# EDGAR Filing Document

**Accession Number:** 0000798244
**File Stem:** 0001193125-26-184601
**Filing Date:** 2026-4
**Character Count:** 853648
**Document Hash:** 153d27e697dcd31e9f61b3448bdc9bfc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-184601.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001193125-26-184601

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**EFFECTIVENESS DATE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS SERIES TRUST I
- **CENTRAL INDEX KEY:** 0000798244

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04777
- **FILM NUMBER:** 26904189

**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 SERIES TRUST I /MA/
- **DATE OF NAME CHANGE:** 19940427

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS LIFETIME MANAGED SECTORS FUND
- **DATE OF NAME CHANGE:** 19930408

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIFETIME MANAGED SECTORS TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### MFS U.S. Government Cash Reserve Fund (Series ID: S000000762)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002179 | A            | MSRXX           |
| C000002182 | B            | MCRXX           |
| C000002183 | C            | MCCXX           |
| C000002184 | R1           | CRVXX           |
| C000002186 | R2           | CRMXX           |
| C000002187 | R3           | CRJXX           |
| C000002188 | R4           | CRKXX           |
| C000206004 | R6           | CRRXX           |
| C000206005 | I            | CRHXX           |

### MFS Core Equity Fund (Series ID: S000000763)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002190 | A            | MRGAX           |
| C000002191 | R4           | MRGJX           |
| C000002192 | B            | MRGBX           |
| C000002193 | C            | MRGCX           |
| C000002194 | I            | MRGRX           |
| C000002196 | R1           | MRGGX           |
| C000002198 | R2           | MRERX           |
| C000002199 | R3           | MRGHX           |
| C000124424 | R6           | MRGKX           |

### MFS New Discovery Fund (Series ID: S000000765)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002210 | A            | MNDAX           |
| C000002211 | R4           | MNDJX           |
| C000002215 | B            | MNDBX           |
| C000002216 | C            | MNDCX           |
| C000002217 | I            | MNDIX           |
| C000002219 | R1           | MNDGX           |
| C000002221 | R2           | MNDRX           |
| C000002222 | R3           | MNDHX           |
| C000075013 | R6           | MNDKX           |

### MFS Research International Fund (Series ID: S000000766)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002223 | A            | MRSAX           |
| C000002224 | R4           | MRSJX           |
| C000002228 | B            | MRIBX           |
| C000002229 | C            | MRICX           |
| C000002230 | I            | MRSIX           |
| C000002232 | R1           | MRSGX           |
| C000002234 | R2           | MRSRX           |
| C000002235 | R3           | MRSHX           |
| C000034436 | R6           | MRSKX           |

### MFS Technology Fund (Series ID: S000000768)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002249 | A            | MTCAX           |
| C000002250 | R4           | MTCJX           |
| C000002251 | B            | MTCBX           |
| C000002252 | C            | MTCCX           |
| C000002253 | I            | MTCIX           |
| C000002255 | R1           | MTCKX           |
| C000002257 | R2           | MTERX           |
| C000002258 | R3           | MTCHX           |
| C000124425 | R6           | MTCLX           |

### MFS Value Fund (Series ID: S000000769)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002259 | A            | MEIAX           |
| C000002260 | R4           | MEIJX           |
| C000002264 | B            | MFEBX           |
| C000002265 | C            | MEICX           |
| C000002266 | I            | MEIIX           |
| C000002268 | R1           | MEIGX           |
| C000002270 | R2           | MVRRX           |
| C000002271 | R3           | MEIHX           |
| C000033014 | R6           | MEIKX           |

### MFS Low Volatility Equity Fund (Series ID: S000042701)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000132013 | A            | MLVAX           |
| C000132014 | B            | MLVBX           |
| C000132015 | C            | MLVGX           |
| C000132016 | I            | MLVHX           |
| C000132017 | R1           | MLVMX           |
| C000132018 | R2           | MLVOX           |
| C000132019 | R3           | MLVPX           |
| C000132020 | R4           | MLVRX           |
| C000132021 | R6           | MLVTX           |

### MFS Low Volatility Global Equity Fund (Series ID: S000042702)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000132022 | A            | MVGAX           |
| C000132023 | B            | MVGBX           |
| C000132024 | C            | MVGCX           |
| C000132025 | I            | MVGIX           |
| C000132026 | R1           | MVGJX           |
| C000132027 | R2           | MVGKX           |
| C000132028 | R3           | MVGLX           |
| C000132029 | R4           | MVGMX           |
| C000132030 | R6           | MVGNX           |

?xml version='1.0' encoding='ASCII'? 35792293-773b-40ef-823b-fdb9d7ccf99f

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

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

------

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

#### Investment Company Act file number

#### 811-04777

#### MFS SERIES TRUST I
(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:

#### August 31

#### Date of reporting period:

#### February 28, 2026

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

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Value Fund
![TSR_Ribbon_red](images_1218.jpg)

Class A-MEIAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $41 | 0.79% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 55963989462 | Portfolio Turnover Rate (%): | 7.0 |
| Total Number of Holdings: | 72 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

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

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 28.5% |
| Industrials | 18.4% |
| Health Care | 14.7% |
| Information Technology | 9.4% |
| Utilities | 9.3% |
| Energy | 6.5% |
| Consumer Staples | 5.5% |
| Consumer Discretionary | 3.6% |
| Real Estate | 2.2% |
| Materials | 1.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.3% |
| McKesson Corp. | 3.4% |
| Progressive Corp. | 3.0% |
| Johnson & Johnson | 3.0% |
| Cigna Group | 2.9% |
| RTX Corp. | 2.8% |
| Exxon Mobil Corp. | 2.4% |
| Boeing Co. | 2.4% |
| Analog Devices, Inc. | 2.3% |
| Morgan Stanley | 2.1% |

---

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.

EIFA-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Value Fund
![TSR_Ribbon_red](images_1218.jpg)

Class B-MFEBX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $80 | 1.54% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 55963989462 | Portfolio Turnover Rate (%): | 7.0 |
| Total Number of Holdings: | 72 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

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

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 28.5% |
| Industrials | 18.4% |
| Health Care | 14.7% |
| Information Technology | 9.4% |
| Utilities | 9.3% |
| Energy | 6.5% |
| Consumer Staples | 5.5% |
| Consumer Discretionary | 3.6% |
| Real Estate | 2.2% |
| Materials | 1.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.3% |
| McKesson Corp. | 3.4% |
| Progressive Corp. | 3.0% |
| Johnson & Johnson | 3.0% |
| Cigna Group | 2.9% |
| RTX Corp. | 2.8% |
| Exxon Mobil Corp. | 2.4% |
| Boeing Co. | 2.4% |
| Analog Devices, Inc. | 2.3% |
| Morgan Stanley | 2.1% |

---

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.

EIFB-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Value Fund
![TSR_Ribbon_red](images_1218.jpg)

Class C-MEICX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $80 | 1.54% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 55963989462 | Portfolio Turnover Rate (%): | 7.0 |
| Total Number of Holdings: | 72 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

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

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 28.5% |
| Industrials | 18.4% |
| Health Care | 14.7% |
| Information Technology | 9.4% |
| Utilities | 9.3% |
| Energy | 6.5% |
| Consumer Staples | 5.5% |
| Consumer Discretionary | 3.6% |
| Real Estate | 2.2% |
| Materials | 1.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.3% |
| McKesson Corp. | 3.4% |
| Progressive Corp. | 3.0% |
| Johnson & Johnson | 3.0% |
| Cigna Group | 2.9% |
| RTX Corp. | 2.8% |
| Exxon Mobil Corp. | 2.4% |
| Boeing Co. | 2.4% |
| Analog Devices, Inc. | 2.3% |
| Morgan Stanley | 2.1% |

---

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.

EIFC-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Value Fund

![TSR_Ribbon_red](images_1218.jpg)

Class I-MEIIX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $29 | 0.55% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 55963989462 | Portfolio Turnover Rate (%): | 7.0 |
| Total Number of Holdings: | 72 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

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

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 28.5% |
| Industrials | 18.4% |
| Health Care | 14.7% |
| Information Technology | 9.4% |
| Utilities | 9.3% |
| Energy | 6.5% |
| Consumer Staples | 5.5% |
| Consumer Discretionary | 3.6% |
| Real Estate | 2.2% |
| Materials | 1.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.3% |
| McKesson Corp. | 3.4% |
| Progressive Corp. | 3.0% |
| Johnson & Johnson | 3.0% |
| Cigna Group | 2.9% |
| RTX Corp. | 2.8% |
| Exxon Mobil Corp. | 2.4% |
| Boeing Co. | 2.4% |
| Analog Devices, Inc. | 2.3% |
| Morgan Stanley | 2.1% |

---

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.

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.

EIFI-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Value Fund

![TSR_Ribbon_red](images_1218.jpg)

Class R1-MEIGX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R1 | $80 | 1.54% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 55963989462 | Portfolio Turnover Rate (%): | 7.0 |
| Total Number of Holdings: | 72 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

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

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 28.5% |
| Industrials | 18.4% |
| Health Care | 14.7% |
| Information Technology | 9.4% |
| Utilities | 9.3% |
| Energy | 6.5% |
| Consumer Staples | 5.5% |
| Consumer Discretionary | 3.6% |
| Real Estate | 2.2% |
| Materials | 1.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.3% |
| McKesson Corp. | 3.4% |
| Progressive Corp. | 3.0% |
| Johnson & Johnson | 3.0% |
| Cigna Group | 2.9% |
| RTX Corp. | 2.8% |
| Exxon Mobil Corp. | 2.4% |
| Boeing Co. | 2.4% |
| Analog Devices, Inc. | 2.3% |
| Morgan Stanley | 2.1% |

---

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.

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.

EIFR1-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Value Fund

![TSR_Ribbon_red](images_1218.jpg)

Class R2-MVRRX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R2 | $54 | 1.04% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 55963989462 | Portfolio Turnover Rate (%): | 7.0 |
| Total Number of Holdings: | 72 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

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

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 28.5% |
| Industrials | 18.4% |
| Health Care | 14.7% |
| Information Technology | 9.4% |
| Utilities | 9.3% |
| Energy | 6.5% |
| Consumer Staples | 5.5% |
| Consumer Discretionary | 3.6% |
| Real Estate | 2.2% |
| Materials | 1.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.3% |
| McKesson Corp. | 3.4% |
| Progressive Corp. | 3.0% |
| Johnson & Johnson | 3.0% |
| Cigna Group | 2.9% |
| RTX Corp. | 2.8% |
| Exxon Mobil Corp. | 2.4% |
| Boeing Co. | 2.4% |
| Analog Devices, Inc. | 2.3% |
| Morgan Stanley | 2.1% |

---

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.

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.

EIFR2-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Value Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R3-MEIHX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R3 | $41 | 0.79% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 55963989462 | Portfolio Turnover Rate (%): | 7.0 |
| Total Number of Holdings: | 72 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

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

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 28.5% |
| Industrials | 18.4% |
| Health Care | 14.7% |
| Information Technology | 9.4% |
| Utilities | 9.3% |
| Energy | 6.5% |
| Consumer Staples | 5.5% |
| Consumer Discretionary | 3.6% |
| Real Estate | 2.2% |
| Materials | 1.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.3% |
| McKesson Corp. | 3.4% |
| Progressive Corp. | 3.0% |
| Johnson & Johnson | 3.0% |
| Cigna Group | 2.9% |
| RTX Corp. | 2.8% |
| Exxon Mobil Corp. | 2.4% |
| Boeing Co. | 2.4% |
| Analog Devices, Inc. | 2.3% |
| Morgan Stanley | 2.1% |

---

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.

EIFR3-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Value Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R4-MEIJX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R4 | $29 | 0.55% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 55963989462 | Portfolio Turnover Rate (%): | 7.0 |
| Total Number of Holdings: | 72 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

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

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 28.5% |
| Industrials | 18.4% |
| Health Care | 14.7% |
| Information Technology | 9.4% |
| Utilities | 9.3% |
| Energy | 6.5% |
| Consumer Staples | 5.5% |
| Consumer Discretionary | 3.6% |
| Real Estate | 2.2% |
| Materials | 1.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.3% |
| McKesson Corp. | 3.4% |
| Progressive Corp. | 3.0% |
| Johnson & Johnson | 3.0% |
| Cigna Group | 2.9% |
| RTX Corp. | 2.8% |
| Exxon Mobil Corp. | 2.4% |
| Boeing Co. | 2.4% |
| Analog Devices, Inc. | 2.3% |
| Morgan Stanley | 2.1% |

---

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.

EIFR4-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Value Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R6-MEIKX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $23 | 0.44% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 55963989462 | Portfolio Turnover Rate (%): | 7.0 |
| Total Number of Holdings: | 72 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

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

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 28.5% |
| Industrials | 18.4% |
| Health Care | 14.7% |
| Information Technology | 9.4% |
| Utilities | 9.3% |
| Energy | 6.5% |
| Consumer Staples | 5.5% |
| Consumer Discretionary | 3.6% |
| Real Estate | 2.2% |
| Materials | 1.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.3% |
| McKesson Corp. | 3.4% |
| Progressive Corp. | 3.0% |
| Johnson & Johnson | 3.0% |
| Cigna Group | 2.9% |
| RTX Corp. | 2.8% |
| Exxon Mobil Corp. | 2.4% |
| Boeing Co. | 2.4% |
| Analog Devices, Inc. | 2.3% |
| Morgan Stanley | 2.1% |

---

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.

EIFR6-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Low Volatility Global

Equity Fund

![TSR_Ribbon_red](images_1218.jpg)

Class A-MVGAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $52 | 0.99% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 310246432 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 110 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.5% |
| Money Market Funds | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.7% |
| Roche Holding AG | 3.2% |
| Johnson & Johnson | 3.0% |
| Franco-Nevada Corp. | 2.8% |
| Colgate-Palmolive Co. | 2.6% |
| Koninklijke KPN N.V. | 2.6% |
| Analog Devices, Inc. | 2.3% |
| Alphabet, Inc., "A" | 2.1% |
| Microsoft Corp. | 2.0% |
| DBS Group Holdings Ltd. | 2.0% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 54.5% |
| Japan | 7.4% |
| Canada | 7.4% |
| Singapore | 3.9% |
| Switzerland | 3.2% |
| United Kingdom | 3.2% |
| South Korea | 3.1% |
| Philippines | 2.9% |
| Netherlands | 2.6% |
| Other Countries | 11.8% |

---

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.

LVOA-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Low Volatility Global

Equity Fund

![TSR_Ribbon_red](images_1218.jpg)

Class B-MVGBX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $91 | 1.74% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 310246432 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 110 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.5% |
| Money Market Funds | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.7% |
| Roche Holding AG | 3.2% |
| Johnson & Johnson | 3.0% |
| Franco-Nevada Corp. | 2.8% |
| Colgate-Palmolive Co. | 2.6% |
| Koninklijke KPN N.V. | 2.6% |
| Analog Devices, Inc. | 2.3% |
| Alphabet, Inc., "A" | 2.1% |
| Microsoft Corp. | 2.0% |
| DBS Group Holdings Ltd. | 2.0% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 54.5% |
| Japan | 7.4% |
| Canada | 7.4% |
| Singapore | 3.9% |
| Switzerland | 3.2% |
| United Kingdom | 3.2% |
| South Korea | 3.1% |
| Philippines | 2.9% |
| Netherlands | 2.6% |
| Other Countries | 11.8% |

---

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.

LVOB-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Low Volatility Global

Equity Fund

![TSR_Ribbon_red](images_1218.jpg)

Class C-MVGCX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $91 | 1.74% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 310246432 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 110 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.5% |
| Money Market Funds | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.7% |
| Roche Holding AG | 3.2% |
| Johnson & Johnson | 3.0% |
| Franco-Nevada Corp. | 2.8% |
| Colgate-Palmolive Co. | 2.6% |
| Koninklijke KPN N.V. | 2.6% |
| Analog Devices, Inc. | 2.3% |
| Alphabet, Inc., "A" | 2.1% |
| Microsoft Corp. | 2.0% |
| DBS Group Holdings Ltd. | 2.0% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 54.5% |
| Japan | 7.4% |
| Canada | 7.4% |
| Singapore | 3.9% |
| Switzerland | 3.2% |
| United Kingdom | 3.2% |
| South Korea | 3.1% |
| Philippines | 2.9% |
| Netherlands | 2.6% |
| Other Countries | 11.8% |

---

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.

LVOC-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Low Volatility Global Equity Fund
![TSR_Ribbon_red](images_1218.jpg)

Class I-MVGIX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $39 | 0.74% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 310246432 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 110 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.5% |
| Money Market Funds | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.7% |
| Roche Holding AG | 3.2% |
| Johnson & Johnson | 3.0% |
| Franco-Nevada Corp. | 2.8% |
| Colgate-Palmolive Co. | 2.6% |
| Koninklijke KPN N.V. | 2.6% |
| Analog Devices, Inc. | 2.3% |
| Alphabet, Inc., "A" | 2.1% |
| Microsoft Corp. | 2.0% |
| DBS Group Holdings Ltd. | 2.0% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 54.5% |
| Japan | 7.4% |
| Canada | 7.4% |
| Singapore | 3.9% |
| Switzerland | 3.2% |
| United Kingdom | 3.2% |
| South Korea | 3.1% |
| Philippines | 2.9% |
| Netherlands | 2.6% |
| Other Countries | 11.8% |

---

#### 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.

LVOI-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Low Volatility Global Equity Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R1-MVGJX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R1 | $91 | 1.74% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 310246432 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 110 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.5% |
| Money Market Funds | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.7% |
| Roche Holding AG | 3.2% |
| Johnson & Johnson | 3.0% |
| Franco-Nevada Corp. | 2.8% |
| Colgate-Palmolive Co. | 2.6% |
| Koninklijke KPN N.V. | 2.6% |
| Analog Devices, Inc. | 2.3% |
| Alphabet, Inc., "A" | 2.1% |
| Microsoft Corp. | 2.0% |
| DBS Group Holdings Ltd. | 2.0% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 54.5% |
| Japan | 7.4% |
| Canada | 7.4% |
| Singapore | 3.9% |
| Switzerland | 3.2% |
| United Kingdom | 3.2% |
| South Korea | 3.1% |
| Philippines | 2.9% |
| Netherlands | 2.6% |
| Other Countries | 11.8% |

---

#### 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.

LVOR1-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Low Volatility Global Equity Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R2-MVGKX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R2 | $65 | 1.24% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 310246432 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 110 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.5% |
| Money Market Funds | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.7% |
| Roche Holding AG | 3.2% |
| Johnson & Johnson | 3.0% |
| Franco-Nevada Corp. | 2.8% |
| Colgate-Palmolive Co. | 2.6% |
| Koninklijke KPN N.V. | 2.6% |
| Analog Devices, Inc. | 2.3% |
| Alphabet, Inc., "A" | 2.1% |
| Microsoft Corp. | 2.0% |
| DBS Group Holdings Ltd. | 2.0% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 54.5% |
| Japan | 7.4% |
| Canada | 7.4% |
| Singapore | 3.9% |
| Switzerland | 3.2% |
| United Kingdom | 3.2% |
| South Korea | 3.1% |
| Philippines | 2.9% |
| Netherlands | 2.6% |
| Other Countries | 11.8% |

---

#### 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.

LVOR2-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Low Volatility Global Equity Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R3-MVGLX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R3 | $52 | 0.99% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 310246432 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 110 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.5% |
| Money Market Funds | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.7% |
| Roche Holding AG | 3.2% |
| Johnson & Johnson | 3.0% |
| Franco-Nevada Corp. | 2.8% |
| Colgate-Palmolive Co. | 2.6% |
| Koninklijke KPN N.V. | 2.6% |
| Analog Devices, Inc. | 2.3% |
| Alphabet, Inc., "A" | 2.1% |
| Microsoft Corp. | 2.0% |
| DBS Group Holdings Ltd. | 2.0% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 54.5% |
| Japan | 7.4% |
| Canada | 7.4% |
| Singapore | 3.9% |
| Switzerland | 3.2% |
| United Kingdom | 3.2% |
| South Korea | 3.1% |
| Philippines | 2.9% |
| Netherlands | 2.6% |
| Other Countries | 11.8% |

---

#### 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.

LVOR3-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Low Volatility Global Equity Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R4-MVGMX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R4 | $39 | 0.74% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 310246432 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 110 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.5% |
| Money Market Funds | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.7% |
| Roche Holding AG | 3.2% |
| Johnson & Johnson | 3.0% |
| Franco-Nevada Corp. | 2.8% |
| Colgate-Palmolive Co. | 2.6% |
| Koninklijke KPN N.V. | 2.6% |
| Analog Devices, Inc. | 2.3% |
| Alphabet, Inc., "A" | 2.1% |
| Microsoft Corp. | 2.0% |
| DBS Group Holdings Ltd. | 2.0% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 54.5% |
| Japan | 7.4% |
| Canada | 7.4% |
| Singapore | 3.9% |
| Switzerland | 3.2% |
| United Kingdom | 3.2% |
| South Korea | 3.1% |
| Philippines | 2.9% |
| Netherlands | 2.6% |
| Other Countries | 11.8% |

---

#### 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.

LVOR4-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Low Volatility Global Equity Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R6-MVGNX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $35 | 0.66% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 310246432 | Portfolio Turnover Rate (%): | 19.0 |
| Total Number of Holdings: | 110 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.5% |
| Money Market Funds | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.7% |
| Roche Holding AG | 3.2% |
| Johnson & Johnson | 3.0% |
| Franco-Nevada Corp. | 2.8% |
| Colgate-Palmolive Co. | 2.6% |
| Koninklijke KPN N.V. | 2.6% |
| Analog Devices, Inc. | 2.3% |
| Alphabet, Inc., "A" | 2.1% |
| Microsoft Corp. | 2.0% |
| DBS Group Holdings Ltd. | 2.0% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 54.5% |
| Japan | 7.4% |
| Canada | 7.4% |
| Singapore | 3.9% |
| Switzerland | 3.2% |
| United Kingdom | 3.2% |
| South Korea | 3.1% |
| Philippines | 2.9% |
| Netherlands | 2.6% |
| Other Countries | 11.8% |

---

#### 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.

LVOR6-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Low Volatility Equity Fund
![TSR_Ribbon_red](images_1218.jpg)

Class A-MLVAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $46 | 0.89% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 344099396 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 106 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.6% |
| Money Market Funds | 0.4% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 25.3% |
| Health Care | 15.7% |
| Financials | 13.2% |
| Industrials | 10.2% |
| Consumer Staples | 9.6% |
| Consumer Discretionary | 6.7% |
| Utilities | 6.5% |
| Real Estate | 5.3% |
| Communication Services | 5.2% |
| Energy | 1.4% |
| Materials | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.2% |
| Johnson & Johnson | 3.2% |
| Alphabet, Inc., "A" | 3.1% |
| Teledyne Technologies, Inc. | 3.1% |
| Analog Devices, Inc. | 2.8% |
| Merck & Co., Inc. | 2.3% |
| Motorola Solutions, Inc. | 2.1% |
| Amphenol Corp., "A" | 2.1% |
| Microsoft Corp. | 2.1% |
| Visa, Inc., "A" | 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.

LVUA-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Low Volatility Equity Fund
![TSR_Ribbon_red](images_1218.jpg)

Class B-MLVBX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $85 | 1.64% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 344099396 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 106 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.6% |
| Money Market Funds | 0.4% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 25.3% |
| Health Care | 15.7% |
| Financials | 13.2% |
| Industrials | 10.2% |
| Consumer Staples | 9.6% |
| Consumer Discretionary | 6.7% |
| Utilities | 6.5% |
| Real Estate | 5.3% |
| Communication Services | 5.2% |
| Energy | 1.4% |
| Materials | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.2% |
| Johnson & Johnson | 3.2% |
| Alphabet, Inc., "A" | 3.1% |
| Teledyne Technologies, Inc. | 3.1% |
| Analog Devices, Inc. | 2.8% |
| Merck & Co., Inc. | 2.3% |
| Motorola Solutions, Inc. | 2.1% |
| Amphenol Corp., "A" | 2.1% |
| Microsoft Corp. | 2.1% |
| Visa, Inc., "A" | 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.

LVUB-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Low Volatility

Equity Fund

![TSR_Ribbon_red](images_1218.jpg)

Class C-MLVGX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $85 | 1.64% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 344099396 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 106 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.6% |
| Money Market Funds | 0.4% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 25.3% |
| Health Care | 15.7% |
| Financials | 13.2% |
| Industrials | 10.2% |
| Consumer Staples | 9.6% |
| Consumer Discretionary | 6.7% |
| Utilities | 6.5% |
| Real Estate | 5.3% |
| Communication Services | 5.2% |
| Energy | 1.4% |
| Materials | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.2% |
| Johnson & Johnson | 3.2% |
| Alphabet, Inc., "A" | 3.1% |
| Teledyne Technologies, Inc. | 3.1% |
| Analog Devices, Inc. | 2.8% |
| Merck & Co., Inc. | 2.3% |
| Motorola Solutions, Inc. | 2.1% |
| Amphenol Corp., "A" | 2.1% |
| Microsoft Corp. | 2.1% |
| Visa, Inc., "A" | 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.

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.

LVUC-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Low Volatility

Equity Fund

![TSR_Ribbon_red](images_1218.jpg)

Class I-MLVHX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $33 | 0.64% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 344099396 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 106 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.6% |
| Money Market Funds | 0.4% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 25.3% |
| Health Care | 15.7% |
| Financials | 13.2% |
| Industrials | 10.2% |
| Consumer Staples | 9.6% |
| Consumer Discretionary | 6.7% |
| Utilities | 6.5% |
| Real Estate | 5.3% |
| Communication Services | 5.2% |
| Energy | 1.4% |
| Materials | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.2% |
| Johnson & Johnson | 3.2% |
| Alphabet, Inc., "A" | 3.1% |
| Teledyne Technologies, Inc. | 3.1% |
| Analog Devices, Inc. | 2.8% |
| Merck & Co., Inc. | 2.3% |
| Motorola Solutions, Inc. | 2.1% |
| Amphenol Corp., "A" | 2.1% |
| Microsoft Corp. | 2.1% |
| Visa, Inc., "A" | 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.

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.

LVUI-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Low Volatility

Equity Fund

![TSR_Ribbon_red](images_1218.jpg)

Class R1-MLVMX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R1 | $85 | 1.64% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 344099396 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 106 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.6% |
| Money Market Funds | 0.4% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 25.3% |
| Health Care | 15.7% |
| Financials | 13.2% |
| Industrials | 10.2% |
| Consumer Staples | 9.6% |
| Consumer Discretionary | 6.7% |
| Utilities | 6.5% |
| Real Estate | 5.3% |
| Communication Services | 5.2% |
| Energy | 1.4% |
| Materials | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.2% |
| Johnson & Johnson | 3.2% |
| Alphabet, Inc., "A" | 3.1% |
| Teledyne Technologies, Inc. | 3.1% |
| Analog Devices, Inc. | 2.8% |
| Merck & Co., Inc. | 2.3% |
| Motorola Solutions, Inc. | 2.1% |
| Amphenol Corp., "A" | 2.1% |
| Microsoft Corp. | 2.1% |
| Visa, Inc., "A" | 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.

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.

