsp;$6524541 | &nbsp;&nbsp;&nbsp;$7034144 |

---

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

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

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

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

(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.

------

MFS Emerging Markets Equity Fund

### Notes to Financial Statements
(1) Business and Organization

MFS Emerging Markets Equity Fund (the fund) is a diversified series of MFS Series Trust X (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 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 in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, accounting, and auditing 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, and economic instability than developed markets.**

In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. An operating segment is 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 Emerging Markets Equity Fund

Notes to Financial Statements - 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 May 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;$711179079 | $1697614729 | $— | $2408793808 |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;1022136300 | &nbsp;&nbsp;&nbsp;&nbsp;260003852 |  | &nbsp;&nbsp;1282140152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;106040142 | &nbsp;&nbsp;1098631750 |  | &nbsp;&nbsp;1204671892 |
| &nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;722669032 | &nbsp;&nbsp;&nbsp;&nbsp;177842456 |  | &nbsp;&nbsp;&nbsp;&nbsp;900511488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;447021251 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;447021251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;304396173 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;304396173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30030200 | &nbsp;&nbsp;&nbsp;&nbsp;225240035 |  | &nbsp;&nbsp;&nbsp;&nbsp;255270235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;247939874 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;247939874 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;198516584 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;198516584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;952530145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64975892 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1017506037 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;122835383 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;122835383 |
| Total | $4865294163 | $3524308714 | $0 | $8389602877 |

---

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

The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The table presents the activity of level 3 securities held at the beginning and the end of the period.

---

| | |
|:---|:---|
|  | **Equity<br> Securities** |
| Balance as of 5/31/24 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) | (133173627) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation or depreciation | 190969984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales | (57796357) |
| Balance as of 5/31/25 | $0 |

---

------

MFS Emerging Markets Equity Fund

Notes to Financial Statements - continued

The net change in unrealized appreciation or depreciation from investments held as level 3 at May 31, 2025 is $0. At May 31, 2025, the fund held one level 3 security.

**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, Goldman Sachs Agency Lending, 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 five business days. The loans are collateralized by cash and/or U.S. government securities 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 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 or the cash needed to pay their market value, 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 $12,508,320. The fair value of the fund's investment securities on loan and a related liability of $13,564,680 for the obligation to return cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. 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. government securities, 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 — Interest income is recorded on the accrual basis. 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.**

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.

**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.**

------

MFS Emerging Markets Equity Fund

Notes to Financial Statements - continued

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, and foreign taxes.

The tax character of distributions declared to shareholders for the last two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/24** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;$200003459 | &nbsp;&nbsp;&nbsp;$195005589 |

---

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

---

| | |
|:---|:---|
| **As of 5/31/25** |  |
| Cost of investments | &nbsp;&nbsp;&nbsp;$7104467035 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;1769971227 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(484835385) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;$1285135842 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120391563 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(660744153) |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25693767) |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$719089485 |

---

As of May 31, 2025, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | &nbsp;&nbsp;$(27492697) |
| Long-Term | &nbsp;&nbsp;(633251456) |
| Total | $(660744153) |

---

**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:**

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/24** |
| Class A | &nbsp;&nbsp;&nbsp;$3900888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3951591 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9297 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57336 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;2398991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449314 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4843 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55841 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37325 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127002 |
| Class R6 | &nbsp;&nbsp;193389075 | &nbsp;&nbsp;&nbsp;&nbsp;188313040 |
| Total | $200003459 | &nbsp;&nbsp;&nbsp;$195005589 |

---

------

MFS Emerging Markets Equity Fund

Notes to Financial Statements - continued

(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 | 1.05% |
| In excess of $500 million and up to $1 billion | 0.95% |
| In excess of $1 billion and up to $4 billion | 0.90% |
| In excess of $4 billion and up to $10 billion | 0.85% |
| In excess of $10 billion | 0.80% |

---

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 September 30, 2026. For the year ended May 31, 2025, this management fee reduction amounted to $1,075,366, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended May 31, 2025 was equivalent to an annual effective rate of 0.87% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed the following rates annually of each class's average daily net assets:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** |
| **A** | &nbsp;&nbsp;&nbsp;**B** | &nbsp;&nbsp;&nbsp;**C** | &nbsp;&nbsp;&nbsp;**I** | &nbsp;&nbsp;&nbsp;**R1** | &nbsp;&nbsp;&nbsp;**R2** | &nbsp;&nbsp;&nbsp;**R3** | &nbsp;&nbsp;&nbsp;**R4** | &nbsp;&nbsp;&nbsp;**R6** |
| 1.31% | &nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;0.95% |

---

This written agreement will terminate on July 31, 2025. For the year ended May 31, 2025, this reduction amounted to $2,010,520, which is included in the reduction of total expenses in the Statement of Operations.

Effective August 1, 2025, the investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed the following rates annually of each class's average daily net assets:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** |
| **A** | &nbsp;&nbsp;&nbsp;**B** | &nbsp;&nbsp;&nbsp;**C** | &nbsp;&nbsp;&nbsp;**I** | &nbsp;&nbsp;&nbsp;**R1** | &nbsp;&nbsp;&nbsp;**R2** | &nbsp;&nbsp;&nbsp;**R3** | &nbsp;&nbsp;&nbsp;**R4** | &nbsp;&nbsp;&nbsp;**R6** |
| 1.31% | &nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;0.94% |

---

**Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $25,466 for the year ended May 31, 2025, 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.

------

MFS Emerging Markets Equity Fund

Notes to Financial Statements - continued

#### Distribution Plan Fee Table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution<br> Fee Rate (d)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | $422721 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;3535 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;27184 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;7297 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | &nbsp;&nbsp;&nbsp;10797 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;4554 |
| Total Distribution and Service Fees |  |  |  |  | $476088 |

---

(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 year ended May 31, 2025 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 year ended May 31, 2025, this rebate amounted to $170 for Class A shares 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 year ended May 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $4199 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;451 |

---

**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 year ended May 31, 2025, the fee was $86,085, which equated to 0.0011% 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 year ended May 31, 2025, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $453,093.**

**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 year ended May 31, 2025 was equivalent to an annual effective rate of 0.0076% 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 purchased or redeemed fund shares on the dates indicated:

------

MFS Emerging Markets Equity Fund

Notes to Financial Statements - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Transaction** | &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class I | &nbsp;&nbsp;3 | &nbsp;&nbsp;$90 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R3 | &nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R4 | &nbsp;&nbsp;3 | &nbsp;&nbsp;114 |

---

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 year ended May 31, 2025, this reimbursement amounted to $1,700,577, which is included in "Other" income in the Statement of Operations.

(4) Portfolio Securities

For the year ended May 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $2,781,745,579 and $2,993,380,389, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;618570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20977906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739470 | &nbsp;&nbsp;&nbsp;&nbsp;$22319529 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409668 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;1172926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42320651 | &nbsp;&nbsp;&nbsp;&nbsp;1050979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33135098 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84455 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733505 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346695 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685364 |
| &nbsp;&nbsp;&nbsp;Class R6 | 15746242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563245987 | &nbsp;&nbsp;&nbsp;17962781 | &nbsp;&nbsp;&nbsp;&nbsp;573976606 |
|  | 17627687 | &nbsp;&nbsp;&nbsp;&nbsp;$629415672 | &nbsp;&nbsp;&nbsp;19865703 | &nbsp;&nbsp;&nbsp;$632690920 |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;115652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3838500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3895108 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9297 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52870 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307660 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4843 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55202 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37325 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127002 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;5502495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193357662 | &nbsp;&nbsp;&nbsp;&nbsp;6011617 | &nbsp;&nbsp;&nbsp;&nbsp;188283848 |
|  | &nbsp;&nbsp;5694393 | &nbsp;&nbsp;&nbsp;&nbsp;$199842561 | &nbsp;&nbsp;&nbsp;&nbsp;6226880 | &nbsp;&nbsp;&nbsp;$194773155 |

---

------

MFS Emerging Markets Equity Fund

Notes to Financial Statements - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;(1151821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(39062606) | &nbsp;&nbsp;&nbsp;(1078187) | &nbsp;&nbsp;&nbsp;&nbsp;$(32596738) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304838) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(45191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1354264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1532744) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(949586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34255440) | &nbsp;&nbsp;&nbsp;(1228601) | &nbsp;&nbsp;&nbsp;&nbsp;(39545287) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(962943) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(27665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(841934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(726693) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127802) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;(29518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(993985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(680007) |
| &nbsp;&nbsp;&nbsp;Class R6 | (27004056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(975848366) | &nbsp;&nbsp;(21737746) | &nbsp;&nbsp;&nbsp;&nbsp;(707658785) |
|  | (29226451) | &nbsp;&nbsp;$(1052951512) | &nbsp;&nbsp;(24201012) | &nbsp;&nbsp;$(784135837) |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(417599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(14246200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207255) | &nbsp;&nbsp;&nbsp;&nbsp;$(6382101) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295541) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(27152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(812604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1070206) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;289772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4102529) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(873645) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(11520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(342727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62014 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256218 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132359 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;(5755319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219244717) | &nbsp;&nbsp;&nbsp;&nbsp;2236652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54601669 |
|  | &nbsp;&nbsp;(5904371) | &nbsp;&nbsp;&nbsp;&nbsp;$(223693279) | &nbsp;&nbsp;&nbsp;&nbsp;1891571 | &nbsp;&nbsp;&nbsp;&nbsp;$43328238 |

---

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 84%, 2%, and 1%, respectively, of the value of outstanding voting shares of the fund. In addition, 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 Moderate Allocation Fund were each the owners of record of less than 1% of the value of the 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) plus 0.10%, 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 12, 2026 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 year ended May 31, 2025, the fund's commitment fee and interest expense were $37,372 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. For the purposes of this report, the following were affiliated issuers for the year ended May 31, 2025:

------

MFS Emerging Markets Equity Fund

Notes to Financial Statements - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;$155743854 | &nbsp;&nbsp;&nbsp;$1844488560 | &nbsp;&nbsp;&nbsp;$1890947603 | &nbsp;&nbsp;&nbsp;$(2725) | &nbsp;&nbsp;&nbsp;$(11383) | &nbsp;&nbsp;&nbsp;$109270703 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;$6110334 | &nbsp;&nbsp;&nbsp;$— |

---

(8) Russia and Ukraine Conflict

The fund invests in securities and/or derivative instruments that are economically tied to Russia and/or Ukraine. Escalation of the conflict between Russia and Ukraine in late February 2022 caused market volatility and disruption in the tradability of Russian securities, including closure of the local securities market, temporary restriction on securities sales by non-residents, and disruptions to clearance and payment systems. To the extent that the fund is unable to sell securities, whether due to market constraints or to the sanctions imposed on Russia by the United States and other countries, those securities are considered illiquid and the value of those securities reflects their illiquid classification. Additionally, since there is no assurance on collectability of dividends declared by certain Russian issuers, all such dividends, related receivables, and/or currency denominated in Rubles, if applicable, have been valued at $0. Management continues to monitor these events and to evaluate the related impacts on fund performance.

------

MFS Emerging Markets Equity Fund

### Report of Independent Registered Public Accounting Firm
To the Shareholders of MFS Emerging Markets Equity Fund and the Board of Trustees of MFS Series Trust X

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of MFS Emerging Markets Equity Fund (the "Fund") (one of the funds constituting MFS Series Trust X (the "Trust")), including the portfolio of investments, as of May 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting MFS Series Trust X) at May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more MFS investment companies since 1993.

Boston, Massachusetts

July 16, 2025

------

MFS Emerging Markets Equity Fund

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2025 income tax forms in January 2026. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

Income derived from foreign sources was $291,773,626. The fund intends to pass through foreign tax credits of $37,065,946 for the fiscal year.

------

#### ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Emerging Markets Equity Fund.

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Emerging Markets Equity 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 Emerging Markets Equity 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 Growth Fund

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS International Growth Fund

### Portfolio of Investments - 5/31/25
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** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – 97.3% | Common Stocks – 97.3% | Common Stocks – 97.3% |
| Aerospace & Defense – 1.9% | Aerospace & Defense – 1.9% |  |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;28292368 | $330192875 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7289100 | &nbsp;&nbsp;&nbsp; **44195202** |
|  |  | &nbsp;&nbsp; **$374388077** |
| Alcoholic Beverages – 4.3% | Alcoholic Beverages – 4.3% |  |
| Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;8194703 | $222699548 |
| Heineken N.V. | &nbsp;&nbsp;&nbsp;&nbsp;5183923 | &nbsp;&nbsp;&nbsp; **461586862** |
| Pernod Ricard S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1420695 | &nbsp;&nbsp;&nbsp; **146826938** |
|  |  | &nbsp;&nbsp; **$831113348** |
| Apparel Manufacturers – 2.4% | Apparel Manufacturers – 2.4% |  |
| Burberry Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;3837795 | $53518304 |
| Kering S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282469 | &nbsp;&nbsp;&nbsp; **55280929** |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648693 | &nbsp;&nbsp;&nbsp; **352259123** |
|  |  | &nbsp;&nbsp; **$461058356** |
| Brokerage & Asset Managers – 3.9% | Brokerage & Asset Managers – 3.9% |  |
| B3 S.A. - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;65765500 | $160403659 |
| Banco BTG Pactual S.A. | &nbsp;&nbsp;&nbsp;&nbsp;4976363 | &nbsp;&nbsp;&nbsp; **34411252** |
| Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961472 | &nbsp;&nbsp;&nbsp; **309497940** |
| London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;1001534 | &nbsp;&nbsp;&nbsp; **152146676** |
| XP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4751575 | &nbsp;&nbsp;&nbsp; **91990492** |
|  |  | &nbsp;&nbsp; **$748450019** |
| Business Services – 3.8% | Business Services – 3.8% |  |
| Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;5491630 | $192747706 |
| Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;5165446 | &nbsp;&nbsp;&nbsp; **257020257** |
| Nomura Research Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5784000 | &nbsp;&nbsp;&nbsp; **226007982** |
| Sodexo | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902514 | &nbsp;&nbsp;&nbsp; **62356623** |
|  |  | &nbsp;&nbsp; **$738132568** |
| Chemicals – 0.5% | Chemicals – 0.5% |  |
| UPL Ltd. | &nbsp;&nbsp;&nbsp;12713519 | $93739792 |
| Computer Software – 8.0% | Computer Software – 8.0% |  |
| Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;4892467 | $183320023 |
| Kingsoft Corp. | &nbsp;&nbsp;&nbsp;13093800 | &nbsp;&nbsp;&nbsp; **55774435** |
| OBIC Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5295100 | &nbsp;&nbsp;&nbsp; **193382230** |
| Oracle Corp. Japan (l) | &nbsp;&nbsp;&nbsp;&nbsp;1241400 | &nbsp;&nbsp;&nbsp; **145755259** |
| SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;2565925 | &nbsp;&nbsp;&nbsp; **774694289** |
| Totvs S.A. | &nbsp;&nbsp;&nbsp;12972000 | &nbsp;&nbsp;&nbsp; **95733564** |
| Wisetech Global Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1192010 | &nbsp;&nbsp;&nbsp; **82330790** |
|  |  | &nbsp;&nbsp; **$1530990590** |

---

FGFFS-ANN

------

MFS International Growth Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software - Systems – 7.6% | Computer Software - Systems – 7.6% |  |
| Amadeus IT Group S.A. | &nbsp;&nbsp;&nbsp;&nbsp;5288001 | $440592697 |
| Cap Gemini S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1879426 | &nbsp;&nbsp;&nbsp; **312096691** |
| Hitachi Ltd. | &nbsp;&nbsp;&nbsp;25158000 | &nbsp;&nbsp;&nbsp; **695735076** |
|  |  | &nbsp;&nbsp; **$1448424464** |
| Construction – 1.1% | Construction – 1.1% |  |
| James Hardie Industries PLC, GDR (a) | &nbsp;&nbsp;&nbsp;&nbsp;6021437 | $138446055 |
| Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744648 | &nbsp;&nbsp;&nbsp; **63836054** |
|  |  | &nbsp;&nbsp; **$202282109** |
| Consumer Products – 2.9% | Consumer Products – 2.9% |  |
| AmorePacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1075451 | $104216713 |
| Haleon PLC | &nbsp;&nbsp;&nbsp;25130270 | &nbsp;&nbsp;&nbsp; **140143449** |
| KOSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252800 | &nbsp;&nbsp;&nbsp; **10170327** |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;4313932 | &nbsp;&nbsp;&nbsp; **292478635** |
|  |  | &nbsp;&nbsp; **$547009124** |
| Electrical Equipment – 3.5% | Electrical Equipment – 3.5% |  |
| Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;2678291 | $673139920 |
| Electronics – 5.6% | Electronics – 5.6% |  |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235133 | $174579394 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;28414000 | &nbsp;&nbsp;&nbsp; **903517088** |
|  |  | &nbsp;&nbsp; **$1078096482** |
| Energy - Independent – 0.8% | Energy - Independent – 0.8% |  |
| Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9118013 | $151396841 |
| Food & Beverages – 3.4% | Food & Beverages – 3.4% |  |
| Nestle S.A. | &nbsp;&nbsp;&nbsp;&nbsp;6194215 | $660063980 |
| Food & Drug Stores – 0.5% | Food & Drug Stores – 0.5% |  |
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3988500 | $87811029 |
| Gaming & Lodging – 2.6% | Gaming & Lodging – 2.6% |  |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3731509 | $150092604 |
| Flutter Entertainment PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;1002386 | &nbsp;&nbsp;&nbsp; **253302942** |
| Lottery Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9506436 | &nbsp;&nbsp;&nbsp; **31252022** |
| Sands China Ltd. | &nbsp;&nbsp;&nbsp;37569200 | &nbsp;&nbsp;&nbsp; **73338863** |
|  |  | &nbsp;&nbsp; **$507986431** |
| Insurance – 2.3% | Insurance – 2.3% |  |
| AIA Group Ltd. | &nbsp;&nbsp;&nbsp;53269600 | $442307691 |
| Interactive Media Services – 1.2% | Interactive Media Services – 1.2% |  |
| LY Corp. | &nbsp;&nbsp;&nbsp;30315700 | $109974602 |
| NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844139 | &nbsp;&nbsp;&nbsp; **114717738** |
|  |  | &nbsp;&nbsp; **$224692340** |
| Internet – 0.3% | Internet – 0.3% |  |
| Mercadolibre, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21074 | $54018774 |

---

------

MFS International Growth Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Leisure & Toys – 1.3% | Leisure & Toys – 1.3% |  |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3840600 | $242084892 |
| Machinery & Tools – 6.2% | Machinery & Tools – 6.2% |  |
| Assa Abloy AB | &nbsp;&nbsp;&nbsp;10707568 | $339422853 |
| Delta Electronics, Inc. | &nbsp;&nbsp;&nbsp;15331000 | &nbsp;&nbsp;&nbsp; **188835704** |
| GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;4057592 | &nbsp;&nbsp;&nbsp; **271363686** |
| RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3664082 | &nbsp;&nbsp;&nbsp; **386045554** |
|  |  | &nbsp;&nbsp; **$1185667797** |
| Major Banks – 1.2% | Major Banks – 1.2% |  |
| DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6845740 | $237364988 |
| Medical Equipment – 4.9% | Medical Equipment – 4.9% |  |
| EssilorLuxottica | &nbsp;&nbsp;&nbsp;&nbsp;1665130 | $462647451 |
| Qiagen N.V. | &nbsp;&nbsp;&nbsp;&nbsp;4109601 | &nbsp;&nbsp;&nbsp; **185483315** |
| Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442158 | &nbsp;&nbsp;&nbsp; **138395991** |
| Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8071900 | &nbsp;&nbsp;&nbsp; **148512832** |
|  |  | &nbsp;&nbsp; **$935039589** |
| Natural Gas - Distribution – 0.3% | Natural Gas - Distribution – 0.3% |  |
| China Resources Gas Group Ltd. | &nbsp;&nbsp;&nbsp;19624800 | $51994502 |
| Oil Services – 0.4% | Oil Services – 0.4% |  |
| Tenaris S.A. | &nbsp;&nbsp;&nbsp;&nbsp;4598595 | $77121189 |
| Other Banks & Diversified Financials – 5.5% | Other Banks & Diversified Financials – 5.5% |  |
| Credicorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948288 | $200856881 |
| Element Fleet Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8745061 | &nbsp;&nbsp;&nbsp; **208375046** |
| Grupo Financiero Banorte S.A. de C.V. | &nbsp;&nbsp;&nbsp;17236590 | &nbsp;&nbsp;&nbsp; **152370887** |
| HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;15177676 | &nbsp;&nbsp;&nbsp; **344371120** |
| Kasikornbank Co. Ltd. | &nbsp;&nbsp;&nbsp;14140400 | &nbsp;&nbsp;&nbsp; **66550660** |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3417327 | &nbsp;&nbsp;&nbsp; **82850463** |
|  |  | &nbsp;&nbsp; **$1055375057** |
| Pharmaceuticals – 7.0% | Pharmaceuticals – 7.0% |  |
| AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;2057738 | $297211140 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4565400 | &nbsp;&nbsp;&nbsp; **121896291** |
| Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866320 | &nbsp;&nbsp;&nbsp; **113613093** |
| Novo Nordisk A.S., "B" | &nbsp;&nbsp;&nbsp;&nbsp;2510705 | &nbsp;&nbsp;&nbsp; **173360932** |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;1960427 | &nbsp;&nbsp;&nbsp; **632434227** |
|  |  | &nbsp;&nbsp; **$1338515683** |
| Precious Metals & Minerals – 4.0% | Precious Metals & Minerals – 4.0% |  |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2743269 | $323371316 |
| Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2008835 | &nbsp;&nbsp;&nbsp; **338384805** |
| Northern Star Resources Ltd. Co. | &nbsp;&nbsp;&nbsp;&nbsp;7083734 | &nbsp;&nbsp;&nbsp; **95798330** |
|  |  | &nbsp;&nbsp; **$757554451** |
| Restaurants – 0.5% | Restaurants – 0.5% |  |
| Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1588160 | $69323184 |
| Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668800 | &nbsp;&nbsp;&nbsp; **29401067** |
|  |  | &nbsp;&nbsp; **$98724251** |

---

------

MFS International Growth Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Specialty Chemicals – 7.3% | Specialty Chemicals – 7.3% |  |
| Air Liquide S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1932629 | $400259257 |
| Akzo Nobel N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1452536 | &nbsp;&nbsp;&nbsp; **98890959** |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982756 | &nbsp;&nbsp;&nbsp; **459517050** |
| Resonac Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4471400 | &nbsp;&nbsp;&nbsp; **97792741** |
| Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487204 | &nbsp;&nbsp;&nbsp; **130059196** |
| Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;1738490 | &nbsp;&nbsp;&nbsp; **207365409** |
|  |  | &nbsp;&nbsp; **$1393884612** |
| Specialty Stores – 2.1% | Specialty Stores – 2.1% |  |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8754300 | $125401384 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3837893 | &nbsp;&nbsp;&nbsp; **125894743** |
| Zalando SE (a) | &nbsp;&nbsp;&nbsp;&nbsp;4000122 | &nbsp;&nbsp;&nbsp; **142843981** |
|  |  | &nbsp;&nbsp; **$394140108** |
| **Total Common Stocks (Identified Cost, $13,352,509,819)** |  | &nbsp;&nbsp;**$18622569054** |
| Mutual Funds (h) – 3.0% | Mutual Funds (h) – 3.0% | Mutual Funds (h) – 3.0% |
| Money Market Funds – 3.0% | Money Market Funds – 3.0% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $566,325,184) | 566303965 | &nbsp;&nbsp;$566303964 |
| Collateral for Securities Loaned – 0.7% | Collateral for Securities Loaned – 0.7% | Collateral for Securities Loaned – 0.7% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 4.25% (j) (Identified Cost, $135,575,000) | 135575000 | &nbsp;&nbsp;$135575000 |
| Other Assets, Less Liabilities – (1.0)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185263113) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **$19139184905** |

---

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values
of the fund's investments in affiliated issuers and in unaffiliated issuers were $566,303,964 and $18,758,144,054, respectively.