LVUR1-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Low Volatility Equity Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R2-MLVOX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R2 | $59 | 1.14% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 344099396 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 106 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.6% |
| Money Market Funds | 0.4% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 25.3% |
| Health Care | 15.7% |
| Financials | 13.2% |
| Industrials | 10.2% |
| Consumer Staples | 9.6% |
| Consumer Discretionary | 6.7% |
| Utilities | 6.5% |
| Real Estate | 5.3% |
| Communication Services | 5.2% |
| Energy | 1.4% |
| Materials | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.2% |
| Johnson & Johnson | 3.2% |
| Alphabet, Inc., "A" | 3.1% |
| Teledyne Technologies, Inc. | 3.1% |
| Analog Devices, Inc. | 2.8% |
| Merck & Co., Inc. | 2.3% |
| Motorola Solutions, Inc. | 2.1% |
| Amphenol Corp., "A" | 2.1% |
| Microsoft Corp. | 2.1% |
| Visa, Inc., "A" | 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.

LVUR2-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Low Volatility Equity Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R3-MLVPX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R3 | $46 | 0.89% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 344099396 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 106 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.6% |
| Money Market Funds | 0.4% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 25.3% |
| Health Care | 15.7% |
| Financials | 13.2% |
| Industrials | 10.2% |
| Consumer Staples | 9.6% |
| Consumer Discretionary | 6.7% |
| Utilities | 6.5% |
| Real Estate | 5.3% |
| Communication Services | 5.2% |
| Energy | 1.4% |
| Materials | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.2% |
| Johnson & Johnson | 3.2% |
| Alphabet, Inc., "A" | 3.1% |
| Teledyne Technologies, Inc. | 3.1% |
| Analog Devices, Inc. | 2.8% |
| Merck & Co., Inc. | 2.3% |
| Motorola Solutions, Inc. | 2.1% |
| Amphenol Corp., "A" | 2.1% |
| Microsoft Corp. | 2.1% |
| Visa, Inc., "A" | 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.

LVUR3-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Low Volatility Equity Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R4-MLVRX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R4 | $33 | 0.64% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 344099396 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 106 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.6% |
| Money Market Funds | 0.4% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 25.3% |
| Health Care | 15.7% |
| Financials | 13.2% |
| Industrials | 10.2% |
| Consumer Staples | 9.6% |
| Consumer Discretionary | 6.7% |
| Utilities | 6.5% |
| Real Estate | 5.3% |
| Communication Services | 5.2% |
| Energy | 1.4% |
| Materials | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.2% |
| Johnson & Johnson | 3.2% |
| Alphabet, Inc., "A" | 3.1% |
| Teledyne Technologies, Inc. | 3.1% |
| Analog Devices, Inc. | 2.8% |
| Merck & Co., Inc. | 2.3% |
| Motorola Solutions, Inc. | 2.1% |
| Amphenol Corp., "A" | 2.1% |
| Microsoft Corp. | 2.1% |
| Visa, Inc., "A" | 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.

LVUR4-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Low Volatility

Equity Fund

![TSR_Ribbon_red](images_1218.jpg)

Class R6-MLVTX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $29 | 0.56% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 344099396 | Portfolio Turnover Rate (%): | 14.0 |
| Total Number of Holdings: | 106 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.6% |
| Money Market Funds | 0.4% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 25.3% |
| Health Care | 15.7% |
| Financials | 13.2% |
| Industrials | 10.2% |
| Consumer Staples | 9.6% |
| Consumer Discretionary | 6.7% |
| Utilities | 6.5% |
| Real Estate | 5.3% |
| Communication Services | 5.2% |
| Energy | 1.4% |
| Materials | 0.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| McKesson Corp. | 3.2% |
| Johnson & Johnson | 3.2% |
| Alphabet, Inc., "A" | 3.1% |
| Teledyne Technologies, Inc. | 3.1% |
| Analog Devices, Inc. | 2.8% |
| Merck & Co., Inc. | 2.3% |
| Motorola Solutions, Inc. | 2.1% |
| Amphenol Corp., "A" | 2.1% |
| Microsoft Corp. | 2.1% |
| Visa, Inc., "A" | 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.

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.

LVUR6-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> U.S. Government Cash Reserve Fund

![TSR_Ribbon_red](images_1218.jpg)

Class A-MSRXX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $21 | 0.42% |

---

FUND STATISTICS AS OF 2/28/26

---

| | |
|:---|:---|
| Net Assets ($): | 463581083 |
| Total Number of Holdings: | 22 |

---

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | 64.6% |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities | 35.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| A-1+ | 62.4% |
| A-1 | 37.6% |

---

**Maturity breakdown**

---

| | |
|:---|:---|
| 0 - 7 days | 37.3% |
| 8 - 29 days | 14.1% |
| 30 - 59 days | 24.9% |
| 60 - 89 days | 18.1% |
| 90 - 365 days | 5.6% |

---

Ratings are assigned to portfolio securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.

You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund's holdings as of each month end and the fund's Form N-MFP reports are available online at mfs.com/mm-reports. 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.

LMMA-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> U.S. Government Cash Reserve Fund

![TSR_Ribbon_red](images_1218.jpg)

Class B-MCRXX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $21 | 0.42% |

---

FUND STATISTICS AS OF 2/28/26

---

| | |
|:---|:---|
| Net Assets ($): | 463581083 |
| Total Number of Holdings: | 22 |

---

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | 64.6% |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities | 35.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| A-1+ | 62.4% |
| A-1 | 37.6% |

---

**Maturity breakdown**

---

| | |
|:---|:---|
| 0 - 7 days | 37.3% |
| 8 - 29 days | 14.1% |
| 30 - 59 days | 24.9% |
| 60 - 89 days | 18.1% |
| 90 - 365 days | 5.6% |

---

Ratings are assigned to portfolio securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.

You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund's holdings as of each month end and the fund's Form N-MFP reports are available online at mfs.com/mm-reports. 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.

LMMB-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> U.S. Government Cash Reserve Fund

![TSR_Ribbon_red](images_1218.jpg)

Class C-MCCXX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $21 | 0.42% |

---

FUND STATISTICS AS OF 2/28/26

---

| | |
|:---|:---|
| Net Assets ($): | 463581083 |
| Total Number of Holdings: | 22 |

---

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | 64.6% |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities | 35.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| A-1+ | 62.4% |
| A-1 | 37.6% |

---

**Maturity breakdown**

---

| | |
|:---|:---|
| 0 - 7 days | 37.3% |
| 8 - 29 days | 14.1% |
| 30 - 59 days | 24.9% |
| 60 - 89 days | 18.1% |
| 90 - 365 days | 5.6% |

---

Ratings are assigned to portfolio securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.

You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund's holdings as of each month end and the fund's Form N-MFP reports are available online at mfs.com/mm-reports. 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.

LMMC-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> U.S. Government Cash Reserve Fund
![TSR_Ribbon_red](images_1218.jpg)

Class I-CRHXX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $21 | 0.42% |

---

FUND STATISTICS AS OF 2/28/26

---

| | |
|:---|:---|
| Net Assets ($): | 463581083 |
| Total Number of Holdings: | 22 |

---

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | 64.6% |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities | 35.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| A-1+ | 62.4% |
| A-1 | 37.6% |

---

**Maturity breakdown**

---

| | |
|:---|:---|
| 0 - 7 days | 37.3% |
| 8 - 29 days | 14.1% |
| 30 - 59 days | 24.9% |
| 60 - 89 days | 18.1% |
| 90 - 365 days | 5.6% |

---

Ratings are assigned to portfolio securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund's holdings as of each month end and the fund's Form N-MFP reports are available online at mfs.com/mm-reports. 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.

LMMI-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> U.S. Government Cash Reserve Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R1-CRVXX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R1 | $21 | 0.42% |

---

FUND STATISTICS AS OF 2/28/26

---

| | |
|:---|:---|
| Net Assets ($): | 463581083 |
| Total Number of Holdings: | 22 |

---

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | 64.6% |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities | 35.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| A-1+ | 62.4% |
| A-1 | 37.6% |

---

**Maturity breakdown**

---

| | |
|:---|:---|
| 0 - 7 days | 37.3% |
| 8 - 29 days | 14.1% |
| 30 - 59 days | 24.9% |
| 60 - 89 days | 18.1% |
| 90 - 365 days | 5.6% |

---

Ratings are assigned to portfolio securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund's holdings as of each month end and the fund's Form N-MFP reports are available online at mfs.com/mm-reports. 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.

LMMR1-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> U.S. Government Cash Reserve Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R2-CRMXX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R2 | $21 | 0.42% |

---

FUND STATISTICS AS OF 2/28/26

---

| | |
|:---|:---|
| Net Assets ($): | 463581083 |
| Total Number of Holdings: | 22 |

---

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | 64.6% |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities | 35.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| A-1+ | 62.4% |
| A-1 | 37.6% |

---

**Maturity breakdown**

---

| | |
|:---|:---|
| 0 - 7 days | 37.3% |
| 8 - 29 days | 14.1% |
| 30 - 59 days | 24.9% |
| 60 - 89 days | 18.1% |
| 90 - 365 days | 5.6% |

---

Ratings are assigned to portfolio securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund's holdings as of each month end and the fund's Form N-MFP reports are available online at mfs.com/mm-reports. 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.

LMMR2-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> U.S. Government Cash Reserve Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R3-CRJXX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R3 | $21 | 0.42% |

---

FUND STATISTICS AS OF 2/28/26

---

| | |
|:---|:---|
| Net Assets ($): | 463581083 |
| Total Number of Holdings: | 22 |

---

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | 64.6% |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities | 35.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| A-1+ | 62.4% |
| A-1 | 37.6% |

---

**Maturity breakdown**

---

| | |
|:---|:---|
| 0 - 7 days | 37.3% |
| 8 - 29 days | 14.1% |
| 30 - 59 days | 24.9% |
| 60 - 89 days | 18.1% |
| 90 - 365 days | 5.6% |

---

Ratings are assigned to portfolio securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund's holdings as of each month end and the fund's Form N-MFP reports are available online at mfs.com/mm-reports. 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.

LMMR3-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> U.S. Government Cash Reserve Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R4-CRKXX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R4 | $21 | 0.42% |

---

FUND STATISTICS AS OF 2/28/26

---

| | |
|:---|:---|
| Net Assets ($): | 463581083 |
| Total Number of Holdings: | 22 |

---

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | 64.6% |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities | 35.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| A-1+ | 62.4% |
| A-1 | 37.6% |

---

**Maturity breakdown**

---

| | |
|:---|:---|
| 0 - 7 days | 37.3% |
| 8 - 29 days | 14.1% |
| 30 - 59 days | 24.9% |
| 60 - 89 days | 18.1% |
| 90 - 365 days | 5.6% |

---

Ratings are assigned to portfolio securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund's holdings as of each month end and the fund's Form N-MFP reports are available online at mfs.com/mm-reports. 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.

LMMR4-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> U.S. Government Cash Reserve Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R6-CRRXX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $19 | 0.37% |

---

FUND STATISTICS AS OF 2/28/26

---

| | |
|:---|:---|
| Net Assets ($): | 463581083 |
| Total Number of Holdings: | 22 |

---

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | 64.6% |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities | 35.4% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| A-1+ | 62.4% |
| A-1 | 37.6% |

---

**Maturity breakdown**

---

| | |
|:---|:---|
| 0 - 7 days | 37.3% |
| 8 - 29 days | 14.1% |
| 30 - 59 days | 24.9% |
| 60 - 89 days | 18.1% |
| 90 - 365 days | 5.6% |

---

Ratings are assigned to portfolio securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund's holdings as of each month end and the fund's Form N-MFP reports are available online at mfs.com/mm-reports. 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.

LMMR6-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> New Discovery Fund
![TSR_Ribbon_red](images_1218.jpg)

Class A-MNDAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS New Discovery Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $63 | 1.21% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2093556212 | Portfolio Turnover Rate (%): | 39.0 |
| Total Number of Holdings: | 109 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 94.1% |
| Money Market Funds | 5.9% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Health Care | 25.4% |
| Industrials | 23.0% |
| Information Technology | 17.7% |
| Consumer Discretionary | 10.3% |
| Energy | 4.8% |
| Financials | 4.8% |
| Materials | 3.6% |
| Consumer Staples | 2.7% |
| Real Estate | 1.8% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Advanced Energy Industries, Inc. | 2.9% |
| Ligand Pharmaceuticals, Inc. | 2.3% |
| QXO, Inc. | 2.2% |
| Modine Manufacturing Co. | 1.9% |
| nVent Electric PLC | 1.9% |
| MACOM Technology Solutions Holdings, Inc. | 1.9% |
| Bio-Techne Corp. | 1.8% |
| Littlefuse, Inc. | 1.6% |
| Flowserve Corp. | 1.5% |
| nLIGHT, Inc. | 1.5% |

---

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.

NDFA-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> New Discovery Fund
![TSR_Ribbon_red](images_1218.jpg)

Class B-MNDBX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS New Discovery Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $102 | 1.96% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2093556212 | Portfolio Turnover Rate (%): | 39.0 |
| Total Number of Holdings: | 109 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 94.1% |
| Money Market Funds | 5.9% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Health Care | 25.4% |
| Industrials | 23.0% |
| Information Technology | 17.7% |
| Consumer Discretionary | 10.3% |
| Energy | 4.8% |
| Financials | 4.8% |
| Materials | 3.6% |
| Consumer Staples | 2.7% |
| Real Estate | 1.8% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Advanced Energy Industries, Inc. | 2.9% |
| Ligand Pharmaceuticals, Inc. | 2.3% |
| QXO, Inc. | 2.2% |
| Modine Manufacturing Co. | 1.9% |
| nVent Electric PLC | 1.9% |
| MACOM Technology Solutions Holdings, Inc. | 1.9% |
| Bio-Techne Corp. | 1.8% |
| Littlefuse, Inc. | 1.6% |
| Flowserve Corp. | 1.5% |
| nLIGHT, Inc. | 1.5% |

---

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.

NDFB-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> New Discovery Fund
![TSR_Ribbon_red](images_1218.jpg)

Class C-MNDCX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS New Discovery Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $102 | 1.96% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2093556212 | Portfolio Turnover Rate (%): | 39.0 |
| Total Number of Holdings: | 109 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 94.1% |
| Money Market Funds | 5.9% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Health Care | 25.4% |
| Industrials | 23.0% |
| Information Technology | 17.7% |
| Consumer Discretionary | 10.3% |
| Energy | 4.8% |
| Financials | 4.8% |
| Materials | 3.6% |
| Consumer Staples | 2.7% |
| Real Estate | 1.8% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Advanced Energy Industries, Inc. | 2.9% |
| Ligand Pharmaceuticals, Inc. | 2.3% |
| QXO, Inc. | 2.2% |
| Modine Manufacturing Co. | 1.9% |
| nVent Electric PLC | 1.9% |
| MACOM Technology Solutions Holdings, Inc. | 1.9% |
| Bio-Techne Corp. | 1.8% |
| Littlefuse, Inc. | 1.6% |
| Flowserve Corp. | 1.5% |
| nLIGHT, Inc. | 1.5% |

---

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.

NDFC-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> New Discovery Fund

![TSR_Ribbon_red](images_1218.jpg)

Class I-MNDIX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS New Discovery Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $50 | 0.96% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2093556212 | Portfolio Turnover Rate (%): | 39.0 |
| Total Number of Holdings: | 109 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 94.1% |
| Money Market Funds | 5.9% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Health Care | 25.4% |
| Industrials | 23.0% |
| Information Technology | 17.7% |
| Consumer Discretionary | 10.3% |
| Energy | 4.8% |
| Financials | 4.8% |
| Materials | 3.6% |
| Consumer Staples | 2.7% |
| Real Estate | 1.8% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Advanced Energy Industries, Inc. | 2.9% |
| Ligand Pharmaceuticals, Inc. | 2.3% |
| QXO, Inc. | 2.2% |
| Modine Manufacturing Co. | 1.9% |
| nVent Electric PLC | 1.9% |
| MACOM Technology Solutions Holdings, Inc. | 1.9% |
| Bio-Techne Corp. | 1.8% |
| Littlefuse, Inc. | 1.6% |
| Flowserve Corp. | 1.5% |
| nLIGHT, Inc. | 1.5% |

---

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.

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.

NDFI-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> New Discovery Fund

![TSR_Ribbon_red](images_1218.jpg)

Class R1-MNDGX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS New Discovery Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R1 | $102 | 1.96% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2093556212 | Portfolio Turnover Rate (%): | 39.0 |
| Total Number of Holdings: | 109 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 94.1% |
| Money Market Funds | 5.9% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Health Care | 25.4% |
| Industrials | 23.0% |
| Information Technology | 17.7% |
| Consumer Discretionary | 10.3% |
| Energy | 4.8% |
| Financials | 4.8% |
| Materials | 3.6% |
| Consumer Staples | 2.7% |
| Real Estate | 1.8% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Advanced Energy Industries, Inc. | 2.9% |
| Ligand Pharmaceuticals, Inc. | 2.3% |
| QXO, Inc. | 2.2% |
| Modine Manufacturing Co. | 1.9% |
| nVent Electric PLC | 1.9% |
| MACOM Technology Solutions Holdings, Inc. | 1.9% |
| Bio-Techne Corp. | 1.8% |
| Littlefuse, Inc. | 1.6% |
| Flowserve Corp. | 1.5% |
| nLIGHT, Inc. | 1.5% |

---

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.

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.

NDFR1-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> New Discovery Fund

![TSR_Ribbon_red](images_1218.jpg)

Class R2-MNDRX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS New Discovery Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R2 | $76 | 1.46% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2093556212 | Portfolio Turnover Rate (%): | 39.0 |
| Total Number of Holdings: | 109 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 94.1% |
| Money Market Funds | 5.9% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Health Care | 25.4% |
| Industrials | 23.0% |
| Information Technology | 17.7% |
| Consumer Discretionary | 10.3% |
| Energy | 4.8% |
| Financials | 4.8% |
| Materials | 3.6% |
| Consumer Staples | 2.7% |
| Real Estate | 1.8% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Advanced Energy Industries, Inc. | 2.9% |
| Ligand Pharmaceuticals, Inc. | 2.3% |
| QXO, Inc. | 2.2% |
| Modine Manufacturing Co. | 1.9% |
| nVent Electric PLC | 1.9% |
| MACOM Technology Solutions Holdings, Inc. | 1.9% |
| Bio-Techne Corp. | 1.8% |
| Littlefuse, Inc. | 1.6% |
| Flowserve Corp. | 1.5% |
| nLIGHT, Inc. | 1.5% |

---

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.

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.

NDFR2-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> New Discovery Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R3-MNDHX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS New Discovery Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R3 | $63 | 1.21% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2093556212 | Portfolio Turnover Rate (%): | 39.0 |
| Total Number of Holdings: | 109 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 94.1% |
| Money Market Funds | 5.9% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Health Care | 25.4% |
| Industrials | 23.0% |
| Information Technology | 17.7% |
| Consumer Discretionary | 10.3% |
| Energy | 4.8% |
| Financials | 4.8% |
| Materials | 3.6% |
| Consumer Staples | 2.7% |
| Real Estate | 1.8% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Advanced Energy Industries, Inc. | 2.9% |
| Ligand Pharmaceuticals, Inc. | 2.3% |
| QXO, Inc. | 2.2% |
| Modine Manufacturing Co. | 1.9% |
| nVent Electric PLC | 1.9% |
| MACOM Technology Solutions Holdings, Inc. | 1.9% |
| Bio-Techne Corp. | 1.8% |
| Littlefuse, Inc. | 1.6% |
| Flowserve Corp. | 1.5% |
| nLIGHT, Inc. | 1.5% |

---

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.

NDFR3-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> New Discovery Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R4-MNDJX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS New Discovery Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R4 | $50 | 0.96% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2093556212 | Portfolio Turnover Rate (%): | 39.0 |
| Total Number of Holdings: | 109 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 94.1% |
| Money Market Funds | 5.9% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Health Care | 25.4% |
| Industrials | 23.0% |
| Information Technology | 17.7% |
| Consumer Discretionary | 10.3% |
| Energy | 4.8% |
| Financials | 4.8% |
| Materials | 3.6% |
| Consumer Staples | 2.7% |
| Real Estate | 1.8% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Advanced Energy Industries, Inc. | 2.9% |
| Ligand Pharmaceuticals, Inc. | 2.3% |
| QXO, Inc. | 2.2% |
| Modine Manufacturing Co. | 1.9% |
| nVent Electric PLC | 1.9% |
| MACOM Technology Solutions Holdings, Inc. | 1.9% |
| Bio-Techne Corp. | 1.8% |
| Littlefuse, Inc. | 1.6% |
| Flowserve Corp. | 1.5% |
| nLIGHT, Inc. | 1.5% |

---

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.

NDFR4-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> New Discovery Fund

![TSR_Ribbon_red](images_1218.jpg)

Class R6-MNDKX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS New Discovery Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $43 | 0.83% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2093556212 | Portfolio Turnover Rate (%): | 39.0 |
| Total Number of Holdings: | 109 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 94.1% |
| Money Market Funds | 5.9% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Health Care | 25.4% |
| Industrials | 23.0% |
| Information Technology | 17.7% |
| Consumer Discretionary | 10.3% |
| Energy | 4.8% |
| Financials | 4.8% |
| Materials | 3.6% |
| Consumer Staples | 2.7% |
| Real Estate | 1.8% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Advanced Energy Industries, Inc. | 2.9% |
| Ligand Pharmaceuticals, Inc. | 2.3% |
| QXO, Inc. | 2.2% |
| Modine Manufacturing Co. | 1.9% |
| nVent Electric PLC | 1.9% |
| MACOM Technology Solutions Holdings, Inc. | 1.9% |
| Bio-Techne Corp. | 1.8% |
| Littlefuse, Inc. | 1.6% |
| Flowserve Corp. | 1.5% |
| nLIGHT, Inc. | 1.5% |

---

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.

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.

NDFR6-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Core Equity Fund
![TSR_Ribbon_red](images_1218.jpg)

Class A-MRGAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Core Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $44 | 0.87% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6362806621 | Portfolio Turnover Rate (%): | 25.0 |
| Total Number of Holdings: | 171 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

**Global equity sectors**

---

| | |
|:---|:---|
| Technology | 30.3% |
| Capital Goods | 14.5% |
| Financial Services | 13.1% |
| Health Care | 11.2% |
| Consumer Cyclicals | 10.2% |
| Communication Services | 10.0% |
| Energy | 6.8% |
| Consumer Staples | 3.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.1% |
| Apple, Inc. | 5.9% |
| Microsoft Corp. | 4.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.1% |
| Broadcom, Inc. | 2.7% |
| Meta Platforms, Inc., "A" | 2.7% |
| Johnson & Johnson | 2.2% |
| JPMorgan Chase & Co. | 2.0% |
| Gilead Sciences, Inc. | 2.0% |

---

#### 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.

RGIA-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Core Equity Fund

![TSR_Ribbon_red](images_1218.jpg)

Class B-MRGBX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Core Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $82 | 1.62% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6362806621 | Portfolio Turnover Rate (%): | 25.0 |
| Total Number of Holdings: | 171 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

**Global equity sectors**

---

| | |
|:---|:---|
| Technology | 30.3% |
| Capital Goods | 14.5% |
| Financial Services | 13.1% |
| Health Care | 11.2% |
| Consumer Cyclicals | 10.2% |
| Communication Services | 10.0% |
| Energy | 6.8% |
| Consumer Staples | 3.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.1% |
| Apple, Inc. | 5.9% |
| Microsoft Corp. | 4.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.1% |
| Broadcom, Inc. | 2.7% |
| Meta Platforms, Inc., "A" | 2.7% |
| Johnson & Johnson | 2.2% |
| JPMorgan Chase & Co. | 2.0% |
| Gilead Sciences, Inc. | 2.0% |

---

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.

RGIB-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Core Equity Fund

![TSR_Ribbon_red](images_1218.jpg)

Class C-MRGCX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Core Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $82 | 1.62% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6362806621 | Portfolio Turnover Rate (%): | 25.0 |
| Total Number of Holdings: | 171 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

**Global equity sectors**

---

| | |
|:---|:---|
| Technology | 30.3% |
| Capital Goods | 14.5% |
| Financial Services | 13.1% |
| Health Care | 11.2% |
| Consumer Cyclicals | 10.2% |
| Communication Services | 10.0% |
| Energy | 6.8% |
| Consumer Staples | 3.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.1% |
| Apple, Inc. | 5.9% |
| Microsoft Corp. | 4.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.1% |
| Broadcom, Inc. | 2.7% |
| Meta Platforms, Inc., "A" | 2.7% |
| Johnson & Johnson | 2.2% |
| JPMorgan Chase & Co. | 2.0% |
| Gilead Sciences, Inc. | 2.0% |

---

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.

RGIC-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Core Equity Fund

![TSR_Ribbon_red](images_1218.jpg)

Class I-MRGRX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Core Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $31 | 0.62% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6362806621 | Portfolio Turnover Rate (%): | 25.0 |
| Total Number of Holdings: | 171 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

**Global equity sectors**

---

| | |
|:---|:---|
| Technology | 30.3% |
| Capital Goods | 14.5% |
| Financial Services | 13.1% |
| Health Care | 11.2% |
| Consumer Cyclicals | 10.2% |
| Communication Services | 10.0% |
| Energy | 6.8% |
| Consumer Staples | 3.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.1% |
| Apple, Inc. | 5.9% |
| Microsoft Corp. | 4.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.1% |
| Broadcom, Inc. | 2.7% |
| Meta Platforms, Inc., "A" | 2.7% |
| Johnson & Johnson | 2.2% |
| JPMorgan Chase & Co. | 2.0% |
| Gilead Sciences, Inc. | 2.0% |

---

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.

RGII-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Core Equity Fund

![TSR_Ribbon_red](images_1218.jpg)

Class R1-MRGGX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Core Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R1 | $82 | 1.62% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6362806621 | Portfolio Turnover Rate (%): | 25.0 |
| Total Number of Holdings: | 171 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

**Global equity sectors**

---

| | |
|:---|:---|
| Technology | 30.3% |
| Capital Goods | 14.5% |
| Financial Services | 13.1% |
| Health Care | 11.2% |
| Consumer Cyclicals | 10.2% |
| Communication Services | 10.0% |
| Energy | 6.8% |
| Consumer Staples | 3.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.1% |
| Apple, Inc. | 5.9% |
| Microsoft Corp. | 4.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.1% |
| Broadcom, Inc. | 2.7% |
| Meta Platforms, Inc., "A" | 2.7% |
| Johnson & Johnson | 2.2% |
| JPMorgan Chase & Co. | 2.0% |
| Gilead Sciences, Inc. | 2.0% |

---

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.

RGIR1-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Core Equity Fund

![TSR_Ribbon_red](images_1218.jpg)

Class R2-MRERX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Core Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R2 | $57 | 1.12% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6362806621 | Portfolio Turnover Rate (%): | 25.0 |
| Total Number of Holdings: | 171 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

**Global equity sectors**

---

| | |
|:---|:---|
| Technology | 30.3% |
| Capital Goods | 14.5% |
| Financial Services | 13.1% |
| Health Care | 11.2% |
| Consumer Cyclicals | 10.2% |
| Communication Services | 10.0% |
| Energy | 6.8% |
| Consumer Staples | 3.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.1% |
| Apple, Inc. | 5.9% |
| Microsoft Corp. | 4.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.1% |
| Broadcom, Inc. | 2.7% |
| Meta Platforms, Inc., "A" | 2.7% |
| Johnson & Johnson | 2.2% |
| JPMorgan Chase & Co. | 2.0% |
| Gilead Sciences, Inc. | 2.0% |

---

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.

RGIR2-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Core Equity Fund

![TSR_Ribbon_red](images_1218.jpg)

Class R3-MRGHX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Core Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R3 | $44 | 0.87% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6362806621 | Portfolio Turnover Rate (%): | 25.0 |
| Total Number of Holdings: | 171 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

**Global equity sectors**

---

| | |
|:---|:---|
| Technology | 30.3% |
| Capital Goods | 14.5% |
| Financial Services | 13.1% |
| Health Care | 11.2% |
| Consumer Cyclicals | 10.2% |
| Communication Services | 10.0% |
| Energy | 6.8% |
| Consumer Staples | 3.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.1% |
| Apple, Inc. | 5.9% |
| Microsoft Corp. | 4.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.1% |
| Broadcom, Inc. | 2.7% |
| Meta Platforms, Inc., "A" | 2.7% |
| Johnson & Johnson | 2.2% |
| JPMorgan Chase & Co. | 2.0% |
| Gilead Sciences, Inc. | 2.0% |

---

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.

RGIR3-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Core Equity Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R4-MRGJX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Core Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R4 | $31 | 0.62% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6362806621 | Portfolio Turnover Rate (%): | 25.0 |
| Total Number of Holdings: | 171 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

**Global equity sectors**

---

| | |
|:---|:---|
| Technology | 30.3% |
| Capital Goods | 14.5% |
| Financial Services | 13.1% |
| Health Care | 11.2% |
| Consumer Cyclicals | 10.2% |
| Communication Services | 10.0% |
| Energy | 6.8% |
| Consumer Staples | 3.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.1% |
| Apple, Inc. | 5.9% |
| Microsoft Corp. | 4.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.1% |
| Broadcom, Inc. | 2.7% |
| Meta Platforms, Inc., "A" | 2.7% |
| Johnson & Johnson | 2.2% |
| JPMorgan Chase & Co. | 2.0% |
| Gilead Sciences, Inc. | 2.0% |

---

#### 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.

RGIR4-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Core Equity Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R6-MRGKX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Core Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $27 | 0.54% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6362806621 | Portfolio Turnover Rate (%): | 25.0 |
| Total Number of Holdings: | 171 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

**Global equity sectors**

---

| | |
|:---|:---|
| Technology | 30.3% |
| Capital Goods | 14.5% |
| Financial Services | 13.1% |
| Health Care | 11.2% |
| Consumer Cyclicals | 10.2% |
| Communication Services | 10.0% |
| Energy | 6.8% |
| Consumer Staples | 3.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.1% |
| Apple, Inc. | 5.9% |
| Microsoft Corp. | 4.9% |
| Alphabet, Inc., "A" | 4.6% |
| Amazon.com, Inc. | 4.1% |
| Broadcom, Inc. | 2.7% |
| Meta Platforms, Inc., "A" | 2.7% |
| Johnson & Johnson | 2.2% |
| JPMorgan Chase & Co. | 2.0% |
| Gilead Sciences, Inc. | 2.0% |

---

#### 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.

RGIR6-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Research International Fund
![TSR_Ribbon_red](images_1218.jpg)

Class A-MRSAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Research International Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $53 | 0.98% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 18800844948 | Portfolio Turnover Rate (%): | 23.0 |
| Total Number of Holdings: | 113 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.8% |
| Money Market Funds | 1.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Roche Holding AG | 3.2% |
| Mizuho Financial Group, Inc. | 3.1% |
| Schneider Electric SE | 2.9% |
| Hitachi Ltd. | 2.5% |
| Novartis AG | 2.3% |
| ASML Holding N.V. | 2.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| Linde PLC | 1.8% |
| TotalEnergies SE | 1.7% |
| Tokyo Electron Ltd. | 1.6% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| Japan | 22.9% |
| United Kingdom | 15.0% |
| France | 12.5% |
| Switzerland | 8.7% |
| United States | 5.8% |
| Germany | 5.6% |
| Netherlands | 5.1% |
| Italy | 3.0% |
| Australia | 2.6% |
| Other Countries | 18.8% |

---

#### 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.

RIFA-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Research

International Fund

![TSR_Ribbon_red](images_1218.jpg)

Class B-MRIBX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Research International Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $93 | 1.72% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 18800844948 | Portfolio Turnover Rate (%): | 23.0 |
| Total Number of Holdings: | 113 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.8% |
| Money Market Funds | 1.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Roche Holding AG | 3.2% |
| Mizuho Financial Group, Inc. | 3.1% |
| Schneider Electric SE | 2.9% |
| Hitachi Ltd. | 2.5% |
| Novartis AG | 2.3% |
| ASML Holding N.V. | 2.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| Linde PLC | 1.8% |
| TotalEnergies SE | 1.7% |
| Tokyo Electron Ltd. | 1.6% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| Japan | 22.9% |
| United Kingdom | 15.0% |
| France | 12.5% |
| Switzerland | 8.7% |
| United States | 5.8% |
| Germany | 5.6% |
| Netherlands | 5.1% |
| Italy | 3.0% |
| Australia | 2.6% |
| Other Countries | 18.8% |

---

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.

RIFB-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Research

International Fund

![TSR_Ribbon_red](images_1218.jpg)

Class C-MRICX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Research International Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $93 | 1.73% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 18800844948 | Portfolio Turnover Rate (%): | 23.0 |
| Total Number of Holdings: | 113 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.8% |
| Money Market Funds | 1.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Roche Holding AG | 3.2% |
| Mizuho Financial Group, Inc. | 3.1% |
| Schneider Electric SE | 2.9% |
| Hitachi Ltd. | 2.5% |
| Novartis AG | 2.3% |
| ASML Holding N.V. | 2.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| Linde PLC | 1.8% |
| TotalEnergies SE | 1.7% |
| Tokyo Electron Ltd. | 1.6% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| Japan | 22.9% |
| United Kingdom | 15.0% |
| France | 12.5% |
| Switzerland | 8.7% |
| United States | 5.8% |
| Germany | 5.6% |
| Netherlands | 5.1% |
| Italy | 3.0% |
| Australia | 2.6% |
| Other Countries | 18.8% |

---

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.

RIFC-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Research

International Fund

![TSR_Ribbon_red](images_1218.jpg)

Class I-MRSIX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Research International Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $39 | 0.73% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 18800844948 | Portfolio Turnover Rate (%): | 23.0 |
| Total Number of Holdings: | 113 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.8% |
| Money Market Funds | 1.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Roche Holding AG | 3.2% |
| Mizuho Financial Group, Inc. | 3.1% |
| Schneider Electric SE | 2.9% |
| Hitachi Ltd. | 2.5% |
| Novartis AG | 2.3% |
| ASML Holding N.V. | 2.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| Linde PLC | 1.8% |
| TotalEnergies SE | 1.7% |
| Tokyo Electron Ltd. | 1.6% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| Japan | 22.9% |
| United Kingdom | 15.0% |
| France | 12.5% |
| Switzerland | 8.7% |
| United States | 5.8% |
| Germany | 5.6% |
| Netherlands | 5.1% |
| Italy | 3.0% |
| Australia | 2.6% |
| Other Countries | 18.8% |

---

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.

RIFI-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Research International Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R1-MRSGX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Research International Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R1 | $93 | 1.73% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 18800844948 | Portfolio Turnover Rate (%): | 23.0 |
| Total Number of Holdings: | 113 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

#### Portfolio structure

---

| | |
|:---|:---|
| Equities | 98.8% |
| Money Market Funds | 1.2% |

---

#### Top ten holdings

---

| | |
|:---|:---|
| Roche Holding AG | 3.2% |
| Mizuho Financial Group, Inc. | 3.1% |
| Schneider Electric SE | 2.9% |
| Hitachi Ltd. | 2.5% |
| Novartis AG | 2.3% |
| ASML Holding N.V. | 2.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| Linde PLC | 1.8% |
| TotalEnergies SE | 1.7% |
| Tokyo Electron Ltd. | 1.6% |

---

#### Issuer country weightings

---

| | |
|:---|:---|
| Japan | 22.9% |
| United Kingdom | 15.0% |
| France | 12.5% |
| Switzerland | 8.7% |
| United States | 5.8% |
| Germany | 5.6% |
| Netherlands | 5.1% |
| Italy | 3.0% |
| Australia | 2.6% |
| Other Countries | 18.8% |

---

#### 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.

RIFR1-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Research International Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R2-MRSRX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Research International Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R2 | $66 | 1.23% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 18800844948 | Portfolio Turnover Rate (%): | 23.0 |
| Total Number of Holdings: | 113 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

#### Portfolio structure

---

| | |
|:---|:---|
| Equities | 98.8% |
| Money Market Funds | 1.2% |

---

#### Top ten holdings

---

| | |
|:---|:---|
| Roche Holding AG | 3.2% |
| Mizuho Financial Group, Inc. | 3.1% |
| Schneider Electric SE | 2.9% |
| Hitachi Ltd. | 2.5% |
| Novartis AG | 2.3% |
| ASML Holding N.V. | 2.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| Linde PLC | 1.8% |
| TotalEnergies SE | 1.7% |
| Tokyo Electron Ltd. | 1.6% |

---

#### Issuer country weightings

---

| | |
|:---|:---|
| Japan | 22.9% |
| United Kingdom | 15.0% |
| France | 12.5% |
| Switzerland | 8.7% |
| United States | 5.8% |
| Germany | 5.6% |
| Netherlands | 5.1% |
| Italy | 3.0% |
| Australia | 2.6% |
| Other Countries | 18.8% |

---

#### 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.

RIFR2-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Research International Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R3-MRSHX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Research International Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R3 | $53 | 0.98% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 18800844948 | Portfolio Turnover Rate (%): | 23.0 |
| Total Number of Holdings: | 113 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

#### Portfolio structure

---

| | |
|:---|:---|
| Equities | 98.8% |
| Money Market Funds | 1.2% |

---

#### Top ten holdings

---

| | |
|:---|:---|
| Roche Holding AG | 3.2% |
| Mizuho Financial Group, Inc. | 3.1% |
| Schneider Electric SE | 2.9% |
| Hitachi Ltd. | 2.5% |
| Novartis AG | 2.3% |
| ASML Holding N.V. | 2.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| Linde PLC | 1.8% |
| TotalEnergies SE | 1.7% |
| Tokyo Electron Ltd. | 1.6% |

---

#### Issuer country weightings

---

| | |
|:---|:---|
| Japan | 22.9% |
| United Kingdom | 15.0% |
| France | 12.5% |
| Switzerland | 8.7% |
| United States | 5.8% |
| Germany | 5.6% |
| Netherlands | 5.1% |
| Italy | 3.0% |
| Australia | 2.6% |
| Other Countries | 18.8% |

---

#### 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.

RIFR3-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Research International Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R4-MRSJX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Research International Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R4 | $39 | 0.73% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 18800844948 | Portfolio Turnover Rate (%): | 23.0 |
| Total Number of Holdings: | 113 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

#### Portfolio structure

---

| | |
|:---|:---|
| Equities | 98.8% |
| Money Market Funds | 1.2% |

---

#### Top ten holdings

---

| | |
|:---|:---|
| Roche Holding AG | 3.2% |
| Mizuho Financial Group, Inc. | 3.1% |
| Schneider Electric SE | 2.9% |
| Hitachi Ltd. | 2.5% |
| Novartis AG | 2.3% |
| ASML Holding N.V. | 2.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| Linde PLC | 1.8% |
| TotalEnergies SE | 1.7% |
| Tokyo Electron Ltd. | 1.6% |

---

#### Issuer country weightings

---

| | |
|:---|:---|
| Japan | 22.9% |
| United Kingdom | 15.0% |
| France | 12.5% |
| Switzerland | 8.7% |
| United States | 5.8% |
| Germany | 5.6% |
| Netherlands | 5.1% |
| Italy | 3.0% |
| Australia | 2.6% |
| Other Countries | 18.8% |

---

#### 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.

RIFR4-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Research

International Fund

![TSR_Ribbon_red](images_1218.jpg)

Class R6-MRSKX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Research International Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $34 | 0.63% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 18800844948 | Portfolio Turnover Rate (%): | 23.0 |
| Total Number of Holdings: | 113 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.8% |
| Money Market Funds | 1.2% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Roche Holding AG | 3.2% |
| Mizuho Financial Group, Inc. | 3.1% |
| Schneider Electric SE | 2.9% |
| Hitachi Ltd. | 2.5% |
| Novartis AG | 2.3% |
| ASML Holding N.V. | 2.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| Linde PLC | 1.8% |
| TotalEnergies SE | 1.7% |
| Tokyo Electron Ltd. | 1.6% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| Japan | 22.9% |
| United Kingdom | 15.0% |
| France | 12.5% |
| Switzerland | 8.7% |
| United States | 5.8% |
| Germany | 5.6% |
| Netherlands | 5.1% |
| Italy | 3.0% |
| Australia | 2.6% |
| Other Countries | 18.8% |

---

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.

RIFR6-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

MFS<sup>®</sup> Technology Fund

![TSR_Ribbon_red](images_1218.jpg)

Class A-MTCAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Technology Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $56 | 1.11% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2011014155 | Portfolio Turnover Rate (%): | 34.0 |
| Total Number of Holdings: | 46 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.7% |
| Money Market Funds | 0.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.1% |
| Alphabet, Inc., "A" | 9.8% |
| Apple, Inc. | 9.4% |
| Broadcom, Inc. | 7.7% |
| Microsoft Corp. | 7.2% |
| Meta Platforms, Inc., "A" | 5.0% |
| Shopify, Inc. | 4.0% |
| Advanced Micro Devices | 3.2% |
| Lam Research Corp. | 3.2% |
| Applied Materials, Inc. | 2.8% |

---

**Top five industries**

---

| | |
|:---|:---|
| Electronics | 36.8% |
| Computer Software - Systems | 23.8% |
| Computer Software | 19.7% |
| Interactive Media Services | 14.9% |
| Business Services | 2.3% |

---

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

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.

SCTA-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Technology Fund
![TSR_Ribbon_red](images_1218.jpg)

Class B-MTCBX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Technology Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $93 | 1.86% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2011014155 | Portfolio Turnover Rate (%): | 34.0 |
| Total Number of Holdings: | 46 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.7% |
| Money Market Funds | 0.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.1% |
| Alphabet, Inc., "A" | 9.8% |
| Apple, Inc. | 9.4% |
| Broadcom, Inc. | 7.7% |
| Microsoft Corp. | 7.2% |
| Meta Platforms, Inc., "A" | 5.0% |
| Shopify, Inc. | 4.0% |
| Advanced Micro Devices | 3.2% |
| Lam Research Corp. | 3.2% |
| Applied Materials, Inc. | 2.8% |

---

**Top five industries**

---

| | |
|:---|:---|
| Electronics | 36.8% |
| Computer Software - Systems | 23.8% |
| Computer Software | 19.7% |
| Interactive Media Services | 14.9% |
| Business Services | 2.3% |

---

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### 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.

SCTB-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Technology Fund
![TSR_Ribbon_red](images_1218.jpg)

Class C-MTCCX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Technology Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $93 | 1.86% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2011014155 | Portfolio Turnover Rate (%): | 34.0 |
| Total Number of Holdings: | 46 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.7% |
| Money Market Funds | 0.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.1% |
| Alphabet, Inc., "A" | 9.8% |
| Apple, Inc. | 9.4% |
| Broadcom, Inc. | 7.7% |
| Microsoft Corp. | 7.2% |
| Meta Platforms, Inc., "A" | 5.0% |
| Shopify, Inc. | 4.0% |
| Advanced Micro Devices | 3.2% |
| Lam Research Corp. | 3.2% |
| Applied Materials, Inc. | 2.8% |

---

**Top five industries**

---

| | |
|:---|:---|
| Electronics | 36.8% |
| Computer Software - Systems | 23.8% |
| Computer Software | 19.7% |
| Interactive Media Services | 14.9% |
| Business Services | 2.3% |

---

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### 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.

SCTC-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Technology Fund
![TSR_Ribbon_red](images_1218.jpg)

Class I-MTCIX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Technology Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $43 | 0.86% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2011014155 | Portfolio Turnover Rate (%): | 34.0 |
| Total Number of Holdings: | 46 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.7% |
| Money Market Funds | 0.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.1% |
| Alphabet, Inc., "A" | 9.8% |
| Apple, Inc. | 9.4% |
| Broadcom, Inc. | 7.7% |
| Microsoft Corp. | 7.2% |
| Meta Platforms, Inc., "A" | 5.0% |
| Shopify, Inc. | 4.0% |
| Advanced Micro Devices | 3.2% |
| Lam Research Corp. | 3.2% |
| Applied Materials, Inc. | 2.8% |

---

**Top five industries**

---

| | |
|:---|:---|
| Electronics | 36.8% |
| Computer Software - Systems | 23.8% |
| Computer Software | 19.7% |
| Interactive Media Services | 14.9% |
| Business Services | 2.3% |

---

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### 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.

SCTI-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Technology Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R1-MTCKX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Technology Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R1 | $93 | 1.86% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2011014155 | Portfolio Turnover Rate (%): | 34.0 |
| Total Number of Holdings: | 46 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.7% |
| Money Market Funds | 0.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.1% |
| Alphabet, Inc., "A" | 9.8% |
| Apple, Inc. | 9.4% |
| Broadcom, Inc. | 7.7% |
| Microsoft Corp. | 7.2% |
| Meta Platforms, Inc., "A" | 5.0% |
| Shopify, Inc. | 4.0% |
| Advanced Micro Devices | 3.2% |
| Lam Research Corp. | 3.2% |
| Applied Materials, Inc. | 2.8% |

---

**Top five industries**

---

| | |
|:---|:---|
| Electronics | 36.8% |
| Computer Software - Systems | 23.8% |
| Computer Software | 19.7% |
| Interactive Media Services | 14.9% |
| Business Services | 2.3% |

---

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### 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.

SCTR1-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Technology Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R2-MTERX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Technology Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R2 | $68 | 1.36% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2011014155 | Portfolio Turnover Rate (%): | 34.0 |
| Total Number of Holdings: | 46 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.7% |
| Money Market Funds | 0.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.1% |
| Alphabet, Inc., "A" | 9.8% |
| Apple, Inc. | 9.4% |
| Broadcom, Inc. | 7.7% |
| Microsoft Corp. | 7.2% |
| Meta Platforms, Inc., "A" | 5.0% |
| Shopify, Inc. | 4.0% |
| Advanced Micro Devices | 3.2% |
| Lam Research Corp. | 3.2% |
| Applied Materials, Inc. | 2.8% |

---

**Top five industries**

---

| | |
|:---|:---|
| Electronics | 36.8% |
| Computer Software - Systems | 23.8% |
| Computer Software | 19.7% |
| Interactive Media Services | 14.9% |
| Business Services | 2.3% |

---

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### 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.

SCTR2-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Technology Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R3-MTCHX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Technology Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R3 | $56 | 1.11% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2011014155 | Portfolio Turnover Rate (%): | 34.0 |
| Total Number of Holdings: | 46 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.7% |
| Money Market Funds | 0.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.1% |
| Alphabet, Inc., "A" | 9.8% |
| Apple, Inc. | 9.4% |
| Broadcom, Inc. | 7.7% |
| Microsoft Corp. | 7.2% |
| Meta Platforms, Inc., "A" | 5.0% |
| Shopify, Inc. | 4.0% |
| Advanced Micro Devices | 3.2% |
| Lam Research Corp. | 3.2% |
| Applied Materials, Inc. | 2.8% |

---

**Top five industries**

---

| | |
|:---|:---|
| Electronics | 36.8% |
| Computer Software - Systems | 23.8% |
| Computer Software | 19.7% |
| Interactive Media Services | 14.9% |
| Business Services | 2.3% |

---

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### 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.

SCTR3-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Technology Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R4-MTCJX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Technology Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R4 | $43 | 0.86% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2011014155 | Portfolio Turnover Rate (%): | 34.0 |
| Total Number of Holdings: | 46 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.7% |
| Money Market Funds | 0.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.1% |
| Alphabet, Inc., "A" | 9.8% |
| Apple, Inc. | 9.4% |
| Broadcom, Inc. | 7.7% |
| Microsoft Corp. | 7.2% |
| Meta Platforms, Inc., "A" | 5.0% |
| Shopify, Inc. | 4.0% |
| Advanced Micro Devices | 3.2% |
| Lam Research Corp. | 3.2% |
| Applied Materials, Inc. | 2.8% |

---

**Top five industries**

---

| | |
|:---|:---|
| Electronics | 36.8% |
| Computer Software - Systems | 23.8% |
| Computer Software | 19.7% |
| Interactive Media Services | 14.9% |
| Business Services | 2.3% |

---

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### 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.

SCTR4-SEM

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Technology Fund
![TSR_Ribbon_red](images_1218.jpg)

Class R6-MTCLX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Technology Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $39 | 0.77% |

---

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 2011014155 | Portfolio Turnover Rate (%): | 34.0 |
| Total Number of Holdings: | 46 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.7% |
| Money Market Funds | 0.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.1% |
| Alphabet, Inc., "A" | 9.8% |
| Apple, Inc. | 9.4% |
| Broadcom, Inc. | 7.7% |
| Microsoft Corp. | 7.2% |
| Meta Platforms, Inc., "A" | 5.0% |
| Shopify, Inc. | 4.0% |
| Advanced Micro Devices | 3.2% |
| Lam Research Corp. | 3.2% |
| Applied Materials, Inc. | 2.8% |

---

**Top five industries**

---

| | |
|:---|:---|
| Electronics | 36.8% |
| Computer Software - Systems | 23.8% |
| Computer Software | 19.7% |
| Interactive Media Services | 14.9% |
| Business Services | 2.3% |

---

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### 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.

SCTR6-SEM

------

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

------

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

------

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

------

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

------

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

------

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

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MFS Value Fund

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

MFS Value Fund

**Portfolio of Investments - 2/28/26 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 99.2% | Common Stocks – 99.2% | Common Stocks – 99.2% |
| Aerospace & Defense – 8.6% | Aerospace & Defense – 8.6% |  |
| Boeing Co. (a) | 5803876 | &nbsp;&nbsp; $1320555906 |
| General Dynamics Corp. | 3215481 | &nbsp;&nbsp; 1148087491 |
| Northrop Grumman Corp. | 1067880 | &nbsp;&nbsp; 773550915 |
| RTX Corp. | 7712489 | &nbsp;&nbsp; 1562704521 |
|  |  | &nbsp;&nbsp; $4804898833 |
| Alcoholic Beverages – 0.3% | Alcoholic Beverages – 0.3% |  |
| Diageo PLC | 6705331 | &nbsp;&nbsp; $150230890 |
| Brokerage & Asset Managers – 7.1% | Brokerage & Asset Managers – 7.1% |  |
| Ares Management Co. | 1835862 | &nbsp;&nbsp; $205634902 |
| Blackrock, Inc. | 758464 | &nbsp;&nbsp; 806421679 |
| Citigroup, Inc. | 9067393 | &nbsp;&nbsp; 999136035 |
| KKR & Co., Inc. | 7045893 | &nbsp;&nbsp; 617783898 |
| LPL Financial Holdings, Inc. | 1122714 | &nbsp;&nbsp; 337240831 |
| NASDAQ, Inc. | 11630346 | &nbsp;&nbsp; 1018585703 |
|  |  | &nbsp;&nbsp; $3984803048 |
| Business Services – 2.5% | Business Services – 2.5% |  |
| Accenture PLC, "A" | 3709384 | &nbsp;&nbsp; $774222629 |
| Equifax, Inc. | 2966145 | &nbsp;&nbsp; 619805659 |
|  |  | &nbsp;&nbsp; $1394028288 |
| Computer Software – 1.0% | Computer Software – 1.0% |  |
| Microsoft Corp. | 702729 | &nbsp;&nbsp; $275989787 |
| Salesforce, Inc. | 1489863 | &nbsp;&nbsp; 290210414 |
|  |  | &nbsp;&nbsp; $566200201 |
| Conglomerates – 1.4% | Conglomerates – 1.4% |  |
| Honeywell International, Inc. | 3197017 | &nbsp;&nbsp; $778761371 |
| Construction – 1.5% | Construction – 1.5% |  |
| CRH PLC | 3735053 | &nbsp;&nbsp; $448131659 |
| Otis Worldwide Corp. | 1643371 | &nbsp;&nbsp; 152110420 |
| Sherwin-Williams Co. | 639568 | &nbsp;&nbsp; 231900961 |
|  |  | &nbsp;&nbsp; $832143040 |
| Consumer Products – 1.8% | Consumer Products – 1.8% |  |
| Kenvue, Inc. | 7679419 | &nbsp;&nbsp; $146830491 |
| Kimberly-Clark Corp. | 4128645 | &nbsp;&nbsp; 460096199 |
| Reckitt Benckiser Group PLC | 4509294 | &nbsp;&nbsp; 395731215 |
|  |  | &nbsp;&nbsp; $1002657905 |
| Electrical Equipment – 1.6% | Electrical Equipment – 1.6% |  |
| Eaton Corp. PLC | 1584722 | &nbsp;&nbsp; $595728694 |
| W.W. Grainger, Inc. | 270293 | &nbsp;&nbsp; 309412506 |
|  |  | &nbsp;&nbsp; $905141200 |

---

EIFFS-SEM

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MFS Value Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electronics – 6.9% | Electronics – 6.9% |  |
| Analog Devices, Inc. | 3629527 | &nbsp;&nbsp; $1291349411 |
| KLA Corp. | 711981 | &nbsp;&nbsp; 1085450634 |
| NXP Semiconductors N.V. | 3618103 | &nbsp;&nbsp; 821345562 |
| Texas Instruments, Inc. | 3257225 | &nbsp;&nbsp; 690889995 |
|  |  | &nbsp;&nbsp; $3889035602 |
| Energy - Independent – 2.6% | Energy - Independent – 2.6% |  |
| ConocoPhillips | 9279302 | &nbsp;&nbsp; $1052829605 |
| EOG Resources, Inc. | 3234178 | &nbsp;&nbsp; 401296806 |
|  |  | &nbsp;&nbsp; $1454126411 |
| Energy - Integrated – 3.9% | Energy - Integrated – 3.9% |  |
| Chevron Corp. | 4473138 | &nbsp;&nbsp; $835403253 |
| Exxon Mobil Corp. | 8893624 | &nbsp;&nbsp; 1356277660 |
|  |  | &nbsp;&nbsp; $2191680913 |
| Food & Beverages – 2.5% | Food & Beverages – 2.5% |  |
| Coca-Cola Europacific Partners PLC | 3076079 | &nbsp;&nbsp; $339691404 |
| Nestle S.A. | 3408707 | &nbsp;&nbsp; 372326480 |
| PepsiCo, Inc. | 3964011 | &nbsp;&nbsp; 672851227 |
|  |  | &nbsp;&nbsp; $1384869111 |
| Gaming & Lodging – 1.7% | Gaming & Lodging – 1.7% |  |
| Marriott International, Inc., "A" | 2724378 | &nbsp;&nbsp; $931001694 |
| Health Maintenance Organizations – 4.3% | Health Maintenance Organizations – 4.3% |  |
| Cigna Group | 5600130 | &nbsp;&nbsp; $1623029676 |
| Elevance Health, Inc. | 1513108 | &nbsp;&nbsp; 484194560 |
| Humana, Inc. | 1685553 | &nbsp;&nbsp; 321165269 |
|  |  | &nbsp;&nbsp; $2428389505 |
| Insurance – 10.1% | Insurance – 10.1% |  |
| Aon PLC | 2619427 | &nbsp;&nbsp; $878739176 |
| Chubb Ltd. | 3027669 | &nbsp;&nbsp; 1032011255 |
| Marsh & McLennan Cos., Inc. | 5308032 | &nbsp;&nbsp; 991221896 |
| Progressive Corp. | 7896352 | &nbsp;&nbsp; 1687134568 |
| Travelers Cos., Inc. | 3477004 | &nbsp;&nbsp; 1073142515 |
|  |  | &nbsp;&nbsp; $5662249410 |
| Machinery & Tools – 3.6% | Machinery & Tools – 3.6% |  |
| Caterpillar, Inc. | 604447 | &nbsp;&nbsp; $449001365 |
| Illinois Tool Works, Inc. | 2182122 | &nbsp;&nbsp; 634190117 |
| PACCAR, Inc. | 5886745 | &nbsp;&nbsp; 742259677 |
| Trane Technologies PLC | 371181 | &nbsp;&nbsp; 171604400 |
|  |  | &nbsp;&nbsp; $1997055559 |
| Major Banks – 9.4% | Major Banks – 9.4% |  |
| JPMorgan Chase & Co. | 7926039 | &nbsp;&nbsp; $2380189512 |
| Morgan Stanley | 7142122 | &nbsp;&nbsp; 1189234734 |
| PNC Financial Services Group, Inc. | 4583249 | &nbsp;&nbsp; 973252925 |
| Wells Fargo & Co. | 9116690 | &nbsp;&nbsp; 742554400 |
|  |  | &nbsp;&nbsp; $5285231571 |