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

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

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

The following abbreviations are used in this report and are defined: <br> GDR Global Depositary Receipt

#### See Notes to Financial Statements

------

MFS International Growth Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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 5/31/25 <br>Assets** |  |
| Investments in unaffiliated issuers, at value, including $129,063,509 of securities on loan (identified cost, $13,488,084,819) | &nbsp;&nbsp;$18758144054 |
| Investments in affiliated issuers, at value (identified cost, $566,325,184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566303964 |
| Foreign currency, at value (identified cost, $3,602,227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3604304 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32894533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97246767 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18820 |
| Total assets | &nbsp;&nbsp;$19458212442 |
| **Liabilities** |  |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$133586053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12531357 |
| Collateral for securities loaned, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135575000 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25690 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32458236 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831466 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$319027537 |
| Net assets | &nbsp;&nbsp;$19139184905 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$13072097218 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6067087687 |
| Net assets | &nbsp;&nbsp;$19139184905 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397594519 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$713982524 | &nbsp;&nbsp;&nbsp;&nbsp;15431170 | &nbsp;&nbsp;&nbsp;&nbsp;$46.27 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12598 | &nbsp;&nbsp;&nbsp;&nbsp;42.76 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25272699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617489 | &nbsp;&nbsp;&nbsp;&nbsp;40.93 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;5165308436 | &nbsp;&nbsp;&nbsp;&nbsp;97166385 | &nbsp;&nbsp;&nbsp;&nbsp;53.16 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9229107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233194 | &nbsp;&nbsp;&nbsp;&nbsp;39.58 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20737014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502568 | &nbsp;&nbsp;&nbsp;&nbsp;41.26 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361386892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7896663 | &nbsp;&nbsp;&nbsp;&nbsp;45.76 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158418153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400737 | &nbsp;&nbsp;&nbsp;&nbsp;46.58 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;12684311361 | &nbsp;&nbsp;&nbsp;&nbsp;272333715 | &nbsp;&nbsp;&nbsp;&nbsp;46.58 |

---

(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 $49.09 [100 / 94.25 x $46.27]. 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.

------

MFS International Growth Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | |
|:---|:---|
| **Year ended 5/31/25 <br>Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$363952117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13739652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income on securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28312279) |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;$349539172 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;&nbsp;$116441241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2939674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748683 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;$131891158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2367030) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;$129524128 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$220015044 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (includes $5,733,187 foreign capital gains tax) | &nbsp;&nbsp;$1574492504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2342156) |
| Net realized gain (loss) | &nbsp;&nbsp;$1572210905 |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (includes $23,734,946 increase in deferred foreign capital gains tax) | &nbsp;&nbsp;&nbsp;&nbsp;$805901212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50744) |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3572357 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$809422825 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;$2381633730 |
| Change in net assets from operations | &nbsp;&nbsp;$2601648774 |

---

------

MFS International Growth Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$220015044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$215027937 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1572210905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200125390 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809422825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442939822 |
| Change in net assets from operations | &nbsp;&nbsp;$2601648774 | &nbsp;&nbsp;&nbsp;&nbsp;$1858093149 |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(965070999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(430495414) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;&nbsp;&nbsp;$915751263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$577818110 |
| Total change in net assets | &nbsp;&nbsp;$2552329038 | &nbsp;&nbsp;&nbsp;&nbsp;$2005415845 |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;16586855867 | &nbsp;&nbsp;&nbsp;&nbsp;14581440022 |
| At end of period | $19139184905 | &nbsp;&nbsp;&nbsp;$16586855867 |

---

------

MFS International Growth Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**Financial Highlights** |

---

The financial highlights table is intended to help you understand the fund's financial performance for the past 5 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** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$42.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.66 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.05 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$6.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.27 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.24) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.56) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(2.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.24) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$46.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45.69 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;15.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.52 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Net assets at end of period (000 omitted) | $713983 | &nbsp;&nbsp;&nbsp;$638324 | &nbsp;&nbsp;&nbsp;$626068 | &nbsp;&nbsp;&nbsp;$534840 | &nbsp;&nbsp;&nbsp;$650731 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class B** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $39.27 | &nbsp;&nbsp;&nbsp;$35.93 | &nbsp;&nbsp;&nbsp;$34.77 | &nbsp;&nbsp;&nbsp;$42.52 | &nbsp;&nbsp;&nbsp;$31.38 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.00(w) | &nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;$(0.09) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;(5.06) | &nbsp;&nbsp;&nbsp;&nbsp;11.23 |
| Total from investment operations | &nbsp;&nbsp;$5.55 | &nbsp;&nbsp;&nbsp;&nbsp;$4.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.82 | &nbsp;&nbsp;&nbsp;$(5.19) | &nbsp;&nbsp;&nbsp;$11.14 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.13) | &nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;(2.56) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | $(2.06) | &nbsp;&nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;&nbsp;$(2.56) | &nbsp;&nbsp;&nbsp;$— |
| Net asset value, end of period (x) | $42.76 | &nbsp;&nbsp;&nbsp;$39.27 | &nbsp;&nbsp;&nbsp;$35.93 | &nbsp;&nbsp;&nbsp;$34.77 | &nbsp;&nbsp;&nbsp;$42.52 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;14.59 | &nbsp;&nbsp;&nbsp;&nbsp;11.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp;&nbsp;(12.99) | &nbsp;&nbsp;&nbsp;&nbsp;35.50 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(w) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$539 | &nbsp;&nbsp;&nbsp;&nbsp;$786 | &nbsp;&nbsp;&nbsp;$1138 | &nbsp;&nbsp;&nbsp;$1559 | &nbsp;&nbsp;&nbsp;$2439 |

---

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

------

MFS International Growth Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$37.77 | &nbsp;&nbsp;&nbsp;&nbsp;$34.67 | &nbsp;&nbsp;&nbsp;&nbsp;$33.61 | &nbsp;&nbsp;&nbsp;&nbsp;$41.19 | &nbsp;&nbsp;&nbsp;&nbsp;$30.40 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.08) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.87 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$5.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.76 | &nbsp;&nbsp;&nbsp;&nbsp;$(5.02) | &nbsp;&nbsp;&nbsp;&nbsp;$10.79 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.00)(w) | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.56) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(2.16) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;$(2.56) | &nbsp;&nbsp;&nbsp;$— |
| Net asset value, end of period (x) | &nbsp;&nbsp;$40.93 | &nbsp;&nbsp;&nbsp;&nbsp;$37.77 | &nbsp;&nbsp;&nbsp;&nbsp;$34.67 | &nbsp;&nbsp;&nbsp;&nbsp;$33.61 | &nbsp;&nbsp;&nbsp;&nbsp;$41.19 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;14.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;(12.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.49 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Net assets at end of period (000 omitted) | $25273 | &nbsp;&nbsp;&nbsp;$25405 | &nbsp;&nbsp;&nbsp;$27498 | &nbsp;&nbsp;&nbsp;$30292 | &nbsp;&nbsp;&nbsp;$41907 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37.75 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.39 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.49 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.88 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.31) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.56) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.31) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51.32 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.85 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Net assets at end of period (000 omitted) | $5165308 | &nbsp;&nbsp;&nbsp;$4102118 | &nbsp;&nbsp;&nbsp;$3576683 | &nbsp;&nbsp;&nbsp;$3251727 | &nbsp;&nbsp;&nbsp;$3722298 |

---

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

------

MFS International Growth Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R1** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $36.63 | &nbsp;&nbsp;&nbsp;$33.69 | &nbsp;&nbsp;&nbsp;$32.73 | &nbsp;&nbsp;&nbsp;$40.23 | &nbsp;&nbsp;&nbsp;$29.72 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;$(0.06) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;(4.81) | &nbsp;&nbsp;&nbsp;&nbsp;10.62 |
| Total from investment operations | &nbsp;&nbsp;$5.16 | &nbsp;&nbsp;&nbsp;&nbsp;$3.74 | &nbsp;&nbsp;&nbsp;&nbsp;$1.70 | &nbsp;&nbsp;&nbsp;$(4.89) | &nbsp;&nbsp;&nbsp;$10.56 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.28) | &nbsp;&nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$(0.05) |
| From net realized gain | &nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;(2.56) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | $(2.21) | &nbsp;&nbsp;&nbsp;$(0.80) | &nbsp;&nbsp;&nbsp;$(0.74) | &nbsp;&nbsp;&nbsp;$(2.61) | &nbsp;&nbsp;&nbsp;$(0.05) |
| Net asset value, end of period (x) | $39.58 | &nbsp;&nbsp;&nbsp;$36.63 | &nbsp;&nbsp;&nbsp;$33.69 | &nbsp;&nbsp;&nbsp;$32.73 | &nbsp;&nbsp;&nbsp;$40.23 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;14.60 | &nbsp;&nbsp;&nbsp;&nbsp;11.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp;(12.99) | &nbsp;&nbsp;&nbsp;&nbsp;35.53 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Net assets at end of period (000 omitted) | $9229 | &nbsp;&nbsp;&nbsp;$8136 | &nbsp;&nbsp;&nbsp;$7182 | &nbsp;&nbsp;&nbsp;$6895 | &nbsp;&nbsp;&nbsp;$7424 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R2** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$38.05 | &nbsp;&nbsp;&nbsp;&nbsp;$34.89 | &nbsp;&nbsp;&nbsp;&nbsp;$33.87 | &nbsp;&nbsp;&nbsp;&nbsp;$41.51 | &nbsp;&nbsp;&nbsp;&nbsp;$30.63 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;5.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.97 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$5.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.94 | &nbsp;&nbsp;&nbsp;&nbsp;$(4.86) | &nbsp;&nbsp;&nbsp;&nbsp;$11.07 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.19) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.56) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(2.35) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;$(2.78) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.19) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$41.26 | &nbsp;&nbsp;&nbsp;&nbsp;$38.05 | &nbsp;&nbsp;&nbsp;&nbsp;$34.89 | &nbsp;&nbsp;&nbsp;&nbsp;$33.87 | &nbsp;&nbsp;&nbsp;&nbsp;$41.51 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;15.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;(12.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.20 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Net assets at end of period (000 omitted) | $20737 | &nbsp;&nbsp;&nbsp;$22937 | &nbsp;&nbsp;&nbsp;$37317 | &nbsp;&nbsp;&nbsp;$34618 | &nbsp;&nbsp;&nbsp;$40886 |

---

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

------

MFS International Growth Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R3** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$41.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.38 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.94 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$6.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.17 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.25) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.56) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(2.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.25) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$45.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45.30 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;15.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.55 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Net assets at end of period (000 omitted) | $361387 | &nbsp;&nbsp;&nbsp;$316301 | &nbsp;&nbsp;&nbsp;$269664 | &nbsp;&nbsp;&nbsp;$149194 | &nbsp;&nbsp;&nbsp;$182926 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R4** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$42.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.79 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$6.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.43 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.31) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.56) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(2.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.31) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$46.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45.91 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;15.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.87 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Net assets at end of period (000 omitted) | $158418 | &nbsp;&nbsp;&nbsp;$133781 | &nbsp;&nbsp;&nbsp;$237042 | &nbsp;&nbsp;&nbsp;$224116 | &nbsp;&nbsp;&nbsp;$273949 |

---

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

------

MFS International Growth Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.80 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.39 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.08 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.47 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.56) | &nbsp;&nbsp;&nbsp;— |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45.93 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.00 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Net assets at end of period (000 omitted) | $12684311 | &nbsp;&nbsp;&nbsp;$11339067 | &nbsp;&nbsp;&nbsp;$9798848 | &nbsp;&nbsp;&nbsp;$8329602 | &nbsp;&nbsp;&nbsp;$9597724 |

---

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

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

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

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

(w) Per share amount was less than $0.01 and total return or ratio was less than 0.01%, as applicable.

(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.

------

MFS International Growth Fund

### Notes to Financial Statements
(1) Business and Organization

MFS International Growth Fund (the fund) is a diversified series of MFS Series Trust X (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 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 in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, accounting, and auditing 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, and economic instability than developed markets.**

In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. An operating segment is 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 Growth Fund

Notes to Financial Statements - 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 May 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;$2648186955 | $— | $— | &nbsp;&nbsp;$2648186955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;2004861713 |  |  | &nbsp;&nbsp;&nbsp;2004861713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475607508 | &nbsp;&nbsp;1487325604 |  | &nbsp;&nbsp;&nbsp;1962933112 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;1938158590 |  |  | &nbsp;&nbsp;&nbsp;1938158590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;1560953394 |  |  | &nbsp;&nbsp;&nbsp;1560953394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;1256176721 |  |  | &nbsp;&nbsp;&nbsp;1256176721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | &nbsp;&nbsp;1092352792 |  | &nbsp;&nbsp;&nbsp;1092352792 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766838766 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766838766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735057215 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735057215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;3115964430 | &nbsp;&nbsp;1541085366 |  | &nbsp;&nbsp;&nbsp;4657049796 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701878964 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701878964 |
| Total | $15203684256 | $4120763762 | $— | $19324448018 |

---

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, Goldman Sachs Agency Lending, 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 five business days. The loans are collateralized by cash and/or U.S.**

------

MFS International Growth Fund

Notes to Financial Statements - continued

government securities 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 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 or the cash needed to pay their market value, 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 $129,063,509. The fair value of the fund's investment securities on loan and a related liability of $135,575,000 for the obligation to return cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. 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. government securities, 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 — Interest income is recorded on the accrual basis. 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.**

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.

**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 redemptions in-kind.

The tax character of distributions declared to shareholders for the last two fiscal years is as follows:

------

MFS International Growth Fund

Notes to Financial Statements - continued

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/24** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;$259771194 | &nbsp;&nbsp;&nbsp;$255093827 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;705299805 | &nbsp;&nbsp;&nbsp;&nbsp;175401587 |
| Total distributions | &nbsp;&nbsp;&nbsp;$965070999 | &nbsp;&nbsp;&nbsp;$430495414 |

---

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

---

| | |
|:---|:---|
| **As of 5/31/25** |  |
| Cost of investments | &nbsp;&nbsp;&nbsp;$14200819660 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6031688060 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(908059702) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;$5123628358 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197457433 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777127600 |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31125704) |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$6067087687 |

---

**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:**

---

| | | |
|:---|:---|:---|
|  | **Year<br> ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year<br> ended<br> 5/31/24** |
| Class A | &nbsp;&nbsp;$37417534 | &nbsp;&nbsp;&nbsp;&nbsp;$17238013 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16379 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;1310793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542806 |
| Class I | &nbsp;&nbsp;221742786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92086533 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176572 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;1204002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730415 |
| Class R3 | &nbsp;&nbsp;&nbsp;18097164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7763605 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;7217849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862652 |
| Class R6 | &nbsp;&nbsp;677575191 | &nbsp;&nbsp;&nbsp;&nbsp;308078439 |
| Total | $965070999 | &nbsp;&nbsp;&nbsp;$430495414 |

---

(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 $1 billion | 0.90% |
| In excess of $1 billion and up to $2 billion | 0.80% |
| In excess of $2 billion and up to $5 billion | 0.70% |
| In excess of $5 billion and up to $10 billion | 0.65% |
| In excess of $10 billion and up to $20 billion | 0.62% |
| In excess of $20 billion | 0.60% |

---

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

------

MFS International Growth Fund

Notes to Financial Statements - continued

Board of Trustees, but such agreement will continue at least until September 30, 2026. For the year ended May 31, 2025, this management fee reduction amounted to $2,366,794, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended May 31, 2025 was equivalent to an annual effective rate of 0.65% of the fund's average daily net assets.

**Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $65,947 for the year ended May 31, 2025, 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)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | $1665812 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6320 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;245202 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84503 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | &nbsp;&nbsp;&nbsp;&nbsp;105164 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;832673 |
| Total Distribution and Service Fees |  |  |  |  | $2939674 |

---

(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 year ended May 31, 2025 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 year ended May 31, 2025, this rebate amounted to $236 for Class A shares 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 year ended May 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $8636 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Class C | &nbsp;&nbsp;1286 |

---

**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 year ended May 31, 2025, the fee was $482,578, which equated to 0.0028% 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 year ended May 31, 2025, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $7,118,328.**

**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 year ended May 31, 2025 was equivalent to an annual effective rate of 0.0034% of the fund's average daily net assets.**

------

MFS International Growth Fund

Notes to Financial Statements - continued

**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 purchased or redeemed fund shares on the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Transaction** | &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class I | &nbsp;&nbsp;2 | &nbsp;&nbsp;$116 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;125 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R2 | &nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;152 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;145 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R4 | &nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;175 |

---

(4) Portfolio Securities

For the year ended May 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $3,458,773,208 and $3,478,982,069, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;3667631 | &nbsp;&nbsp;&nbsp;&nbsp;$161219246 | &nbsp;&nbsp;&nbsp;&nbsp;3783914 | &nbsp;&nbsp;&nbsp;&nbsp;$149197654 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48815 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;105340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4126144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090081 |
| &nbsp;&nbsp;&nbsp;Class I | 26476417 | &nbsp;&nbsp;&nbsp;&nbsp;1325223864 | &nbsp;&nbsp;&nbsp;22519808 | &nbsp;&nbsp;&nbsp;&nbsp;1020562269 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178419 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9659654 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;2453866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106933405 | &nbsp;&nbsp;&nbsp;&nbsp;2220925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86631310 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;1488723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65058239 | &nbsp;&nbsp;&nbsp;&nbsp;1066201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42679510 |
| &nbsp;&nbsp;&nbsp;Class R6 | 38081052 | &nbsp;&nbsp;&nbsp;&nbsp;1679464721 | &nbsp;&nbsp;&nbsp;46225792 | &nbsp;&nbsp;&nbsp;&nbsp;1847250958 |
|  | 72406909 | &nbsp;&nbsp;&nbsp;$3347238590 | &nbsp;&nbsp;&nbsp;76212498 | &nbsp;&nbsp;&nbsp;$3160298670 |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;604158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25567914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12317712 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16379 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492710 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;4270773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207388731 | &nbsp;&nbsp;&nbsp;&nbsp;1887658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85057876 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176572 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723635 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;432327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18097164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7763605 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;142468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6063517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3409254 |
| &nbsp;&nbsp;&nbsp;Class R6 | 14895646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633511927 | &nbsp;&nbsp;&nbsp;&nbsp;7221019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287035502 |
|  | 20422730 | &nbsp;&nbsp;&nbsp;&nbsp;$893526821 | &nbsp;&nbsp;&nbsp;&nbsp;9743837 | &nbsp;&nbsp;&nbsp;&nbsp;$396993245 |

---

------

MFS International Growth Fund

Notes to Financial Statements - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;(3890015) | &nbsp;&nbsp;&nbsp;&nbsp;$(169123456) | &nbsp;&nbsp;&nbsp;(5172234) | &nbsp;&nbsp;&nbsp;&nbsp;$(206819730) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(347007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(493997) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(192436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7522494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7898886) |
| &nbsp;&nbsp;&nbsp;Class I | (18402221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(922232015) | &nbsp;&nbsp;(20687421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(937414437) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;(43749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1644177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1043626) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(223485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8828850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(761019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26935706) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;(2524537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108805745) | &nbsp;&nbsp;&nbsp;(1898058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75244584) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;(1364860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60012049) | &nbsp;&nbsp;&nbsp;(4090187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165819559) |
| &nbsp;&nbsp;&nbsp;Class R6 | (46316982) | &nbsp;&nbsp;&nbsp;(2046498355) | &nbsp;&nbsp;(38710372) | &nbsp;&nbsp;&nbsp;&nbsp;(1557803280) |
|  | (72966827) | &nbsp;&nbsp;$(3325014148) | &nbsp;&nbsp;(71584111) | &nbsp;&nbsp;$(2979473805) |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;381774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17663704 | &nbsp;&nbsp;&nbsp;(1077031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(45304364) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428803) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(55140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2196019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4316095) |
| &nbsp;&nbsp;&nbsp;Class I | 12344969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610380580 | &nbsp;&nbsp;&nbsp;&nbsp;3720045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168205708 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311365 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(100175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4022147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16552417) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;361656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16224824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19150331 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;266331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11109707 | &nbsp;&nbsp;&nbsp;(2938262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119730795) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;6659716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266478293 | &nbsp;&nbsp;&nbsp;14736439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576483180 |
|  | 19862812 | &nbsp;&nbsp;&nbsp;&nbsp;$915751263 | &nbsp;&nbsp;&nbsp;14372224 | &nbsp;&nbsp;&nbsp;&nbsp;$577818110 |

---

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 and the MFS Growth Allocation Fund were the owners of record of approximately 32% and 1%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Aggressive Growth Allocation Fund, the MFS Conservative Allocation Fund, the MFS Moderate Allocation Fund, 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) plus 0.10%, 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 12, 2026 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 year ended May 31, 2025, the fund's commitment fee and interest expense were $83,558 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

------

MFS International Growth Fund

Notes to Financial Statements - continued

(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. For the purposes of this report, the following were affiliated issuers for the year ended May 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;$232641263 | &nbsp;&nbsp;&nbsp;$2305786214 | &nbsp;&nbsp;&nbsp;$1972133326 | &nbsp;&nbsp;&nbsp;$60557 | &nbsp;&nbsp;&nbsp;$(50744) | &nbsp;&nbsp;&nbsp;$566303964 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;$13739652 | &nbsp;&nbsp;&nbsp;$— |

---

(8) Redemptions In-Kind

On February 7, 2025, the fund recorded a redemption in-kind of portfolio securities and cash that was valued at $29,302,141. The redeeming shareholder generally receives a pro rata share of the securities held by the fund. The distribution of such securities generated a realized gain (loss) of $13,091,946 for the fund, which is included in Net realized gain (loss) in the Statement of Operations. For tax purposes, no gains or losses were recognized with respect to the portfolio securities redeemed in-kind.