---

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MFS Value Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Medical & Health Technology & Services – 3.4% | Medical & Health Technology & Services – 3.4% |  |
| McKesson Corp. | 1946120 | &nbsp;&nbsp; $1921540504 |
| Medical Equipment – 1.7% | Medical Equipment – 1.7% |  |
| Abbott Laboratories | 7174314 | &nbsp;&nbsp; $834731434 |
| Medline, Inc., "A" (a) | 2051182 | &nbsp;&nbsp; 97451657 |
|  |  | &nbsp;&nbsp; $932183091 |
| Other Banks & Diversified Financials – 1.9% | Other Banks & Diversified Financials – 1.9% |  |
| American Express Co. | 3362780 | &nbsp;&nbsp; $1038762742 |
| Pharmaceuticals – 5.3% | Pharmaceuticals – 5.3% |  |
| AbbVie, Inc. | 3555484 | &nbsp;&nbsp; $825156727 |
| Johnson & Johnson | 6768243 | &nbsp;&nbsp; 1681434608 |
| Pfizer, Inc. | 16296530 | &nbsp;&nbsp; 450599055 |
|  |  | &nbsp;&nbsp; $2957190390 |
| Railroad & Shipping – 1.8% | Railroad & Shipping – 1.8% |  |
| Union Pacific Corp. | 3833404 | &nbsp;&nbsp; $1015775392 |
| Real Estate - Storage – 2.2% | Real Estate - Storage – 2.2% |  |
| Prologis, Inc., REIT | 7635176 | &nbsp;&nbsp; $1088547042 |
| Public Storage, Inc., REIT | 543319 | &nbsp;&nbsp; 166831532 |
|  |  | &nbsp;&nbsp; $1255378574 |
| Specialty Stores – 1.9% | Specialty Stores – 1.9% |  |
| Lowe's Cos., Inc. | 4094338 | &nbsp;&nbsp; $1083239005 |
| Tobacco – 0.9% | Tobacco – 0.9% |  |
| Philip Morris International, Inc. | 2567693 | &nbsp;&nbsp; $479722083 |
| Utilities - Electric Power – 9.3% | Utilities - Electric Power – 9.3% |  |
| American Electric Power Co., Inc. | 2185610 | &nbsp;&nbsp; $292478330 |
| Dominion Energy, Inc. | 15695183 | &nbsp;&nbsp; 990993855 |
| Duke Energy Corp. | 8680979 | &nbsp;&nbsp; 1135906102 |
| NextEra Energy, Inc. | 4737027 | &nbsp;&nbsp; 444191022 |
| PG&E Corp. | 38281889 | &nbsp;&nbsp; 727355891 |
| Southern Co. | 8459789 | &nbsp;&nbsp; 823814253 |
| Xcel Energy, Inc. | 9334514 | &nbsp;&nbsp; 778125087 |
|  |  | &nbsp;&nbsp; $5192864540 |
| **Total Common Stocks (Identified Cost, $26,802,157,187)** |  | &nbsp;&nbsp; **$55519160873** |
| Mutual Funds (h) – 0.7% | Mutual Funds (h) – 0.7% | Mutual Funds (h) – 0.7% |
| Money Market Funds – 0.7% | Money Market Funds – 0.7% |  |
| MFS Institutional Money Market Portfolio, 3.7% (v) (Identified Cost, $392,606,828) | 392567571 | &nbsp;&nbsp; $392606828 |
| Other Assets, Less Liabilities – 0.1% |  | &nbsp;&nbsp; 52221761 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$55963989462** |

---

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MFS Value Fund

*Portfolio of Investments (unaudited) – continued*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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 $392,606,828 and $55,519,160,873, respectively.

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

The following abbreviations are used in this report and are defined: <br> REIT Real Estate Investment Trust

**See Notes to Financial Statements**

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MFS Value Fund

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

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

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| | |
|:---|:---|
| **At 2/28/26 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $26,802,157,187) | &nbsp;&nbsp; $55519160873 |
| Investments in affiliated issuers, at value (identified cost, $392,606,828) | &nbsp;&nbsp; 392606828 |
| Foreign currency, at value (identified cost, $60) | &nbsp;&nbsp; 60 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 8206360 |
| Fund shares sold | &nbsp;&nbsp; 32920524 |
| Interest and dividends | &nbsp;&nbsp; 122951683 |
| Other assets | &nbsp;&nbsp; 131737 |
| Total assets | &nbsp;&nbsp; $56075978065 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $98860270 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 1964961 |
| Administrative services fee | &nbsp;&nbsp; 4794 |
| Shareholder servicing costs | &nbsp;&nbsp; 9496726 |
| Distribution and service fees | &nbsp;&nbsp; 249401 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 45493 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 1366958 |
| Total liabilities | &nbsp;&nbsp; $111988603 |
| Net assets | &nbsp;&nbsp; $55963989462 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $24946504189 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 31017485273 |
| Net assets | &nbsp;&nbsp; $55963989462 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 1051944854 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share (a)**<br>|
| Class A | &nbsp;&nbsp;&nbsp; $8208856526 | &nbsp;&nbsp;&nbsp; 154805025 | &nbsp;&nbsp;&nbsp; $53.03 |
| Class B | &nbsp;&nbsp;&nbsp; 4755371 | &nbsp;&nbsp;&nbsp; 89725 | &nbsp;&nbsp;&nbsp;&nbsp;53.00 |
| Class C | &nbsp;&nbsp;&nbsp; 311544799 | &nbsp;&nbsp;&nbsp; 5966736 | &nbsp;&nbsp;&nbsp;&nbsp;52.21 |
| Class I | &nbsp;&nbsp;&nbsp; 25096607907 | &nbsp;&nbsp;&nbsp; 469217390 | &nbsp;&nbsp;&nbsp;&nbsp;53.49 |
| Class R1 | &nbsp;&nbsp;&nbsp; 10618806 | &nbsp;&nbsp;&nbsp; 206191 | &nbsp;&nbsp;&nbsp;&nbsp;51.50 |
| Class R2 | &nbsp;&nbsp;&nbsp; 219465446 | &nbsp;&nbsp;&nbsp; 4202299 | &nbsp;&nbsp;&nbsp;&nbsp;52.23 |
| Class R3 | &nbsp;&nbsp;&nbsp; 2206208929 | &nbsp;&nbsp;&nbsp; 41863684 | &nbsp;&nbsp;&nbsp;&nbsp;52.70 |
| Class R4 | &nbsp;&nbsp;&nbsp; 1065438418 | &nbsp;&nbsp;&nbsp; 20095660 | &nbsp;&nbsp;&nbsp;&nbsp;53.02 |
| Class R6 | &nbsp;&nbsp;&nbsp; 18840493260 | &nbsp;&nbsp;&nbsp; 355498144 | &nbsp;&nbsp;&nbsp;&nbsp;53.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Maximum offering price per share was equal to the net asset value per share for all
 share classes, except for Class A, for which the maximum offering price per share was $56.27 [100 / 94.25 x $53.03]. On sales of $50,000 or
 more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class
 A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and
 R6.

**See Notes to Financial Statements**

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MFS Value Fund

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

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

---

| | |
|:---|:---|
| **Six months ended 2/28/26 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $704213710 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 4903303 |
| Other | &nbsp;&nbsp; 262438 |
| Income on securities loaned | &nbsp;&nbsp; 16978 |
| Interest | &nbsp;&nbsp; 71 |
| Foreign taxes withheld | &nbsp;&nbsp; (1524234)<br>|
| Total investment income | &nbsp;&nbsp; $707872266 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $121800276 |
| Distribution and service fees | &nbsp;&nbsp; 14942556 |
| Shareholder servicing costs | &nbsp;&nbsp; 20254962 |
| Administrative services fee | &nbsp;&nbsp; 275634 |
| Independent Trustees' compensation | &nbsp;&nbsp; 96824 |
| Custodian fee | &nbsp;&nbsp; 226173 |
| Shareholder communications | &nbsp;&nbsp; 898632 |
| Audit and tax fees | &nbsp;&nbsp; 38404 |
| Legal fees | &nbsp;&nbsp; 154516 |
| Miscellaneous | &nbsp;&nbsp; 557174 |
| Total expenses | &nbsp;&nbsp; $159245151 |
| Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp; (3768165)<br>|
| Net expenses | &nbsp;&nbsp; $155476986 |
| Net investment income (loss) | &nbsp;&nbsp; $552395280 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $2672873885 |
| Affiliated issuers | &nbsp;&nbsp; 16156 |
| Foreign currency | &nbsp;&nbsp; 112665 |
| Net realized gain (loss) | &nbsp;&nbsp; $2673002706 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $1612952834 |
| Affiliated issuers | &nbsp;&nbsp; (16221)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 738424 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $1613675037 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $4286677743 |
| Change in net assets from operations | &nbsp;&nbsp; $4839073023 |

---

**See Notes to Financial Statements**

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MFS Value Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**2/28/26** <br>**(unaudited)**<br>| <br>**8/31/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $552395280 | &nbsp;&nbsp; $975630928 |
| Net realized gain (loss) | 2673002706 | &nbsp;&nbsp; 4892064331 |
| Net unrealized gain (loss) | 1613675037 | &nbsp;&nbsp; (2439963561)<br>|
| Change in net assets from operations | $4839073023 | &nbsp;&nbsp; $3427731698 |
| Total distributions to shareholders | $(4456918600)<br>| &nbsp;&nbsp; $(5019446929)<br>|
| Change in net assets from fund share transactions | $(1237934799)<br>| &nbsp;&nbsp; $(3216502089)<br>|
| Total change in net assets | $(855780376)<br>| &nbsp;&nbsp; $(4808217320)<br>|
| **Net assets** |  |  |
| At beginning of period | 56819769838 | &nbsp;&nbsp; 61627987158 |
| At end of period | $55963989462 | &nbsp;&nbsp; $56819769838 |

---

**See Notes to Financial Statements**

------

MFS Value Fund

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $52.79 | &nbsp;&nbsp; $54.21 | &nbsp;&nbsp; $48.21 | &nbsp;&nbsp; $48.43 | &nbsp;&nbsp; $53.60 | &nbsp;&nbsp; $41.31 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.46 | &nbsp;&nbsp; $0.75 | &nbsp;&nbsp; $0.77 | &nbsp;&nbsp; $0.80 | &nbsp;&nbsp; $0.70 | &nbsp;&nbsp; $0.59 |
| Net realized and unrealized gain (loss) | 4.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp; (4.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.77 |
| Total from investment operations | $4.49 | &nbsp;&nbsp; $3.01 | &nbsp;&nbsp; $9.94 | &nbsp;&nbsp; $3.23 | &nbsp;&nbsp; $(3.42)<br>| &nbsp;&nbsp; $13.36 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.38)<br>| &nbsp;&nbsp; $(0.80)<br>| &nbsp;&nbsp; $(0.78)<br>| &nbsp;&nbsp; $(0.76)<br>| &nbsp;&nbsp; $(0.69)<br>| &nbsp;&nbsp; $(0.60)<br>|
| From net realized gain | (3.87)<br>| &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(4.25)<br>| &nbsp;&nbsp; $(4.43)<br>| &nbsp;&nbsp; $(3.94)<br>| &nbsp;&nbsp; $(3.45)<br>| &nbsp;&nbsp; $(1.75)<br>| &nbsp;&nbsp; $(1.07)<br>|
| Net asset value, end of period (x) | $53.03 | &nbsp;&nbsp; $52.79 | &nbsp;&nbsp; $54.21 | &nbsp;&nbsp; $48.21 | &nbsp;&nbsp; $48.43 | &nbsp;&nbsp; $53.60 |
| Total return (%) (r)(s)(t)(x) | 8.97<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;&nbsp;21.94 | &nbsp;&nbsp;&nbsp;&nbsp;6.90 | &nbsp;&nbsp; (6.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.85 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.81<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Expenses after expense reductions | 0.79<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net investment income (loss) | 1.77<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 8 |
| Net assets at end of period (000 omitted) | $8208857 | &nbsp;&nbsp; $8060203 | &nbsp;&nbsp; $8390206 | &nbsp;&nbsp; $7661572 | &nbsp;&nbsp; $7741830 | &nbsp;&nbsp; $8523158 |

---

**See Notes to Financial Statements**

------

MFS Value Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $52.72 | &nbsp;&nbsp; $54.06 | &nbsp;&nbsp; $48.04 | &nbsp;&nbsp; $48.25 | &nbsp;&nbsp; $53.38 | &nbsp;&nbsp; $41.12 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.25 | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.23 |
| Net realized and unrealized gain (loss) | 4.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;9.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.74 |
| Total from investment operations | $4.29 | &nbsp;&nbsp; $2.63 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $2.86 | &nbsp;&nbsp; $(3.78)<br>| &nbsp;&nbsp; $12.97 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.14)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.24)<br>|
| From net realized gain | (3.87)<br>| &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(4.01)<br>| &nbsp;&nbsp; $(3.97)<br>| &nbsp;&nbsp; $(3.54)<br>| &nbsp;&nbsp; $(3.07)<br>| &nbsp;&nbsp; $(1.35)<br>| &nbsp;&nbsp; $(0.71)<br>|
| Net asset value, end of period (x) | $53.00 | &nbsp;&nbsp; $52.72 | &nbsp;&nbsp; $54.06 | &nbsp;&nbsp; $48.04 | &nbsp;&nbsp; $48.25 | &nbsp;&nbsp; $53.38 |
| Total return (%) (r)(s)(t)(x) | 8.56<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;21.04 | &nbsp;&nbsp;&nbsp;&nbsp;6.07 | &nbsp;&nbsp; (7.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.87 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| Expenses after expense reductions | 1.54<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| Net investment income (loss) | 0.98<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 8 |
| Net assets at end of period (000 omitted) | $4755 | &nbsp;&nbsp; $7094 | &nbsp;&nbsp; $16737 | &nbsp;&nbsp; $26011 | &nbsp;&nbsp; $35955 | &nbsp;&nbsp; $52833 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $52.02 | &nbsp;&nbsp; $53.46 | &nbsp;&nbsp; $47.58 | &nbsp;&nbsp; $47.82 | &nbsp;&nbsp; $52.94 | &nbsp;&nbsp; $40.80 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.26 | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.23 |
| Net realized and unrealized gain (loss) | 3.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp; (4.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.63 |
| Total from investment operations | $4.22 | &nbsp;&nbsp; $2.60 | &nbsp;&nbsp; $9.44 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $(3.75)<br>| &nbsp;&nbsp; $12.86 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.41)<br>| &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.25)<br>|
| From net realized gain | (3.87)<br>| &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(4.03)<br>| &nbsp;&nbsp; $(4.04)<br>| &nbsp;&nbsp; $(3.56)<br>| &nbsp;&nbsp; $(3.09)<br>| &nbsp;&nbsp; $(1.37)<br>| &nbsp;&nbsp; $(0.72)<br>|
| Net asset value, end of period (x) | $52.21 | &nbsp;&nbsp; $52.02 | &nbsp;&nbsp; $53.46 | &nbsp;&nbsp; $47.58 | &nbsp;&nbsp; $47.82 | &nbsp;&nbsp; $52.94 |
| Total return (%) (r)(s)(t)(x) | 8.55<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;21.02 | &nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp; (7.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.86 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| Expenses after expense reductions | 1.54<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| Net investment income (loss) | 1.01<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 8 |
| Net assets at end of period (000 omitted) | $311545 | &nbsp;&nbsp; $338681 | &nbsp;&nbsp; $428174 | &nbsp;&nbsp; $476461 | &nbsp;&nbsp; $562575 | &nbsp;&nbsp; $686442 |

---

**See Notes to Financial Statements**

------

MFS Value Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $53.22 | &nbsp;&nbsp; $54.61 | &nbsp;&nbsp; $48.54 | &nbsp;&nbsp; $48.75 | &nbsp;&nbsp; $53.94 | &nbsp;&nbsp; $41.56 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.53 | &nbsp;&nbsp; $0.88 | &nbsp;&nbsp; $0.90 | &nbsp;&nbsp; $0.93 | &nbsp;&nbsp; $0.83 | &nbsp;&nbsp; $0.71 |
| Net realized and unrealized gain (loss) | 4.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp; (4.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.85 |
| Total from investment operations | $4.59 | &nbsp;&nbsp; $3.17 | &nbsp;&nbsp; $10.14 | &nbsp;&nbsp; $3.37 | &nbsp;&nbsp; $(3.31)<br>| &nbsp;&nbsp; $13.56 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.45)<br>| &nbsp;&nbsp; $(0.93)<br>| &nbsp;&nbsp; $(0.91)<br>| &nbsp;&nbsp; $(0.89)<br>| &nbsp;&nbsp; $(0.82)<br>| &nbsp;&nbsp; $(0.71)<br>|
| From net realized gain | (3.87)<br>| &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(4.32)<br>| &nbsp;&nbsp; $(4.56)<br>| &nbsp;&nbsp; $(4.07)<br>| &nbsp;&nbsp; $(3.58)<br>| &nbsp;&nbsp; $(1.88)<br>| &nbsp;&nbsp; $(1.18)<br>|
| Net asset value, end of period (x) | $53.49 | &nbsp;&nbsp; $53.22 | &nbsp;&nbsp; $54.61 | &nbsp;&nbsp; $48.54 | &nbsp;&nbsp; $48.75 | &nbsp;&nbsp; $53.94 |
| Total return (%) (r)(s)(t)(x) | 9.10<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp;&nbsp;&nbsp;22.24 | &nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp; (6.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;33.20 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Expenses after expense reductions | 0.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net investment income (loss) | 2.02<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 8 |
| Net assets at end of period (000 omitted) | $25096608 | &nbsp;&nbsp; $25188301 | &nbsp;&nbsp; $26486371 | &nbsp;&nbsp; $24247677 | &nbsp;&nbsp; $24634555 | &nbsp;&nbsp; $27444959 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $51.38 | &nbsp;&nbsp; $52.87 | &nbsp;&nbsp; $47.10 | &nbsp;&nbsp; $47.39 | &nbsp;&nbsp; $52.47 | &nbsp;&nbsp; $40.45 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.26 | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.23 |
| Net realized and unrealized gain (loss) | 3.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp; (4.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.52 |
| Total from investment operations | $4.17 | &nbsp;&nbsp; $2.57 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $2.81 | &nbsp;&nbsp; $(3.71)<br>| &nbsp;&nbsp; $12.75 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.18)<br>| &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $(0.42)<br>| &nbsp;&nbsp; $(0.41)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.26)<br>|
| From net realized gain | (3.87)<br>| &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(4.05)<br>| &nbsp;&nbsp; $(4.06)<br>| &nbsp;&nbsp; $(3.58)<br>| &nbsp;&nbsp; $(3.10)<br>| &nbsp;&nbsp; $(1.37)<br>| &nbsp;&nbsp; $(0.73)<br>|
| Net asset value, end of period (x) | $51.50 | &nbsp;&nbsp; $51.38 | &nbsp;&nbsp; $52.87 | &nbsp;&nbsp; $47.10 | &nbsp;&nbsp; $47.39 | &nbsp;&nbsp; $52.47 |
| Total return (%) (r)(s)(t)(x) | 8.55<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;&nbsp;21.04 | &nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp; (7.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.88 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| Expenses after expense reductions | 1.54<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| Net investment income (loss) | 1.03<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 8 |
| Net assets at end of period (000 omitted) | $10619 | &nbsp;&nbsp; $10113 | &nbsp;&nbsp; $10493 | &nbsp;&nbsp; $13878 | &nbsp;&nbsp; $16339 | &nbsp;&nbsp; $20580 |

---

**See Notes to Financial Statements**

------

MFS Value Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $52.05 | &nbsp;&nbsp; $53.50 | &nbsp;&nbsp; $47.62 | &nbsp;&nbsp; $47.88 | &nbsp;&nbsp; $53.01 | &nbsp;&nbsp; $40.86 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.39 | &nbsp;&nbsp; $0.61 | &nbsp;&nbsp; $0.64 | &nbsp;&nbsp; $0.67 | &nbsp;&nbsp; $0.56 | &nbsp;&nbsp; $0.46 |
| Net realized and unrealized gain (loss) | 3.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;9.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp; (4.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.64 |
| Total from investment operations | $4.35 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $9.70 | &nbsp;&nbsp; $3.08 | &nbsp;&nbsp; $(3.51)<br>| &nbsp;&nbsp; $13.10 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.30)<br>| &nbsp;&nbsp; $(0.67)<br>| &nbsp;&nbsp; $(0.66)<br>| &nbsp;&nbsp; $(0.65)<br>| &nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp; $(0.48)<br>|
| From net realized gain | (3.87)<br>| &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(4.17)<br>| &nbsp;&nbsp; $(4.30)<br>| &nbsp;&nbsp; $(3.82)<br>| &nbsp;&nbsp; $(3.34)<br>| &nbsp;&nbsp; $(1.62)<br>| &nbsp;&nbsp; $(0.95)<br>|
| Net asset value, end of period (x) | $52.23 | &nbsp;&nbsp; $52.05 | &nbsp;&nbsp; $53.50 | &nbsp;&nbsp; $47.62 | &nbsp;&nbsp; $47.88 | &nbsp;&nbsp; $53.01 |
| Total return (%) (r)(s)(t)(x) | 8.83<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp;&nbsp;21.65 | &nbsp;&nbsp;&nbsp;&nbsp;6.62 | &nbsp;&nbsp; (6.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.53 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.06<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Expenses after expense reductions | 1.04<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Net investment income (loss) | 1.52<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 8 |
| Net assets at end of period (000 omitted) | $219465 | &nbsp;&nbsp; $234786 | &nbsp;&nbsp; $277810 | &nbsp;&nbsp; $298178 | &nbsp;&nbsp; $323438 | &nbsp;&nbsp; $409939 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $52.49 | &nbsp;&nbsp; $53.92 | &nbsp;&nbsp; $47.97 | &nbsp;&nbsp; $48.22 | &nbsp;&nbsp; $53.37 | &nbsp;&nbsp; $41.14 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.45 | &nbsp;&nbsp; $0.75 | &nbsp;&nbsp; $0.77 | &nbsp;&nbsp; $0.80 | &nbsp;&nbsp; $0.69 | &nbsp;&nbsp; $0.59 |
| Net realized and unrealized gain (loss) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.71 |
| Total from investment operations | $4.45 | &nbsp;&nbsp; $3.00 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $3.21 | &nbsp;&nbsp; $(3.39)<br>| &nbsp;&nbsp; $13.30 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.37)<br>| &nbsp;&nbsp; $(0.80)<br>| &nbsp;&nbsp; $(0.78)<br>| &nbsp;&nbsp; $(0.77)<br>| &nbsp;&nbsp; $(0.70)<br>| &nbsp;&nbsp; $(0.60)<br>|
| From net realized gain | (3.87)<br>| &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(4.24)<br>| &nbsp;&nbsp; $(4.43)<br>| &nbsp;&nbsp; $(3.94)<br>| &nbsp;&nbsp; $(3.46)<br>| &nbsp;&nbsp; $(1.76)<br>| &nbsp;&nbsp; $(1.07)<br>|
| Net asset value, end of period (x) | $52.70 | &nbsp;&nbsp; $52.49 | &nbsp;&nbsp; $53.92 | &nbsp;&nbsp; $47.97 | &nbsp;&nbsp; $48.22 | &nbsp;&nbsp; $53.37 |
| Total return (%) (r)(s)(t)(x) | 8.96<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp;&nbsp;&nbsp;21.95 | &nbsp;&nbsp;&nbsp;&nbsp;6.87 | &nbsp;&nbsp; (6.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.85 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.81<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Expenses after expense reductions | 0.79<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net investment income (loss) | 1.77<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 8 |
| Net assets at end of period (000 omitted) | $2206209 | &nbsp;&nbsp; $2336956 | &nbsp;&nbsp; $2747116 | &nbsp;&nbsp; $2553121 | &nbsp;&nbsp; $2479059 | &nbsp;&nbsp; $2774355 |

---

**See Notes to Financial Statements**

------

MFS Value Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $52.79 | &nbsp;&nbsp; $54.20 | &nbsp;&nbsp; $48.21 | &nbsp;&nbsp; $48.44 | &nbsp;&nbsp; $53.61 | &nbsp;&nbsp; $41.31 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.52 | &nbsp;&nbsp; $0.88 | &nbsp;&nbsp; $0.89 | &nbsp;&nbsp; $0.92 | &nbsp;&nbsp; $0.82 | &nbsp;&nbsp; $0.70 |
| Net realized and unrealized gain (loss) | 4.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp; (4.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.78 |
| Total from investment operations | $4.54 | &nbsp;&nbsp; $3.15 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp; $3.35 | &nbsp;&nbsp; $(3.29)<br>| &nbsp;&nbsp; $13.48 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.44)<br>| &nbsp;&nbsp; $(0.93)<br>| &nbsp;&nbsp; $(0.91)<br>| &nbsp;&nbsp; $(0.89)<br>| &nbsp;&nbsp; $(0.82)<br>| &nbsp;&nbsp; $(0.71)<br>|
| From net realized gain | (3.87)<br>| &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(4.31)<br>| &nbsp;&nbsp; $(4.56)<br>| &nbsp;&nbsp; $(4.07)<br>| &nbsp;&nbsp; $(3.58)<br>| &nbsp;&nbsp; $(1.88)<br>| &nbsp;&nbsp; $(1.18)<br>|
| Net asset value, end of period (x) | $53.02 | &nbsp;&nbsp; $52.79 | &nbsp;&nbsp; $54.20 | &nbsp;&nbsp; $48.21 | &nbsp;&nbsp; $48.44 | &nbsp;&nbsp; $53.61 |
| Total return (%) (r)(s)(t)(x) | 9.10<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;&nbsp;&nbsp;22.23 | &nbsp;&nbsp;&nbsp;&nbsp;7.16 | &nbsp;&nbsp; (6.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;33.20 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Expenses after expense reductions | 0.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net investment income (loss) | 2.02<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 8 |
| Net assets at end of period (000 omitted) | $1065438 | &nbsp;&nbsp; $1293821 | &nbsp;&nbsp; $1711590 | &nbsp;&nbsp; $1803820 | &nbsp;&nbsp; $1936377 | &nbsp;&nbsp; $2625508 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $52.77 | &nbsp;&nbsp; $54.19 | &nbsp;&nbsp; $48.20 | &nbsp;&nbsp; $48.43 | &nbsp;&nbsp; $53.60 | &nbsp;&nbsp; $41.31 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.55 | &nbsp;&nbsp; $0.93 | &nbsp;&nbsp; $0.94 | &nbsp;&nbsp; $0.97 | &nbsp;&nbsp; $0.88 | &nbsp;&nbsp; $0.76 |
| Net realized and unrealized gain (loss) | 4.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp; (4.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.76 |
| Total from investment operations | $4.57 | &nbsp;&nbsp; $3.20 | &nbsp;&nbsp; $10.11 | &nbsp;&nbsp; $3.40 | &nbsp;&nbsp; $(3.23)<br>| &nbsp;&nbsp; $13.52 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.47)<br>| &nbsp;&nbsp; $(0.99)<br>| &nbsp;&nbsp; $(0.96)<br>| &nbsp;&nbsp; $(0.94)<br>| &nbsp;&nbsp; $(0.88)<br>| &nbsp;&nbsp; $(0.76)<br>|
| From net realized gain | (3.87)<br>| &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(4.34)<br>| &nbsp;&nbsp; $(4.62)<br>| &nbsp;&nbsp; $(4.12)<br>| &nbsp;&nbsp; $(3.63)<br>| &nbsp;&nbsp; $(1.94)<br>| &nbsp;&nbsp; $(1.23)<br>|
| Net asset value, end of period (x) | $53.00 | &nbsp;&nbsp; $52.77 | &nbsp;&nbsp; $54.19 | &nbsp;&nbsp; $48.20 | &nbsp;&nbsp; $48.43 | &nbsp;&nbsp; $53.60 |
| Total return (%) (r)(s)(t)(x) | 9.17<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;&nbsp;22.36 | &nbsp;&nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp; (6.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;33.33 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.45<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Expenses after expense reductions | 0.44<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net investment income (loss) | 2.12<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 8 |
| Net assets at end of period (000 omitted) | $18840493 | &nbsp;&nbsp; $19349814 | &nbsp;&nbsp; $21559490 | &nbsp;&nbsp; $20015706 | &nbsp;&nbsp; $20671878 | &nbsp;&nbsp; $22910207 |

---

**See Notes to Financial Statements**

------

MFS Value Fund

*Financial Highlights - continued*

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

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

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Value Fund

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

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

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

**(2) Significant Accounting Policies**

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

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

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

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

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after

------

MFS Value Fund

*Notes to Financial Statements (unaudited) - continued* 

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 February 28, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $55519160873 | $— | $— | $55519160873 |
| Investment Companies | 392606828 |  |  | 392606828 |
| Total | $55911767701 | $— | $— | $55911767701 |

---

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 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. 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. At February 28, 2026, there were no securities on loan or collateral outstanding.