------

MFS International Growth Fund

### Report of Independent Registered Public Accounting Firm
To the Shareholders of MFS International Growth Fund and the Board of Trustees of MFS Series Trust X

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of MFS International Growth Fund (the "Fund") (one of the funds constituting MFS Series Trust X (the "Trust")), including the portfolio of investments, as of May 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting MFS Series Trust X) at May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more MFS investment companies since 1993.

Boston, Massachusetts

July 16, 2025

------

MFS International Growth Fund

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2025 income tax forms in January 2026. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

The fund designates $885,783,000 as capital gain dividends paid during the fiscal year.

Income derived from foreign sources was $357,347,044. The fund intends to pass through foreign tax credits of $28,127,305 for the fiscal year.

------

#### 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 Growth Fund.

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS International Growth 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 Growth 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 Intrinsic Value Fund

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS International Intrinsic Value Fund

### Portfolio of Investments - 5/31/25
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** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – 95.9% | Common Stocks – 95.9% | Common Stocks – 95.9% |
| Airlines – 1.1% | Airlines – 1.1% |  |
| Ryanair Holdings PLC, ADR | &nbsp;&nbsp;&nbsp;&nbsp;4563766 | $253745390 |
| Alcoholic Beverages – 2.2% | Alcoholic Beverages – 2.2% |  |
| Diageo PLC | &nbsp;&nbsp;&nbsp;10284686 | $279497003 |
| Pernod Ricard S.A. | &nbsp;&nbsp;&nbsp;&nbsp;2193670 | &nbsp;&nbsp;&nbsp; **226712876** |
|  |  | &nbsp;&nbsp; **$506209879** |
| Apparel Manufacturers – 0.8% | Apparel Manufacturers – 0.8% |  |
| Compagnie Financiere Richemont S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575165 | $108219077 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117190 | &nbsp;&nbsp;&nbsp; **63637570** |
|  |  | &nbsp;&nbsp; **$171856647** |
| Automotive – 0.7% | Automotive – 0.7% |  |
| Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;1685154 | $170293339 |
| Brokerage & Asset Managers – 5.8% | Brokerage & Asset Managers – 5.8% |  |
| Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;1870883 | $602237439 |
| Euronext N.V. | &nbsp;&nbsp;&nbsp;&nbsp;2225798 | &nbsp;&nbsp;&nbsp; **362412324** |
| London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;2411365 | &nbsp;&nbsp;&nbsp; **366319236** |
|  |  | &nbsp;&nbsp; **$1330968999** |
| Business Services – 2.5% | Business Services – 2.5% |  |
| Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;6737859 | $335259773 |
| Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;1393844 | &nbsp;&nbsp;&nbsp; **89880832** |
| Nomura Research Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3766354 | &nbsp;&nbsp;&nbsp; **147169099** |
|  |  | &nbsp;&nbsp; **$572309704** |
| Computer Software – 4.6% | Computer Software – 4.6% |  |
| Cadence Design Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459616 | $131941965 |
| Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;7404790 | &nbsp;&nbsp;&nbsp; **277456399** |
| NICE Systems Ltd., ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637263 | &nbsp;&nbsp;&nbsp; **105741049** |
| SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;1764890 | &nbsp;&nbsp;&nbsp; **532848857** |
|  |  | &nbsp;&nbsp; **$1047988270** |
| Computer Software - Systems – 4.1% | Computer Software - Systems – 4.1% |  |
| Amadeus IT Group S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3948451 | $328982290 |
| Cap Gemini S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1517413 | &nbsp;&nbsp;&nbsp; **251980964** |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8576428 | &nbsp;&nbsp;&nbsp; **349347868** |
|  |  | &nbsp;&nbsp; **$930311122** |
| Construction – 3.0% | Construction – 3.0% |  |
| Compagnie de Saint-Gobain S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3391751 | $380649056 |
| CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;3251270 | &nbsp;&nbsp;&nbsp; **296385773** |
|  |  | &nbsp;&nbsp; **$677034829** |

---

FGIFS-ANN

------

MFS International Intrinsic Value Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Consumer Products – 6.0% | Consumer Products – 6.0% |  |
| Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;1184351 | $162246679 |
| Haleon PLC | &nbsp;&nbsp;&nbsp;89258725 | &nbsp;&nbsp;&nbsp; **497767257** |
| Kenvue, Inc. | &nbsp;&nbsp;&nbsp;11701944 | &nbsp;&nbsp;&nbsp; **279325403** |
| KOSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462900 | &nbsp;&nbsp;&nbsp; **18622802** |
| Lion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1830000 | &nbsp;&nbsp;&nbsp; **19877619** |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;2040706 | &nbsp;&nbsp;&nbsp; **138357050** |
| ROHTO Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;10439100 | &nbsp;&nbsp;&nbsp; **147741250** |
| Svenska Cellulosa Aktiebolaget | &nbsp;&nbsp;&nbsp;&nbsp;7624190 | &nbsp;&nbsp;&nbsp; **103106435** |
|  |  | &nbsp;&nbsp; **$1367044495** |
| Electrical Equipment – 7.4% | Electrical Equipment – 7.4% |  |
| Legrand S.A. | &nbsp;&nbsp;&nbsp;&nbsp;5021484 | $609790889 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;21150900 | &nbsp;&nbsp;&nbsp; **426854398** |
| Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;2477597 | &nbsp;&nbsp;&nbsp; **622699119** |
| Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1111000 | &nbsp;&nbsp;&nbsp; **27149407** |
|  |  | &nbsp;&nbsp; **$1686493813** |
| Electronics – 4.1% | Electronics – 4.1% |  |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195670 | $145279267 |
| Hirose Electric Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1154600 | &nbsp;&nbsp;&nbsp; **135310675** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;3436341 | &nbsp;&nbsp;&nbsp; **664313442** |
|  |  | &nbsp;&nbsp; **$944903384** |
| Energy - Independent – 0.9% | Energy - Independent – 0.9% |  |
| Woodside Energy Group Ltd. | &nbsp;&nbsp;&nbsp;13742521 | $196657907 |
| Energy - Integrated – 4.1% | Energy - Integrated – 4.1% |  |
| Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;7889487 | $181635817 |
| Galp Energia SGPS S.A., "B" | &nbsp;&nbsp;&nbsp;&nbsp;6281225 | &nbsp;&nbsp;&nbsp; **100169188** |
| Petroleo Brasileiro S.A., ADR | &nbsp;&nbsp;&nbsp;&nbsp;7990585 | &nbsp;&nbsp;&nbsp; **86458130** |
| TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;9798894 | &nbsp;&nbsp;&nbsp; **574777184** |
|  |  | &nbsp;&nbsp; **$943040319** |
| Engineering - Construction – 0.8% | Engineering - Construction – 0.8% |  |
| Taisei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3405300 | $189703370 |
| Food & Beverages – 2.3% | Food & Beverages – 2.3% |  |
| Chocoladefabriken Lindt & Sprungli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5512 | $88607242 |
| Ezaki Glico Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2569400 | &nbsp;&nbsp;&nbsp; **82834335** |
| Novozymes A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685234 | &nbsp;&nbsp;&nbsp; **48164545** |
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4563200 | &nbsp;&nbsp;&nbsp; **302599431** |
|  |  | &nbsp;&nbsp; **$522205553** |
| Insurance – 2.4% | Insurance – 2.4% |  |
| Hiscox Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7612170 | $129331342 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457753 | &nbsp;&nbsp;&nbsp; **134203877** |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919104 | &nbsp;&nbsp;&nbsp; **290942371** |
|  |  | &nbsp;&nbsp; **$554477590** |
| Machinery & Tools – 4.7% | Machinery & Tools – 4.7% |  |
| Assa Abloy AB | &nbsp;&nbsp;&nbsp;&nbsp;8620173 | $273253806 |
| Epiroc AB (l) | &nbsp;&nbsp;&nbsp;&nbsp;4899646 | &nbsp;&nbsp;&nbsp; **109625488** |
| GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;1529628 | &nbsp;&nbsp;&nbsp; **102298479** |

---

------

MFS International Intrinsic Value Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Machinery & Tools – continued | Machinery & Tools – continued |  |
| IMI PLC (h) | &nbsp;&nbsp;&nbsp;12848442 | $344149441 |
| Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430007 | &nbsp;&nbsp;&nbsp; **152775270** |
| Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;1030818 | &nbsp;&nbsp;&nbsp; **79374033** |
|  |  | &nbsp;&nbsp; **$1061476517** |
| Major Banks – 10.9% | Major Banks – 10.9% |  |
| Banco de Sabadell S.A. | &nbsp;&nbsp;&nbsp;59282648 | $188811533 |
| Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;26979875 | &nbsp;&nbsp;&nbsp; **370062370** |
| Lloyds TSB Group PLC | &nbsp;&nbsp;235243703 | &nbsp;&nbsp;&nbsp; **244689610** |
| National Bank of Greece S.A | &nbsp;&nbsp;&nbsp;12733775 | &nbsp;&nbsp;&nbsp; **151814946** |
| NatWest Group PLC | &nbsp;&nbsp;104151275 | &nbsp;&nbsp;&nbsp; **736161494** |
| Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;59542800 | &nbsp;&nbsp;&nbsp; **521378258** |
| UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;8910020 | &nbsp;&nbsp;&nbsp; **283540005** |
|  |  | &nbsp;&nbsp; **$2496458216** |
| Medical & Health Technology & Services – 0.7% | Medical & Health Technology & Services – 0.7% |  |
| M3, Inc. | &nbsp;&nbsp;&nbsp;11758400 | $165182619 |
| Medical Equipment – 5.8% | Medical Equipment – 5.8% |  |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2244426 | $251196158 |
| Bruker BioSciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669374 | &nbsp;&nbsp;&nbsp; **24566026** |
| EssilorLuxottica | &nbsp;&nbsp;&nbsp;&nbsp;1191061 | &nbsp;&nbsp;&nbsp; **330929919** |
| Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7649200 | &nbsp;&nbsp;&nbsp; **97889813** |
| Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9808000 | &nbsp;&nbsp;&nbsp; **238085715** |
| Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;15178248 | &nbsp;&nbsp;&nbsp; **219739577** |
| Waters Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427718 | &nbsp;&nbsp;&nbsp; **149376234** |
|  |  | &nbsp;&nbsp; **$1311783442** |
| Metals & Mining – 1.0% | Metals & Mining – 1.0% |  |
| Glencore PLC | &nbsp;&nbsp;&nbsp;57022237 | $217733030 |
| Oil Services – 0.5% | Oil Services – 0.5% |  |
| Tenaris S.A. | &nbsp;&nbsp;&nbsp;&nbsp;6725422 | $112789350 |
| Other Banks & Diversified Financials – 6.7% | Other Banks & Diversified Financials – 6.7% |  |
| AIB Group PLC | &nbsp;&nbsp;&nbsp;77090052 | $605720807 |
| CaixaBank S.A. | &nbsp;&nbsp;&nbsp;71063720 | &nbsp;&nbsp;&nbsp; **604201546** |
| Chiba Bank Ltd. | &nbsp;&nbsp;&nbsp;20569700 | &nbsp;&nbsp;&nbsp; **185727586** |
| Julius Baer Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2166810 | &nbsp;&nbsp;&nbsp; **142488162** |
|  |  | &nbsp;&nbsp; **$1538138101** |
| Pharmaceuticals – 2.9% | Pharmaceuticals – 2.9% |  |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;1217842 | $392876125 |
| Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;5126179 | &nbsp;&nbsp;&nbsp; **259921567** |
|  |  | &nbsp;&nbsp; **$652797692** |
| Precious Metals & Minerals – 6.6% | Precious Metals & Minerals – 6.6% |  |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2605202 | $307096242 |
| Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4659773 | &nbsp;&nbsp;&nbsp; **784930757** |
| Northern Star Resources Ltd. Co. | &nbsp;&nbsp;&nbsp;&nbsp;3638660 | &nbsp;&nbsp;&nbsp; **49208165** |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4073850 | &nbsp;&nbsp;&nbsp; **352986850** |
|  |  | &nbsp;&nbsp; **$1494222014** |

---

------

MFS International Intrinsic Value Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Printing & Publishing – 1.2% | Printing & Publishing – 1.2% |  |
| Wolters Kluwer N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1548166 | $274754341 |
| Specialty Chemicals – 2.1% | Specialty Chemicals – 2.1% |  |
| Croda International PLC | &nbsp;&nbsp;&nbsp;&nbsp;1339366 | $55364941 |
| Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7307200 | &nbsp;&nbsp;&nbsp; **132964973** |
| Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434610 | &nbsp;&nbsp;&nbsp; **116019219** |
| Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;1459119 | &nbsp;&nbsp;&nbsp; **174042306** |
|  |  | &nbsp;&nbsp; **$478391439** |
| **Total Common Stocks (Identified Cost, $14,559,587,709)** |  | &nbsp;&nbsp;**$21868971371** |
| Mutual Funds (h) – 3.6% | Mutual Funds (h) – 3.6% | Mutual Funds (h) – 3.6% |
| Money Market Funds – 3.6% | Money Market Funds – 3.6% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $813,197,765) | 813230360 | &nbsp;&nbsp;$813230360 |
| Collateral for Securities Loaned – 0.0% | Collateral for Securities Loaned – 0.0% | Collateral for Securities Loaned – 0.0% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 4.25% (j) (Identified Cost, $8,071,319) | &nbsp;&nbsp;&nbsp;&nbsp;8071319 | &nbsp;&nbsp;$8071319 |
| Other Assets, Less Liabilities – 0.5% |  | &nbsp;&nbsp;&nbsp;&nbsp; **105895592** |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **$22796168642** |

---

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values
of the fund's investments in affiliated issuers and in unaffiliated issuers were $1,157,379,801 and $21,532,893,249, respectively.

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

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

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

The following abbreviations are used in this report and are defined: <br> ADR American Depositary Receipt

#### See Notes to Financial Statements

------

MFS International Intrinsic Value Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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 5/31/25 <br>Assets** |  |
| Investments in unaffiliated issuers, at value, including $7,611,441 of securities on loan (identified cost, $14,400,108,920) | &nbsp;&nbsp;$21532893249 |
| Investments in affiliated issuers, at value (identified cost, $980,747,873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157379801 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 |
| Foreign currency, at value (identified cost, $5,433,718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5435299 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6778960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8615946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135243079 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23380 |
| Total assets | &nbsp;&nbsp;$22846370608 |
| **Liabilities** |  |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17704137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13319045 |
| Collateral for securities loaned, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8071319 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62726 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Payable for IRS compliance fees for tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4503443 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351993 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50201966 |
| Net assets | &nbsp;&nbsp;$22796168642 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$14499334690 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8296833952 |
| Net assets | &nbsp;&nbsp;$22796168642 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533545677 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$1742388450 | &nbsp;&nbsp;&nbsp;&nbsp;41926021 | &nbsp;&nbsp;&nbsp;&nbsp;$41.56 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14161 | &nbsp;&nbsp;&nbsp;&nbsp;38.45 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11155971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319355 | &nbsp;&nbsp;&nbsp;&nbsp;34.93 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;6749788160 | &nbsp;&nbsp;&nbsp;&nbsp;149061861 | &nbsp;&nbsp;&nbsp;&nbsp;45.28 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8362844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237986 | &nbsp;&nbsp;&nbsp;&nbsp;35.14 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117658388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202565 | &nbsp;&nbsp;&nbsp;&nbsp;36.74 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997889128 | &nbsp;&nbsp;&nbsp;&nbsp;24327537 | &nbsp;&nbsp;&nbsp;&nbsp;41.02 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523876285 | &nbsp;&nbsp;&nbsp;&nbsp;12537937 | &nbsp;&nbsp;&nbsp;&nbsp;41.78 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;12644504974 | &nbsp;&nbsp;&nbsp;&nbsp;301918254 | &nbsp;&nbsp;&nbsp;&nbsp;41.88 |

---

(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 $44.10 [100 / 94.25 x $41.56]. 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.

------

MFS International Intrinsic Value Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | |
|:---|:---|
| **Year ended 5/31/25 <br>Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$567811266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36188051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income on securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39536740) |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;$565579673 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;&nbsp;$141854249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7481617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10678763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632151 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;$164533063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2958672) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;$161574391 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$404005282 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$1476487714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16975081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870797 |
| Net realized gain (loss) | &nbsp;&nbsp;$1494333592 |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$1028756961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21764270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5069665 |
| Net unrealized gain (loss) | &nbsp;&nbsp;$1055590896 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;$2549924488 |
| Change in net assets from operations | &nbsp;&nbsp;$2953929770 |

---

------

MFS International Intrinsic Value Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$404005282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$430048270 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1494333592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792653006 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1055590896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556135802 |
| Change in net assets from operations | &nbsp;&nbsp;$2953929770 | &nbsp;&nbsp;&nbsp;&nbsp;$3778837078 |
| Total distributions to shareholders | $(2384764386) | &nbsp;&nbsp;&nbsp;&nbsp;$(2275439510) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;&nbsp;&nbsp;$143648322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(593154719) |
| Total change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;$712813706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$910242849 |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;22083354936 | &nbsp;&nbsp;&nbsp;&nbsp;21173112087 |
| At end of period | $22796168642 | &nbsp;&nbsp;&nbsp;$22083354936 |

---

------

MFS International Intrinsic Value Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**Financial Highlights** |

---

The financial highlights table is intended to help you understand the fund's financial performance for the past 5 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** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44.47 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.32 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.78 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(7.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.10 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.21) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.74) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53.83 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.66 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $1742388 | &nbsp;&nbsp;&nbsp;$1841902 | &nbsp;&nbsp;&nbsp;$1899509 | &nbsp;&nbsp;&nbsp;$2345833 | &nbsp;&nbsp;&nbsp;$3046287 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class B** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $38.02 | &nbsp;&nbsp;&nbsp;$35.69 | &nbsp;&nbsp;&nbsp;$39.72 | &nbsp;&nbsp;&nbsp;$50.76 | &nbsp;&nbsp;&nbsp;&nbsp;$42.18 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.08) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;(7.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 |
| Total from investment operations | &nbsp;&nbsp;$4.52 | &nbsp;&nbsp;&nbsp;&nbsp;$6.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.85 | &nbsp;&nbsp;&nbsp;$(7.26) | &nbsp;&nbsp;&nbsp;&nbsp;$11.11 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.22) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;(3.87) | &nbsp;&nbsp;&nbsp;&nbsp;(3.73) | &nbsp;&nbsp;&nbsp;&nbsp;(4.88) | &nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) |
| Total distributions declared to shareholders | $(4.09) | &nbsp;&nbsp;&nbsp;$(3.76) | &nbsp;&nbsp;&nbsp;$(4.88) | &nbsp;&nbsp;&nbsp;$(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;$(2.53) |
| Net asset value, end of period (x) | $38.45 | &nbsp;&nbsp;&nbsp;$38.02 | &nbsp;&nbsp;&nbsp;$35.69 | &nbsp;&nbsp;&nbsp;$39.72 | &nbsp;&nbsp;&nbsp;&nbsp;$50.76 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;13.38 | &nbsp;&nbsp;&nbsp;&nbsp;18.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;(15.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.75 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$544 | &nbsp;&nbsp;&nbsp;$1188 | &nbsp;&nbsp;&nbsp;$2313 | &nbsp;&nbsp;&nbsp;$8336 | &nbsp;&nbsp;&nbsp;$19911 |

---

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

------

MFS International Intrinsic Value Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$35.03 | &nbsp;&nbsp;&nbsp;&nbsp;$33.31 | &nbsp;&nbsp;&nbsp;&nbsp;$37.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40.04 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.09) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.62 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.53 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(3.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(4.20) | &nbsp;&nbsp;&nbsp;&nbsp;$(3.93) | &nbsp;&nbsp;&nbsp;&nbsp;$(4.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.53) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$34.93 | &nbsp;&nbsp;&nbsp;&nbsp;$35.03 | &nbsp;&nbsp;&nbsp;&nbsp;$33.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48.04 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;13.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.73 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $11156 | &nbsp;&nbsp;&nbsp;$20444 | &nbsp;&nbsp;&nbsp;$33852 | &nbsp;&nbsp;&nbsp;$117583 | &nbsp;&nbsp;&nbsp;$264432 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46.83 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.47 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.44 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(7.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.91 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.87) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56.87 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.01 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $6749788 | &nbsp;&nbsp;&nbsp;$6723488 | &nbsp;&nbsp;&nbsp;$6689895 | &nbsp;&nbsp;&nbsp;$8888439 | &nbsp;&nbsp;&nbsp;$12285870 |

---

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

------

MFS International Intrinsic Value Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R1** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $35.33 | &nbsp;&nbsp;&nbsp;$33.77 | &nbsp;&nbsp;&nbsp;$37.88 | &nbsp;&nbsp;&nbsp;$48.67 | &nbsp;&nbsp;&nbsp;&nbsp;$40.54 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;(6.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.72 |
| Total from investment operations | &nbsp;&nbsp;$4.12 | &nbsp;&nbsp;&nbsp;&nbsp;$5.72 | &nbsp;&nbsp;&nbsp;&nbsp;$0.79 | &nbsp;&nbsp;&nbsp;$(6.91) | &nbsp;&nbsp;&nbsp;&nbsp;$10.66 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.44) | &nbsp;&nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;(3.87) | &nbsp;&nbsp;&nbsp;&nbsp;(3.73) | &nbsp;&nbsp;&nbsp;&nbsp;(4.88) | &nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) |
| Total distributions declared to shareholders | $(4.31) | &nbsp;&nbsp;&nbsp;$(4.16) | &nbsp;&nbsp;&nbsp;$(4.90) | &nbsp;&nbsp;&nbsp;$(3.88) | &nbsp;&nbsp;&nbsp;&nbsp;$(2.53) |
| Net asset value, end of period (x) | $35.14 | &nbsp;&nbsp;&nbsp;$35.33 | &nbsp;&nbsp;&nbsp;$33.77 | &nbsp;&nbsp;&nbsp;$37.88 | &nbsp;&nbsp;&nbsp;&nbsp;$48.67 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;13.35 | &nbsp;&nbsp;&nbsp;&nbsp;18.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;(15.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.72 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $8363 | &nbsp;&nbsp;&nbsp;$8242 | &nbsp;&nbsp;&nbsp;$8149 | &nbsp;&nbsp;&nbsp;$8909 | &nbsp;&nbsp;&nbsp;$11648 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R2** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$36.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.36 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.95 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$4.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.13 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.09) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(3.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(4.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.62) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$36.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49.87 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;13.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.36 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $117658 | &nbsp;&nbsp;&nbsp;$125614 | &nbsp;&nbsp;&nbsp;$132772 | &nbsp;&nbsp;&nbsp;$153967 | &nbsp;&nbsp;&nbsp;$224998 |

---

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

------

MFS International Intrinsic Value Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R3** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$40.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44.11 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.70 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(7.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.01 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.21) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(3.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(4.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.74) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$41.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53.38 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;14.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.68 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $997889 | &nbsp;&nbsp;&nbsp;$902678 | &nbsp;&nbsp;&nbsp;$977368 | &nbsp;&nbsp;&nbsp;$1034115 | &nbsp;&nbsp;&nbsp;$1383344 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R4** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$41.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44.58 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.45 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.82 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$5.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(7.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.27 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(3.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(4.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.87) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$41.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53.98 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;14.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.99 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $523876 | &nbsp;&nbsp;&nbsp;$557082 | &nbsp;&nbsp;&nbsp;$622734 | &nbsp;&nbsp;&nbsp;$781557 | &nbsp;&nbsp;&nbsp;$1183942 |

---

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

------

MFS International Intrinsic Value Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44.63 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.51 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.84 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(7.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.35 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.39) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.92) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54.06 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.15 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net assets at end of period (000 omitted) | $12644505 | &nbsp;&nbsp;&nbsp;$11902716 | &nbsp;&nbsp;&nbsp;$10806520 | &nbsp;&nbsp;&nbsp;$11183181 | &nbsp;&nbsp;&nbsp;$13585886 |

---

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

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

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

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

(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.

------

MFS International Intrinsic Value Fund

### Notes to Financial Statements
(1) Business and Organization

MFS International Intrinsic Value Fund (the fund) is a diversified series of MFS Series Trust X (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 invests in foreign securities. 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.**

In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. An operating segment is 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

------

MFS International Intrinsic Value Fund

Notes to Financial Statements - continued

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 May 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;$3733624619 | $— | $— | &nbsp;&nbsp;$3733624619 |
| &nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;3701046300 |  |  | &nbsp;&nbsp;&nbsp;3701046300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934016119 | &nbsp;&nbsp;1905075231 |  | &nbsp;&nbsp;&nbsp;2839091350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;1743967099 |  |  | &nbsp;&nbsp;&nbsp;1743967099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;1544446667 |  |  | &nbsp;&nbsp;&nbsp;1544446667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;1445013849 |  |  | &nbsp;&nbsp;&nbsp;1445013849 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1423733930 |  |  | &nbsp;&nbsp;&nbsp;1423733930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;1229528567 |  |  | &nbsp;&nbsp;&nbsp;1229528567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;1121995369 |  |  | &nbsp;&nbsp;&nbsp;1121995369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;2889865714 | &nbsp;&nbsp;&nbsp;&nbsp;196657907 |  | &nbsp;&nbsp;&nbsp;3086523621 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821301679 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821301679 |
| Total | $20588539912 | $2101733138 | $— | $22690273050 |

---

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, Goldman Sachs Agency Lending, 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 five business days. The loans are collateralized by cash and/or U.S. government securities 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**

------

MFS International Intrinsic Value Fund

Notes to Financial Statements - continued

benefit of the fund, either purchase securities identical to those loaned or 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 or the cash needed to pay their market value, 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 $7,611,441. The fair value of the fund's investment securities on loan and a related liability of $8,071,319 for the obligation to return cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. 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. government securities, 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 — Interest income is recorded on the accrual basis. 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.**

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.

**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.**

In the event that certain EU tax reclaims received by the fund during a fiscal year exceed the foreign withholding taxes paid by the fund in that same fiscal year, and the fund previously passed foreign tax credits on to their shareholders, the fund will enter into a closing agreement with the Internal Revenue Service (IRS) to pay the associated tax liability on behalf of the fund's shareholders. During the year ended May 31, 2024, the fund received EU tax reclaims in excess of the foreign taxes withheld during the year. The fund will enter into a closing agreement with the IRS to pay the associated tax liability. At May 31, 2025, the fund has a U.S. tax liability "Payable for IRS compliance fees for tax reclaims" reflected on the Statement of Assets and Liabilities amounting to $4,503,443.

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, non-deductible IRS compliance fees for tax reclaims, and foreign taxes.

------

MFS International Intrinsic Value Fund

Notes to Financial Statements - continued

The tax character of distributions declared to shareholders for the last two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/24** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;&nbsp;$448614901 | &nbsp;&nbsp;&nbsp;&nbsp;$401184634 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;1936149485 | &nbsp;&nbsp;&nbsp;&nbsp;1874254876 |
| Total distributions | &nbsp;&nbsp;&nbsp;$2384764386 | &nbsp;&nbsp;&nbsp;$2275439510 |

---

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

---

| | |
|:---|:---|
| **As of 5/31/25** |  |
| Cost of investments | &nbsp;&nbsp;&nbsp;$15405959264 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8129247358 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(844933572) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;$7284313786 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294483468 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717709719 |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326979 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$8296833952 |

---

**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:**

---

| | | |
|:---|:---|:---|
|  | **Year<br> ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year<br> ended<br> 5/31/24** |
| Class A | &nbsp;&nbsp;$191372635 | &nbsp;&nbsp;&nbsp;&nbsp;$194579439 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149837 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2809790 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;676664941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670949652 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915815 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;13398256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14232852 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;101381345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83620241 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;54243582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66883726 |
| Class R6 | &nbsp;&nbsp;1344848158 | &nbsp;&nbsp;&nbsp;&nbsp;1241298158 |
| Total | $2384764386 | &nbsp;&nbsp;&nbsp;$2275439510 |

---

(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 $1 billion | 0.90% |
| In excess of $1 billion and up to $2 billion | 0.80% |
| In excess of $2 billion and up to $10 billion | 0.70% |
| In excess of $10 billion and up to $15 billion | 0.65% |
| In excess of $15 billion and up to $20 billion | 0.55% |
| In excess of $20 billion and up to $25 billion | 0.50% |
| In excess of $25 billion and up to $30 billion | 0.45% |
| In excess of $30 billion and up to $35 billion | 0.43% |
| In excess of $35 billion | 0.41% |

---

------

MFS International Intrinsic Value Fund

Notes to Financial Statements - 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 September 30, 2026. For the year ended May 31, 2025, this management fee reduction amounted to $2,958,118, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended May 31, 2025 was equivalent to an annual effective rate of 0.64% of the fund's average daily net assets.

**Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $14,381 for the year ended May 31, 2025, 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)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | $4348307 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8610 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;153487 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81940 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | &nbsp;&nbsp;&nbsp;&nbsp;573816 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | &nbsp;&nbsp;2315457 |
| Total Distribution and Service Fees |  |  |  |  | $7481617 |

---

(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 year ended May 31, 2025 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 year ended May 31, 2025, this rebate amounted to $232, $1, $11, and $310 for Class A, Class B, Class C, and Class R3 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 year ended May 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $1899 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;318 |

---

**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 year ended May 31, 2025, the fee was $163,283, which equated to 0.0007% 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 year ended May 31, 2025, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $10,515,480.**

------

MFS International Intrinsic Value Fund

Notes to Financial Statements - 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 year ended May 31, 2025 was equivalent to an annual effective rate of 0.0027% 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 purchased or redeemed fund shares on the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Transaction** | &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class I | &nbsp;&nbsp;3 | &nbsp;&nbsp;$144 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R1 | &nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;189 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R2 | &nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;194 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;186 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R4 | &nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;191 |

---

During the year ended May 31, 2025, 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 and sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") which amounted to $3,605,597 and $51,342,824, respectively. The sales transactions resulted in net realized gains (losses) of $33,692,952.

(4) Portfolio Securities

For the year ended May 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $2,670,800,322 and $4,636,166,833, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;6390206 | &nbsp;&nbsp;&nbsp;&nbsp;$245075378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6156370 | &nbsp;&nbsp;&nbsp;&nbsp;$237226544 |
| &nbsp;&nbsp;&nbsp;Class B |  | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35849 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631703 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;18383455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780217654 | &nbsp;&nbsp;&nbsp;&nbsp;16519782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687209969 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889180 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16704361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14245013 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;5741268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221140037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4992430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195595262 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;2613734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103215035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93929826 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;24885469 | &nbsp;&nbsp;&nbsp;&nbsp;1006508678 | &nbsp;&nbsp;&nbsp;&nbsp;22613585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884669944 |
|  | &nbsp;&nbsp;58529320 | &nbsp;&nbsp;&nbsp;$2374285855 | &nbsp;&nbsp;&nbsp;&nbsp;53136529 | &nbsp;&nbsp;&nbsp;$2114433290 |

---

------

MFS International Intrinsic Value Fund

Notes to Financial Statements - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;4432789 | &nbsp;&nbsp;&nbsp;&nbsp;$161264855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4425137 | &nbsp;&nbsp;&nbsp;&nbsp;$163508817 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147387 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721915 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;15429175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610841021 | &nbsp;&nbsp;&nbsp;&nbsp;15127236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602669078 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915815 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13365070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14191597 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;2823206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101381345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83620241 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;1243786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45435497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58922953 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;35289950 | &nbsp;&nbsp;&nbsp;&nbsp;1291612152 | &nbsp;&nbsp;&nbsp;&nbsp;32114333 | &nbsp;&nbsp;&nbsp;&nbsp;1193047471 |
|  | &nbsp;&nbsp;59724588 | &nbsp;&nbsp;&nbsp;$2226693612 | &nbsp;&nbsp;&nbsp;&nbsp;56091002 | &nbsp;&nbsp;&nbsp;$2119745274 |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;(13888017) | &nbsp;&nbsp;&nbsp;&nbsp;$(536473537) | &nbsp;&nbsp;&nbsp;(14948857) | &nbsp;&nbsp;&nbsp;&nbsp;$(577739346) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(728030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1415052) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(330316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11102658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(537375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17996022) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;(36870222) | &nbsp;&nbsp;&nbsp;(1562279702) | &nbsp;&nbsp;&nbsp;(41825004) | &nbsp;&nbsp;&nbsp;&nbsp;(1749061014) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2006959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2109279) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;(1106393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39281172) | &nbsp;&nbsp;&nbsp;&nbsp;(1211113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42827348) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;(6536961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252755511) | &nbsp;&nbsp;&nbsp;(10653036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(406323224) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;(4860493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196616853) | &nbsp;&nbsp;&nbsp;&nbsp;(6559062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260552802) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;(46915895) | &nbsp;&nbsp;&nbsp;(1856086723) | &nbsp;&nbsp;&nbsp;(44973291) | &nbsp;&nbsp;&nbsp;&nbsp;(1769309196) |
|  | (110587923) | &nbsp;&nbsp;$(4457331145) | &nbsp;&nbsp;(120809550) | &nbsp;&nbsp;$(4827333283) |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(3065022) | &nbsp;&nbsp;&nbsp;&nbsp;$(130133304) | &nbsp;&nbsp;&nbsp;&nbsp;(4367350) | &nbsp;&nbsp;&nbsp;&nbsp;$(177003985) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(642792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1231816) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(264284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9048076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(432617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14642404) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;(3057592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171221027) | &nbsp;&nbsp;&nbsp;(10177986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459181967) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304284) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(218766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9211741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14390738) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;2027513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69765871 | &nbsp;&nbsp;&nbsp;&nbsp;(3371522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127107721) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;(1002973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47966321) | &nbsp;&nbsp;&nbsp;&nbsp;(2566537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107700023) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;13259524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442034107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9754627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308408219 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7665985 | &nbsp;&nbsp;&nbsp;&nbsp;$143648322 | &nbsp;&nbsp;&nbsp;(11582019) | &nbsp;&nbsp;&nbsp;&nbsp;$(593154719) |

---

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 was the owner of record of approximately 27% of the value of outstanding voting shares of the fund. In addition, the MFS Aggressive Growth Allocation Fund, the MFS Conservative Allocation Fund, the MFS Growth Allocation Fund, 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, the MFS Lifetime Income Fund, and the MFS Moderate Allocation Fund were each the owners of record of less than 1% of the value of outstanding voting shares of the fund.

Effective at the close of business on May 29, 2015, purchases of the fund were closed to new investors subject to certain exceptions. 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.

------

MFS International Intrinsic Value Fund

Notes to Financial Statements - continued

(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) plus 0.10%, 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 12, 2026 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 year ended May 31, 2025, the fund's commitment fee and interest expense were $105,994 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. For the purposes of this report, the following were affiliated issuers for the year ended May 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;&nbsp;**Ending<br> Value** |
| IMI PLC | &nbsp;&nbsp;&nbsp;$353648089 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48295739 | &nbsp;&nbsp;&nbsp;$16964160 | &nbsp;&nbsp;&nbsp;$21832931 | &nbsp;&nbsp;&nbsp;&nbsp;$344149441 |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;626197991 | &nbsp;&nbsp;&nbsp;&nbsp;2907626569 | &nbsp;&nbsp;&nbsp;&nbsp;2720536460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813230360 |
|  | &nbsp;&nbsp;&nbsp;$979846080 | &nbsp;&nbsp;&nbsp;$2907626569 | &nbsp;&nbsp;&nbsp;$2768832199 | &nbsp;&nbsp;&nbsp;$16975081 | &nbsp;&nbsp;&nbsp;$21764270 | &nbsp;&nbsp;&nbsp;$1157379801 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;&nbsp;**Capital Gain<br> Distributions** |
| IMI PLC | &nbsp;&nbsp;&nbsp;&nbsp;$5402640 | &nbsp;&nbsp;&nbsp;$— |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;30785411 | &nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;$36188051 | &nbsp;&nbsp;&nbsp;$— |

---

------

MFS International Intrinsic Value Fund

### Report of Independent Registered Public Accounting Firm
To the Shareholders of MFS International Intrinsic Value Fund and the Board of Trustees of MFS Series Trust X

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of MFS International Intrinsic Value Fund (the "Fund") (one of the funds constituting MFS Series Trust X (the "Trust")), including the portfolio of investments, as of May 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting MFS Series Trust X) at May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more MFS investment companies since 1993.

Boston, Massachusetts

July 16, 2025

------

MFS International Intrinsic Value Fund

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2025 income tax forms in January 2026. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

The fund designates $2,195,235,000 as capital gain dividends paid during the fiscal year.

Income derived from foreign sources was $559,630,322. The fund intends to pass through foreign tax credits of $22,549,889 for the fiscal year.

------

#### 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 Intrinsic Value Fund.

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS International Intrinsic Value 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 Intrinsic Value 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 Diversification Fund

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS International Diversification Fund

### Portfolio of Investments - 5/31/25
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** | &nbsp;&nbsp;**Value ($)** |
| Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% |
| International Stock Funds – 99.8% | International Stock Funds – 99.8% | International Stock Funds – 99.8% |
| MFS Emerging Markets Equity Fund - Class R6 | 185183617 | &nbsp;&nbsp;$7062903163 |
| MFS International Growth Fund - Class R6 | 132419342 | &nbsp;&nbsp;&nbsp;&nbsp; **6168092930** |
| MFS International Intrinsic Value Fund - Class R6 | 148611702 | &nbsp;&nbsp;&nbsp;&nbsp; **6223858079** |
| MFS International Large Cap Value Fund - Class R6 | 399857787 | &nbsp;&nbsp;&nbsp;&nbsp; **6269770102** |
| MFS International New Discovery Fund - Class R6 | 124437455 | &nbsp;&nbsp;&nbsp;&nbsp; **4140034115** |
| MFS Research International Fund - Class R6 | 452255758 | &nbsp;&nbsp;&nbsp;&nbsp;11442070687 |
|  |  | &nbsp;&nbsp;$41306729076 |
| Money Market Funds – 0.2% | Money Market Funds – 0.2% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) | &nbsp;&nbsp;79993091 | &nbsp;&nbsp;$79993091 |
| **Total Mutual Funds (Identified Cost, $31,787,898,628)** | **Total Mutual Funds (Identified Cost, $31,787,898,628)** | **$41386722167** |
| Other Assets, Less Liabilities – 0.0% |  | &nbsp;&nbsp;&nbsp;&nbsp; **16793154** |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **$41403515321** |

---

(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 value of the fund's
investments in affiliated issuers was $41,386,722,167.

(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.

#### See Notes to Financial Statements
MDIFS-ANN

------

MFS International Diversification Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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 5/31/25 <br>Assets** |  |
| Investments in affiliated issuers, at value (identified cost, $31,787,898,628) | &nbsp;&nbsp;$41386722167 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19018426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38125955 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40246 |
| Total assets | &nbsp;&nbsp;$41443906794 |
| **Liabilities** |  |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$164937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33094367 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6216815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128283 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786914 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40391473 |
| Net assets | &nbsp;&nbsp;$41403515321 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$31523195480 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9880319841 |
| Net assets | &nbsp;&nbsp;$41403515321 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592431308 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$3784301280 | &nbsp;&nbsp;&nbsp;&nbsp;147174135 | &nbsp;&nbsp;&nbsp;&nbsp;$25.71 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153059 | &nbsp;&nbsp;&nbsp;&nbsp;25.43 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219016792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8788558 | &nbsp;&nbsp;&nbsp;&nbsp;24.92 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;15579691461 | &nbsp;&nbsp;&nbsp;&nbsp;598047912 | &nbsp;&nbsp;&nbsp;&nbsp;26.05 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7280121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298388 | &nbsp;&nbsp;&nbsp;&nbsp;24.40 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49080004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946155 | &nbsp;&nbsp;&nbsp;&nbsp;25.22 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;1444246594 | &nbsp;&nbsp;&nbsp;&nbsp;56732223 | &nbsp;&nbsp;&nbsp;&nbsp;25.46 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843057421 | &nbsp;&nbsp;&nbsp;&nbsp;32482505 | &nbsp;&nbsp;&nbsp;&nbsp;25.95 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;19472950105 | &nbsp;&nbsp;&nbsp;&nbsp;746808373 | &nbsp;&nbsp;&nbsp;&nbsp;26.07 |

---

(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 $27.28 [100 / 94.25 x $25.71]. 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.

------

MFS International Diversification Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | |
|:---|:---|
| **Year ended 5/31/25 <br>Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$887677025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments from investment adviser for other expenses agreement (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8113 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;$887916650 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15222924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22242635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3611103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992829 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42584912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6326995) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36257917 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$851658733 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$(62815515) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated issuers | &nbsp;&nbsp;&nbsp;1130987663 |
| Net realized gain (loss) | &nbsp;&nbsp;$1068172148 |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;$3353145261 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;$4421317409 |
| Change in net assets from operations | &nbsp;&nbsp;$5272976142 |

---

------

MFS International Diversification Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$851658733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$814624416 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1068172148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268540764 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;3353145261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3937595301 |
| Change in net assets from operations | &nbsp;&nbsp;$5272976142 | &nbsp;&nbsp;&nbsp;&nbsp;$5020760481 |
| Total distributions to shareholders | $(1261783740) | &nbsp;&nbsp;&nbsp;&nbsp;$(1522468104) |
| Change in net assets from fund share transactions | $(1233134332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(237226239) |
| Total change in net assets | &nbsp;&nbsp;$2778058070 | &nbsp;&nbsp;&nbsp;&nbsp;$3261066138 |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;38625457251 | &nbsp;&nbsp;&nbsp;&nbsp;35364391113 |
| At end of period | $41403515321 | &nbsp;&nbsp;&nbsp;$38625457251 |

---

------

MFS International Diversification Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**Financial Highlights** |

---

The financial highlights table is intended to help you understand the fund's financial performance for the past 5 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** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.80 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.96 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.06 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.12) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.35) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.51 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.66 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Net assets at end of period (000 omitted) | $3784301 | &nbsp;&nbsp;&nbsp;$3689945 | &nbsp;&nbsp;&nbsp;$3498538 | &nbsp;&nbsp;&nbsp;$3644253 | &nbsp;&nbsp;&nbsp;$4381231 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class B** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $22.97 | &nbsp;&nbsp;&nbsp;$20.87 | &nbsp;&nbsp;&nbsp;$21.12 | &nbsp;&nbsp;&nbsp;&nbsp;$25.16 | &nbsp;&nbsp;&nbsp;&nbsp;$18.61 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84 |
| Total from investment operations | &nbsp;&nbsp;$2.96 | &nbsp;&nbsp;&nbsp;&nbsp;$2.75 | &nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;$(3.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.78 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.28) | &nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| Total distributions declared to shareholders | $(0.50) | &nbsp;&nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.23) |
| Net asset value, end of period (x) | $25.43 | &nbsp;&nbsp;&nbsp;$22.97 | &nbsp;&nbsp;&nbsp;$20.87 | &nbsp;&nbsp;&nbsp;&nbsp;$21.12 | &nbsp;&nbsp;&nbsp;&nbsp;$25.16 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;13.16 | &nbsp;&nbsp;&nbsp;&nbsp;13.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;(14.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.51 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Net assets at end of period (000 omitted) | $3892 | &nbsp;&nbsp;&nbsp;$6527 | &nbsp;&nbsp;&nbsp;$9428 | &nbsp;&nbsp;&nbsp;$13672 | &nbsp;&nbsp;&nbsp;$21542 |

---

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

------

MFS International Diversification Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$22.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.36 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.06) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.76 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$2.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.70 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.23) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$24.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.83 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;13.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.57 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Net assets at end of period (000 omitted) | $219017 | &nbsp;&nbsp;&nbsp;$263351 | &nbsp;&nbsp;&nbsp;$304133 | &nbsp;&nbsp;&nbsp;$379572 | &nbsp;&nbsp;&nbsp;$489683 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.01 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.19 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.16) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.39) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.81 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.00 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Net assets at end of period (000 omitted) | $15579691 | &nbsp;&nbsp;&nbsp;$14892220 | &nbsp;&nbsp;&nbsp;$14757462 | &nbsp;&nbsp;&nbsp;$15504823 | &nbsp;&nbsp;&nbsp;$17850569 |

---

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

------

MFS International Diversification Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R1** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $22.12 | &nbsp;&nbsp;&nbsp;$20.20 | &nbsp;&nbsp;&nbsp;$20.45 | &nbsp;&nbsp;&nbsp;$24.40 | &nbsp;&nbsp;&nbsp;&nbsp;$18.04 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.07) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;(3.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.66 |
| Total from investment operations | &nbsp;&nbsp;$2.84 | &nbsp;&nbsp;&nbsp;&nbsp;$2.64 | &nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;$(3.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.59 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.34) | &nbsp;&nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| Total distributions declared to shareholders | $(0.56) | &nbsp;&nbsp;&nbsp;$(0.72) | &nbsp;&nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.23) |
| Net asset value, end of period (x) | $24.40 | &nbsp;&nbsp;&nbsp;$22.12 | &nbsp;&nbsp;&nbsp;$20.20 | &nbsp;&nbsp;&nbsp;$20.45 | &nbsp;&nbsp;&nbsp;&nbsp;$24.40 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;13.19 | &nbsp;&nbsp;&nbsp;&nbsp;13.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;(14.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.61 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Net assets at end of period (000 omitted) | $7280 | &nbsp;&nbsp;&nbsp;$7571 | &nbsp;&nbsp;&nbsp;$7177 | &nbsp;&nbsp;&nbsp;$7056 | &nbsp;&nbsp;&nbsp;$10359 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R2** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$22.85 | &nbsp;&nbsp;&nbsp;&nbsp;$20.81 | &nbsp;&nbsp;&nbsp;&nbsp;$20.98 | &nbsp;&nbsp;&nbsp;&nbsp;$25.05 | &nbsp;&nbsp;&nbsp;&nbsp;$18.49 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.26 | &nbsp;&nbsp;&nbsp;&nbsp;$(3.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.86 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.07) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.30) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$25.22 | &nbsp;&nbsp;&nbsp;&nbsp;$22.85 | &nbsp;&nbsp;&nbsp;&nbsp;$20.81 | &nbsp;&nbsp;&nbsp;&nbsp;$20.98 | &nbsp;&nbsp;&nbsp;&nbsp;$25.05 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;13.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;(14.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.21 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Net assets at end of period (000 omitted) | $49080 | &nbsp;&nbsp;&nbsp;$54122 | &nbsp;&nbsp;&nbsp;$61253 | &nbsp;&nbsp;&nbsp;$65430 | &nbsp;&nbsp;&nbsp;$74611 |

---

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

------

MFS International Diversification Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R3** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.66 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.99 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.12) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.35) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.30 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.61 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Net assets at end of period (000 omitted) | $1444247 | &nbsp;&nbsp;&nbsp;$1353877 | &nbsp;&nbsp;&nbsp;$1216239 | &nbsp;&nbsp;&nbsp;$1178451 | &nbsp;&nbsp;&nbsp;$1318182 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R4** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$23.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.95 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.99 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$3.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.17 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.17) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.40) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$25.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.72 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;14.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.96 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Net assets at end of period (000 omitted) | $843057 | &nbsp;&nbsp;&nbsp;$1055356 | &nbsp;&nbsp;&nbsp;$987868 | &nbsp;&nbsp;&nbsp;$1017358 | &nbsp;&nbsp;&nbsp;$1277938 |

---

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

------

MFS International Diversification Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.03 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.19 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.22 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.18) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.41) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.84 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.12 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Net assets at end of period (000 omitted) | $19472950 | &nbsp;&nbsp;&nbsp;$17302488 | &nbsp;&nbsp;&nbsp;$14522293 | &nbsp;&nbsp;&nbsp;$12792920 | &nbsp;&nbsp;&nbsp;$13046306 |

---

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

(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests.
Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different
proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.