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

------

MFS Value Fund

*Notes to Financial Statements (unaudited) - continued* 

**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 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 made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**8/31/25**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $1089961256 |
| Long-term capital gains | &nbsp;&nbsp; 3929485673 |
| Total distributions | &nbsp;&nbsp; $5019446929 |

---

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

---

| | |
|:---|:---|
| **As of 2/28/26** |  |
| Cost of investments | &nbsp;&nbsp; $27346876529 |
| Gross appreciation | &nbsp;&nbsp; 29114408652 |
| Gross depreciation | &nbsp;&nbsp; (549517480)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $28564891172 |
| **As of 8/31/25** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 131352612 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 3542313827 |
| Post-October capital loss deferral | &nbsp;&nbsp; (1627376)<br>|
| Other temporary differences | &nbsp;&nbsp; 1728678 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 26961563109 |

---

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

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share

------

MFS Value Fund

*Notes to Financial Statements (unaudited) - continued* 

dividend rates are generally due to differences in separate class expenses. Class B and Class C shares will convert to Class A shares approximately eight years after purchase. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**2/28/26**<br>| **Year** <br>**ended** <br>**8/31/25**<br>|
| Class A | $629838550 | &nbsp;&nbsp; $673361438 |
| Class B | 437937 | &nbsp;&nbsp; 980516 |
| Class C | 24620508 | &nbsp;&nbsp; 30210581 |
| Class I | 1968866666 | &nbsp;&nbsp; 2165831858 |
| Class R1 | 801082 | &nbsp;&nbsp; 797941 |
| Class R2 | 17604287 | &nbsp;&nbsp; 20694299 |
| Class R3 | 182168825 | &nbsp;&nbsp; 214498005 |
| Class R4 | 96614500 | &nbsp;&nbsp; 134340844 |
| Class R6 | 1535966245 | &nbsp;&nbsp; 1778731447 |
| Total | $4456918600 | &nbsp;&nbsp; $5019446929 |

---

**(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 $7.5 billion | 0.60% |
| In excess of $7.5 billion and up to $10 billion | 0.53% |
| In excess of $10 billion and up to $20 billion | 0.50% |
| In excess of $20 billion and up to $25 billion | 0.45% |
| In excess of $25 billion and up to $30 billion | 0.42% |
| In excess of $30 billion and up to $35 billion | 0.40% |
| In excess of $35 billion and up to $40 billion | 0.38% |
| In excess of $40 billion and up to $45 billion | 0.36% |
| In excess of $45 billion and up to $50 billion | 0.35% |
| In excess of $50 billion and up to $60 billion | 0.34% |
| In excess of $60 billion and up to $70 billion | 0.33% |
| In excess of $70 billion | 0.32% |

---

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 December 31, 2026. For the six months ended February 28, 2026, this management fee reduction amounted to $3,765,847, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended February 28, 2026 was equivalent to an annual effective rate of 0.43% of the fund's average daily net assets.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $210,380 for the six months ended February 28, 2026, as its portion of the initial sales charge on sales of Class A shares of the fund.

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

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

------

MFS Value Fund

*Notes to Financial Statements (unaudited) - continued* 

**Distribution Plan Fee Table:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Class A |  | 0.25% | 0.25% | 0.25% | $9880070 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | 29591 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 1600789 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 50980 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 560570 |
| Class R3 |  | 0.25% | 0.25% | 0.25% | 2820556 |
| Total Distribution and Service Fees  |  |  |  |  | $14942556 |

---

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

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

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

(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended February 28, 2026 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended February 28, 2026, this rebate amounted to $2,185, $8, $54, and $71 for Class A, Class B, Class C, and Class R2 shares, respectively, and is included in the reduction of total expenses in the Statement of Operations.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended February 28, 2026, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $27842 |
| Class B |  |
| Class C | 10176 |

---

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the six months ended February 28, 2026, the fee was $545,187, 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 six months ended February 28, 2026, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $19,709,775.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended February 28, 2026 was equivalent to an annual effective rate of 0.0010% 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.

On September 25, 2024, MFS redeemed 1 share of Class R4 for an aggregate amount of $41.

During the six months ended February 28, 2026, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the "Act") and relevant guidance, the fund engaged in purchase and sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") which amounted to $64,985,845 and $1,183,417, respectively. The sales transactions resulted in net realized gains (losses) of $(393,652).

------

MFS Value Fund

*Notes to Financial Statements (unaudited) - continued* 

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the six months ended February 28, 2026, this reimbursement amounted to $262,438, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the six months ended February 28, 2026, purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $3,893,402,146 and $8,938,697,562, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**2/28/26** | **Six months ended** <br>**2/28/26** | **Year ended** <br>**8/31/25** | **Year ended** <br>**8/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Class A | 7595735 | &nbsp;&nbsp; $391340001 | &nbsp;&nbsp; 14966766 | &nbsp;&nbsp; $758930033 |
| Class B | 34 | &nbsp;&nbsp; 1810 | &nbsp;&nbsp; 758 | &nbsp;&nbsp; 38039 |
| Class C | 361502 | &nbsp;&nbsp; 18418780 | &nbsp;&nbsp; 829824 | &nbsp;&nbsp; 41616025 |
| Class I | 32126240 | &nbsp;&nbsp; 1675280681 | &nbsp;&nbsp; 74868813 | &nbsp;&nbsp; 3838035868 |
| Class R1 | 8843 | &nbsp;&nbsp; 447168 | &nbsp;&nbsp; 24412 | &nbsp;&nbsp; 1217099 |
| Class R2 | 204032 | &nbsp;&nbsp; 10442153 | &nbsp;&nbsp; 528664 | &nbsp;&nbsp; 26483004 |
| Class R3 | 2116546 | &nbsp;&nbsp; 109581150 | &nbsp;&nbsp; 6841322 | &nbsp;&nbsp; 349081273 |
| Class R4 | 1015936 | &nbsp;&nbsp; 52676932 | &nbsp;&nbsp; 2703392 | &nbsp;&nbsp; 137632554 |
| Class R6 | 24688084 | &nbsp;&nbsp; 1283587496 | &nbsp;&nbsp; 47059369 | &nbsp;&nbsp; 2412274720 |
|  | 68116952 | &nbsp;&nbsp; $3541776171 | &nbsp;&nbsp; 147823320 | &nbsp;&nbsp; $7565308615 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Class A | 10209343 | &nbsp;&nbsp; $512843049 | &nbsp;&nbsp; 11092094 | &nbsp;&nbsp; $551314007 |
| Class B | 8717 | &nbsp;&nbsp; 437937 | &nbsp;&nbsp; 19753 | &nbsp;&nbsp; 978701 |
| Class C | 430031 | &nbsp;&nbsp; 21286683 | &nbsp;&nbsp; 519599 | &nbsp;&nbsp; 25435682 |
| Class I | 31426135 | &nbsp;&nbsp; 1591669915 | &nbsp;&nbsp; 35375738 | &nbsp;&nbsp; 1772611359 |
| Class R1 | 16408 | &nbsp;&nbsp; 801082 | &nbsp;&nbsp; 16497 | &nbsp;&nbsp; 797941 |
| Class R2 | 354415 | &nbsp;&nbsp; 17540635 | &nbsp;&nbsp; 420633 | &nbsp;&nbsp; 20614834 |
| Class R3 | 3649008 | &nbsp;&nbsp; 182168825 | &nbsp;&nbsp; 4339871 | &nbsp;&nbsp; 214490284 |
| Class R4 | 1842846 | &nbsp;&nbsp; 92524747 | &nbsp;&nbsp; 2620533 | &nbsp;&nbsp; 130259072 |
| Class R6 | 28078957 | &nbsp;&nbsp; 1409064369 | &nbsp;&nbsp; 32779950 | &nbsp;&nbsp; 1628870040 |
|  | 76015860 | &nbsp;&nbsp; $3828337242 | &nbsp;&nbsp; 87184668 | &nbsp;&nbsp; $4345371920 |
| Shares reacquired |  |  |  |  |
| Class A | (15679578)<br>| &nbsp;&nbsp; $(812420609)<br>| &nbsp;&nbsp; (28165198)<br>| &nbsp;&nbsp; $(1434285103)<br>|
| Class B | (53592)<br>| &nbsp;&nbsp; (2775634)<br>| &nbsp;&nbsp; (195553)<br>| &nbsp;&nbsp; (9973733)<br>|
| Class C | (1335147)<br>| &nbsp;&nbsp; (68279115)<br>| &nbsp;&nbsp; (2848354)<br>| &nbsp;&nbsp; (143266176)<br>|
| Class I | (67627529)<br>| &nbsp;&nbsp; (3545235728)<br>| &nbsp;&nbsp; (121969339)<br>| &nbsp;&nbsp; (6266545462)<br>|
| Class R1 | (15900)<br>| &nbsp;&nbsp; (800528)<br>| &nbsp;&nbsp; (42546)<br>| &nbsp;&nbsp; (2101657)<br>|
| Class R2 | (867127)<br>| &nbsp;&nbsp; (44508068)<br>| &nbsp;&nbsp; (1631309)<br>| &nbsp;&nbsp; (82365242)<br>|
| Class R3 | (8423413)<br>| &nbsp;&nbsp; (435351496)<br>| &nbsp;&nbsp; (17607324)<br>| &nbsp;&nbsp; (896000471)<br>|
| Class R4 | (7272109)<br>| &nbsp;&nbsp; (376346744)<br>| &nbsp;&nbsp; (12391727)<br>| &nbsp;&nbsp; (633689759)<br>|
| Class R6 | (63928678)<br>| &nbsp;&nbsp; (3322330290)<br>| &nbsp;&nbsp; (111007254)<br>| &nbsp;&nbsp; (5658955021)<br>|
|  | (165203073)<br>| &nbsp;&nbsp; $(8608048212)<br>| &nbsp;&nbsp; (295858604)<br>| &nbsp;&nbsp; $(15127182624)<br>|

---

------

MFS Value Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **2/28/26** | **Six months ended**<br> **2/28/26** | **Year ended**<br> **8/31/25** | **Year ended**<br> **8/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Net change |  |  |  |  |
| Class A | 2125500 | &nbsp;&nbsp; $91762441 | &nbsp;&nbsp; (2106338)<br>| &nbsp;&nbsp; $(124041063)<br>|
| Class B | (44841)<br>| &nbsp;&nbsp; (2335887)<br>| &nbsp;&nbsp; (175042)<br>| &nbsp;&nbsp; (8956993)<br>|
| Class C | (543614)<br>| &nbsp;&nbsp; (28573652)<br>| &nbsp;&nbsp; (1498931)<br>| &nbsp;&nbsp; (76214469)<br>|
| Class I | (4075154)<br>| &nbsp;&nbsp; (278285132)<br>| &nbsp;&nbsp; (11724788)<br>| &nbsp;&nbsp; (655898235)<br>|
| Class R1 | 9351 | &nbsp;&nbsp; 447722 | &nbsp;&nbsp; (1637)<br>| &nbsp;&nbsp; (86617)<br>|
| Class R2 | (308680)<br>| &nbsp;&nbsp; (16525280)<br>| &nbsp;&nbsp; (682012)<br>| &nbsp;&nbsp; (35267404)<br>|
| Class R3 | (2657859)<br>| &nbsp;&nbsp; (143601521)<br>| &nbsp;&nbsp; (6426131)<br>| &nbsp;&nbsp; (332428914)<br>|
| Class R4 | (4413327)<br>| &nbsp;&nbsp; (231145065)<br>| &nbsp;&nbsp; (7067802)<br>| &nbsp;&nbsp; (365798133)<br>|
| Class R6 | (11161637)<br>| &nbsp;&nbsp; (629678425)<br>| &nbsp;&nbsp; (31167935)<br>| &nbsp;&nbsp; (1617810261)<br>|
|  | (21070261)<br>| &nbsp;&nbsp; $(1237934799)<br>| &nbsp;&nbsp; (60850616)<br>| &nbsp;&nbsp; $(3216502089)<br>|

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Growth Allocation Fund was the owner of record of approximately 1% 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 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, the MFS Managed Wealth 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 June 1, 2019, purchases of the fund's Class B shares were closed to new and existing investors subject to certain exceptions. Effective September 29, 2023, purchases of the fund's Class R1 and Class R2 shares were closed to new eligible investors.

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate), 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended February 28, 2026, the fund's commitment fee and interest expense were $131,791 and $6,163, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the six months ended February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio | $410427525 | $4156764860 | $4174585492 | $16156 | $(16221)<br>| $392606828 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $4903303 | $— |

---

------

MFS Value Fund

*Notes to Financial Statements (unaudited) - continued* 

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

**(8) Redemptions In-Kind**

On February 6, 2026, the fund recorded a redemption in-kind of portfolio securities and cash that was valued at $57,926,164. 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 of $34,754,874 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.

------

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

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

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

There is nothing to report for this item for MFS 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 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 Low Volatility Global Equity Fund

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

MFS Low Volatility Global Equity Fund

**Portfolio of Investments - 2/28/26 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 97.8% | Common Stocks – 97.8% | Common Stocks – 97.8% |
| Aerospace & Defense – 3.4% | Aerospace & Defense – 3.4% |  |
| General Dynamics Corp. | 13540 | &nbsp;&nbsp; $4834457 |
| Leidos Holdings, Inc. | 8482 | &nbsp;&nbsp; 1485198 |
| Singapore Technologies Engineering Ltd. | 282400 | &nbsp;&nbsp; 2225890 |
| Teledyne Technologies, Inc. (a) | 3115 | &nbsp;&nbsp; 2121626 |
|  |  | &nbsp;&nbsp; $10667171 |
| Alcoholic Beverages – 0.6% | Alcoholic Beverages – 0.6% |  |
| Kirin Holdings Co. Ltd. | 103300 | &nbsp;&nbsp; $1790626 |
| Automotive – 0.8% | Automotive – 0.8% |  |
| USS Co. Ltd. | 198300 | &nbsp;&nbsp; $2415815 |
| Brokerage & Asset Managers – 0.6% | Brokerage & Asset Managers – 0.6% |  |
| IG Group Holdings PLC | 107788 | &nbsp;&nbsp; $1889840 |
| Business Services – 6.0% | Business Services – 6.0% |  |
| Accenture PLC, "A" | 9319 | &nbsp;&nbsp; $1945062 |
| Amano Corp. | 118300 | &nbsp;&nbsp; 3105124 |
| CGI, Inc. | 27052 | &nbsp;&nbsp; 1984535 |
| Compass Group PLC | 81506 | &nbsp;&nbsp; 2502192 |
| OBIC Co. Ltd. | 51200 | &nbsp;&nbsp; 1377005 |
| Otsuka Corp. | 185100 | &nbsp;&nbsp; 3732462 |
| Scout24 AG | 32032 | &nbsp;&nbsp; 2734591 |
| TIS, Inc. | 58800 | &nbsp;&nbsp; 1213916 |
|  |  | &nbsp;&nbsp; $18594887 |
| Computer Software – 4.2% | Computer Software – 4.2% |  |
| Check Point Software Technologies Ltd. (a) | 6137 | &nbsp;&nbsp; $933253 |
| Constellation Software, Inc. | 1638 | &nbsp;&nbsp; 3026899 |
| Intuit, Inc. | 2687 | &nbsp;&nbsp; 1099064 |
| Microsoft Corp. | 16037 | &nbsp;&nbsp; 6298371 |
| Tyler Technologies, Inc. (a) | 4490 | &nbsp;&nbsp; 1592558 |
|  |  | &nbsp;&nbsp; $12950145 |
| Computer Software - Systems – 2.6% | Computer Software - Systems – 2.6% |  |
| Apple, Inc. | 4781 | &nbsp;&nbsp; $1263044 |
| Hitachi Ltd. | 41000 | &nbsp;&nbsp; 1372049 |
| SS&C Technologies Holdings, Inc. | 21814 | &nbsp;&nbsp; 1642376 |
| Venture Corp. Ltd. | 312700 | &nbsp;&nbsp; 3863943 |
|  |  | &nbsp;&nbsp; $8141412 |
| Construction – 0.4% | Construction – 0.4% |  |
| AvalonBay Communities, Inc., REIT | 7186 | &nbsp;&nbsp; $1273575 |

---

LVOFS-SEM

------

MFS Low Volatility Global Equity Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Consumer Products – 4.5% | Consumer Products – 4.5% |  |
| Colgate-Palmolive Co. | 80516 | &nbsp;&nbsp; $7982357 |
| Kimberly-Clark Corp. | 20155 | &nbsp;&nbsp; 2246073 |
| Procter & Gamble Co. | 21916 | &nbsp;&nbsp; 3664355 |
|  |  | &nbsp;&nbsp; $13892785 |
| Consumer Services – 0.3% | Consumer Services – 0.3% |  |
| Booking Holdings, Inc. | 217 | &nbsp;&nbsp; $919939 |
| Containers – 0.8% | Containers – 0.8% |  |
| Viscofan S.A. | 34350 | &nbsp;&nbsp; $2406866 |
| Electrical Equipment – 1.1% | Electrical Equipment – 1.1% |  |
| TE Connectivity PLC | 15118 | &nbsp;&nbsp; $3479408 |
| Electronics – 4.3% | Electronics – 4.3% |  |
| Analog Devices, Inc. | 20423 | &nbsp;&nbsp; $7266299 |
| KLA Corp. | 1117 | &nbsp;&nbsp; 1702923 |
| NXP Semiconductors N.V. | 8811 | &nbsp;&nbsp; 2000185 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 6173 | &nbsp;&nbsp; 2312282 |
|  |  | &nbsp;&nbsp; $13281689 |
| Energy - Integrated – 0.9% | Energy - Integrated – 0.9% |  |
| Aker BP ASA | 47569 | &nbsp;&nbsp; $1431828 |
| TotalEnergies SE | 17770 | &nbsp;&nbsp; 1412680 |
|  |  | &nbsp;&nbsp; $2844508 |
| Food & Beverages – 4.4% | Food & Beverages – 4.4% |  |
| Arca Continental S.A.B. de C.V. | 159504 | &nbsp;&nbsp; $1919753 |
| General Mills, Inc. | 48384 | &nbsp;&nbsp; 2188408 |
| Gruma S.A.B. de C.V. | 95633 | &nbsp;&nbsp; 1714420 |
| Mondelez International, Inc. | 25423 | &nbsp;&nbsp; 1565548 |
| Orion Corp. | 37560 | &nbsp;&nbsp; 3483145 |
| PepsiCo, Inc. | 16743 | &nbsp;&nbsp; 2841957 |
|  |  | &nbsp;&nbsp; $13713231 |
| Food & Drug Stores – 0.9% | Food & Drug Stores – 0.9% |  |
| Tesco PLC | 440633 | &nbsp;&nbsp; $2853896 |
| Forest & Paper Products – 1.2% | Forest & Paper Products – 1.2% |  |
| Suzano S.A. | 319400 | &nbsp;&nbsp; $3613615 |
| General Merchandise – 1.2% | General Merchandise – 1.2% |  |
| Dollarama, Inc. | 26059 | &nbsp;&nbsp; $3836493 |
| Health Maintenance Organizations – 0.9% | Health Maintenance Organizations – 0.9% |  |
| Cigna Group | 9466 | &nbsp;&nbsp; $2743436 |
| Insurance – 4.2% | Insurance – 4.2% |  |
| Ameriprise Financial, Inc. | 3427 | &nbsp;&nbsp; $1611101 |
| Chubb Ltd. | 8128 | &nbsp;&nbsp; 2770510 |
| Everest Group Ltd. | 10803 | &nbsp;&nbsp; 3624299 |
| Hartford Insurance Group, Inc. | 9877 | &nbsp;&nbsp; 1390978 |

---

------

MFS Low Volatility Global Equity Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Insurance – continued | Insurance – continued |  |
| MetLife, Inc. | 29375 | &nbsp;&nbsp; $2117056 |
| Sampo OYJ, "A" | 126366 | &nbsp;&nbsp; 1401761 |
|  |  | &nbsp;&nbsp; $12915705 |
| Interactive Media Services – 2.6% | Interactive Media Services – 2.6% |  |
| Alphabet, Inc., "A" | 21259 | &nbsp;&nbsp; $6627706 |
| NAVER Corp. | 8798 | &nbsp;&nbsp; 1556546 |
|  |  | &nbsp;&nbsp; $8184252 |
| Machinery & Tools – 0.9% | Machinery & Tools – 0.9% |  |
| Roper Technologies, Inc. | 7959 | &nbsp;&nbsp; $2783501 |
| Major Banks – 4.7% | Major Banks – 4.7% |  |
| DBS Group Holdings Ltd. | 135740 | &nbsp;&nbsp; $6129709 |
| Goldman Sachs Group, Inc. | 1571 | &nbsp;&nbsp; 1350385 |
| JPMorgan Chase & Co. | 17418 | &nbsp;&nbsp; 5230625 |
| Royal Bank of Canada | 11170 | &nbsp;&nbsp; 1867959 |
|  |  | &nbsp;&nbsp; $14578678 |
| Medical & Health Technology & Services – 5.4% | Medical & Health Technology & Services – 5.4% |  |
| Encompass Health Corp. | 22036 | &nbsp;&nbsp; $2377244 |
| McKesson Corp. | 11705 | &nbsp;&nbsp; 11557166 |
| Ventas, Inc., REIT | 30983 | &nbsp;&nbsp; 2669495 |
|  |  | &nbsp;&nbsp; $16603905 |
| Medical Equipment – 2.1% | Medical Equipment – 2.1% |  |
| Becton, Dickinson and Co. | 10705 | &nbsp;&nbsp; $1889219 |
| Fisher & Paykel Healthcare Corp. Ltd. | 62563 | &nbsp;&nbsp; 1534913 |
| Medtronic PLC | 15408 | &nbsp;&nbsp; 1504745 |
| STERIS PLC | 4618 | &nbsp;&nbsp; 1165352 |
| Waters Corp. (a) | 1448 | &nbsp;&nbsp; 462462 |
|  |  | &nbsp;&nbsp; $6556691 |
| Natural Gas - Distribution – 1.4% | Natural Gas - Distribution – 1.4% |  |
| Atmos Energy Corp. | 8369 | &nbsp;&nbsp; $1563246 |
| Italgas S.p.A. | 209874 | &nbsp;&nbsp; 2712979 |
|  |  | &nbsp;&nbsp; $4276225 |
| Natural Gas - Pipeline – 0.6% | Natural Gas - Pipeline – 0.6% |  |
| Enbridge, Inc. | 35467 | &nbsp;&nbsp; $1884310 |
| Network & Telecom – 1.6% | Network & Telecom – 1.6% |  |
| Motorola Solutions, Inc. | 10040 | &nbsp;&nbsp; $4841890 |
| Other Banks & Diversified Financials – 2.5% | Other Banks & Diversified Financials – 2.5% |  |
| American Express Co. | 4610 | &nbsp;&nbsp; $1424029 |
| Banco de Oro Unibank, Inc. | 1501179 | &nbsp;&nbsp; 3574298 |
| Mastercard, Inc., "A" | 3076 | &nbsp;&nbsp; 1590938 |
| Visa, Inc., "A" | 3888 | &nbsp;&nbsp; 1244704 |
|  |  | &nbsp;&nbsp; $7833969 |

---

------

MFS Low Volatility Global Equity Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Pharmaceuticals – 8.7% | Pharmaceuticals – 8.7% |  |
| AbbVie, Inc. | 5777 | &nbsp;&nbsp; $1340726 |
| Johnson & Johnson | 37976 | &nbsp;&nbsp; 9434378 |
| Merck & Co., Inc. | 23283 | &nbsp;&nbsp; 2882901 |
| Pfizer, Inc. | 50248 | &nbsp;&nbsp; 1389357 |
| Roche Holding AG | 20801 | &nbsp;&nbsp; 9929072 |
| Vertex Pharmaceuticals, Inc. (a) | 3756 | &nbsp;&nbsp; 1866094 |
|  |  | &nbsp;&nbsp; $26842528 |
| Pollution Control – 1.0% | Pollution Control – 1.0% |  |
| Republic Services, Inc. | 13408 | &nbsp;&nbsp; $3070432 |
| Precious Metals & Minerals – 2.8% | Precious Metals & Minerals – 2.8% |  |
| Franco-Nevada Corp. | 30785 | &nbsp;&nbsp; $8604137 |
| Railroad & Shipping – 2.1% | Railroad & Shipping – 2.1% |  |
| International Container Terminal Services, Inc. | 201090 | &nbsp;&nbsp; $2503817 |
| Sankyu, Inc. | 41400 | &nbsp;&nbsp; 2662972 |
| West Japan Railway Co. | 67300 | &nbsp;&nbsp; 1445421 |
|  |  | &nbsp;&nbsp; $6612210 |
| Real Estate – 2.3% | Real Estate – 2.3% |  |
| NNN REIT, Inc. | 60251 | &nbsp;&nbsp; $2730575 |
| Regency Centers Corp., REIT | 22618 | &nbsp;&nbsp; 1786822 |
| W.P. Carey, Inc., REIT | 34333 | &nbsp;&nbsp; 2562959 |
|  |  | &nbsp;&nbsp; $7080356 |
| Restaurants – 0.9% | Restaurants – 0.9% |  |
| Jollibee Foods Corp. | 790810 | &nbsp;&nbsp; $2934767 |
| Specialty Chemicals – 0.5% | Specialty Chemicals – 0.5% |  |
| RPM International, Inc. | 13365 | &nbsp;&nbsp; $1525214 |
| Specialty Stores – 2.0% | Specialty Stores – 2.0% |  |
| AutoZone, Inc. (a) | 358 | &nbsp;&nbsp; $1344498 |
| O'Reilly Automotive, Inc. (a) | 17777 | &nbsp;&nbsp; 1668905 |
| TJX Cos., Inc. | 20160 | &nbsp;&nbsp; 3259065 |
|  |  | &nbsp;&nbsp; $6272468 |
| Telecom Services – 5.7% | Telecom Services – 5.7% |  |
| Advanced Info Service Public Co. Ltd. | 155200 | &nbsp;&nbsp; $1897250 |
| KDDI Corp. | 226100 | &nbsp;&nbsp; 3867148 |
| Koninklijke KPN N.V. | 1400968 | &nbsp;&nbsp; 7947498 |
| Orange S.A. | 111396 | &nbsp;&nbsp; 2394268 |
| Quebecor, Inc., "B" | 40511 | &nbsp;&nbsp; 1675324 |
|  |  | &nbsp;&nbsp; $17781488 |
| Tobacco – 0.8% | Tobacco – 0.8% |  |
| British American Tobacco PLC | 40200 | &nbsp;&nbsp; $2513746 |

---

------

MFS Low Volatility Global Equity Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Utilities - Electric Power – 5.3% | Utilities - Electric Power – 5.3% |  |
| Ameren Corp. | 23146 | &nbsp;&nbsp; $2621979 |
| CLP Holdings Ltd. | 641500 | &nbsp;&nbsp; 6084222 |
| Duke Energy Corp. | 18599 | &nbsp;&nbsp; 2433679 |
| Evergy, Inc. | 25445 | &nbsp;&nbsp; 2128729 |
| Xcel Energy, Inc. | 37667 | &nbsp;&nbsp; 3139921 |
|  |  | &nbsp;&nbsp; $16408530 |
| Utilities - Water – 0.6% | Utilities - Water – 0.6% |  |
| Companhia de Saneamento Basico do Estado de Sao Paulo | 64073 | &nbsp;&nbsp; $1923377 |
| **Total Common Stocks (Identified Cost, $212,612,462)** |  | &nbsp;&nbsp; **$303337716** |
| Preferred Stocks – 1.5% | Preferred Stocks – 1.5% | Preferred Stocks – 1.5% |
| Computer Software - Systems – 1.5% |  |  |
| Samsung Electronics Co. Ltd. (Identified Cost, $1,823,721) | 46659 | &nbsp;&nbsp; $4664278 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strike** <br>**Price**<br>| &nbsp;&nbsp; **First** <br>**Exercise**<br>|  |  |
| Warrants – 0.0% |  |  |  |  |
| Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% |
| Constellation Software, Inc. (CAD 100 principal amount of Series 2 Debentures for 1 warrant, Expiration 3/31/40) (a) <br> (Identified Cost, $0)<br>| CAD 11.5 | N/A | 2938 | &nbsp;&nbsp; $0 |

---

---

| | | |
|:---|:---|:---|
| Mutual Funds (h) – 0.4% | Mutual Funds (h) – 0.4% | Mutual Funds (h) – 0.4% |
| Money Market Funds – 0.4% | Money Market Funds – 0.4% |  |
| MFS Institutional Money Market Portfolio, 3.7% (v) (Identified Cost, $1,446,899) | 1446754 | &nbsp;&nbsp; $1446899 |
| Other Assets, Less Liabilities – 0.3% |  | &nbsp;&nbsp; 797539 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$310246432** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $1,446,899 and $308,001,994, respectively.