(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

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

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

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

(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.

------

MFS International Diversification Fund

### Notes to Financial Statements
(1) Business and Organization

MFS International Diversification Fund (the fund) is a diversified series of MFS Series Trust X (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 is a "fund of funds", which invests the majority of its assets in other MFS mutual funds (underlying funds), which may have different fiscal year ends than the fund. The underlying funds, in turn, may engage in a number of investment techniques and practices, which involve certain risks. Certain underlying funds can invest 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 in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, accounting, and auditing 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, and economic instability than developed markets.

The accounting policies of the underlying funds in which the fund invests are outlined in the underlying funds' financial statements, which are available without charge by calling 1-800-225-2606, at mfs.com and on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov. The underlying funds' financial statements are not covered by this report.

The investment objective of each of the international stock funds held by the fund at May 31, 2025 was to seek capital appreciation.

In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. An operating segment is 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.

**Investment Valuations — Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of this policy disclosure, "fund" also refers to the underlying funds in which the fund-of-funds invests.**

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 and equity securities sold short, 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. Equity securities sold short, for which

------

MFS International Diversification Fund

Notes to Financial Statements - continued

there were no sales reported that day, are generally valued at the last quoted daily ask 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. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. Funds traded on a recognized securities exchange (such as Exchange Traded Funds or Closed End Funds) are generally valued at the official closing price on their primary market or exchange as provided by a third-party pricing service. If no sales are reported that day for these funds, generally they will be valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). 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 May 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investment Companies | $41386722167 | $— | $— | $41386722167 |

---

For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds' financial statements for further information regarding the levels used in valuing the underlying funds' assets and liabilities.

------

MFS International Diversification Fund

Notes to Financial Statements - continued

**Derivatives — The fund does not invest in derivatives directly. The fund does invest in underlying funds that may use 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 underlying funds use 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.**

**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. Distributions of income and capital gains from the underlying funds are recorded on the ex-dividend date. Recognition of net investment income and realized gain from affiliated issuers by the fund is affected by the timing of the declaration of distributions by the underlying funds in which the fund invests.**

The fund and/or the underlying funds 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.

**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.**

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 declared to shareholders for the last two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/24** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;&nbsp;$917741360 | &nbsp;&nbsp;&nbsp;&nbsp;$950009360 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344042380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572458744 |
| Total distributions | &nbsp;&nbsp;&nbsp;$1261783740 | &nbsp;&nbsp;&nbsp;$1522468104 |

---

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

---

| | |
|:---|:---|
| **As of 5/31/25** |  |
| Cost of investments | &nbsp;&nbsp;&nbsp;$32519533203 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8978969033 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111780069) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;$8867188964 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52879350 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960251527 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$9880319841 |

---

------

MFS International Diversification Fund

Notes to Financial Statements - continued

**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:**

---

| | | |
|:---|:---|:---|
|  | **Year<br> ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year<br> ended<br> 5/31/24** |
| Class A | &nbsp;&nbsp;$109812620 | &nbsp;&nbsp;&nbsp;&nbsp;$139039397 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214369 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5218931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8844889 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;474972985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617110382 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254762 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994308 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;41677152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50654134 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;26960938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41989134 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;601370205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662366729 |
| Total | $1261783740 | &nbsp;&nbsp;&nbsp;$1522468104 |

---

(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. MFS receives no compensation under this agreement; however MFS receives management fees from the underlying MFS funds.**

The investment adviser has agreed in writing to pay a portion of the fund's operating expenses, excluding distribution and service fees, interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses including fees and expenses associated with investments in investment companies and other similar investment vehicles ("Other Expenses"), such that "Other Expenses" do not exceed 0.10% annually of average daily net assets for Class A, Class B, Class C, Class I, Class R1, Class R2, Class R3, and Class R4 shares and 0.00% annually of average daily net assets for Class R6 shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2026. For the year ended May 31, 2025, this reduction amounted to $6,325,660, which is included in the reduction of total expenses in the Statement of Operations. Payments made to Class R6 shares to further reduce "Other Expenses" below 0.00% annually of average daily net assets are included in "Payments from investment adviser for other expenses agreement" in the Statement of Operations.

In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund.

**Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $239,382 for the year ended May 31, 2025, 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.

------

MFS International Diversification Fund

Notes to Financial Statements - continued

#### Distribution Plan Fee Table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution<br> Fee Rate (d)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | $9089324 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53165 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;2363946 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73957 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253744 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | &nbsp;&nbsp;&nbsp;3388788 |
| Total Distribution and Service Fees |  |  |  |  | $15222924 |

---

(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 year ended May 31, 2025 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 year ended May 31, 2025, this rebate amounted to $256, $108, $966, and $5 for Class A, Class C, Class R2, and Class R3 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 year ended May 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $38594 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 |
| Class C | &nbsp;&nbsp;&nbsp;7879 |

---

**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 year ended May 31, 2025, the fee was $612,415, which equated to 0.0016% 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 year ended May 31, 2025, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $21,630,220.**

**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 pays an annual fixed amount of $17,500. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended May 31, 2025 was equivalent to an annual effective rate of 0.00005% 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 purchased or redeemed fund shares on the dates indicated:

------

MFS International Diversification Fund

Notes to Financial Statements - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Transaction** | &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class A | &nbsp;&nbsp;3 | &nbsp;&nbsp;$67 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class C | &nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class I | &nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R2 | &nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class R4 | &nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;76 |

---

(4) Portfolio Securities

For the year ended May 31, 2025, purchases and sales of shares of underlying funds, excluding the MFS Institutional Money Market Portfolio, aggregated $646,699,101 and $3,192,645,052, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;15743869 | &nbsp;&nbsp;&nbsp;&nbsp;$375966720 | &nbsp;&nbsp;&nbsp;&nbsp;21116213 | &nbsp;&nbsp;&nbsp;&nbsp;$463709792 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47755 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14199984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17816891 |
| &nbsp;&nbsp;&nbsp;Class I | 105607072 | &nbsp;&nbsp;&nbsp;&nbsp;2547565489 | &nbsp;&nbsp;&nbsp;144061202 | &nbsp;&nbsp;&nbsp;&nbsp;3197643029 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159250 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6935065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10506205 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;11819291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279333301 | &nbsp;&nbsp;&nbsp;&nbsp;12134732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263997990 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;5189809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124807679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9495308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211083571 |
| &nbsp;&nbsp;&nbsp;Class R6 | 148958942 | &nbsp;&nbsp;&nbsp;&nbsp;3600648579 | &nbsp;&nbsp;&nbsp;173779325 | &nbsp;&nbsp;&nbsp;&nbsp;3863744543 |
|  | 288272125 | &nbsp;&nbsp;&nbsp;$6950499046 | &nbsp;&nbsp;&nbsp;361971335 | &nbsp;&nbsp;&nbsp;$8029709026 |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;4344020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$98609250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5687347 | &nbsp;&nbsp;&nbsp;&nbsp;$124780390 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211739 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4855652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8122547 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;18024801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414209917 | &nbsp;&nbsp;&nbsp;&nbsp;24344641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540451039 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254762 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970533 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;1853966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41677152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50654134 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;1144160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26189823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41215405 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;25372992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583325086 | &nbsp;&nbsp;&nbsp;&nbsp;28878878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641399886 |
|  | &nbsp;&nbsp;51039066 | &nbsp;&nbsp;&nbsp;$1170625782 | &nbsp;&nbsp;&nbsp;&nbsp;63600402 | &nbsp;&nbsp;&nbsp;$1409060435 |

---

------

MFS International Diversification Fund

Notes to Financial Statements - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;(31370765) | &nbsp;&nbsp;&nbsp;&nbsp;$(747800770) | &nbsp;&nbsp;&nbsp;(33337903) | &nbsp;&nbsp;&nbsp;&nbsp;$(734161095) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(136682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3244038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3857676) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;(3717085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86067420) | &nbsp;&nbsp;&nbsp;&nbsp;(4345156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92443777) |
| &nbsp;&nbsp;&nbsp;Class I | (156992654) | &nbsp;&nbsp;&nbsp;(3790019174) | &nbsp;&nbsp;(224528943) | &nbsp;&nbsp;&nbsp;&nbsp;(4998067706) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2167102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1681120) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(785996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18054717) | &nbsp;&nbsp;&nbsp;&nbsp;(1154869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24891948) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;(15639282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369018074) | &nbsp;&nbsp;&nbsp;(13648248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296884886) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;(18764353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(448435663) | &nbsp;&nbsp;&nbsp;(12634468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279378396) |
| &nbsp;&nbsp;&nbsp;Class R6 | (160418411) | &nbsp;&nbsp;&nbsp;(3889452202) | &nbsp;&nbsp;(145710852) | &nbsp;&nbsp;&nbsp;&nbsp;(3244629096) |
|  | (387922710) | &nbsp;&nbsp;$(9354259160) | &nbsp;&nbsp;(435620990) | &nbsp;&nbsp;$(9675995700) |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;(11282876) | &nbsp;&nbsp;&nbsp;&nbsp;$(273224800) | &nbsp;&nbsp;&nbsp;&nbsp;(6534343) | &nbsp;&nbsp;&nbsp;&nbsp;$(145670913) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(131113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3116955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3598182) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;(2887362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67011784) | &nbsp;&nbsp;&nbsp;&nbsp;(3126322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66504339) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;(33360781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(828243768) | &nbsp;&nbsp;&nbsp;(56123100) | &nbsp;&nbsp;&nbsp;&nbsp;(1259973638) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(964587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267108) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(422689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9648119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(574634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12415210) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;(1966025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48007621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17767238 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;(12430384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297438161) | &nbsp;&nbsp;&nbsp;&nbsp;(1275053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27079420) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;13913523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294521463 | &nbsp;&nbsp;&nbsp;&nbsp;56947351 | &nbsp;&nbsp;&nbsp;&nbsp;1260515333 |
|  | &nbsp;&nbsp;(48611519) | &nbsp;&nbsp;$(1233134332) | &nbsp;&nbsp;&nbsp;(10049253) | &nbsp;&nbsp;&nbsp;&nbsp;$(237226239) |

---

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) plus 0.10%, 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 12, 2026 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 year ended May 31, 2025, the fund's commitment fee and interest expense were $187,546 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. For the purposes of this report, the following were affiliated issuers for the year ended May 31, 2025:

------

MFS International Diversification Fund

Notes to Financial Statements - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;&nbsp;**Ending<br> Value** |
| MFS Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;$6580456450 | &nbsp;&nbsp;&nbsp;&nbsp;$354485644 | &nbsp;&nbsp;&nbsp;&nbsp;$798796679 | &nbsp;&nbsp;&nbsp;$(29062980) | &nbsp;&nbsp;&nbsp;&nbsp;$955820728 | &nbsp;&nbsp;&nbsp;&nbsp;$7062903163 |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45245200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846073703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811319917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79993091 |
| MFS International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5786166571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406615969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562187756 | &nbsp;&nbsp;&nbsp;&nbsp;31151945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506346201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6168092930 |
| MFS International Intrinsic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5805800237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701290606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443007702 | &nbsp;&nbsp;&nbsp;(106745618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266520556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6223858079 |
| MFS International Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5838361894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433804618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678203604 | &nbsp;&nbsp;&nbsp;&nbsp;69256977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606550217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6269770102 |
| MFS International New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3845730677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412429807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272995037 | &nbsp;&nbsp;&nbsp;&nbsp;(45904695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200773363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140034115 |
| MFS Research International Fund | &nbsp;&nbsp;&nbsp;&nbsp;10690284936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353611077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437454273 | &nbsp;&nbsp;&nbsp;&nbsp;18490246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817138701 | &nbsp;&nbsp;&nbsp;&nbsp;11442070687 |
|  | &nbsp;&nbsp;&nbsp;$38592045965 | &nbsp;&nbsp;&nbsp;$3508311424 | &nbsp;&nbsp;&nbsp;$4003964968 | &nbsp;&nbsp;&nbsp;$(62815515) | &nbsp;&nbsp;&nbsp;$3353145261 | &nbsp;&nbsp;&nbsp;$41386722167 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;$171014489 | &nbsp;&nbsp;&nbsp;$— |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126069 | &nbsp;&nbsp;&nbsp;— |
| MFS International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91728662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240409313 |
| MFS International Intrinsic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;125692036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521555486 |
| MFS International Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;175360888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206340807 |
| MFS International New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;101596499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162682057 |
| MFS Research International Fund | &nbsp;&nbsp;&nbsp;&nbsp;219158382 | &nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;$887677025 | &nbsp;&nbsp;&nbsp;$1130987663 |

---

------

MFS International Diversification Fund

### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of MFS Series Trust X and the Shareholders of MFS International Diversification Fund:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of MFS International Diversification Fund (the "Fund"), including the portfolio of investments, as of May 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the underlying funds' transfer agent. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

July 16, 2025

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS International Diversification Fund

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2025 income tax forms in January 2026. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

The fund designates $489,527,000 as capital gain dividends paid during the fiscal year.

Income derived from foreign sources was $723,569,875. The fund intends to pass through foreign tax credits of $66,779,259 for the fiscal year.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

------

#### 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 Diversification Fund.

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS International Diversification 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 Diversification 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 Managed Wealth Fund

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Managed Wealth Fund

### Portfolio of Investments - 5/31/25
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** | &nbsp;&nbsp;**Value ($)** |
| Bonds – 3.3% | Bonds – 3.3% | Bonds – 3.3% |
| U.S. Treasury Obligations – 3.3% | U.S. Treasury Obligations – 3.3% | U.S. Treasury Obligations – 3.3% |
| U.S. Treasury Notes, 4.625%, 6/30/2025 (f) | $350000 | &nbsp;&nbsp;$350048 |
| U.S. Treasury Notes, 5%, 9/30/2025 (f) | 220000 | &nbsp;&nbsp;&nbsp;&nbsp; **220425** |
| U.S. Treasury Notes, 4.25%, 12/31/2025 (f) | 220000 | &nbsp;&nbsp;&nbsp;&nbsp; **219951** |
| U.S. Treasury Notes, 4.5%, 3/31/2026 (f) | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; **350837** |
| **Total Bonds (Identified Cost, $1,144,225)** |  | &nbsp;&nbsp; **$1141261** |
| Mutual Funds (h) – 96.5% | Mutual Funds (h) – 96.5% | Mutual Funds (h) – 96.5% |
| International Stock Funds – 31.5% | International Stock Funds – 31.5% | International Stock Funds – 31.5% |
| MFS International Equity Fund - Class R6 | 284241 | &nbsp;&nbsp;$11042755 |
| U.S. Stock Funds – 62.6% | U.S. Stock Funds – 62.6% | U.S. Stock Funds – 62.6% |
| MFS Growth Fund - Class R6 | &nbsp;&nbsp;55401 | &nbsp;&nbsp;$11329454 |
| MFS Value Fund - Class R6 | 211175 | &nbsp;&nbsp;&nbsp;&nbsp;10615803 |
|  |  | &nbsp;&nbsp;$21945257 |
| Money Market Funds – 2.4% | Money Market Funds – 2.4% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) | 835251 | &nbsp;&nbsp;$835251 |
| **Total Mutual Funds (Identified Cost, $18,979,756)** | **Total Mutual Funds (Identified Cost, $18,979,756)** | **$33823263** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Underlying/Expiration Date/Exercise Price** | &nbsp;&nbsp;**Put/Call** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;**Par Amount/<br> Number of<br> Contracts** |  |
| Purchased Options – 0.1% | Purchased Options – 0.1% | Purchased Options – 0.1% | Purchased Options – 0.1% | Purchased Options – 0.1% |  |
| Market Index Securities – 0.1% | Market Index Securities – 0.1% | Market Index Securities – 0.1% | Market Index Securities – 0.1% | Market Index Securities – 0.1% |  |
| S&P 500 Index – June 2025 @ $4,900 | &nbsp;&nbsp;Put | &nbsp;&nbsp;Exchange Traded | &nbsp;&nbsp;$1773507 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;$615 |
| S&P 500 Index – March 2026 @ $4,900 | &nbsp;&nbsp;Put | &nbsp;&nbsp;Exchange Traded | &nbsp;&nbsp;&nbsp;&nbsp; 2364676 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; **41620** |
| **Total Purchased Options<br> (Premiums Paid, $71,561)** | **Total Purchased Options<br> (Premiums Paid, $71,561)** | **Total Purchased Options<br> (Premiums Paid, $71,561)** | **Total Purchased Options<br> (Premiums Paid, $71,561)** |  | &nbsp;&nbsp; **$42235** |
| Other Assets, Less Liabilities – 0.1% | Other Assets, Less Liabilities – 0.1% | Other Assets, Less Liabilities – 0.1% | Other Assets, Less Liabilities – 0.1% | Other Assets, Less Liabilities – 0.1% | &nbsp;&nbsp;&nbsp;&nbsp; **25250** |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$35032009** |

---

(f) All or a portion of the security has been segregated as collateral for open futures contracts.

(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 $33,823,263 and $1,183,496, respectively.

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

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

MGWFS-ANN

------

MFS Managed Wealth Fund

Portfolio of Investments – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 5/31/25** | **Derivative Contracts at 5/31/25** | **Derivative Contracts at 5/31/25** | **Derivative Contracts at 5/31/25** | **Derivative Contracts at 5/31/25** | **Derivative Contracts at 5/31/25** | **Derivative Contracts at 5/31/25** |
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Long/<br> Short** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Equity Futures*** | ***Equity Futures*** | ***Equity Futures*** | ***Equity Futures*** | ***Equity Futures*** |  |  |
| Mini MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;$5209000 | &nbsp;&nbsp;&nbsp;&nbsp;June – 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$(289337) |
| Russell 1000 Growth Index | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;7245900 | &nbsp;&nbsp;&nbsp;&nbsp;June – 2025 | &nbsp;&nbsp;&nbsp;&nbsp;(531798) |
| Russell 1000 Value Index | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;4821440 | &nbsp;&nbsp;&nbsp;&nbsp;June – 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51586) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(872721) |

---

At May 31, 2025, the fund had liquid securities with an aggregate value of $1,064,179 to cover any collateral or margin obligations for certain derivative contracts.

#### See Notes to Financial Statements

------

MFS Managed Wealth Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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 5/31/25 <br>Assets** |  |
| Investments in unaffiliated issuers, at value (identified cost, $1,215,786) | &nbsp;&nbsp;&nbsp;&nbsp;$1183496 |
| Investments in affiliated issuers, at value (identified cost, $18,979,756) | &nbsp;&nbsp;&nbsp;&nbsp;33823263 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net daily variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15254 |
| Receivable from investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19577 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 |
| Total assets | &nbsp;&nbsp;$35100108 |
| **Liabilities** |  |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3571 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Payable for audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47872 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8063 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$68099 |
| Net assets | &nbsp;&nbsp;$35032009 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$26968579 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8063430 |
| Net assets | &nbsp;&nbsp;$35032009 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691250 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$3756925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287807 | &nbsp;&nbsp;&nbsp;&nbsp;$13.05 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5190 | &nbsp;&nbsp;&nbsp;&nbsp;12.40 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;1459681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118336 | &nbsp;&nbsp;&nbsp;&nbsp;12.34 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;26653031 | &nbsp;&nbsp;&nbsp;&nbsp;2042064 | &nbsp;&nbsp;&nbsp;&nbsp;13.05 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5202 | &nbsp;&nbsp;&nbsp;&nbsp;12.38 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5267 | &nbsp;&nbsp;&nbsp;&nbsp;12.85 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5335 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5445 | &nbsp;&nbsp;&nbsp;&nbsp;13.03 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;2825716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216604 | &nbsp;&nbsp;&nbsp;&nbsp;13.05 |

---

(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 $13.85 [100 / 94.25 x $13.05]. 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.

------

MFS Managed Wealth Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | |
|:---|:---|
| **Year ended 5/31/25 <br>Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$472895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;$531368 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;&nbsp;$125813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48948 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;$456748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188976) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;$267772 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$263596 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$(127787) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;4453463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;1762133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;(1064945) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;$5022864 |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$110702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;(2683908) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606244) |
| Net unrealized gain (loss) | &nbsp;&nbsp;$(3179450) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;$1843414 |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;$2107010 |

---

------

MFS Managed Wealth Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$263596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$338150 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;5022864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4103229 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(3179450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478457) |
| Change in net assets from operations | &nbsp;&nbsp;$2107010 | &nbsp;&nbsp;&nbsp;&nbsp;$3962922 |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(340242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(320494) |
| Change in net assets from fund share transactions | $(5932801) | &nbsp;&nbsp;&nbsp;$(23100820) |
| Total change in net assets | $(4166033) | &nbsp;&nbsp;&nbsp;$(19458392) |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;39198042 | &nbsp;&nbsp;&nbsp;&nbsp;58656434 |
| At end of period | $35032009 | &nbsp;&nbsp;&nbsp;&nbsp;$39198042 |

---

------

MFS Managed Wealth Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**Financial Highlights** |

---

The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). 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** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $12.45 | &nbsp;&nbsp;&nbsp;$11.50 | &nbsp;&nbsp;&nbsp;$11.25 | &nbsp;&nbsp;&nbsp;&nbsp;$11.46 | &nbsp;&nbsp;&nbsp;&nbsp;$11.54 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.01) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Total from investment operations | &nbsp;&nbsp;$0.71 | &nbsp;&nbsp;&nbsp;&nbsp;$1.01 | &nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.11) | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.02) |
| Net asset value, end of period (x) | $13.05 | &nbsp;&nbsp;&nbsp;$12.45 | &nbsp;&nbsp;&nbsp;$11.50 | &nbsp;&nbsp;&nbsp;&nbsp;$11.25 | &nbsp;&nbsp;&nbsp;&nbsp;$11.46 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;5.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Net assets at end of period (000 omitted) | $3757 | &nbsp;&nbsp;&nbsp;$3476 | &nbsp;&nbsp;&nbsp;$3646 | &nbsp;&nbsp;&nbsp;$10280 | &nbsp;&nbsp;&nbsp;$14339 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class B** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $11.82 | &nbsp;&nbsp;&nbsp;$10.95 | &nbsp;&nbsp;&nbsp;$10.79 | &nbsp;&nbsp;&nbsp;$11.08 | &nbsp;&nbsp;&nbsp;$11.23 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | $(0.02) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.09) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Total from investment operations | &nbsp;&nbsp;$0.59 | &nbsp;&nbsp;&nbsp;&nbsp;$0.87 | &nbsp;&nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;&nbsp;$(0.15) |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.01) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Net asset value, end of period (x) | $12.40 | &nbsp;&nbsp;&nbsp;$11.82 | &nbsp;&nbsp;&nbsp;$10.95 | &nbsp;&nbsp;&nbsp;$10.79 | &nbsp;&nbsp;&nbsp;$11.08 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;(2.62) | &nbsp;&nbsp;&nbsp;&nbsp;(1.34) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Net investment income (loss) (l) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74 |

---

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

------

MFS Managed Wealth Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $11.76 | &nbsp;&nbsp;&nbsp;$10.89 | &nbsp;&nbsp;&nbsp;$10.74 | &nbsp;&nbsp;&nbsp;$11.02 | &nbsp;&nbsp;&nbsp;$11.18 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | $(0.01) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.09) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Total from investment operations | &nbsp;&nbsp;$0.59 | &nbsp;&nbsp;&nbsp;&nbsp;$0.87 | &nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;&nbsp;$(0.15) |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.01) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(0.01) |
| Net asset value, end of period (x) | $12.34 | &nbsp;&nbsp;&nbsp;$11.76 | &nbsp;&nbsp;&nbsp;$10.89 | &nbsp;&nbsp;&nbsp;$10.74 | &nbsp;&nbsp;&nbsp;$11.02 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;(2.54) | &nbsp;&nbsp;&nbsp;&nbsp;(1.35) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| Net investment income (loss) (l) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Net assets at end of period (000 omitted) | $1460 | &nbsp;&nbsp;&nbsp;$1956 | &nbsp;&nbsp;&nbsp;$2369 | &nbsp;&nbsp;&nbsp;$3870 | &nbsp;&nbsp;&nbsp;$6363 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp;$12.44 | &nbsp;&nbsp;&nbsp;&nbsp;$11.50 | &nbsp;&nbsp;&nbsp;&nbsp;$11.30 | &nbsp;&nbsp;&nbsp;&nbsp;$11.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.57 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.04) |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.03) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$13.05 | &nbsp;&nbsp;&nbsp;&nbsp;$12.44 | &nbsp;&nbsp;&nbsp;&nbsp;$11.50 | &nbsp;&nbsp;&nbsp;&nbsp;$11.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.50 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;6.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Net assets at end of period (000 omitted) | $26653 | &nbsp;&nbsp;&nbsp;$30581 | &nbsp;&nbsp;&nbsp;$46564 | &nbsp;&nbsp;&nbsp;$82106 | &nbsp;&nbsp;&nbsp;$105346 |

---

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

------

MFS Managed Wealth Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R1** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $11.82 | &nbsp;&nbsp;&nbsp;$10.95 | &nbsp;&nbsp;&nbsp;$10.80 | &nbsp;&nbsp;&nbsp;$11.08 | &nbsp;&nbsp;&nbsp;$11.23 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | $(0.02) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.09) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Total from investment operations | &nbsp;&nbsp;$0.59 | &nbsp;&nbsp;&nbsp;&nbsp;$0.87 | &nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;&nbsp;$(0.15) |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.03) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Net asset value, end of period (x) | $12.38 | &nbsp;&nbsp;&nbsp;$11.82 | &nbsp;&nbsp;&nbsp;$10.95 | &nbsp;&nbsp;&nbsp;$10.80 | &nbsp;&nbsp;&nbsp;$11.08 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;(1.34) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Net investment income (loss) (l) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$57 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R2** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $12.26 | &nbsp;&nbsp;&nbsp;$11.34 | &nbsp;&nbsp;&nbsp;$11.15 | &nbsp;&nbsp;&nbsp;$11.39 | &nbsp;&nbsp;&nbsp;$11.48 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.00)(w) | &nbsp;&nbsp;&nbsp;$(0.04) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Total from investment operations | &nbsp;&nbsp;$0.68 | &nbsp;&nbsp;&nbsp;&nbsp;$0.97 | &nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;&nbsp;$(0.09) |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.09) | &nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Net asset value, end of period (x) | $12.85 | &nbsp;&nbsp;&nbsp;$12.26 | &nbsp;&nbsp;&nbsp;$11.34 | &nbsp;&nbsp;&nbsp;$11.15 | &nbsp;&nbsp;&nbsp;$11.39 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.78) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$59 |

---

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

------

MFS Managed Wealth Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R3** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $12.39 | &nbsp;&nbsp;&nbsp;$11.46 | &nbsp;&nbsp;&nbsp;$11.27 | &nbsp;&nbsp;&nbsp;$11.48 | &nbsp;&nbsp;&nbsp;$11.55 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;$(0.01) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Total from investment operations | &nbsp;&nbsp;$0.72 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$0.24 | &nbsp;&nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;&nbsp;$(0.07) |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.12) | &nbsp;&nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Net asset value, end of period (x) | $12.99 | &nbsp;&nbsp;&nbsp;$12.39 | &nbsp;&nbsp;&nbsp;$11.46 | &nbsp;&nbsp;&nbsp;$11.27 | &nbsp;&nbsp;&nbsp;$11.48 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$60 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R4** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $12.43 | &nbsp;&nbsp;&nbsp;$11.50 | &nbsp;&nbsp;&nbsp;$11.30 | &nbsp;&nbsp;&nbsp;$11.50 | &nbsp;&nbsp;&nbsp;$11.57 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Total from investment operations | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;&nbsp;&nbsp;$1.03 | &nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;&nbsp;$(0.05) |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.15) | &nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.02) |
| Net asset value, end of period (x) | $13.03 | &nbsp;&nbsp;&nbsp;$12.43 | &nbsp;&nbsp;&nbsp;$11.50 | &nbsp;&nbsp;&nbsp;$11.30 | &nbsp;&nbsp;&nbsp;$11.50 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;6.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61 |

---

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

------

MFS Managed Wealth Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** |
| Net asset value, beginning of period | $12.44 | &nbsp;&nbsp;&nbsp;$11.50 | &nbsp;&nbsp;&nbsp;$11.31 | &nbsp;&nbsp;&nbsp;$11.51 | &nbsp;&nbsp;&nbsp;$11.57 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Total from investment operations | &nbsp;&nbsp;$0.76 | &nbsp;&nbsp;&nbsp;&nbsp;$1.05 | &nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;&nbsp;$(0.03) |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.15) | &nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.03) |
| Net asset value, end of period (x) | $13.05 | &nbsp;&nbsp;&nbsp;$12.44 | &nbsp;&nbsp;&nbsp;$11.50 | &nbsp;&nbsp;&nbsp;$11.31 | &nbsp;&nbsp;&nbsp;$11.51 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Net assets at end of period (000 omitted) | $2826 | &nbsp;&nbsp;&nbsp;$2860 | &nbsp;&nbsp;&nbsp;$5768 | &nbsp;&nbsp;&nbsp;$7125 | &nbsp;&nbsp;&nbsp;$7366 |

---

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

(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests.
Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different
proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.

(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

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

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

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

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

(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.

------

MFS Managed Wealth Fund

### Notes to Financial Statements
(1) Business and Organization

MFS Managed Wealth Fund (the fund) is a diversified series of MFS Series Trust X (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 invests in derivatives as part of its principal investment strategy. Derivatives can be highly volatile and involve risks in addition to the risks of the underlying indicators on which the derivative is based. Derivatives can involve leverage.**

The fund is a "fund of funds", which invests the majority of its assets in other MFS mutual funds (underlying funds), which may have different fiscal year ends than the fund. The underlying funds, in turn, may engage in a number of investment techniques and practices, which involve certain risks. Certain underlying funds can invest 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 in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, accounting, and auditing 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, and economic instability than developed markets.

The accounting policies of the underlying funds in which the fund invests are outlined in the underlying funds' financial statements, which are available without charge by calling 1-800-225-2606, at mfs.com and on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov. The underlying funds' financial statements are not covered by this report.

The investment objective of each of the underlying funds held by the fund at May 31, 2025 was to seek capital appreciation.

In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. An operating segment is 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 — Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of this policy disclosure, "fund" also refers to the underlying funds in which the fund-of-funds invests.**

------

MFS Managed Wealth Fund

Notes to Financial Statements - continued

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

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. 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,

------

MFS Managed Wealth Fund

Notes to Financial Statements - continued

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 May 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42235 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42235 |
| U.S. Treasury Bonds & U.S. Government Agencies & Equivalents |  | &nbsp;&nbsp;1141261 |  | &nbsp;&nbsp;&nbsp;1141261 |
| Investment Companies | &nbsp;&nbsp;33823263 |  |  | &nbsp;&nbsp;33823263 |
| Total | $33865498 | $1141261 | $— | $35006759 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Other Financial Instruments** |  |  |  |
| Futures Contracts – Liabilities | $(872721) | $— | $(872721) |

---

For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds' financial statements for further information regarding the levels used in valuing the underlying funds' assets and liabilities.

**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 purchased options and 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'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 May 31, 2025 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Fair Value (a)** | &nbsp;&nbsp;**Fair Value (a)** |
| **Risk** | **Derivative Contracts** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
| Equity | Purchased Option Contracts | &nbsp;&nbsp;$42235 | &nbsp;&nbsp;$— |
| Equity | Futures Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(872721) |
| Total |  | &nbsp;&nbsp;$42235 | &nbsp;&nbsp;$(872721) |

---

(a) The value of purchased options outstanding is included in investments in unaffiliated issuers, at value, within the Statement of Assets and Liabilities. 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 year ended May 31, 2025 as reported in the Statement of Operations:

---

| | | |
|:---|:---|:---|
| **Risk** | **Futures<br> Contracts** | &nbsp;&nbsp;**Unaffiliated Issuers<br> (Purchased<br> Options)** |
| Equity | $(1064945) | &nbsp;&nbsp;$(127787) |

---

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 year ended May 31, 2025 as reported in the Statement of Operations:

---

| | | |
|:---|:---|:---|
| **Risk** | **Futures<br> Contracts** | &nbsp;&nbsp;**Unaffiliated Issuers<br> (Purchased<br> Options)** |
| Equity | $(606244) | &nbsp;&nbsp;$112590 |

---

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

------

MFS Managed Wealth Fund

Notes to Financial Statements - continued

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 cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the 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 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 restricted cash for uncleared derivatives and/or deposits with brokers for 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.

The following table presents the fund's derivative assets and liabilities (by type) on a gross basis as of May 31, 2025:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of:** | **Derivative Assets** | &nbsp;&nbsp;**Derivative Liabilities** |
| Futures Contracts (a) | &nbsp;&nbsp;$3261 | &nbsp;&nbsp;$— |
| Purchased Options (a) | &nbsp;&nbsp;42235 | &nbsp;&nbsp;— |
| Total Gross Amount of Derivative Assets<br> and Liabilities Presented in the<br> Statement of Assets & Liabilities | $45496 | &nbsp;&nbsp;$— |
| Less: Derivative Assets and Liabilities Not Subject<br> to a Master Netting Agreement or<br> Similar Arrangement | &nbsp;&nbsp;45496 | &nbsp;&nbsp;— |
| Total Gross Amount of Derivative Assets and<br> Liabilities Subject to a Master Netting Agreement or<br> Similar Arrangement | $— | &nbsp;&nbsp;$— |

---

(a) The value of purchased options outstanding is included in investments in unaffiliated issuers, at value, within the Statement of Assets and Liabilities. The amount presented here represents the fund's current day net variation margin for futures contracts. This amount, which is recognized within the Statement of Assets and Liabilities, differs from the fair value of the futures contracts which is presented in the tables that follow the Portfolio of Investments.

**Purchased Options — The fund purchased put options for a premium. Purchased put options entitle the holder to sell a specified number of shares or units of a particular security, currency or index at a specified price at a specified date or within a specified period of time. Purchasing put options may hedge against an anticipated decline in the value of portfolio securities or currency or decrease the fund's exposure to an underlying instrument.**

The premium paid is initially recorded as an investment in the Statement of Assets and Liabilities. That investment is subsequently marked-to-market daily with the difference between the premium paid and the market value of the purchased option being recorded as unrealized appreciation or depreciation. Premiums paid for purchased put options which have expired are treated as realized losses on investments in the Statement of Operations. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments.

Whether or not the option is exercised, the fund's maximum risk of loss from purchasing an option is the amount of premium paid. All option contracts involve credit risk if the counterparty to the option contract fails to perform. For uncleared options, this risk is mitigated in cases where there is an ISDA Master Agreement between the fund and the counterparty providing for netting as described above and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund's exposure to the counterparty under such ISDA Master Agreement.

**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.**

------

MFS Managed Wealth Fund

Notes to Financial Statements - continued

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.

**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. Distributions of income and capital gains from the underlying funds are recorded on the ex-dividend date. Recognition of net investment income and realized gain from affiliated issuers by the fund is affected by the timing of the declaration of distributions by the underlying funds in which the fund invests.**

The fund and/or the underlying funds 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.

**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.**

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 derivative transactions.

The tax character of distributions declared to shareholders for the last two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/24** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;$340242 | &nbsp;&nbsp;&nbsp;$320494 |

---

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

------

MFS Managed Wealth Fund

Notes to Financial Statements - continued

---

| | |
|:---|:---|
| **As of 5/31/25** |  |
| Cost of investments | &nbsp;&nbsp;&nbsp;$19925648 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;14239290 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30900) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;$14208390 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260568 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(6405528) |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$8063430 |

---

As of May 31, 2025, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(6405528) |

---

**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:**

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/24** |
| Class A | &nbsp;&nbsp;$30881 | &nbsp;&nbsp;&nbsp;&nbsp;$16225 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;274942 | &nbsp;&nbsp;&nbsp;&nbsp;273385 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;— |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 |
| Class R6 | &nbsp;&nbsp;&nbsp;30747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29722 |
| Total | $340242 | &nbsp;&nbsp;&nbsp;$320494 |

---

(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 an annual rate of 0.35% of the fund's average daily net assets.**

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 September 30, 2026. For the year ended May 31, 2025, this management fee reduction amounted to $4,877, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended May 31, 2025 was equivalent to an annual effective rate of 0.34% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), such that total fund operating expenses do not exceed the following rates annually of each class's average daily net assets:

------

MFS Managed Wealth Fund

Notes to Financial Statements - continued

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** |
| **A** | &nbsp;&nbsp;&nbsp;**B** | &nbsp;&nbsp;&nbsp;**C** | &nbsp;&nbsp;&nbsp;**I** | &nbsp;&nbsp;&nbsp;**R1** | &nbsp;&nbsp;&nbsp;**R2** | &nbsp;&nbsp;&nbsp;**R3** | &nbsp;&nbsp;&nbsp;**R4** | &nbsp;&nbsp;&nbsp;**R6** |
| 0.91% | &nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;0.63% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2026. For the year ended May 31, 2025, this reduction amounted to $184,099, which is included in the reduction of total expenses in the Statement of Operations.

In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund.

**Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $284 for the year ended May 31, 2025, 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)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | $8940 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;17152 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 |
| Total Distribution and Service Fees |  |  |  |  | $27867 |

---

(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 year ended May 31, 2025 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 year ended May 31, 2025, there were no service fee rebates.

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 year ended May 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $— |
| Class B |  |
| Class C | 34 |

---

**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 year ended May 31, 2025, the fee was $3,146, which equated to 0.0088% 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 year ended May 31, 2025, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $26,758.**

------

MFS Managed Wealth Fund

Notes to Financial Statements - 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 year ended May 31, 2025 was equivalent to an annual effective rate of 0.0487% 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 purchased or redeemed fund shares on the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Transaction** | &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class A | &nbsp;&nbsp;3 | &nbsp;&nbsp;$35 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class C | &nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class I | &nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;26 |

---

At May 31, 2025, MFS held 100% of the outstanding shares of Class B, Class R1, Class R2, Class R3, and Class R4.

(4) Portfolio Securities

For the year ended May 31, 2025, purchases and sales of investments, other than purchased options with an expiration date of less than one year from the time of purchase and short-term obligations, aggregated $3,481,902 and $10,032,605, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;80109 | &nbsp;&nbsp;&nbsp;&nbsp;$1015420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$453764 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;10218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14598 |
| &nbsp;&nbsp;&nbsp;Class I | 375148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4738226 | &nbsp;&nbsp;&nbsp;&nbsp;597871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7024801 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;33386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40693 |
|  | 498861 | &nbsp;&nbsp;&nbsp;&nbsp;$6294004 | &nbsp;&nbsp;&nbsp;&nbsp;640722 | &nbsp;&nbsp;&nbsp;&nbsp;$7533856 |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;2467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16225 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;21264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270477 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 |
|  | &nbsp;&nbsp;24050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$300778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$288212 |

---

------

MFS Managed Wealth Fund

Notes to Financial Statements - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;(73993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(939777) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(917213) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9730) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;(58385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(694864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(585089) |
| &nbsp;&nbsp;&nbsp;Class I | (811870) | &nbsp;&nbsp;&nbsp;(10295358) | &nbsp;&nbsp;(2212852) | &nbsp;&nbsp;&nbsp;&nbsp;(26182701) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;(46679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(591586) | &nbsp;&nbsp;&nbsp;&nbsp;(274914) | &nbsp;&nbsp;&nbsp;&nbsp;(3228155) |
|  | (991424) | &nbsp;&nbsp;$(12527583) | &nbsp;&nbsp;(2618538) | &nbsp;&nbsp;$(30922888) |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;8583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$106524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(447224) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9730) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;(48033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(570324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(570491) |
| &nbsp;&nbsp;&nbsp;Class I | (415458) | &nbsp;&nbsp;&nbsp;&nbsp;(5291118) | &nbsp;&nbsp;(1592117) | &nbsp;&nbsp;&nbsp;&nbsp;(18887423) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;(13276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173967) | &nbsp;&nbsp;&nbsp;&nbsp;(271479) | &nbsp;&nbsp;&nbsp;&nbsp;(3187113) |
|  | (468513) | &nbsp;&nbsp;&nbsp;$(5932801) | &nbsp;&nbsp;(1953455) | &nbsp;&nbsp;$(23100820) |

---

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) plus 0.10%, 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 12, 2026 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 year ended May 31, 2025, the fund's commitment fee and interest expense were $177 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. For the purposes of this report, the following were affiliated issuers for the year ended May 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;&nbsp;**Ending<br> Value** |
| MFS Growth Fund | &nbsp;&nbsp;&nbsp;$11905540 | &nbsp;&nbsp;&nbsp;&nbsp;$2836018 | &nbsp;&nbsp;&nbsp;&nbsp;$3846413 | &nbsp;&nbsp;&nbsp;$2267420 | &nbsp;&nbsp;&nbsp;$(1833111) | &nbsp;&nbsp;&nbsp;$11329454 |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446440 | &nbsp;&nbsp;&nbsp;&nbsp;26302047 | &nbsp;&nbsp;&nbsp;&nbsp;27912893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835251 |
| MFS International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;11924386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2974570 | &nbsp;&nbsp;&nbsp;&nbsp;1028767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130926 | &nbsp;&nbsp;&nbsp;&nbsp;11042755 |
| MFS Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;11847502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211622 | &nbsp;&nbsp;&nbsp;&nbsp;1157408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(981512) | &nbsp;&nbsp;&nbsp;&nbsp;10615803 |
|  | &nbsp;&nbsp;&nbsp;$38123868 | &nbsp;&nbsp;&nbsp;$31875338 | &nbsp;&nbsp;&nbsp;$37945498 | &nbsp;&nbsp;&nbsp;$4453463 | &nbsp;&nbsp;&nbsp;$(2683908) | &nbsp;&nbsp;&nbsp;$33823263 |

---

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

------

MFS Managed Wealth Fund

Notes to Financial Statements - continued

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;$18174 | &nbsp;&nbsp;&nbsp;$1118736 |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98191 | &nbsp;&nbsp;&nbsp;— |
| MFS International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;141446 | &nbsp;&nbsp;&nbsp;— |
| MFS Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;215084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643397 |
|  | &nbsp;&nbsp;&nbsp;$472895 | &nbsp;&nbsp;&nbsp;$1762133 |

---

------

MFS Managed Wealth Fund

### Report of Independent Registered Public Accounting Firm
To the Shareholders of MFS Managed Wealth Fund and the Board of Trustees of MFS Series Trust X

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of MFS Managed Wealth Fund (the "Fund") (one of the funds constituting MFS Series Trust X (the "Trust")), including the portfolio of investments, as of May 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting MFS Series Trust X) at May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more MFS investment companies since 1993.