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

---

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

---

**See Notes to Financial Statements**

------

MFS Low Volatility Global Equity Fund

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

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

---

| | |
|:---|:---|
| **At 2/28/26 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $214,436,183) | &nbsp;&nbsp; $308001994 |
| Investments in affiliated issuers, at value (identified cost, $1,446,899) | &nbsp;&nbsp; 1446899 |
| Cash | &nbsp;&nbsp; 9 |
| Foreign currency, at value (identified cost, $24) | &nbsp;&nbsp; 24 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 242528 |
| Interest and dividends | &nbsp;&nbsp; 830709 |
| Other assets | &nbsp;&nbsp; 60165 |
| Total assets | &nbsp;&nbsp; $310582328 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $101461 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 6075 |
| Administrative services fee | &nbsp;&nbsp; 431 |
| Shareholder servicing costs | &nbsp;&nbsp; 28781 |
| Distribution and service fees | &nbsp;&nbsp; 1183 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 1324 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 120514 |
| Payable for audit and tax fees | &nbsp;&nbsp; 37144 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 38983 |
| Total liabilities | &nbsp;&nbsp; $335896 |
| Net assets | &nbsp;&nbsp; $310246432 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $207599442 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 102646990 |
| Net assets | &nbsp;&nbsp; $310246432 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 16684018 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share (a)**<br>|
| Class A | &nbsp;&nbsp;&nbsp; $39319886 | &nbsp;&nbsp;&nbsp; 2113771 | &nbsp;&nbsp;&nbsp; $18.60 |
| Class B | &nbsp;&nbsp;&nbsp; 162150 | &nbsp;&nbsp;&nbsp; 8799 | &nbsp;&nbsp;&nbsp;&nbsp;18.43 |
| Class C | &nbsp;&nbsp;&nbsp; 4045463 | &nbsp;&nbsp;&nbsp; 220403 | &nbsp;&nbsp;&nbsp;&nbsp;18.35 |
| Class I | &nbsp;&nbsp;&nbsp; 114898204 | &nbsp;&nbsp;&nbsp; 6173595 | &nbsp;&nbsp;&nbsp;&nbsp;18.61 |
| Class R1 | &nbsp;&nbsp;&nbsp; 214502 | &nbsp;&nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp;&nbsp;18.49 |
| Class R2 | &nbsp;&nbsp;&nbsp; 251737 | &nbsp;&nbsp;&nbsp; 13510 | &nbsp;&nbsp;&nbsp;&nbsp;18.63 |
| Class R3 | &nbsp;&nbsp;&nbsp; 141732 | &nbsp;&nbsp;&nbsp; 7604 | &nbsp;&nbsp;&nbsp;&nbsp;18.64 |
| Class R4 | &nbsp;&nbsp;&nbsp; 138638 | &nbsp;&nbsp;&nbsp; 7447 | &nbsp;&nbsp;&nbsp;&nbsp;18.62 |
| Class R6 | &nbsp;&nbsp;&nbsp; 151074120 | &nbsp;&nbsp;&nbsp; 8127289 | &nbsp;&nbsp;&nbsp;&nbsp;18.59 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Maximum offering price per share was equal to the net asset value per share for all
 share classes, except for Class A, for which the maximum offering price per share was $19.73 [100 / 94.25 x $18.60]. On sales of $50,000 or
 more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class
 A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and
 R6.

**See Notes to Financial Statements**

------

MFS Low Volatility Global Equity Fund

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

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

---

| | |
|:---|:---|
| **Six months ended 2/28/26 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $3067791 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 30182 |
| Other | &nbsp;&nbsp; 8796 |
| Income on securities loaned | &nbsp;&nbsp; 2884 |
| Interest | &nbsp;&nbsp; 1002 |
| Foreign taxes withheld | &nbsp;&nbsp; (124266)<br>|
| Total investment income | &nbsp;&nbsp; $2986389 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $808834 |
| Distribution and service fees | &nbsp;&nbsp; 69491 |
| Shareholder servicing costs | &nbsp;&nbsp; 75486 |
| Administrative services fee | &nbsp;&nbsp; 24358 |
| Independent Trustees' compensation | &nbsp;&nbsp; 3945 |
| Custodian fee | &nbsp;&nbsp; 35835 |
| Shareholder communications | &nbsp;&nbsp; 9589 |
| Audit and tax fees | &nbsp;&nbsp; 37610 |
| Legal fees | &nbsp;&nbsp; 771 |
| Registration fees | &nbsp;&nbsp; 65441 |
| Miscellaneous | &nbsp;&nbsp; 21869 |
| Total expenses | &nbsp;&nbsp; $1153229 |
| Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp; (51754)<br>|
| Net expenses | &nbsp;&nbsp; $1101475 |
| Net investment income (loss) | &nbsp;&nbsp; $1884914 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers (includes $77,458 foreign capital gains tax) | &nbsp;&nbsp; $19697342 |
| Affiliated issuers | &nbsp;&nbsp; 39 |
| Foreign currency | &nbsp;&nbsp; (53255)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; $19644126 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers (includes $9,440 decrease in deferred foreign capital gains tax) | &nbsp;&nbsp; $10337305 |
| Affiliated issuers | &nbsp;&nbsp; (42)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 13861 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $10351124 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $29995250 |
| Change in net assets from operations | &nbsp;&nbsp; $31880164 |

---

**See Notes to Financial Statements**

------

MFS Low Volatility Global Equity Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**2/28/26** <br>**(unaudited)**<br>| <br>**8/31/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $1884914 | &nbsp;&nbsp; $4619732 |
| Net realized gain (loss) | 19644126 | &nbsp;&nbsp; 21674552 |
| Net unrealized gain (loss) | 10351124 | &nbsp;&nbsp; (2993361)<br>|
| Change in net assets from operations | $31880164 | &nbsp;&nbsp; $23300923 |
| Total distributions to shareholders | $(27546433)<br>| &nbsp;&nbsp; $(20401101)<br>|
| Change in net assets from fund share transactions | $3205908 | &nbsp;&nbsp; $21302067 |
| Total change in net assets | $7539639 | &nbsp;&nbsp; $24201889 |
| **Net assets** |  |  |
| At beginning of period | 302706793 | &nbsp;&nbsp; 278504904 |
| At end of period | $310246432 | &nbsp;&nbsp; $302706793 |

---

**See Notes to Financial Statements**

------

MFS Low Volatility Global Equity Fund

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $18.44 | &nbsp;&nbsp; $18.34 | &nbsp;&nbsp; $15.08 | &nbsp;&nbsp; $14.14 | &nbsp;&nbsp; $17.04 | &nbsp;&nbsp; $14.18 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.09 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.17 |
| Net realized and unrealized gain (loss) | 1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.90 |
| Total from investment operations | $1.90 | &nbsp;&nbsp; $1.40 | &nbsp;&nbsp; $3.53 | &nbsp;&nbsp; $1.47 | &nbsp;&nbsp; $(1.45)<br>| &nbsp;&nbsp; $3.07 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.10)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.21)<br>|
| From net realized gain | (1.64)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.29)<br>|  |
| Total distributions declared to shareholders | $(1.74)<br>| &nbsp;&nbsp; $(1.30)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.53)<br>| &nbsp;&nbsp; $(1.45)<br>| &nbsp;&nbsp; $(0.21)<br>|
| Net asset value, end of period (x) | $18.60 | &nbsp;&nbsp; $18.44 | &nbsp;&nbsp; $18.34 | &nbsp;&nbsp; $15.08 | &nbsp;&nbsp; $14.14 | &nbsp;&nbsp; $17.04 |
| Total return (%) (r)(s)(t)(x) | 11.03<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.25 | &nbsp;&nbsp;&nbsp;&nbsp;23.65 | &nbsp;&nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp; (9.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.83 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.03<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Expenses after expense reductions | 0.99<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net investment income (loss) | 1.03<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $39320 | &nbsp;&nbsp; $37930 | &nbsp;&nbsp; $36129 | &nbsp;&nbsp; $33745 | &nbsp;&nbsp; $25531 | &nbsp;&nbsp; $25815 |

---

**See Notes to Financial Statements**

------

MFS Low Volatility Global Equity Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $18.27 | &nbsp;&nbsp; $18.18 | &nbsp;&nbsp; $14.94 | &nbsp;&nbsp; $14.00 | &nbsp;&nbsp; $16.90 | &nbsp;&nbsp; $14.08 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.03 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.06 |
| Net realized and unrealized gain (loss) | 1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.86 |
| Total from investment operations | $1.82 | &nbsp;&nbsp; $1.25 | &nbsp;&nbsp; $3.38 | &nbsp;&nbsp; $1.35 | &nbsp;&nbsp; $(1.55)<br>| &nbsp;&nbsp; $2.92 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.02)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.10)<br>|
| From net realized gain | (1.64)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.29)<br>|  |
| Total distributions declared to shareholders | $(1.66)<br>| &nbsp;&nbsp; $(1.16)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.41)<br>| &nbsp;&nbsp; $(1.35)<br>| &nbsp;&nbsp; $(0.10)<br>|
| Net asset value, end of period (x) | $18.43 | &nbsp;&nbsp; $18.27 | &nbsp;&nbsp; $18.18 | &nbsp;&nbsp; $14.94 | &nbsp;&nbsp; $14.00 | &nbsp;&nbsp; $16.90 |
| Total return (%) (r)(s)(t)(x) | 10.66<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.41 | &nbsp;&nbsp;&nbsp;&nbsp;22.73 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp; (10.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.88 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.77<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| Expenses after expense reductions | 1.74<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Net investment income (loss) | 0.30<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $162 | &nbsp;&nbsp; $183 | &nbsp;&nbsp; $229 | &nbsp;&nbsp; $361 | &nbsp;&nbsp; $438 | &nbsp;&nbsp; $475 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $18.21 | &nbsp;&nbsp; $18.13 | &nbsp;&nbsp; $14.91 | &nbsp;&nbsp; $13.98 | &nbsp;&nbsp; $16.88 | &nbsp;&nbsp; $14.05 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.03 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.06 |
| Net realized and unrealized gain (loss) | 1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| Total from investment operations | $1.80 | &nbsp;&nbsp; $1.25 | &nbsp;&nbsp; $3.37 | &nbsp;&nbsp; $1.35 | &nbsp;&nbsp; $(1.55)<br>| &nbsp;&nbsp; $2.94 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.02)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.11)<br>|
| From net realized gain | (1.64)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.29)<br>|  |
| Total distributions declared to shareholders | $(1.66)<br>| &nbsp;&nbsp; $(1.17)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.42)<br>| &nbsp;&nbsp; $(1.35)<br>| &nbsp;&nbsp; $(0.11)<br>|
| Net asset value, end of period (x) | $18.35 | &nbsp;&nbsp; $18.21 | &nbsp;&nbsp; $18.13 | &nbsp;&nbsp; $14.91 | &nbsp;&nbsp; $13.98 | &nbsp;&nbsp; $16.88 |
| Total return (%) (r)(s)(t)(x) | 10.60<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.43 | &nbsp;&nbsp;&nbsp;&nbsp;22.73 | &nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp; (10.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.00 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.78<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Expenses after expense reductions | 1.74<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Net investment income (loss) | 0.28<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $4045 | &nbsp;&nbsp; $3939 | &nbsp;&nbsp; $3902 | &nbsp;&nbsp; $3405 | &nbsp;&nbsp; $3001 | &nbsp;&nbsp; $3133 |

---

**See Notes to Financial Statements**

------

MFS Low Volatility Global Equity Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $18.45 | &nbsp;&nbsp; $18.35 | &nbsp;&nbsp; $15.09 | &nbsp;&nbsp; $14.14 | &nbsp;&nbsp; $17.05 | &nbsp;&nbsp; $14.18 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.12 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.21 |
| Net realized and unrealized gain (loss) | 1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.90 |
| Total from investment operations | $1.92 | &nbsp;&nbsp; $1.45 | &nbsp;&nbsp; $3.57 | &nbsp;&nbsp; $1.51 | &nbsp;&nbsp; $(1.42)<br>| &nbsp;&nbsp; $3.11 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.12)<br>| &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.24)<br>|
| From net realized gain | (1.64)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.29)<br>|  |
| Total distributions declared to shareholders | $(1.76)<br>| &nbsp;&nbsp; $(1.35)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp; $(1.49)<br>| &nbsp;&nbsp; $(0.24)<br>|
| Net asset value, end of period (x) | $18.61 | &nbsp;&nbsp; $18.45 | &nbsp;&nbsp; $18.35 | &nbsp;&nbsp; $15.09 | &nbsp;&nbsp; $14.14 | &nbsp;&nbsp; $17.05 |
| Total return (%) (r)(s)(t)(x) | 11.18<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.51 | &nbsp;&nbsp;&nbsp;&nbsp;23.94 | &nbsp;&nbsp;&nbsp;&nbsp;11.02 | &nbsp;&nbsp; (9.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.21 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.78<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Expenses after expense reductions | 0.74<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net investment income (loss) | 1.29<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $114898 | &nbsp;&nbsp; $116413 | &nbsp;&nbsp; $118460 | &nbsp;&nbsp; $179777 | &nbsp;&nbsp; $124266 | &nbsp;&nbsp; $102723 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $18.33 | &nbsp;&nbsp; $18.24 | &nbsp;&nbsp; $15.00 | &nbsp;&nbsp; $14.07 | &nbsp;&nbsp; $16.97 | &nbsp;&nbsp; $14.13 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.02 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.06 |
| Net realized and unrealized gain (loss) | 1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.89 |
| Total from investment operations | $1.82 | &nbsp;&nbsp; $1.26 | &nbsp;&nbsp; $3.39 | &nbsp;&nbsp; $1.35 | &nbsp;&nbsp; $(1.56)<br>| &nbsp;&nbsp; $2.95 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.02)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.11)<br>|
| From net realized gain | (1.64)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.29)<br>|  |
| Total distributions declared to shareholders | $(1.66)<br>| &nbsp;&nbsp; $(1.17)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.42)<br>| &nbsp;&nbsp; $(1.34)<br>| &nbsp;&nbsp; $(0.11)<br>|
| Net asset value, end of period (x) | $18.49 | &nbsp;&nbsp; $18.33 | &nbsp;&nbsp; $18.24 | &nbsp;&nbsp; $15.00 | &nbsp;&nbsp; $14.07 | &nbsp;&nbsp; $16.97 |
| Total return (%) (r)(s)(t)(x) | 10.65<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.42 | &nbsp;&nbsp;&nbsp;&nbsp;22.74 | &nbsp;&nbsp;&nbsp;&nbsp;9.82 | &nbsp;&nbsp; (10.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.96 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.78<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| Expenses after expense reductions | 1.74<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Net investment income (loss) | 0.27<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $215 | &nbsp;&nbsp; $189 | &nbsp;&nbsp; $182 | &nbsp;&nbsp; $140 | &nbsp;&nbsp; $130 | &nbsp;&nbsp; $149 |

---

**See Notes to Financial Statements**

------

MFS Low Volatility Global Equity Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $18.46 | &nbsp;&nbsp; $18.35 | &nbsp;&nbsp; $15.09 | &nbsp;&nbsp; $14.14 | &nbsp;&nbsp; $17.04 | &nbsp;&nbsp; $14.18 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.07 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.15 |
| Net realized and unrealized gain (loss) | 1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| Total from investment operations | $1.88 | &nbsp;&nbsp; $1.36 | &nbsp;&nbsp; $3.49 | &nbsp;&nbsp; $1.44 | &nbsp;&nbsp; $(1.50)<br>| &nbsp;&nbsp; $3.03 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.07)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.17)<br>|
| From net realized gain | (1.64)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.29)<br>|  |
| Total distributions declared to shareholders | $(1.71)<br>| &nbsp;&nbsp; $(1.25)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.49)<br>| &nbsp;&nbsp; $(1.40)<br>| &nbsp;&nbsp; $(0.17)<br>|
| Net asset value, end of period (x) | $18.63 | &nbsp;&nbsp; $18.46 | &nbsp;&nbsp; $18.35 | &nbsp;&nbsp; $15.09 | &nbsp;&nbsp; $14.14 | &nbsp;&nbsp; $17.04 |
| Total return (%) (r)(s)(t)(x) | 10.92<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.97 | &nbsp;&nbsp;&nbsp;&nbsp;23.33 | &nbsp;&nbsp;&nbsp;&nbsp;10.46 | &nbsp;&nbsp; (9.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.56 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.28<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Expenses after expense reductions | 1.24<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Net investment income (loss) | 0.77<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $252 | &nbsp;&nbsp; $215 | &nbsp;&nbsp; $207 | &nbsp;&nbsp; $166 | &nbsp;&nbsp; $137 | &nbsp;&nbsp; $263 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $18.47 | &nbsp;&nbsp; $18.38 | &nbsp;&nbsp; $15.11 | &nbsp;&nbsp; $14.16 | &nbsp;&nbsp; $17.06 | &nbsp;&nbsp; $14.20 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.09 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.18 |
| Net realized and unrealized gain (loss) | 1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.89 |
| Total from investment operations | $1.91 | &nbsp;&nbsp; $1.39 | &nbsp;&nbsp; $3.54 | &nbsp;&nbsp; $1.48 | &nbsp;&nbsp; $(1.45)<br>| &nbsp;&nbsp; $3.07 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.10)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.21)<br>|
| From net realized gain | (1.64)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.29)<br>|  |
| Total distributions declared to shareholders | $(1.74)<br>| &nbsp;&nbsp; $(1.30)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.53)<br>| &nbsp;&nbsp; $(1.45)<br>| &nbsp;&nbsp; $(0.21)<br>|
| Net asset value, end of period (x) | $18.64 | &nbsp;&nbsp; $18.47 | &nbsp;&nbsp; $18.38 | &nbsp;&nbsp; $15.11 | &nbsp;&nbsp; $14.16 | &nbsp;&nbsp; $17.06 |
| Total return (%) (r)(s)(t)(x) | 11.07<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp;&nbsp;&nbsp;23.67 | &nbsp;&nbsp;&nbsp;&nbsp;10.72 | &nbsp;&nbsp; (9.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.81 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.03<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Expenses after expense reductions | 0.99<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net investment income (loss) | 1.04<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $142 | &nbsp;&nbsp; $135 | &nbsp;&nbsp; $117 | &nbsp;&nbsp; $104 | &nbsp;&nbsp; $92 | &nbsp;&nbsp; $98 |

---

**See Notes to Financial Statements**

------

MFS Low Volatility Global Equity Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $18.45 | &nbsp;&nbsp; $18.36 | &nbsp;&nbsp; $15.09 | &nbsp;&nbsp; $14.15 | &nbsp;&nbsp; $17.05 | &nbsp;&nbsp; $14.18 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.12 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.21 |
| Net realized and unrealized gain (loss) | 1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.90 |
| Total from investment operations | $1.93 | &nbsp;&nbsp; $1.44 | &nbsp;&nbsp; $3.58 | &nbsp;&nbsp; $1.50 | &nbsp;&nbsp; $(1.41)<br>| &nbsp;&nbsp; $3.11 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.12)<br>| &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.24)<br>|
| From net realized gain | (1.64)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.29)<br>|  |
| Total distributions declared to shareholders | $(1.76)<br>| &nbsp;&nbsp; $(1.35)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp; $(1.49)<br>| &nbsp;&nbsp; $(0.24)<br>|
| Net asset value, end of period (x) | $18.62 | &nbsp;&nbsp; $18.45 | &nbsp;&nbsp; $18.36 | &nbsp;&nbsp; $15.09 | &nbsp;&nbsp; $14.15 | &nbsp;&nbsp; $17.05 |
| Total return (%) (r)(s)(t)(x) | 11.23<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.46 | &nbsp;&nbsp;&nbsp;&nbsp;24.01 | &nbsp;&nbsp;&nbsp;&nbsp;10.94 | &nbsp;&nbsp; (9.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.21 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.78<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Expenses after expense reductions | 0.74<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net investment income (loss) | 1.27<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $139 | &nbsp;&nbsp; $125 | &nbsp;&nbsp; $115 | &nbsp;&nbsp; $93 | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $92 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $18.43 | &nbsp;&nbsp; $18.34 | &nbsp;&nbsp; $15.07 | &nbsp;&nbsp; $14.13 | &nbsp;&nbsp; $17.03 | &nbsp;&nbsp; $14.17 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.12 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.22 |
| Net realized and unrealized gain (loss) | 1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.90 |
| Total from investment operations | $1.93 | &nbsp;&nbsp; $1.45 | &nbsp;&nbsp; $3.59 | &nbsp;&nbsp; $1.51 | &nbsp;&nbsp; $(1.40)<br>| &nbsp;&nbsp; $3.12 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.13)<br>| &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.26)<br>|
| From net realized gain | (1.64)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.29)<br>|  |
| Total distributions declared to shareholders | $(1.77)<br>| &nbsp;&nbsp; $(1.36)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.57)<br>| &nbsp;&nbsp; $(1.50)<br>| &nbsp;&nbsp; $(0.26)<br>|
| Net asset value, end of period (x) | $18.59 | &nbsp;&nbsp; $18.43 | &nbsp;&nbsp; $18.34 | &nbsp;&nbsp; $15.07 | &nbsp;&nbsp; $14.13 | &nbsp;&nbsp; $17.03 |
| Total return (%) (r)(s)(t)(x) | 11.24<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.56 | &nbsp;&nbsp;&nbsp;&nbsp;24.15 | &nbsp;&nbsp;&nbsp;&nbsp;11.04 | &nbsp;&nbsp; (9.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.25 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.69<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Expenses after expense reductions | 0.66<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net investment income (loss) | 1.37<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| Portfolio turnover rate | 19<br> (n)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $151074 | &nbsp;&nbsp; $143580 | &nbsp;&nbsp; $119164 | &nbsp;&nbsp; $100782 | &nbsp;&nbsp; $85277 | &nbsp;&nbsp; $94987 |

---

**See Notes to Financial Statements**

------

MFS Low Volatility Global Equity Fund

*Financial Highlights - continued*

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

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

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Low Volatility Global Equity Fund

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Low Volatility Global Equity Fund (the fund) is a diversified series of MFS Series Trust I (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.

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

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

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

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data.

------

MFS Low Volatility Global Equity Fund

*Notes to Financial Statements (unaudited) - continued* 

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 February 28, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United States | $167139104 | $— | $— | $167139104 |
| Japan | 22982538 |  |  | 22982538 |
| Canada | 22879657 | 0 |  | 22879657 |
| Singapore | 12219542 |  |  | 12219542 |
| Switzerland | 9929072 |  |  | 9929072 |
| United Kingdom | 9759674 |  |  | 9759674 |
| South Korea | 9703969 |  |  | 9703969 |
| Philippines | 9012882 |  |  | 9012882 |
| Netherlands | 7947498 |  |  | 7947498 |
| Other Countries | 36428058 |  |  | 36428058 |
| Investment Companies | 1446899 |  |  | 1446899 |
| Total | $309448893 | $0 | $— | $309448893 |

---

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 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

------

MFS Low Volatility Global Equity Fund

*Notes to Financial Statements (unaudited) - continued* 

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. 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. At February 28, 2026, there were no securities on loan or collateral outstanding.

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

**Investment Transactions and Income** — 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, and treating a portion of the proceeds from redemptions as a distribution for tax purposes.