Boston, Massachusetts

July 16, 2025

------

MFS Managed Wealth Fund

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2025 income tax forms in January 2026. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

For corporate shareholders, 100.00% of the ordinary income dividends paid during the prior calendar year qualify for the corporate dividends received deduction.

The fund designates the maximum amount allowable as Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

------

#### ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Managed Wealth Fund.

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Managed Wealth 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 Managed Wealth 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 Large Cap Value Fund

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS International Large Cap Value Fund

### Portfolio of Investments - 5/31/25
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** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – 96.5% | Common Stocks – 96.5% | Common Stocks – 96.5% |
| Aerospace & Defense – 2.0% | Aerospace & Defense – 2.0% |  |
| BAE Systems PLC | &nbsp;&nbsp;&nbsp;2537210 | $65002966 |
| Dassault Aviation S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211411 | &nbsp;&nbsp;&nbsp; **76526862** |
|  |  | &nbsp;&nbsp; **$141529828** |
| Airlines – 1.2% | Airlines – 1.2% |  |
| Ryanair Holdings PLC, ADR | &nbsp;&nbsp;&nbsp;1507420 | $83812552 |
| Alcoholic Beverages – 1.8% | Alcoholic Beverages – 1.8% |  |
| Diageo PLC | &nbsp;&nbsp;&nbsp;2711847 | $73697289 |
| Heineken N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535933 | &nbsp;&nbsp;&nbsp; **47720540** |
|  |  | &nbsp;&nbsp; **$121417829** |
| Apparel Manufacturers – 0.7% | Apparel Manufacturers – 0.7% |  |
| Burberry Group PLC | &nbsp;&nbsp;&nbsp;1540295 | $21479525 |
| Compagnie Financiere Richemont S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125717 | &nbsp;&nbsp;&nbsp; **23654043** |
|  |  | &nbsp;&nbsp; **$45133568** |
| Automotive – 2.5% | Automotive – 2.5% |  |
| Aptiv PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664172 | $44373331 |
| Compagnie Generale des Etablissements Michelin | &nbsp;&nbsp;&nbsp;1348196 | &nbsp;&nbsp;&nbsp; **51557652** |
| DENSO Corp. | &nbsp;&nbsp;&nbsp;3159100 | &nbsp;&nbsp;&nbsp; **42697175** |
| USS Co. Ltd. | &nbsp;&nbsp;&nbsp;3001900 | &nbsp;&nbsp;&nbsp; **32648622** |
|  |  | &nbsp;&nbsp; **$171276780** |
| Broadcasting – 1.0% | Broadcasting – 1.0% |  |
| Publicis Groupe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637173 | $69367079 |
| Brokerage & Asset Managers – 5.1% | Brokerage & Asset Managers – 5.1% |  |
| B3 S.A. - Brasil Bolsa Balcao | &nbsp;&nbsp;18064700 | $44060244 |
| Barclays PLC | &nbsp;&nbsp;32094825 | &nbsp;&nbsp;&nbsp; **141620702** |
| Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311340 | &nbsp;&nbsp;&nbsp; **100220369** |
| IG Group Holdings PLC | &nbsp;&nbsp;&nbsp;4279480 | &nbsp;&nbsp;&nbsp; **64694042** |
|  |  | &nbsp;&nbsp; **$350595357** |
| Business Services – 2.1% | Business Services – 2.1% |  |
| RS Group PLC | &nbsp;&nbsp;&nbsp;3713980 | $28497956 |
| Secom Co. Ltd. | &nbsp;&nbsp;&nbsp;1091300 | &nbsp;&nbsp;&nbsp; **39832347** |
| Sodexo | &nbsp;&nbsp;&nbsp;1102328 | &nbsp;&nbsp;&nbsp; **76162192** |
|  |  | &nbsp;&nbsp; **$144492495** |
| Chemicals – 0.4% | Chemicals – 0.4% |  |
| Nutrien Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411651 | $24320810 |
| Computer Software - Systems – 8.6% | Computer Software - Systems – 8.6% |  |
| Amadeus IT Group S.A. | &nbsp;&nbsp;&nbsp;1207411 | $100600665 |
| Capgemini | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658254 | &nbsp;&nbsp;&nbsp; **109309371** |
| Fujitsu Ltd. | &nbsp;&nbsp;&nbsp;3778200 | &nbsp;&nbsp;&nbsp; **86304895** |
| Hitachi Ltd. | &nbsp;&nbsp;&nbsp;3376700 | &nbsp;&nbsp;&nbsp; **93381375** |

---

MKVFS-ANN

------

MFS International Large Cap Value Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software - Systems – continued | Computer Software - Systems – continued |  |
| NEC Corp. | &nbsp;&nbsp;&nbsp;5061300 | $133131940 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;1801283 | &nbsp;&nbsp;&nbsp; **73372548** |
|  |  | &nbsp;&nbsp; **$596100794** |
| Construction – 1.4% | Construction – 1.4% |  |
| CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406274 | $37035938 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp;&nbsp;5660000 | &nbsp;&nbsp;&nbsp; **63011510** |
|  |  | &nbsp;&nbsp; **$100047448** |
| Consumer Products – 1.6% | Consumer Products – 1.6% |  |
| Haleon PLC | &nbsp;&nbsp;&nbsp;8281799 | $46184956 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978416 | &nbsp;&nbsp;&nbsp; **66335286** |
|  |  | &nbsp;&nbsp; **$112520242** |
| Electrical Equipment – 4.1% | Electrical Equipment – 4.1% |  |
| Legrand S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431163 | $52358873 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;5569700 | &nbsp;&nbsp;&nbsp; **112404245** |
| Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472180 | &nbsp;&nbsp;&nbsp; **118673876** |
|  |  | &nbsp;&nbsp; **$283436994** |
| Electronics – 1.4% | Electronics – 1.4% |  |
| Kyocera Corp. | &nbsp;&nbsp;&nbsp;4253400 | $52243170 |
| NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242995 | &nbsp;&nbsp;&nbsp; **46443634** |
|  |  | &nbsp;&nbsp; **$98686804** |
| Energy - Independent – 0.6% | Energy - Independent – 0.6% |  |
| Woodside Energy Group Ltd. | &nbsp;&nbsp;&nbsp;3117687 | $44614662 |
| Energy - Integrated – 5.2% | Energy - Integrated – 5.2% |  |
| Aker BP ASA | &nbsp;&nbsp;&nbsp;1376756 | $31696383 |
| Eni S.p.A. | &nbsp;&nbsp;&nbsp;7350445 | &nbsp;&nbsp;&nbsp; **108265126** |
| Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;2311857 | &nbsp;&nbsp;&nbsp; **82191499** |
| TotalEnergies SE | &nbsp;&nbsp;&nbsp;2320677 | &nbsp;&nbsp;&nbsp; **136124756** |
|  |  | &nbsp;&nbsp; **$358277764** |
| Food & Beverages – 1.4% | Food & Beverages – 1.4% |  |
| Danone S.A. | &nbsp;&nbsp;&nbsp;1104208 | $94333879 |
| Food & Drug Stores – 1.6% | Food & Drug Stores – 1.6% |  |
| Tesco PLC | &nbsp;&nbsp;21428061 | $112019860 |
| General Merchandise – 0.5% | General Merchandise – 0.5% |  |
| B&M European Value Retail S.A. | &nbsp;&nbsp;&nbsp;7526006 | $34669221 |
| Insurance – 3.9% | Insurance – 3.9% |  |
| Manulife Financial Corp. | &nbsp;&nbsp;&nbsp;2434533 | $77523294 |
| St. James's Place PLC | &nbsp;&nbsp;&nbsp;3138018 | &nbsp;&nbsp;&nbsp; **47121155** |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463586 | &nbsp;&nbsp;&nbsp; **146748148** |
|  |  | &nbsp;&nbsp; **$271392597** |
| Interactive Media Services – 0.3% | Interactive Media Services – 0.3% |  |
| Baidu, Inc., ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275018 | $22523974 |

---

------

MFS International Large Cap Value Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Machinery & Tools – 3.1% | Machinery & Tools – 3.1% |  |
| Aalberts Industries N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643695 | $22467358 |
| Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332300 | &nbsp;&nbsp;&nbsp; **38123555** |
| IHI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254600 | &nbsp;&nbsp;&nbsp; **24480253** |
| IMI PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813747 | &nbsp;&nbsp;&nbsp; **21796472** |
| Kubota Corp. | &nbsp;&nbsp;&nbsp;1729600 | &nbsp;&nbsp;&nbsp; **19811309** |
| Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588400 | &nbsp;&nbsp;&nbsp; **73364361** |
| Weir Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477910 | &nbsp;&nbsp;&nbsp; **15621306** |
|  |  | &nbsp;&nbsp; **$215664614** |
| Major Banks – 19.6% | Major Banks – 19.6% |  |
| ABN AMRO Group N.V., GDR | &nbsp;&nbsp;&nbsp;2433936 | $62927460 |
| Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;8844782 | &nbsp;&nbsp;&nbsp; **121317117** |
| BNP Paribas S.A. | &nbsp;&nbsp;&nbsp;2232188 | &nbsp;&nbsp;&nbsp; **195514251** |
| BPER Banca S.p.A. (l) | &nbsp;&nbsp;&nbsp;5546641 | &nbsp;&nbsp;&nbsp; **49199457** |
| Lloyds Banking Group PLC | &nbsp;&nbsp;44433410 | &nbsp;&nbsp;&nbsp; **46217598** |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;18527200 | &nbsp;&nbsp;&nbsp; **257847843** |
| National Bank of Greece S.A. | &nbsp;&nbsp;&nbsp;1805148 | &nbsp;&nbsp;&nbsp; **21521381** |
| NatWest Group PLC | &nbsp;&nbsp;41755004 | &nbsp;&nbsp;&nbsp; **295132640** |
| Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;6909700 | &nbsp;&nbsp;&nbsp; **60503828** |
| Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;1283722 | &nbsp;&nbsp;&nbsp; **88649640** |
| UBS Group AG | &nbsp;&nbsp;&nbsp;5081163 | &nbsp;&nbsp;&nbsp; **161695819** |
|  |  | &nbsp;&nbsp;$1360527034 |
| Medical & Health Technology & Services – 0.6% | Medical & Health Technology & Services – 0.6% |  |
| ICON PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320947 | $41812975 |
| Medical Equipment – 1.8% | Medical Equipment – 1.8% |  |
| ConvaTec Group PLC | &nbsp;&nbsp;&nbsp;8783026 | $34294382 |
| Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;6015866 | &nbsp;&nbsp;&nbsp; **87093351** |
|  |  | &nbsp;&nbsp; **$121387733** |
| Metals & Mining – 2.4% | Metals & Mining – 2.4% |  |
| Glencore PLC | &nbsp;&nbsp;23671743 | $90387945 |
| Rio Tinto PLC | &nbsp;&nbsp;&nbsp;1298241 | &nbsp;&nbsp;&nbsp; **76999124** |
|  |  | &nbsp;&nbsp; **$167387069** |
| Other Banks & Diversified Financials – 3.3% | Other Banks & Diversified Financials – 3.3% |  |
| AIB Group PLC | &nbsp;&nbsp;11866958 | $93242415 |
| CaixaBank S.A. | &nbsp;&nbsp;&nbsp;4570123 | &nbsp;&nbsp;&nbsp; **38856327** |
| Julius Baer Group Ltd. | &nbsp;&nbsp;&nbsp;1428720 | &nbsp;&nbsp;&nbsp; **93951794** |
|  |  | &nbsp;&nbsp; **$226050536** |
| Pharmaceuticals – 5.8% | Pharmaceuticals – 5.8% |  |
| Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289321 | $33055715 |
| Novo Nordisk A.S., "B" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430157 | &nbsp;&nbsp;&nbsp; **29701784** |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562254 | &nbsp;&nbsp;&nbsp; **181383277** |
| Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599376 | &nbsp;&nbsp;&nbsp; **30391204** |
| Sanofi | &nbsp;&nbsp;&nbsp;1284775 | &nbsp;&nbsp;&nbsp; **127673981** |
|  |  | &nbsp;&nbsp; **$402205961** |

---

------

MFS International Large Cap Value Fund

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Printing & Publishing – 1.2% | Printing & Publishing – 1.2% |  |
| Informa PLC | &nbsp;&nbsp;&nbsp;5785311 | $61220664 |
| Springer Nature AG & Co. KGaA (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962481 | &nbsp;&nbsp;&nbsp; **23277685** |
|  |  | &nbsp;&nbsp; **$84498349** |
| Specialty Chemicals – 1.0% | Specialty Chemicals – 1.0% |  |
| Akzo Nobel N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525034 | $35745146 |
| Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;1825700 | &nbsp;&nbsp;&nbsp; **33221227** |
|  |  | &nbsp;&nbsp; **$68966373** |
| Specialty Stores – 0.7% | Specialty Stores – 0.7% |  |
| Alibaba Group Holding Ltd., ADR (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206310 | $23486331 |
| Shimamura Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326100 | &nbsp;&nbsp;&nbsp; **22673689** |
|  |  | &nbsp;&nbsp; **$46160020** |
| Telecom Services – 1.2% | Telecom Services – 1.2% |  |
| Koninklijke KPN N.V. | &nbsp;&nbsp;13896503 | $65292610 |
| Quebecor, Inc., "B" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740764 | &nbsp;&nbsp;&nbsp; **20840819** |
|  |  | &nbsp;&nbsp; **$86133429** |
| Tobacco – 2.8% | Tobacco – 2.8% |  |
| British American Tobacco PLC | &nbsp;&nbsp;&nbsp;2897195 | $130143880 |
| Imperial Brands PLC | &nbsp;&nbsp;&nbsp;1649434 | &nbsp;&nbsp;&nbsp; **62448453** |
|  |  | &nbsp;&nbsp; **$192592333** |
| Utilities - Electric Power – 5.6% | Utilities - Electric Power – 5.6% |  |
| E.ON SE | &nbsp;&nbsp;&nbsp;6778806 | $118764637 |
| Iberdrola S.A. | &nbsp;&nbsp;&nbsp;7374671 | &nbsp;&nbsp;&nbsp; **134647009** |
| National Grid PLC (l) | &nbsp;&nbsp;&nbsp;9702306 | &nbsp;&nbsp;&nbsp; **136802687** |
|  |  | &nbsp;&nbsp; **$390214333** |
| **Total Common Stocks (Identified Cost, $4,781,684,978)** |  | &nbsp;&nbsp;**$6684171296** |
| Preferred Stocks – 1.6% | Preferred Stocks – 1.6% | Preferred Stocks – 1.6% |
| Consumer Products – 1.6% |  |  |
| Henkel AG & Co. KGaA (Identified Cost, $118,101,466) | &nbsp;&nbsp;&nbsp;1339626 | $107205601 |
| Mutual Funds (h) – 1.4% | Mutual Funds (h) – 1.4% | Mutual Funds (h) – 1.4% |
| Money Market Funds – 1.4% | Money Market Funds – 1.4% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $98,523,082) | 98523082 | &nbsp;&nbsp;$98523082 |
| Collateral for Securities Loaned – 0.0% | Collateral for Securities Loaned – 0.0% | Collateral for Securities Loaned – 0.0% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 4.25% (j) (Identified Cost, $574,800) | &nbsp;&nbsp;&nbsp;&nbsp;574800 | &nbsp;&nbsp;$574800 |
| Other Assets, Less Liabilities – 0.5% |  | &nbsp;&nbsp;&nbsp;&nbsp; **33554102** |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **$6924028881** |

---

------

MFS International Large Cap Value Fund

Portfolio of Investments – continued

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values
of the fund's investments in affiliated issuers and in unaffiliated issuers were $98,523,082 and $6,791,951,697, respectively.

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

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

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

The following abbreviations are used in this report and are defined: <br> ADR American Depositary Receipt <br> GDR Global Depositary Receipt

#### See Notes to Financial Statements

------

MFS International Large Cap Value Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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 5/31/25 <br>Assets** |  |
| Investments in unaffiliated issuers, at value, including $139,988,556 of securities on loan (identified cost, $4,900,361,244) | &nbsp;&nbsp;$6791951697 |
| Investments in affiliated issuers, at value (identified cost, $98,523,082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98523082 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660788 |
| Foreign currency, at value (identified cost, $3,495,623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3497266 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45112834 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7427 |
| Total assets | &nbsp;&nbsp;$6940051026 |
| **Liabilities** |  |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6411361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7957416 |
| Collateral for securities loaned, at value (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574800 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951487 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16022145 |
| Net assets | &nbsp;&nbsp;$6924028881 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$4765254376 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2158774505 |
| Net assets | &nbsp;&nbsp;$6924028881 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441641587 |

---

(c) Non-cash collateral is not included.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13161861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843025 | &nbsp;&nbsp;&nbsp;&nbsp;$15.61 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62676 | &nbsp;&nbsp;&nbsp;&nbsp;15.53 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51094888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251933 | &nbsp;&nbsp;&nbsp;&nbsp;15.71 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7676 | &nbsp;&nbsp;&nbsp;&nbsp;15.57 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8071 | &nbsp;&nbsp;&nbsp;&nbsp;15.65 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10187 | &nbsp;&nbsp;&nbsp;&nbsp;15.67 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8039 | &nbsp;&nbsp;&nbsp;&nbsp;15.70 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;6858267434 | &nbsp;&nbsp;&nbsp;&nbsp;437449980 | &nbsp;&nbsp;&nbsp;&nbsp;15.68 |

---

(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 $16.56 [100 / 94.25 x $15.61]. 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 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.

------

MFS International Large Cap Value Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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.

---

| | |
|:---|:---|
| **Year ended 5/31/25 <br>Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$242113251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3584437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income on securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12727966) |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;$233392840 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45507931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234193 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47310780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11486) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4157227) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43142067 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$190250773 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$397548324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3084) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(610290) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$396934950 |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$575451719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7966) |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665246 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$577108999 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$974043949 |
| Change in net assets from operations | &nbsp;&nbsp;$1164294722 |

---

------

MFS International Large Cap Value Fund

---

| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**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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| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;$190250773 | &nbsp;&nbsp;&nbsp;&nbsp;$197080581 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;396934950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68016443 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;577108999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765924258 |
| Change in net assets from operations | $1164294722 | &nbsp;&nbsp;&nbsp;$1031021282 |
| Total distributions to shareholders | &nbsp;&nbsp;$(421989881) | &nbsp;&nbsp;&nbsp;&nbsp;$(256123721) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;$(254578594) | &nbsp;&nbsp;&nbsp;&nbsp;$(147868331) |
| Total change in net assets | &nbsp;&nbsp;&nbsp;$487726247 | &nbsp;&nbsp;&nbsp;&nbsp;$627029230 |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;6436302634 | &nbsp;&nbsp;&nbsp;&nbsp;5809273404 |
| At end of period | $6924028881 | &nbsp;&nbsp;&nbsp;$6436302634 |

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------

MFS International Large Cap Value Fund

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| | |
|:---|:---|
| **Financial Statements** | &nbsp;&nbsp;**Financial Highlights** |

---

The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). 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** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21(c)** |
| Net asset value, beginning of period | &nbsp;&nbsp;$14.03 | &nbsp;&nbsp;&nbsp;$12.38 | &nbsp;&nbsp;&nbsp;$12.41 | &nbsp;&nbsp;&nbsp;$13.66 | &nbsp;&nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.42 | &nbsp;&nbsp;&nbsp;&nbsp;$0.39 | &nbsp;&nbsp;&nbsp;&nbsp;$0.38 | &nbsp;&nbsp;&nbsp;&nbsp;$0.35 | &nbsp;&nbsp;&nbsp;&nbsp;$0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$2.50 | &nbsp;&nbsp;&nbsp;&nbsp;$2.17 | &nbsp;&nbsp;&nbsp;&nbsp;$0.29 | &nbsp;&nbsp;&nbsp;$(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;$3.71 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;&nbsp;$(0.05) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(0.92) | &nbsp;&nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;&nbsp;$(0.05) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$15.61 | &nbsp;&nbsp;&nbsp;$14.03 | &nbsp;&nbsp;&nbsp;$12.38 | &nbsp;&nbsp;&nbsp;$12.41 | &nbsp;&nbsp;&nbsp;$13.66 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;19.00 | &nbsp;&nbsp;&nbsp;&nbsp;17.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;(5.74) | &nbsp;&nbsp;&nbsp;&nbsp;37.16(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04(a) |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93(a) |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61(a) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18(n) |
| Net assets at end of period (000 omitted) | $13162 | &nbsp;&nbsp;&nbsp;$7962 | &nbsp;&nbsp;&nbsp;$5864 | &nbsp;&nbsp;&nbsp;$2956 | &nbsp;&nbsp;&nbsp;$1187 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21(c)** |
| Net asset value, beginning of period | $13.94 | &nbsp;&nbsp;&nbsp;$12.29 | &nbsp;&nbsp;&nbsp;$12.33 | &nbsp;&nbsp;&nbsp;$13.61 | &nbsp;&nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45 |
| Total from investment operations | &nbsp;&nbsp;$2.39 | &nbsp;&nbsp;&nbsp;&nbsp;$2.05 | &nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;$(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;$3.61 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.26) | &nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | $(0.80) | &nbsp;&nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;&nbsp;$(0.00)(w) |
| Net asset value, end of period (x) | $15.53 | &nbsp;&nbsp;&nbsp;$13.94 | &nbsp;&nbsp;&nbsp;$12.29 | &nbsp;&nbsp;&nbsp;$12.33 | &nbsp;&nbsp;&nbsp;$13.61 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;18.21 | &nbsp;&nbsp;&nbsp;&nbsp;17.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;(6.46) | &nbsp;&nbsp;&nbsp;&nbsp;36.11(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81(a) |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68(a) |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49(a) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18(n) |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$973 | &nbsp;&nbsp;&nbsp;&nbsp;$893 | &nbsp;&nbsp;&nbsp;&nbsp;$905 | &nbsp;&nbsp;&nbsp;$1111 | &nbsp;&nbsp;&nbsp;&nbsp;$636 |

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

------

MFS International Large Cap Value Fund

Financial Highlights - continued

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21(c)** |
| Net asset value, beginning of period | &nbsp;&nbsp;$14.11 | &nbsp;&nbsp;&nbsp;&nbsp;$12.45 | &nbsp;&nbsp;&nbsp;&nbsp;$12.43 | &nbsp;&nbsp;&nbsp;&nbsp;$13.69 | &nbsp;&nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.41 | &nbsp;&nbsp;&nbsp;&nbsp;$0.31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;$2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;$3.75 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;&nbsp;$(0.06) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;$(0.06) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$15.71 | &nbsp;&nbsp;&nbsp;&nbsp;$14.11 | &nbsp;&nbsp;&nbsp;&nbsp;$12.45 | &nbsp;&nbsp;&nbsp;&nbsp;$12.43 | &nbsp;&nbsp;&nbsp;$13.69 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;19.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.60) | &nbsp;&nbsp;&nbsp;&nbsp;37.58(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79(a) |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68(a) |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82(a) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18(n) |
| Net assets at end of period (000 omitted) | $51095 | &nbsp;&nbsp;&nbsp;$15423 | &nbsp;&nbsp;&nbsp;$11178 | &nbsp;&nbsp;&nbsp;$18972 | &nbsp;&nbsp;&nbsp;$2775 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R1** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21(c)** |
| Net asset value, beginning of period | $13.99 | &nbsp;&nbsp;&nbsp;$12.35 | &nbsp;&nbsp;&nbsp;$12.36 | &nbsp;&nbsp;&nbsp;$13.61 | &nbsp;&nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;$0.24 | &nbsp;&nbsp;&nbsp;&nbsp;$0.19 | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 |
| Total from investment operations | &nbsp;&nbsp;$2.39 | &nbsp;&nbsp;&nbsp;&nbsp;$2.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;$(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;$3.61 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.27) | &nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | $(0.81) | &nbsp;&nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;&nbsp;$(0.00)(w) |
| Net asset value, end of period (x) | $15.57 | &nbsp;&nbsp;&nbsp;$13.99 | &nbsp;&nbsp;&nbsp;$12.35 | &nbsp;&nbsp;&nbsp;$12.36 | &nbsp;&nbsp;&nbsp;$13.61 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;18.14 | &nbsp;&nbsp;&nbsp;&nbsp;16.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;(6.49) | &nbsp;&nbsp;&nbsp;&nbsp;36.11(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83(a) |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68(a) |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85(a) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18(n) |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$120 | &nbsp;&nbsp;&nbsp;&nbsp;$101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$91 |

---

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

------

MFS International Large Cap Value Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R2** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21(c)** |
| Net asset value, beginning of period | $14.05 | &nbsp;&nbsp;&nbsp;$12.40 | &nbsp;&nbsp;&nbsp;$12.41 | &nbsp;&nbsp;&nbsp;$13.66 | &nbsp;&nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;&nbsp;&nbsp;$0.35 | &nbsp;&nbsp;&nbsp;&nbsp;$0.30 | &nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 |
| Total from investment operations | &nbsp;&nbsp;$2.48 | &nbsp;&nbsp;&nbsp;&nbsp;$2.13 | &nbsp;&nbsp;&nbsp;&nbsp;$0.26 | &nbsp;&nbsp;&nbsp;$(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;$3.66 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.34) | &nbsp;&nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;&nbsp;$(0.00)(w) |
| From net realized gain | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | $(0.88) | &nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;$(0.00)(w) |
| Net asset value, end of period (x) | $15.65 | &nbsp;&nbsp;&nbsp;$14.05 | &nbsp;&nbsp;&nbsp;$12.40 | &nbsp;&nbsp;&nbsp;$12.41 | &nbsp;&nbsp;&nbsp;$13.66 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;18.81 | &nbsp;&nbsp;&nbsp;&nbsp;17.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;(6.01) | &nbsp;&nbsp;&nbsp;&nbsp;36.63(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33(a) |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18(a) |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36(a) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18(n) |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$126 | &nbsp;&nbsp;&nbsp;&nbsp;$105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R3** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21(c)** |
| Net asset value, beginning of period | $14.08 | &nbsp;&nbsp;&nbsp;$12.42 | &nbsp;&nbsp;&nbsp;$12.43 | &nbsp;&nbsp;&nbsp;$13.68 | &nbsp;&nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.40 | &nbsp;&nbsp;&nbsp;&nbsp;$0.38 | &nbsp;&nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;&nbsp;$0.29 | &nbsp;&nbsp;&nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54 |
| Total from investment operations | &nbsp;&nbsp;$2.51 | &nbsp;&nbsp;&nbsp;&nbsp;$2.17 | &nbsp;&nbsp;&nbsp;&nbsp;$0.29 | &nbsp;&nbsp;&nbsp;$(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;$3.71 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.38) | &nbsp;&nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;&nbsp;$(0.03) |
| From net realized gain | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | $(0.92) | &nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;$(0.03) |
| Net asset value, end of period (x) | $15.67 | &nbsp;&nbsp;&nbsp;$14.08 | &nbsp;&nbsp;&nbsp;$12.42 | &nbsp;&nbsp;&nbsp;$12.43 | &nbsp;&nbsp;&nbsp;$13.68 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;19.04 | &nbsp;&nbsp;&nbsp;&nbsp;17.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;(5.77) | &nbsp;&nbsp;&nbsp;&nbsp;37.15(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08(a) |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93(a) |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61(a) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18(n) |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$160 | &nbsp;&nbsp;&nbsp;&nbsp;$105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92 |

---

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

------

MFS International Large Cap Value Fund

Financial Highlights - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R4** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21(c)** |
| Net asset value, beginning of period | $14.10 | &nbsp;&nbsp;&nbsp;$12.44 | &nbsp;&nbsp;&nbsp;$12.45 | &nbsp;&nbsp;&nbsp;$13.70 | &nbsp;&nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;$0.43 | &nbsp;&nbsp;&nbsp;&nbsp;$0.42 | &nbsp;&nbsp;&nbsp;&nbsp;$0.36 | &nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;$0.19 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 |
| Total from investment operations | &nbsp;&nbsp;$2.55 | &nbsp;&nbsp;&nbsp;&nbsp;$2.21 | &nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;$(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;$3.76 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.41) | &nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;&nbsp;$(0.06) |
| From net realized gain | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | $(0.95) | &nbsp;&nbsp;&nbsp;$(0.55) | &nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;$(0.06) |
| Net asset value, end of period (x) | $15.70 | &nbsp;&nbsp;&nbsp;$14.10 | &nbsp;&nbsp;&nbsp;$12.44 | &nbsp;&nbsp;&nbsp;$12.45 | &nbsp;&nbsp;&nbsp;$13.70 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;19.34 | &nbsp;&nbsp;&nbsp;&nbsp;18.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;(5.53) | &nbsp;&nbsp;&nbsp;&nbsp;37.67(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83(a) |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68(a) |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86(a) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18(n) |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;$126 | &nbsp;&nbsp;&nbsp;&nbsp;$106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **5/31/25** | &nbsp;&nbsp;&nbsp;**5/31/24** | &nbsp;&nbsp;&nbsp;**5/31/23** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21(c)** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.74 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.06) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.06) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.68 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.49(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** |  |  |  |  |  |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78(a) |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67(a) |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74(a) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18(n) |
| Net assets at end of period (000 omitted) | $6858267 | &nbsp;&nbsp;&nbsp;$6411609 | &nbsp;&nbsp;&nbsp;$5790974 | &nbsp;&nbsp;&nbsp;$5727457 | &nbsp;&nbsp;&nbsp;$5800471 |

---

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

------

MFS International Large Cap Value Fund

Financial Highlights - continued

**(a)** **Annualized.** 

**(c)** **For the period from the commencement of the fund's investment operations, June 30, 2020, through the stated period end.** 

**(d)** **Per share data is based on average shares outstanding.** 

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

**(n)** **Not annualized.** 

**(r)** **Certain expenses have been reduced without which performance would have been lower.** 

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

**(t)** **Total returns do not include any applicable sales charges.** 

**(w)** **Per share amount was less than $0.01.** 

**(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.** 

------

MFS International Large Cap Value Fund

### Notes to Financial Statements
(1) Business and Organization

MFS International Large Cap Value Fund (the fund) is a diversified series of MFS Series Trust X (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 invests in foreign securities. 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.**

In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. An operating segment is 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

------

MFS International Large Cap Value Fund

Notes to Financial Statements - continued

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 May 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | $1759481460 | $— | $— | $1759481460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;300858496 | &nbsp;&nbsp;821811338 |  | &nbsp;&nbsp;1122669834 |
| &nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;1107602772 |  |  | &nbsp;&nbsp;1107602772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;524131852 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;524131852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;349468292 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;349468292 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;316414026 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;316414026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;298372084 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;298372084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;293526062 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;293526062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;274104001 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;274104001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;637980342 | &nbsp;&nbsp;107626172 |  | &nbsp;&nbsp;&nbsp;&nbsp;745606514 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99097882 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99097882 |
| Total | $5961037269 | $929437510 | $— | $6890474779 |

---

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**

------

MFS International Large Cap Value Fund

Notes to Financial Statements - continued

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 $139,988,556. The fair value of the fund's investment securities on loan and a related liability of $574,800 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 $147,239,044 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 year ended May 31, 2025, 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 and treating a portion of the proceeds from redemptions as a distribution for tax purposes.

The tax character of distributions declared to shareholders for the last two fiscal years is as follows:

------

MFS International Large Cap Value Fund

Notes to Financial Statements - continued

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/24** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;$193847050 | &nbsp;&nbsp;&nbsp;$218004366 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;228142831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38119355 |
| Total distributions | &nbsp;&nbsp;&nbsp;$421989881 | &nbsp;&nbsp;&nbsp;$256123721 |

---

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

---

| | |
|:---|:---|
| **As of 5/31/25** |  |
| Cost of investments | &nbsp;&nbsp;&nbsp;$5063916826 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;2089918398 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263360445) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;$1826557953 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182707679 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147440805 |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068068 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;$2158774505 |

---

**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 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:**

---

| | | |
|:---|:---|:---|
|  | **Year<br> ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year<br> ended<br> 5/31/24** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$556791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$282431 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26015 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;1211864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674611 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946 |
| Class R6 | &nbsp;&nbsp;420145440 | &nbsp;&nbsp;&nbsp;&nbsp;255126608 |
| Total | $421989881 | &nbsp;&nbsp;&nbsp;$256123721 |

---

(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 $2.5 billion | 0.75% |
| In excess of $2.5 billion and up to $5 billion | 0.70% |
| In excess of $5 billion and up to $10 billion | 0.65% |
| In excess of $10 billion and up to $20 billion | 0.62% |
| In excess of $20 billion | 0.60% |

---

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 September 30, 2026. For the year ended May 31, 2025, this management fee reduction amounted to $872,062, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended May 31, 2025 was equivalent to an annual effective rate of 0.69% of the fund's average daily net assets.

------

MFS International Large Cap Value Fund

Notes to Financial Statements - continued

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed the following rates annually of each class's average daily net assets:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** |
| **A** | &nbsp;&nbsp;&nbsp;**C** | &nbsp;&nbsp;&nbsp;**I** | &nbsp;&nbsp;&nbsp;**R1** | &nbsp;&nbsp;&nbsp;**R2** | &nbsp;&nbsp;&nbsp;**R3** | &nbsp;&nbsp;&nbsp;**R4** | &nbsp;&nbsp;&nbsp;**R6** |
| 0.96% | &nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;0.67% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2026. For the year ended May 31, 2025, this reduction amounted to $3,285,165, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $1,781 for the year ended May 31, 2025, 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)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | $22287 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;8760 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | &nbsp;&nbsp;&nbsp;1049 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | 0.25% | 0.25% | 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 |
| Total Distribution and Service Fees |  |  |  |  | $32975 |

---

(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 year ended May 31, 2025 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. There were no service fee rebates for the year ended May 31, 2025.

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 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 year ended May 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $34 |
| Class C | &nbsp;&nbsp;51 |

---

**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 year ended May 31, 2025, the fee was $6,190, which equated to 0.0001% 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 year ended May 31, 2025, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $12,428.**

------

MFS International Large Cap Value Fund

Notes to Financial Statements - 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 year ended May 31, 2025 was equivalent to an annual effective rate of 0.0093% 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.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Transaction** | &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| 8/19/2024 | Redemption | &nbsp;&nbsp;Class A | &nbsp;&nbsp;3 | &nbsp;&nbsp;$44 |
| 8/22/2024 | Redemption | &nbsp;&nbsp;Class I | &nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;32 |

---

At May 31, 2025, MFS held approximately 97% and 78% of the outstanding shares of Class R2 and Class R3, respectively, and 100% of the outstanding shares of Class R1 and Class R4.

(4) Portfolio Securities

For the year ended May 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $1,420,546,387 and $1,937,144,514, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;333145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4776487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2920032 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64714 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;2431163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34466685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8664867 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30100 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;5704970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80815961 | &nbsp;&nbsp;&nbsp;&nbsp;7943145 | &nbsp;&nbsp;&nbsp;&nbsp;103056521 |
|  | &nbsp;&nbsp;8477191 | &nbsp;&nbsp;&nbsp;$120173141 | &nbsp;&nbsp;&nbsp;&nbsp;8831018 | &nbsp;&nbsp;&nbsp;$114707140 |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$556791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$282431 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26015 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674611 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946 |
| &nbsp;&nbsp;&nbsp;Class R6 | 31828504 | &nbsp;&nbsp;&nbsp;&nbsp;419817963 | &nbsp;&nbsp;&nbsp;19731350 | &nbsp;&nbsp;&nbsp;&nbsp;254929038 |
|  | 31968222 | &nbsp;&nbsp;&nbsp;$421661652 | &nbsp;&nbsp;&nbsp;19808465 | &nbsp;&nbsp;&nbsp;$255926151 |

---

------

MFS International Large Cap Value Fund

Notes to Financial Statements - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 5/31/25** | **Year ended<br> 5/31/25** | &nbsp;&nbsp;**Year ended<br> 5/31/24** | &nbsp;&nbsp;**Year ended<br> 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(100036) | &nbsp;&nbsp;&nbsp;&nbsp;$(1386553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152319) | &nbsp;&nbsp;&nbsp;&nbsp;$(1980272) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(10680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216142) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(363752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5222809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(515110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6732479) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Class R6 | (55341601) | &nbsp;&nbsp;&nbsp;(789654413) | &nbsp;&nbsp;(38541896) | &nbsp;&nbsp;&nbsp;&nbsp;(509572722) |
|  | (55816073) | &nbsp;&nbsp;$(796413387) | &nbsp;&nbsp;(39226022) | &nbsp;&nbsp;$(518501622) |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;275450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3946725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1222191 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125413) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;2159023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30454988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2606999 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4467 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946 |
| &nbsp;&nbsp;&nbsp;Class R6 | (17808127) | &nbsp;&nbsp;&nbsp;(289020489) | &nbsp;&nbsp;(10867401) | &nbsp;&nbsp;&nbsp;&nbsp;(151587163) |
|  | (15370660) | &nbsp;&nbsp;$(254578594) | &nbsp;&nbsp;(10586539) | &nbsp;&nbsp;$(147868331) |

---

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, the MFS Aggressive Growth Allocation Fund, and the MFS Moderate Allocation Fund were the owners of record of approximately 90%, 3%, 2%, and 2%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Conservative Allocation Fund was the owner of record of less than 1% of the value of outstanding voting shares of the fund.

(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) plus 0.10%, 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 12, 2026 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 year ended May 31, 2025, the fund's commitment fee and interest expense were $31,453 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. For the purposes of this report, the following were affiliated issuers for the year ended May 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;$91173194 | &nbsp;&nbsp;&nbsp;$982821300 | &nbsp;&nbsp;&nbsp;$975460362 | &nbsp;&nbsp;&nbsp;$(3084) | &nbsp;&nbsp;&nbsp;$(7966) | &nbsp;&nbsp;&nbsp;$98523082 |

---

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

------

MFS International Large Cap Value Fund

Notes to Financial Statements - continued

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;$3584437 | &nbsp;&nbsp;&nbsp;$— |

---

------

MFS International Large Cap Value Fund

### Report of Independent Registered Public Accounting Firm
To the Shareholders of MFS International Large Cap Value Fund and the Board of Trustees of MFS Series Trust X

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of MFS International Large Cap Value Fund (the "Fund") (one of the funds constituting MFS Series Trust X (the "Trust")), including the portfolio of investments, as of May 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the period from June 30, 2020 (commencement of operations) through May 31, 2021 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting MFS Series Trust X) at May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the four years in the period then ended and the period from June 30, 2020 (commencement of operations) through May 31, 2021, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian, brokers, and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more MFS investment companies since 1993.

Boston, Massachusetts

July 16, 2025

------

MFS International Large Cap Value Fund

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2025 income tax forms in January 2026. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

The fund designates $264,731,000 as capital gain dividends paid during the fiscal year.

Income derived from foreign sources was $242,516,167. The fund intends to pass through foreign tax credits of $9,256,247 for the fiscal year.

------

#### 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 Large Cap Value Fund.

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS International Large Cap Value 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 Large Cap Value 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: Attached hereto as [EX-99.COE](Code_of_Ethics.htm).

* 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](99.302CERT.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](99.906CERT.htm).

------

## Exhibit 99.906

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

**MFS SERIES TRUST X**

**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 X (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: July 16, 2025

<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 X**

**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 X (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: July 16, 2025

<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.**

------

## Ex-99.Cert

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

**MFS SERIES TRUST X**

**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 X;

&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: July 16, 2025

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

David L. DiLorenzo

President (Principal Executive Officer)

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

**MFS SERIES TRUST X**

**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 X;

&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: July 16, 2025

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

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

------

## Ex-99.Code

![Image is missing](glvonjc45vp7lkb6c1b4z.jpg)

<u>EX-99.COE</u>

**Code of Ethics for Principal Executive and Principal Financial Officers**

**Effective April 1, 2024**

**Policy Purpose and Summary**

Section 406 of the Sarbanes-Oxley Act requires that each MFS Fund registered under the Investment Company Act of 1940 disclose whether or not it has adopted a code of ethics for senior financial officers, applicable to its principal financial officer and principal accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Covered Officers/Purpose of the Code

This code of ethics (this "Code") has been adopted by the funds (collectively, "Funds" and each, "Fund") under supervision of the MFS Funds Board (the "Board") and applies to the Funds' Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

&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;•honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&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;•full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

&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;•compliance by the Funds with applicable laws and governmental rules and regulations;

&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;•the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Conduct Guidelines

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. In addition, each Covered Officer should not place his or her personal interests ahead of the Funds' interests and should endeavor to act honestly and ethically. In furtherance of the foregoing, each Covered Officer must:

&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;•not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting for any Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; 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;&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;•not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund.

The following activities, which could create the appearance of a conflict of interest, are permitted only with the approval of the Funds' Chief Legal Officer ("CLO"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•service as a director on the board of any "for profit" company other than the board of the Funds' investment adviser or its subsidiaries or board of a pooled investment vehicle sponsored by the Funds' investment adviser or its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•running for political office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the receipt of any Fund business-related gift or any entertainment from any company with which a Fund has current or prospective business dealings unless such gift or entertainment is permitted by the gifts and entertainment policy of the Funds' investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any material ownership interest in, or any consulting or employment relationship with, any Fund service providers (e.g., custodian banks, audit firms), other than the Funds' investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's employment or securities ownership.

**C.Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside the Fund, including to the Fund's trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each Covered Officer should, to the extent appropriate within his or her area of Fund responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•it is the responsibility of each Covered Officer to promote compliance within his or her area of Fund responsibility with the standards and restrictions imposed by applicable laws, rules and regulations.

**D.Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he or she has received, read, and understands 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;&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;•annually thereafter affirm to the Board that he or she has complied with the requirements 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;•annually report to the CLO affiliations and relationships which are or may raise the appearance of a conflict of interest with the Covered Officer's duties to the Funds, as identified in the annual Trustee and Officer Questionnaire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not retaliate against any other Covered Officer or any officer or employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; 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;•notify the CLO promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CLO is responsible for applying this Code to specific situations in which questions are presented under it, granting waivers upon consultation with the Board or its designee, investigating violations, and has the authority to interpret this Code in any particular situation. The CLO will report requests for waivers to the Board (or a designee thereof) promptly upon receipt of a waiver request and will periodically report to the Board any approvals granted since the last report.

The CLO will take all appropriate action to investigate any potential violations reported to him or her and to report any violations to the Board. If the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer.

Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Confidentiality

All reports and records prepared or maintained pursuant to this Code and under the direction of the CLO will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Funds' Board, its counsel, counsel to the Board's independent trustees and senior management and the board of directors of the Fund's investment adviser and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

**II.Supervision**

The Board of Trustees of the Funds, including a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of the Funds, shall review no less frequently than annually, a report from the CLO regarding the affirmations of the principal executive officer and the principal financial officer as to compliance with this 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.Interpretation and Escalation**

Breaches of the Code are reviewed by the CLO and communicated to the Board of Trustees of the affected Fund(s). Interpretations of this Policy shall be made from time to time by the CLO, as needed, and questions regarding the application of this Policy to a specific set of facts are escalated to the CLO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Authority

Section 406 of the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.Monitoring**

Adherence to this policy is monitored by the CLO.

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| | |
|:---|:---|
| VI. | **Related Policies** |
|  | This Code shall be the sole code of ethics adopted by the Funds for purposes of |
|  | Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to |
|  | registered investment companies thereunder. Insofar as other policies or procedures |
|  | of the Funds, the Funds' adviser, principal underwriter, or other service providers |
|  | govern or purport to govern the behavior or activities of the Covered Officers who |
|  | are subject to this Code, they are superseded by this Code to the extent that they |
|  | overlap or conflict with the provisions of this Code. The Funds' and their investment |
|  | adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and |
|  | any other codes or policies or procedures adopted by the Funds or their investment |
|  | adviser or other service providers are separate requirements and are not part of this |
|  | Code. |
| VII. | **Amendment** |
|  | Any amendments to this Code, other than amendments to Exhibit A, must be |
|  | approved or ratified by a majority vote of the Board, including a majority of |
|  | independent trustees. |
| VIII. | **Recordkeeping** |
|  | All required books, records and other documentation shall be retained in accordance |
|  | with MFS' related record retention policy. |

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**Additional procedures may need to be implemented by departments to properly comply with this policy.**

**<u>Exhibit A</u>**

**<u>As of April 1, 2024</u>**

**Persons Covered by this Code of Ethics**

Funds' Principal Executive Officer: David L. DiLorenzo

Funds' Principal Financial Officer: Kasey L. Phillips

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