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**8/31/25**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $6009614 |
| Long-term capital gains | &nbsp;&nbsp; 14391487 |
| Total distributions | &nbsp;&nbsp; $20401101 |

---

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

------

MFS Low Volatility Global Equity Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 2/28/26** |  |
| Cost of investments | &nbsp;&nbsp; $212814307 |
| Gross appreciation | &nbsp;&nbsp; 103904595 |
| Gross depreciation | &nbsp;&nbsp; (7270009)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $96634586 |
| **As of 8/31/25** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 439591 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 17785451 |
| Other temporary differences | &nbsp;&nbsp; (80996)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 80169213 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**2/28/26**<br>| **Year** <br>**ended** <br>**8/31/25**<br>|
| Class A | $3529663 | &nbsp;&nbsp; $2598186 |
| Class B | 14833 | &nbsp;&nbsp; 13820 |
| Class C | 354161 | &nbsp;&nbsp; 250839 |
| Class I | 10228414 | &nbsp;&nbsp; 8048103 |
| Class R1 | 17280 | &nbsp;&nbsp; 11727 |
| Class R2 | 19261 | &nbsp;&nbsp; 13701 |
| Class R3 | 12688 | &nbsp;&nbsp; 8400 |
| Class R4 | 11898 | &nbsp;&nbsp; 8500 |
| Class R6 | 13358235 | &nbsp;&nbsp; 9447825 |
| Total | $27546433 | &nbsp;&nbsp; $20401101 |

---

**(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 | 0.55% |
| In excess of $1 billion and up to $2.5 billion | 0.525% |
| In excess of $2.5 billion | 0.50% |

---

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 December 31, 2026. For the six months ended February 28, 2026, this management fee reduction amounted to $20,065, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended February 28, 2026 was equivalent to an annual effective rate of 0.54% 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:

------

MFS Low Volatility Global Equity Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Classes | Classes | Classes | Classes | Classes | Classes | Classes | Classes | Classes |
| A | B | C | I | R1 | R2 | R3 | R4 | R6 |
| 0.99% | 1.74% | 1.74% | 0.74% | 1.74% | 1.24% | 0.99% | 0.74% | 0.68% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until December 31, 2026. For the six months ended February 28, 2026, this reduction amounted to $31,688, 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 $2,275 for the six months ended February 28, 2026, as its portion of the initial sales charge on sales of Class A shares of the fund.

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

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

**Distribution Plan Fee Table:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Class A |  | 0.25% | 0.25% | 0.25% | $47337 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | 843 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 19621 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 976 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 544 |
| Class R3 |  | 0.25% | 0.25% | 0.25% | 170 |
| Total Distribution and Service Fees  |  |  |  |  | $69491 |

---

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

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

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

(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended February 28, 2026 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended February 28, 2026, this rebate amounted to $1 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. There were no contingent deferred sales charges imposed during the six months ended February 28, 2026.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the six months ended February 28, 2026, the fee was $6,690, which equated to 0.0045% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended February 28, 2026, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $68,796.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended February 28, 2026 was equivalent to an annual effective rate of 0.0166% of the fund's average daily net assets.

------

MFS Low Volatility Global Equity Fund

*Notes to Financial Statements (unaudited) - 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.

At February 28, 2026, MFS held approximately 77%, 58%, 52%, and 95% of the outstanding shares of Class B, Class R1, Class R2, and Class R3, respectively, and 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 six months ended February 28, 2026, this reimbursement amounted to $8,796, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the six months ended February 28, 2026, purchases and sales of investments, other than short-term obligations, aggregated $55,721,241 and $79,383,975, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**2/28/26** | **Six months ended** <br>**2/28/26** | **Year ended** <br>**8/31/25** | **Year ended** <br>**8/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Class A | 145970 | &nbsp;&nbsp; $2663650 | &nbsp;&nbsp; 326172 | &nbsp;&nbsp; $5766769 |
| Class C | 6227 | &nbsp;&nbsp; 110314 | &nbsp;&nbsp; 37189 | &nbsp;&nbsp; 638380 |
| Class I | 620902 | &nbsp;&nbsp; 11298542 | &nbsp;&nbsp; 1727367 | &nbsp;&nbsp; 30033836 |
| Class R1 | 309 | &nbsp;&nbsp; 5524 | &nbsp;&nbsp; 1041 | &nbsp;&nbsp; 18155 |
| Class R2 | 1680 | &nbsp;&nbsp; 30184 | &nbsp;&nbsp; 14060 | &nbsp;&nbsp; 247733 |
| Class R3 | 52 | &nbsp;&nbsp; 916 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 8698 |
| Class R6 | 908694 | &nbsp;&nbsp; 16514451 | &nbsp;&nbsp; 1952277 | &nbsp;&nbsp; 34824157 |
|  | 1683834 | &nbsp;&nbsp; $30623581 | &nbsp;&nbsp; 4058591 | &nbsp;&nbsp; $71537728 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Class A | 204975 | &nbsp;&nbsp; $3528861 | &nbsp;&nbsp; 151863 | &nbsp;&nbsp; $2597618 |
| Class B | 806 | &nbsp;&nbsp; 13748 | &nbsp;&nbsp; 817 | &nbsp;&nbsp; 13820 |
| Class C | 20839 | &nbsp;&nbsp; 354161 | &nbsp;&nbsp; 14866 | &nbsp;&nbsp; 250839 |
| Class I | 535040 | &nbsp;&nbsp; 9216078 | &nbsp;&nbsp; 419760 | &nbsp;&nbsp; 7187200 |
| Class R1 | 1009 | &nbsp;&nbsp; 17280 | &nbsp;&nbsp; 691 | &nbsp;&nbsp; 11727 |
| Class R2 | 1117 | &nbsp;&nbsp; 19261 | &nbsp;&nbsp; 801 | &nbsp;&nbsp; 13701 |
| Class R3 | 735 | &nbsp;&nbsp; 12688 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 8400 |
| Class R4 | 690 | &nbsp;&nbsp; 11898 | &nbsp;&nbsp; 496 | &nbsp;&nbsp; 8500 |
| Class R6 | 685552 | &nbsp;&nbsp; 11795116 | &nbsp;&nbsp; 535468 | &nbsp;&nbsp; 9157871 |
|  | 1450763 | &nbsp;&nbsp; $24969091 | &nbsp;&nbsp; 1125252 | &nbsp;&nbsp; $19249676 |

---

------

MFS Low Volatility Global Equity Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **2/28/26** | **Six months ended**<br> **2/28/26** | **Year ended**<br> **8/31/25** | **Year ended**<br> **8/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares reacquired |  |  |  |  |
| Class A | (294333)<br>| &nbsp;&nbsp; $(5308797)<br>| &nbsp;&nbsp; (390375)<br>| &nbsp;&nbsp; $(6809629)<br>|
| Class B | (2026)<br>| &nbsp;&nbsp; (36128)<br>| &nbsp;&nbsp; (3414)<br>| &nbsp;&nbsp; (58813)<br>|
| Class C | (22991)<br>| &nbsp;&nbsp; (403421)<br>| &nbsp;&nbsp; (50947)<br>| &nbsp;&nbsp; (887914)<br>|
| Class I | (1292276)<br>| &nbsp;&nbsp; (23550347)<br>| &nbsp;&nbsp; (2291486)<br>| &nbsp;&nbsp; (40574929)<br>|
| Class R1 | (4)<br>| &nbsp;&nbsp; (74)<br>| &nbsp;&nbsp; (1398)<br>| &nbsp;&nbsp; (23596)<br>|
| Class R2 | (935)<br>| &nbsp;&nbsp; (16955)<br>| &nbsp;&nbsp; (14504)<br>| &nbsp;&nbsp; (262779)<br>|
| Class R3 | (478)<br>| &nbsp;&nbsp; (8290)<br>| &nbsp;&nbsp; (45)<br>| &nbsp;&nbsp; (793)<br>|
| Class R6 | (1258382)<br>| &nbsp;&nbsp; (23062752)<br>| &nbsp;&nbsp; (1195536)<br>| &nbsp;&nbsp; (20866884)<br>|
|  | (2871425)<br>| &nbsp;&nbsp; $(52386764)<br>| &nbsp;&nbsp; (3947705)<br>| &nbsp;&nbsp; $(69485337)<br>|
| Net change |  |  |  |  |
| Class A | 56612 | &nbsp;&nbsp; $883714 | &nbsp;&nbsp; 87660 | &nbsp;&nbsp; $1554758 |
| Class B | (1220)<br>| &nbsp;&nbsp; (22380)<br>| &nbsp;&nbsp; (2597)<br>| &nbsp;&nbsp; (44993)<br>|
| Class C | 4075 | &nbsp;&nbsp; 61054 | &nbsp;&nbsp; 1108 | &nbsp;&nbsp; 1305 |
| Class I | (136334)<br>| &nbsp;&nbsp; (3035727)<br>| &nbsp;&nbsp; (144359)<br>| &nbsp;&nbsp; (3353893)<br>|
| Class R1 | 1314 | &nbsp;&nbsp; 22730 | &nbsp;&nbsp; 334 | &nbsp;&nbsp; 6286 |
| Class R2 | 1862 | &nbsp;&nbsp; 32490 | &nbsp;&nbsp; 357 | &nbsp;&nbsp; (1345)<br>|
| Class R3 | 309 | &nbsp;&nbsp; 5314 | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 16305 |
| Class R4 | 690 | &nbsp;&nbsp; 11898 | &nbsp;&nbsp; 496 | &nbsp;&nbsp; 8500 |
| Class R6 | 335864 | &nbsp;&nbsp; 5246815 | &nbsp;&nbsp; 1292209 | &nbsp;&nbsp; 23115144 |
|  | 263172 | &nbsp;&nbsp; $3205908 | &nbsp;&nbsp; 1236138 | &nbsp;&nbsp; $21302067 |

---

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

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate), 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended February 28, 2026, the fund's commitment fee and interest expense were $694 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the six months ended February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $427643 | &nbsp;&nbsp; $29351182 | &nbsp;&nbsp; $28331923 | &nbsp;&nbsp; $39 | &nbsp;&nbsp; $(42)<br>| &nbsp;&nbsp; $1446899 |

---

------

MFS Low Volatility Global Equity Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $30182 | $— |

---

------

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

There is nothing to report for this item for MFS Low Volatility Global Equity Fund.

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

There is nothing to report for this item for MFS Low Volatility Global 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 Low Volatility Global 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 Low Volatility Equity Fund

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

MFS Low Volatility Equity Fund

**Portfolio of Investments - 2/28/26 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 99.4% | Common Stocks – 99.4% | Common Stocks – 99.4% |
| Aerospace & Defense – 4.7% | Aerospace & Defense – 4.7% |  |
| Curtiss-Wright Corp. | 2683 | &nbsp;&nbsp; $1878985 |
| General Dynamics Corp. | 5722 | &nbsp;&nbsp; 2043040 |
| Leidos Holdings, Inc. | 9793 | &nbsp;&nbsp; 1714754 |
| Teledyne Technologies, Inc. (a) | 15586 | &nbsp;&nbsp; 10615625 |
|  |  | &nbsp;&nbsp; $16252404 |
| Broadcasting – 0.9% | Broadcasting – 0.9% |  |
| Omnicom Group, Inc. | 35132 | &nbsp;&nbsp; $2996408 |
| Brokerage & Asset Managers – 0.9% | Brokerage & Asset Managers – 0.9% |  |
| Cboe Global Markets, Inc. | 10357 | &nbsp;&nbsp; $3104200 |
| Business Services – 3.8% | Business Services – 3.8% |  |
| Accenture PLC, "A" | 20738 | &nbsp;&nbsp; $4328435 |
| Cognizant Technology Solutions Corp., "A" | 98238 | &nbsp;&nbsp; 6329474 |
| Verisk Analytics, Inc., "A" | 11657 | &nbsp;&nbsp; 2419644 |
|  |  | &nbsp;&nbsp; $13077553 |
| Computer Software – 6.6% | Computer Software – 6.6% |  |
| ACI Worldwide, Inc. (a) | 86095 | &nbsp;&nbsp; $3416250 |
| Autodesk, Inc. (a) | 16467 | &nbsp;&nbsp; 4048741 |
| Intuit, Inc. | 10432 | &nbsp;&nbsp; 4267001 |
| Microsoft Corp. | 18054 | &nbsp;&nbsp; 7090528 |
| Tyler Technologies, Inc. (a) | 11035 | &nbsp;&nbsp; 3914004 |
|  |  | &nbsp;&nbsp; $22736524 |
| Computer Software - Systems – 1.2% | Computer Software - Systems – 1.2% |  |
| Apple, Inc. | 15388 | &nbsp;&nbsp; $4065202 |
| Construction – 1.2% | Construction – 1.2% |  |
| Allegion PLC | 7969 | &nbsp;&nbsp; $1284204 |
| AvalonBay Communities, Inc., REIT | 7163 | &nbsp;&nbsp; 1269499 |
| Essex Property Trust, Inc., REIT | 6448 | &nbsp;&nbsp; 1644949 |
|  |  | &nbsp;&nbsp; $4198652 |
| Consumer Products – 3.6% | Consumer Products – 3.6% |  |
| Colgate-Palmolive Co. | 35726 | &nbsp;&nbsp; $3541876 |
| Kimberly-Clark Corp. | 11832 | &nbsp;&nbsp; 1318558 |
| Procter & Gamble Co. | 36053 | &nbsp;&nbsp; 6028061 |
| Reynolds Consumer Products, Inc. | 66728 | &nbsp;&nbsp; 1655522 |
|  |  | &nbsp;&nbsp; $12544017 |
| Electrical Equipment – 6.8% | Electrical Equipment – 6.8% |  |
| AMETEK, Inc. | 11099 | &nbsp;&nbsp; $2655103 |
| Amphenol Corp., "A" | 49257 | &nbsp;&nbsp; 7194477 |
| Corning, Inc. | 35392 | &nbsp;&nbsp; 5322249 |
| Eaton Corp. PLC | 5731 | &nbsp;&nbsp; 2154397 |

---

LVUFS-SEM

------

MFS Low Volatility Equity Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electrical Equipment – continued | Electrical Equipment – continued |  |
| TE Connectivity PLC | 26818 | &nbsp;&nbsp; $6172163 |
|  |  | &nbsp;&nbsp; $23498389 |
| Electronics – 3.4% | Electronics – 3.4% |  |
| Analog Devices, Inc. | 26923 | &nbsp;&nbsp; $9578934 |
| NXP Semiconductors N.V. | 9579 | &nbsp;&nbsp; 2174529 |
|  |  | &nbsp;&nbsp; $11753463 |
| Energy - Independent – 1.4% | Energy - Independent – 1.4% |  |
| EOG Resources, Inc. | 21859 | &nbsp;&nbsp; $2712265 |
| Expand Energy Corp. | 19779 | &nbsp;&nbsp; 2134549 |
|  |  | &nbsp;&nbsp; $4846814 |
| Engineering - Construction – 0.4% | Engineering - Construction – 0.4% |  |
| Jacobs Solutions, Inc. | 10927 | &nbsp;&nbsp; $1506396 |
| Entertainment – 0.6% | Entertainment – 0.6% |  |
| Live Nation Entertainment, Inc. (a) | 13314 | &nbsp;&nbsp; $2158732 |
| Food & Beverages – 5.0% | Food & Beverages – 5.0% |  |
| General Mills, Inc. | 126097 | &nbsp;&nbsp; $5703367 |
| Mondelez International, Inc. | 57459 | &nbsp;&nbsp; 3538325 |
| Monster Beverage Corp. (a) | 32310 | &nbsp;&nbsp; 2756043 |
| PepsiCo, Inc. | 30579 | &nbsp;&nbsp; 5190480 |
|  |  | &nbsp;&nbsp; $17188215 |
| Food & Drug Stores – 0.4% | Food & Drug Stores – 0.4% |  |
| Albertsons Cos., Inc., "A" | 75719 | &nbsp;&nbsp; $1355370 |
| Gaming & Lodging – 0.8% | Gaming & Lodging – 0.8% |  |
| Hilton Worldwide Holdings, Inc. | 8685 | &nbsp;&nbsp; $2707809 |
| Health Maintenance Organizations – 0.7% | Health Maintenance Organizations – 0.7% |  |
| Cigna Group | 8414 | &nbsp;&nbsp; $2438546 |
| Insurance – 7.6% | Insurance – 7.6% |  |
| American International Group, Inc. | 16281 | &nbsp;&nbsp; $1310458 |
| Ameriprise Financial, Inc. | 3263 | &nbsp;&nbsp; 1534002 |
| Assurant, Inc. | 10501 | &nbsp;&nbsp; 2410925 |
| AXIS Capital Holdings Ltd. | 13989 | &nbsp;&nbsp; 1478917 |
| Chubb Ltd. | 11813 | &nbsp;&nbsp; 4026579 |
| Equitable Holdings, Inc. | 33772 | &nbsp;&nbsp; 1358310 |
| Everest Group Ltd. | 11900 | &nbsp;&nbsp; 3992331 |
| Hanover Insurance Group, Inc. | 10427 | &nbsp;&nbsp; 1883429 |
| Hartford Insurance Group, Inc. | 22985 | &nbsp;&nbsp; 3236977 |
| MetLife, Inc. | 21399 | &nbsp;&nbsp; 1542226 |
| Principal Financial Group, Inc. | 21244 | &nbsp;&nbsp; 2027102 |
| Voya Financial, Inc. | 20690 | &nbsp;&nbsp; 1383747 |
|  |  | &nbsp;&nbsp; $26185003 |
| Interactive Media Services – 3.1% | Interactive Media Services – 3.1% |  |
| Alphabet, Inc., "A" | 34436 | &nbsp;&nbsp; $10735767 |

---

------

MFS Low Volatility Equity Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Leisure & Toys – 0.6% | Leisure & Toys – 0.6% |  |
| Take-Two Interactive Software, Inc. (a) | 9535 | &nbsp;&nbsp; $2016462 |
| Machinery & Tools – 2.3% | Machinery & Tools – 2.3% |  |
| Deere & Co. | 3954 | &nbsp;&nbsp; $2489874 |
| Pentair PLC | 19049 | &nbsp;&nbsp; 1889470 |
| Trimble, Inc. (a) | 22656 | &nbsp;&nbsp; 1515007 |
| Wabtec Corp. | 7438 | &nbsp;&nbsp; 1963260 |
|  |  | &nbsp;&nbsp; $7857611 |
| Major Banks – 0.8% | Major Banks – 0.8% |  |
| Goldman Sachs Group, Inc. | 1426 | &nbsp;&nbsp; $1225747 |
| JPMorgan Chase & Co. | 5427 | &nbsp;&nbsp; 1629728 |
|  |  | &nbsp;&nbsp; $2855475 |
| Medical & Health Technology & Services – 3.9% | Medical & Health Technology & Services – 3.9% |  |
| McKesson Corp. | 11304 | &nbsp;&nbsp; $11161231 |
| Ventas, Inc., REIT | 24457 | &nbsp;&nbsp; 2107215 |
|  |  | &nbsp;&nbsp; $13268446 |
| Medical Equipment – 4.2% | Medical Equipment – 4.2% |  |
| Abbott Laboratories | 27713 | &nbsp;&nbsp; $3224408 |
| Boston Scientific Corp. (a) | 22578 | &nbsp;&nbsp; 1735119 |
| Hologic, Inc. (a) | 27704 | &nbsp;&nbsp; 2087773 |
| Medtronic PLC | 40678 | &nbsp;&nbsp; 3972613 |
| STERIS PLC | 12930 | &nbsp;&nbsp; 3262886 |
|  |  | &nbsp;&nbsp; $14282799 |
| Natural Gas - Distribution – 0.7% | Natural Gas - Distribution – 0.7% |  |
| Atmos Energy Corp. | 12168 | &nbsp;&nbsp; $2272861 |
| Network & Telecom – 2.1% | Network & Telecom – 2.1% |  |
| Motorola Solutions, Inc. | 14976 | &nbsp;&nbsp; $7222326 |
| Other Banks & Diversified Financials – 3.4% | Other Banks & Diversified Financials – 3.4% |  |
| Mastercard, Inc., "A" | 4672 | &nbsp;&nbsp; $2416405 |
| Northern Trust Corp. | 9387 | &nbsp;&nbsp; 1343186 |
| Popular, Inc. | 10663 | &nbsp;&nbsp; 1443344 |
| Visa, Inc., "A" | 20771 | &nbsp;&nbsp; 6649628 |
|  |  | &nbsp;&nbsp; $11852563 |
| Pharmaceuticals – 7.5% | Pharmaceuticals – 7.5% |  |
| AbbVie, Inc. | 8605 | &nbsp;&nbsp; $1997049 |
| Johnson & Johnson | 43852 | &nbsp;&nbsp; 10894152 |
| Merck & Co., Inc. | 63055 | &nbsp;&nbsp; 7807470 |
| Pfizer, Inc. | 111096 | &nbsp;&nbsp; 3071805 |
| Vertex Pharmaceuticals, Inc. (a) | 4187 | &nbsp;&nbsp; 2080227 |
|  |  | &nbsp;&nbsp; $25850703 |

---

------

MFS Low Volatility Equity Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Pollution Control – 3.2% | Pollution Control – 3.2% |  |
| Republic Services, Inc. | 24805 | &nbsp;&nbsp; $5680345 |
| Waste Connections, Inc. | 16944 | &nbsp;&nbsp; 2916571 |
| Waste Management, Inc. | 9614 | &nbsp;&nbsp; 2315436 |
|  |  | &nbsp;&nbsp; $10912352 |
| Real Estate – 3.2% | Real Estate – 3.2% |  |
| CBRE Group, Inc., "A" (a) | 9307 | &nbsp;&nbsp; $1374272 |
| Essential Properties Realty Trust, REIT | 43340 | &nbsp;&nbsp; 1470960 |
| Federal Realty Investment Trust, REIT | 17417 | &nbsp;&nbsp; 1894447 |
| New Residential Investment Corp., REIT | 133945 | &nbsp;&nbsp; 1346147 |
| NNN REIT, Inc. | 34739 | &nbsp;&nbsp; 1574372 |
| Simon Property Group, Inc., REIT | 7298 | &nbsp;&nbsp; 1487697 |
| W.P. Carey, Inc., REIT | 25833 | &nbsp;&nbsp; 1928433 |
|  |  | &nbsp;&nbsp; $11076328 |
| Real Estate - Storage – 0.5% | Real Estate - Storage – 0.5% |  |
| Public Storage, Inc., REIT | 5336 | &nbsp;&nbsp; $1638472 |
| Restaurants – 2.0% | Restaurants – 2.0% |  |
| Aramark | 61359 | &nbsp;&nbsp; $2567874 |
| McDonald's Corp. | 12781 | &nbsp;&nbsp; 4359088 |
|  |  | &nbsp;&nbsp; $6926962 |
| Specialty Chemicals – 0.5% | Specialty Chemicals – 0.5% |  |
| Ecolab, Inc. | 5961 | &nbsp;&nbsp; $1838074 |
| Specialty Stores – 4.4% | Specialty Stores – 4.4% |  |
| AutoZone, Inc. (a) | 1513 | &nbsp;&nbsp; $5682192 |
| Home Depot, Inc. | 5075 | &nbsp;&nbsp; 1932154 |
| O'Reilly Automotive, Inc. (a) | 43418 | &nbsp;&nbsp; 4076082 |
| TJX Cos., Inc. | 9641 | &nbsp;&nbsp; 1558564 |
| Walmart Stores, Inc. | 13981 | &nbsp;&nbsp; 1788869 |
|  |  | &nbsp;&nbsp; $15037861 |
| Telecom - Infrastructure – 0.6% | Telecom - Infrastructure – 0.6% |  |
| American Tower Corp., REIT | 9931 | &nbsp;&nbsp; $1905362 |
| Trucking – 0.6% | Trucking – 0.6% |  |
| J.B. Hunt Transport Services, Inc. | 8590 | &nbsp;&nbsp; $2004992 |
| Utilities - Electric Power – 5.8% | Utilities - Electric Power – 5.8% |  |
| DTE Energy Co. | 17559 | &nbsp;&nbsp; $2602946 |
| Duke Energy Corp. | 32657 | &nbsp;&nbsp; 4273168 |
| Entergy Corp. | 15575 | &nbsp;&nbsp; 1668238 |
| Evergy, Inc. | 39988 | &nbsp;&nbsp; 3345396 |
| Exelon Corp. | 81165 | &nbsp;&nbsp; 4015233 |
| Xcel Energy, Inc. | 47572 | &nbsp;&nbsp; 3965602 |
|  |  | &nbsp;&nbsp; $19870583 |
| **Total Common Stocks (Identified Cost, $228,877,894)** |  | &nbsp;&nbsp; **$342039696** |

---

------

MFS Low Volatility Equity Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 0.4% | Mutual Funds (h) – 0.4% | Mutual Funds (h) – 0.4% |
| Money Market Funds – 0.4% | Money Market Funds – 0.4% |  |
| MFS Institutional Money Market Portfolio, 3.7% (v) (Identified Cost, $1,360,068) | 1359932 | &nbsp;&nbsp; $1360068 |
| Other Assets, Less Liabilities – 0.2% |  | &nbsp;&nbsp; 699632 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$344099396** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $1,360,068 and $342,039,696, respectively.

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

The following abbreviations are used in this report and are defined: <br> REIT Real Estate Investment Trust

**See Notes to Financial Statements**

------

MFS Low Volatility Equity Fund

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

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

---

| | |
|:---|:---|
| **At 2/28/26 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $228,877,894) | &nbsp;&nbsp; $342039696 |
| Investments in affiliated issuers, at value (identified cost, $1,360,068) | &nbsp;&nbsp; 1360068 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 836209 |
| Dividends | &nbsp;&nbsp; 293338 |
| Receivable from investment adviser | &nbsp;&nbsp; 462 |
| Other assets | &nbsp;&nbsp; 59300 |
| Total assets | &nbsp;&nbsp; $344589073 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $369416 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 467 |
| Shareholder servicing costs | &nbsp;&nbsp; 52487 |
| Distribution and service fees | &nbsp;&nbsp; 4869 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 1620 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 60818 |
| Total liabilities | &nbsp;&nbsp; $489677 |
| Net assets | &nbsp;&nbsp; $344099396 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $215374533 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 128724863 |
| Net assets | &nbsp;&nbsp; $344099396 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 18326998 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share (a)**<br>|
| Class A | &nbsp;&nbsp;&nbsp; $173962786 | &nbsp;&nbsp;&nbsp; 9274451 | &nbsp;&nbsp;&nbsp; $18.76 |
| Class B | &nbsp;&nbsp;&nbsp; 361189 | &nbsp;&nbsp;&nbsp; 19306 | &nbsp;&nbsp;&nbsp;&nbsp;18.71 |
| Class C | &nbsp;&nbsp;&nbsp; 14421065 | &nbsp;&nbsp;&nbsp; 776910 | &nbsp;&nbsp;&nbsp;&nbsp;18.56 |
| Class I | &nbsp;&nbsp;&nbsp; 74483176 | &nbsp;&nbsp;&nbsp; 3961513 | &nbsp;&nbsp;&nbsp;&nbsp;18.80 |
| Class R1 | &nbsp;&nbsp;&nbsp; 1005782 | &nbsp;&nbsp;&nbsp; 53786 | &nbsp;&nbsp;&nbsp;&nbsp;18.70 |
| Class R2 | &nbsp;&nbsp;&nbsp; 386198 | &nbsp;&nbsp;&nbsp; 20425 | &nbsp;&nbsp;&nbsp;&nbsp;18.91 |
| Class R3 | &nbsp;&nbsp;&nbsp; 521502 | &nbsp;&nbsp;&nbsp; 27643 | &nbsp;&nbsp;&nbsp;&nbsp;18.87 |
| Class R4 | &nbsp;&nbsp;&nbsp; 146975 | &nbsp;&nbsp;&nbsp; 7813 | &nbsp;&nbsp;&nbsp;&nbsp;18.81 |
| Class R6 | &nbsp;&nbsp;&nbsp; 78810723 | &nbsp;&nbsp;&nbsp; 4185151 | &nbsp;&nbsp;&nbsp;&nbsp;18.83 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Maximum offering price per share was equal to the net asset value per share for all
 share classes, except for Class A, for which the maximum offering price per share was $19.90 [100 / 94.25 x $18.76]. On sales of $50,000 or
 more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class
 A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and
 R6.

**See Notes to Financial Statements**

------

MFS Low Volatility Equity Fund

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

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

---

| | |
|:---|:---|
| **Six months ended 2/28/26 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $3010448 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 21716 |
| Other | &nbsp;&nbsp; 2155 |
| Foreign taxes withheld | &nbsp;&nbsp; (3760)<br>|
| Total investment income | &nbsp;&nbsp; $3030559 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $853036 |
| Distribution and service fees | &nbsp;&nbsp; 299240 |
| Shareholder servicing costs | &nbsp;&nbsp; 124729 |
| Administrative services fee | &nbsp;&nbsp; 27363 |
| Independent Trustees' compensation | &nbsp;&nbsp; 4499 |
| Custodian fee | &nbsp;&nbsp; 14984 |
| Shareholder communications | &nbsp;&nbsp; 13703 |
| Audit and tax fees | &nbsp;&nbsp; 33887 |
| Legal fees | &nbsp;&nbsp; 1010 |
| Miscellaneous | &nbsp;&nbsp; 84419 |
| Total expenses | &nbsp;&nbsp; $1456870 |
| Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp; (96507)<br>|
| Net expenses | &nbsp;&nbsp; $1360363 |
| Net investment income (loss) | &nbsp;&nbsp; $1670196 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $24585953 |
| Affiliated issuers | &nbsp;&nbsp; (198)<br>|
| Foreign currency | &nbsp;&nbsp; (5)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; $24585750 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $1099946 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $25685696 |
| Change in net assets from operations | &nbsp;&nbsp; $27355892 |

---

**See Notes to Financial Statements**

------

MFS Low Volatility Equity Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**2/28/26** <br>**(unaudited)**<br>| <br>**8/31/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $1670196 | &nbsp;&nbsp; $4080882 |
| Net realized gain (loss) | 24585750 | &nbsp;&nbsp; 52977244 |
| Net unrealized gain (loss) | 1099946 | &nbsp;&nbsp; (41286768)<br>|
| Change in net assets from operations | $27355892 | &nbsp;&nbsp; $15771358 |
| Total distributions to shareholders | $(44829537)<br>| &nbsp;&nbsp; $(48123564)<br>|
| Change in net assets from fund share transactions | $7316903 | &nbsp;&nbsp; $(42272307)<br>|
| Total change in net assets | $(10156742)<br>| &nbsp;&nbsp; $(74624513)<br>|
| **Net assets** |  |  |
| At beginning of period | 354256138 | &nbsp;&nbsp; 428880651 |
| At end of period | $344099396 | &nbsp;&nbsp; $354256138 |

---

**See Notes to Financial Statements**

------

MFS Low Volatility Equity Fund

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $19.89 | &nbsp;&nbsp; $21.48 | &nbsp;&nbsp; $18.55 | &nbsp;&nbsp; $19.36 | &nbsp;&nbsp; $22.51 | &nbsp;&nbsp; $17.32 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.08 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.14 |
| Net realized and unrealized gain (loss) | 1.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.22 |
| Total from investment operations | $1.50 | &nbsp;&nbsp; $0.90 | &nbsp;&nbsp; $4.09 | &nbsp;&nbsp; $1.42 | &nbsp;&nbsp; $(2.02)<br>| &nbsp;&nbsp; $5.36 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.09)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.17)<br>|
| From net realized gain | (2.54)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (1.01)<br>|  |
| Total distributions declared to shareholders | $(2.63)<br>| &nbsp;&nbsp; $(2.49)<br>| &nbsp;&nbsp; $(1.16)<br>| &nbsp;&nbsp; $(2.23)<br>| &nbsp;&nbsp; $(1.13)<br>| &nbsp;&nbsp; $(0.17)<br>|
| Net asset value, end of period (x) | $18.76 | &nbsp;&nbsp; $19.89 | &nbsp;&nbsp; $21.48 | &nbsp;&nbsp; $18.55 | &nbsp;&nbsp; $19.36 | &nbsp;&nbsp; $22.51 |
| Total return (%) (r)(s)(t)(x) | 8.30<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;23.16 | &nbsp;&nbsp;&nbsp;&nbsp;8.02 | &nbsp;&nbsp; (9.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.16 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.95<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Expenses after expense reductions | 0.89<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Net investment income (loss) | 0.88<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 20 |
| Net assets at end of period (000 omitted) | $173963 | &nbsp;&nbsp; $176269 | &nbsp;&nbsp; $190002 | &nbsp;&nbsp; $166624 | &nbsp;&nbsp; $161776 | &nbsp;&nbsp; $171216 |

---

**See Notes to Financial Statements**

------

MFS Low Volatility Equity Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $19.83 | &nbsp;&nbsp; $21.40 | &nbsp;&nbsp; $18.48 | &nbsp;&nbsp; $19.28 | &nbsp;&nbsp; $22.46 | &nbsp;&nbsp; $17.29 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(0.01)<br>|
| Net realized and unrealized gain (loss) | 1.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.22 |
| Total from investment operations | $1.43 | &nbsp;&nbsp; $0.75 | &nbsp;&nbsp; $3.92 | &nbsp;&nbsp; $1.28 | &nbsp;&nbsp; $(2.17)<br>| &nbsp;&nbsp; $5.21 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.01)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(0.01)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| &nbsp;&nbsp; $(0.04)<br>|
| From net realized gain | (2.54)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (1.01)<br>|  |
| Total distributions declared to shareholders | $(2.55)<br>| &nbsp;&nbsp; $(2.32)<br>| &nbsp;&nbsp; $(1.00)<br>| &nbsp;&nbsp; $(2.08)<br>| &nbsp;&nbsp; $(1.01)<br>| &nbsp;&nbsp; $(0.04)<br>|
| Net asset value, end of period (x) | $18.71 | &nbsp;&nbsp; $19.83 | &nbsp;&nbsp; $21.40 | &nbsp;&nbsp; $18.48 | &nbsp;&nbsp; $19.28 | &nbsp;&nbsp; $22.46 |
| Total return (%) (r)(s)(t)(x) | 7.91<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;22.19 | &nbsp;&nbsp;&nbsp;&nbsp;7.23 | &nbsp;&nbsp; (10.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.19 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Expenses after expense reductions | 1.64<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| Net investment income (loss) | 0.16<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.04)<br>|
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 20 |
| Net assets at end of period (000 omitted) | $361 | &nbsp;&nbsp; $457 | &nbsp;&nbsp; $869 | &nbsp;&nbsp; $1492 | &nbsp;&nbsp; $1712 | &nbsp;&nbsp; $2511 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $19.70 | &nbsp;&nbsp; $21.29 | &nbsp;&nbsp; $18.39 | &nbsp;&nbsp; $19.20 | &nbsp;&nbsp; $22.37 | &nbsp;&nbsp; $17.22 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.01 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(0.01)<br>|
| Net realized and unrealized gain (loss) | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.20 |
| Total from investment operations | $1.41 | &nbsp;&nbsp; $0.74 | &nbsp;&nbsp; $3.91 | &nbsp;&nbsp; $1.28 | &nbsp;&nbsp; $(2.16)<br>| &nbsp;&nbsp; $5.19 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.01)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(0.02)<br>| $— | &nbsp;&nbsp; $(0.04)<br>|
| From net realized gain | (2.54)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (1.01)<br>|  |
| Total distributions declared to shareholders | $(2.55)<br>| &nbsp;&nbsp; $(2.33)<br>| &nbsp;&nbsp; $(1.01)<br>| &nbsp;&nbsp; $(2.09)<br>| &nbsp;&nbsp; $(1.01)<br>| &nbsp;&nbsp; $(0.04)<br>|
| Net asset value, end of period (x) | $18.56 | &nbsp;&nbsp; $19.70 | &nbsp;&nbsp; $21.29 | &nbsp;&nbsp; $18.39 | &nbsp;&nbsp; $19.20 | &nbsp;&nbsp; $22.37 |
| Total return (%) (r)(s)(t)(x) | 7.88<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;22.24 | &nbsp;&nbsp;&nbsp;&nbsp;7.23 | &nbsp;&nbsp; (10.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.20 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Expenses after expense reductions | 1.64<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| Net investment income (loss) | 0.14<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.03)<br>|
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 20 |
| Net assets at end of period (000 omitted) | $14421 | &nbsp;&nbsp; $16470 | &nbsp;&nbsp; $20313 | &nbsp;&nbsp; $22224 | &nbsp;&nbsp; $25754 | &nbsp;&nbsp; $32839 |

---

**See Notes to Financial Statements**

------

MFS Low Volatility Equity Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $19.93 | &nbsp;&nbsp; $21.52 | &nbsp;&nbsp; $18.59 | &nbsp;&nbsp; $19.39 | &nbsp;&nbsp; $22.55 | &nbsp;&nbsp; $17.34 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.11 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.19 |
| Net realized and unrealized gain (loss) | 1.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.23 |
| Total from investment operations | $1.53 | &nbsp;&nbsp; $0.95 | &nbsp;&nbsp; $4.14 | &nbsp;&nbsp; $1.48 | &nbsp;&nbsp; $(1.98)<br>| &nbsp;&nbsp; $5.42 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.12)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.21)<br>|
| From net realized gain | (2.54)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (1.01)<br>|  |
| Total distributions declared to shareholders | $(2.66)<br>| &nbsp;&nbsp; $(2.54)<br>| &nbsp;&nbsp; $(1.21)<br>| &nbsp;&nbsp; $(2.28)<br>| &nbsp;&nbsp; $(1.18)<br>| &nbsp;&nbsp; $(0.21)<br>|
| Net asset value, end of period (x) | $18.80 | &nbsp;&nbsp; $19.93 | &nbsp;&nbsp; $21.52 | &nbsp;&nbsp; $18.59 | &nbsp;&nbsp; $19.39 | &nbsp;&nbsp; $22.55 |
| Total return (%) (r)(s)(t)(x) | 8.43<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;23.41 | &nbsp;&nbsp;&nbsp;&nbsp;8.34 | &nbsp;&nbsp; (9.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.55 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Expenses after expense reductions | 0.64<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net investment income (loss) | 1.14<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 20 |
| Net assets at end of period (000 omitted) | $74483 | &nbsp;&nbsp; $78198 | &nbsp;&nbsp; $97091 | &nbsp;&nbsp; $141858 | &nbsp;&nbsp; $163689 | &nbsp;&nbsp; $335165 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $19.83 | &nbsp;&nbsp; $21.42 | &nbsp;&nbsp; $18.51 | &nbsp;&nbsp; $19.32 | &nbsp;&nbsp; $22.50 | &nbsp;&nbsp; $17.33 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.01 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(0.01)<br>|
| Net realized and unrealized gain (loss) | 1.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.23 |
| Total from investment operations | $1.43 | &nbsp;&nbsp; $0.75 | &nbsp;&nbsp; $3.93 | &nbsp;&nbsp; $1.28 | &nbsp;&nbsp; $(2.17)<br>| &nbsp;&nbsp; $5.22 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.02)<br>| &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| &nbsp;&nbsp; $(0.05)<br>|
| From net realized gain | (2.54)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (1.01)<br>|  |
| Total distributions declared to shareholders | $(2.56)<br>| &nbsp;&nbsp; $(2.34)<br>| &nbsp;&nbsp; $(1.02)<br>| &nbsp;&nbsp; $(2.09)<br>| &nbsp;&nbsp; $(1.01)<br>| &nbsp;&nbsp; $(0.05)<br>|
| Net asset value, end of period (x) | $18.70 | &nbsp;&nbsp; $19.83 | &nbsp;&nbsp; $21.42 | &nbsp;&nbsp; $18.51 | &nbsp;&nbsp; $19.32 | &nbsp;&nbsp; $22.50 |
| Total return (%) (r)(s)(t)(x) | 7.90<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;22.19 | &nbsp;&nbsp;&nbsp;&nbsp;7.22 | &nbsp;&nbsp; (10.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.18 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Expenses after expense reductions | 1.64<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| Net investment income (loss) | 0.12<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.07)<br>|
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 20 |
| Net assets at end of period (000 omitted) | $1006 | &nbsp;&nbsp; $865 | &nbsp;&nbsp; $791 | &nbsp;&nbsp; $608 | &nbsp;&nbsp; $522 | &nbsp;&nbsp; $683 |

---

**See Notes to Financial Statements**

------

MFS Low Volatility Equity Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $20.02 | &nbsp;&nbsp; $21.61 | &nbsp;&nbsp; $18.65 | &nbsp;&nbsp; $19.45 | &nbsp;&nbsp; $22.61 | &nbsp;&nbsp; $17.39 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.06 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.09 |
| Net realized and unrealized gain (loss) | 1.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.25 |
| Total from investment operations | $1.49 | &nbsp;&nbsp; $0.85 | &nbsp;&nbsp; $4.07 | &nbsp;&nbsp; $1.38 | &nbsp;&nbsp; $(2.09)<br>| &nbsp;&nbsp; $5.34 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.06)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.12)<br>|
| From net realized gain | (2.54)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (1.01)<br>|  |
| Total distributions declared to shareholders | $(2.60)<br>| &nbsp;&nbsp; $(2.44)<br>| &nbsp;&nbsp; $(1.11)<br>| &nbsp;&nbsp; $(2.18)<br>| &nbsp;&nbsp; $(1.07)<br>| &nbsp;&nbsp; $(0.12)<br>|
| Net asset value, end of period (x) | $18.91 | &nbsp;&nbsp; $20.02 | &nbsp;&nbsp; $21.61 | &nbsp;&nbsp; $18.65 | &nbsp;&nbsp; $19.45 | &nbsp;&nbsp; $22.61 |
| Total return (%) (r)(s)(t)(x) | 8.19<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp;&nbsp;22.88 | &nbsp;&nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp; (9.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.88 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.20<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| Expenses after expense reductions | 1.14<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Net investment income (loss) | 0.63<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 20 |
| Net assets at end of period (000 omitted) | $386 | &nbsp;&nbsp; $441 | &nbsp;&nbsp; $420 | &nbsp;&nbsp; $480 | &nbsp;&nbsp; $511 | &nbsp;&nbsp; $742 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $19.99 | &nbsp;&nbsp; $21.57 | &nbsp;&nbsp; $18.63 | &nbsp;&nbsp; $19.43 | &nbsp;&nbsp; $22.59 | &nbsp;&nbsp; $17.38 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.08 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.14 |
| Net realized and unrealized gain (loss) | 1.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.24 |
| Total from investment operations | $1.51 | &nbsp;&nbsp; $0.91 | &nbsp;&nbsp; $4.10 | &nbsp;&nbsp; $1.43 | &nbsp;&nbsp; $(2.03)<br>| &nbsp;&nbsp; $5.38 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.09)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.17)<br>|
| From net realized gain | (2.54)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (1.01)<br>|  |
| Total distributions declared to shareholders | $(2.63)<br>| &nbsp;&nbsp; $(2.49)<br>| &nbsp;&nbsp; $(1.16)<br>| &nbsp;&nbsp; $(2.23)<br>| &nbsp;&nbsp; $(1.13)<br>| &nbsp;&nbsp; $(0.17)<br>|
| Net asset value, end of period (x) | $18.87 | &nbsp;&nbsp; $19.99 | &nbsp;&nbsp; $21.57 | &nbsp;&nbsp; $18.63 | &nbsp;&nbsp; $19.43 | &nbsp;&nbsp; $22.59 |
| Total return (%) (r)(s)(t)(x) | 8.30<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp;&nbsp;23.11 | &nbsp;&nbsp;&nbsp;&nbsp;8.04 | &nbsp;&nbsp; (9.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.17 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.95<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Expenses after expense reductions | 0.89<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Net investment income (loss) | 0.89<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 20 |
| Net assets at end of period (000 omitted) | $522 | &nbsp;&nbsp; $523 | &nbsp;&nbsp; $473 | &nbsp;&nbsp; $717 | &nbsp;&nbsp; $644 | &nbsp;&nbsp; $786 |

---

**See Notes to Financial Statements**

------

MFS Low Volatility Equity Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $19.94 | &nbsp;&nbsp; $21.53 | &nbsp;&nbsp; $18.60 | &nbsp;&nbsp; $19.41 | &nbsp;&nbsp; $22.56 | &nbsp;&nbsp; $17.36 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.11 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.18 |
| Net realized and unrealized gain (loss) | 1.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.23 |
| Total from investment operations | $1.53 | &nbsp;&nbsp; $0.95 | &nbsp;&nbsp; $4.14 | &nbsp;&nbsp; $1.47 | &nbsp;&nbsp; $(1.97)<br>| &nbsp;&nbsp; $5.41 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.12)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.21)<br>|
| From net realized gain | (2.54)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (1.01)<br>|  |
| Total distributions declared to shareholders | $(2.66)<br>| &nbsp;&nbsp; $(2.54)<br>| &nbsp;&nbsp; $(1.21)<br>| &nbsp;&nbsp; $(2.28)<br>| &nbsp;&nbsp; $(1.18)<br>| &nbsp;&nbsp; $(0.21)<br>|
| Net asset value, end of period (x) | $18.81 | &nbsp;&nbsp; $19.94 | &nbsp;&nbsp; $21.53 | &nbsp;&nbsp; $18.60 | &nbsp;&nbsp; $19.41 | &nbsp;&nbsp; $22.56 |
| Total return (%) (r)(s)(t)(x) | 8.43<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;23.41 | &nbsp;&nbsp;&nbsp;&nbsp;8.27 | &nbsp;&nbsp; (9.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.47 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Expenses after expense reductions | 0.64<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net investment income (loss) | 1.13<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 20 |
| Net assets at end of period (000 omitted) | $147 | &nbsp;&nbsp; $136 | &nbsp;&nbsp; $535 | &nbsp;&nbsp; $105 | &nbsp;&nbsp; $97 | &nbsp;&nbsp; $107 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $19.96 | &nbsp;&nbsp; $21.55 | &nbsp;&nbsp; $18.61 | &nbsp;&nbsp; $19.42 | &nbsp;&nbsp; $22.57 | &nbsp;&nbsp; $17.37 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.12 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.20 |
| Net realized and unrealized gain (loss) | 1.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.23 |
| Total from investment operations | $1.54 | &nbsp;&nbsp; $0.97 | &nbsp;&nbsp; $4.16 | &nbsp;&nbsp; $1.48 | &nbsp;&nbsp; $(1.95)<br>| &nbsp;&nbsp; $5.43 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.13)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.23)<br>|
| From net realized gain | (2.54)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (1.01)<br>|  |
| Total distributions declared to shareholders | $(2.67)<br>| &nbsp;&nbsp; $(2.56)<br>| &nbsp;&nbsp; $(1.22)<br>| &nbsp;&nbsp; $(2.29)<br>| &nbsp;&nbsp; $(1.20)<br>| &nbsp;&nbsp; $(0.23)<br>|
| Net asset value, end of period (x) | $18.83 | &nbsp;&nbsp; $19.96 | &nbsp;&nbsp; $21.55 | &nbsp;&nbsp; $18.61 | &nbsp;&nbsp; $19.42 | &nbsp;&nbsp; $22.57 |
| Total return (%) (r)(s)(t)(x) | 8.46<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;23.55 | &nbsp;&nbsp;&nbsp;&nbsp;8.38 | &nbsp;&nbsp; (9.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.57 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.62<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Expenses after expense reductions | 0.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Net investment income (loss) | 1.22<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Portfolio turnover rate | 14<br> (n)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 20 |
| Net assets at end of period (000 omitted) | $78811 | &nbsp;&nbsp; $80896 | &nbsp;&nbsp; $118386 | &nbsp;&nbsp; $111186 | &nbsp;&nbsp; $77259 | &nbsp;&nbsp; $84532 |

---

**See Notes to Financial Statements**

------

MFS Low Volatility Equity Fund

*Financial Highlights - continued*

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

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

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

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Low Volatility Equity Fund

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

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

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

**(2) Significant Accounting Policies**

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

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

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

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

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading

------

MFS Low Volatility Equity Fund

*Notes to Financial Statements (unaudited) - continued* 

does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund's net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund's foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of February 28, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $342039696 | $— | $— | $342039696 |
| Investment Companies | 1360068 |  |  | 1360068 |
| Total | $343399764 | $— | $— | $343399764 |

---

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 all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign

------

MFS Low Volatility Equity Fund

*Notes to Financial Statements (unaudited) - continued* 

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

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

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

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**8/31/25**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $8725985 |
| Long-term capital gains | &nbsp;&nbsp; 39397579 |
| Total distributions | &nbsp;&nbsp; $48123564 |

---

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

---

| | |
|:---|:---|
| **As of 2/28/26** |  |
| Cost of investments | &nbsp;&nbsp; $231901056 |
| Gross appreciation | &nbsp;&nbsp; 123578306 |
| Gross depreciation | &nbsp;&nbsp; (12079598)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $111498708 |
| **As of 8/31/25** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 368065 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 35585888 |
| Post-October capital loss deferral | &nbsp;&nbsp; (222444)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 110466999 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**2/28/26**<br>| **Year** <br>**ended** <br>**8/31/25**<br>|
| Class A | $22312673 | &nbsp;&nbsp; $21657057 |
| Class B | 55131 | &nbsp;&nbsp; 92630 |
| Class C | 2011004 | &nbsp;&nbsp; 2104983 |
| Class I | 9811434 | &nbsp;&nbsp; 10761168 |
| Class R1 | 116896 | &nbsp;&nbsp; 87661 |
| Class R2 | 51695 | &nbsp;&nbsp; 47775 |
| Class R3 | 62871 | &nbsp;&nbsp; 55210 |
| Class R4 | 18142 | &nbsp;&nbsp; 60845 |
| Class R6 | 10389691 | &nbsp;&nbsp; 13256235 |
| Total | $44829537 | &nbsp;&nbsp; $48123564 |

---

------

MFS Low Volatility Equity Fund

*Notes to Financial Statements (unaudited) - continued* 

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

**(3) Transactions with Affiliates**

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

---

| | |
|:---|:---|
| Up to $1 billion | 0.50% |
| In excess of $1 billion and up to $2.5 billion | 0.475% |
| In excess of $2.5 billion | 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 December 31, 2026. For the six months ended February 28, 2026, this management fee reduction amounted to $23,278, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended February 28, 2026 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** |  |  |  |  |
| **A** | **B** | **C** | **I** | **R1** | **R2** | **R3** | **R4** | **R6** |
| 0.89% | 1.64% | 1.64% | 0.64% | 1.64% | 1.14% | 0.89% | 0.64% | 0.57% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until December 31, 2026. For the six months ended February 28, 2026, this reduction amounted to $73,226, 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 $11,488 for the six months ended February 28, 2026, as its portion of the initial sales charge on sales of Class A shares of the fund.

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

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

**Distribution Plan Fee Table:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Class A |  | 0.25% | 0.25% | 0.25% | $212828 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | 2136 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 77992 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 4621 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 1045 |
| Class R3 |  | 0.25% | 0.25% | 0.25% | 618 |
| Total Distribution and Service Fees  |  |  |  |  | $299240 |

---

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

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

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

(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended February 28, 2026 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended February 28, 2026, this rebate amounted to $3 for Class A shares and is included in the reduction of total expenses in the Statement of Operations.

------

MFS Low Volatility Equity Fund

*Notes to Financial Statements (unaudited) - 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 six months ended February 28, 2026, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $175 |
| Class B |  |
| Class C | 1191 |

---

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the six months ended February 28, 2026, the fee was $12,093, which equated to 0.0071% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended February 28, 2026, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $112,636.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended February 28, 2026 was equivalent to an annual effective rate of 0.0160% 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.

At February 28, 2026, MFS held approximately 99% 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 six months ended February 28, 2026, this reimbursement amounted to $2,155, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the six months ended February 28, 2026, purchases and sales of investments, other than short-term obligations, aggregated $48,360,089 and $84,547,705, 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 Low Volatility Equity Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**2/28/26** | **Six months ended** <br>**2/28/26** | **Year ended** <br>**8/31/25** | **Year ended** <br>**8/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Class A | 302855 | &nbsp;&nbsp; $5659064 | &nbsp;&nbsp; 806958 | &nbsp;&nbsp; $15797055 |
| Class B |  |  | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 694 |
| Class C | 25284 | &nbsp;&nbsp; 479300 | &nbsp;&nbsp; 45886 | &nbsp;&nbsp; 891495 |
| Class I | 196315 | &nbsp;&nbsp; 3777872 | &nbsp;&nbsp; 757970 | &nbsp;&nbsp; 14491078 |
| Class R1 | 6555 | &nbsp;&nbsp; 122471 | &nbsp;&nbsp; 5850 | &nbsp;&nbsp; 113046 |
| Class R2 | 114 | &nbsp;&nbsp; 2173 | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 6512 |
| Class R3 | 543 | &nbsp;&nbsp; 10202 | &nbsp;&nbsp; 2808 | &nbsp;&nbsp; 50038 |
| Class R4 |  |  | &nbsp;&nbsp; 2533 | &nbsp;&nbsp; 53329 |
| Class R6 | 187163 | &nbsp;&nbsp; 3615538 | &nbsp;&nbsp; 629040 | &nbsp;&nbsp; 12377881 |
|  | 718829 | &nbsp;&nbsp; $13666620 | &nbsp;&nbsp; 2251413 | &nbsp;&nbsp; $43781128 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Class A | 1250333 | &nbsp;&nbsp; $22275286 | &nbsp;&nbsp; 1127327 | &nbsp;&nbsp; $21642151 |
| Class B | 3103 | &nbsp;&nbsp; 55131 | &nbsp;&nbsp; 4840 | &nbsp;&nbsp; 92630 |
| Class C | 113997 | &nbsp;&nbsp; 2009719 | &nbsp;&nbsp; 110562 | &nbsp;&nbsp; 2102747 |
| Class I | 535282 | &nbsp;&nbsp; 9557530 | &nbsp;&nbsp; 537261 | &nbsp;&nbsp; 10336475 |
| Class R1 | 6581 | &nbsp;&nbsp; 116896 | &nbsp;&nbsp; 4577 | &nbsp;&nbsp; 87661 |
| Class R2 | 2878 | &nbsp;&nbsp; 51695 | &nbsp;&nbsp; 2472 | &nbsp;&nbsp; 47775 |
| Class R3 | 3509 | &nbsp;&nbsp; 62871 | &nbsp;&nbsp; 2863 | &nbsp;&nbsp; 55210 |
| Class R4 | 1015 | &nbsp;&nbsp; 18142 | &nbsp;&nbsp; 3160 | &nbsp;&nbsp; 60845 |
| Class R6 | 574916 | &nbsp;&nbsp; 10283208 | &nbsp;&nbsp; 682678 | &nbsp;&nbsp; 13150803 |
|  | 2491614 | &nbsp;&nbsp; $44430478 | &nbsp;&nbsp; 2475740 | &nbsp;&nbsp; $47576297 |
| Shares reacquired |  |  |  |  |
| Class A | (1141144)<br>| &nbsp;&nbsp; $(21594904)<br>| &nbsp;&nbsp; (1918116)<br>| &nbsp;&nbsp; $(37409807)<br>|
| Class B | (6829)<br>| &nbsp;&nbsp; (125053)<br>| &nbsp;&nbsp; (22437)<br>| &nbsp;&nbsp; (422962)<br>|
| Class C | (198350)<br>| &nbsp;&nbsp; (3679364)<br>| &nbsp;&nbsp; (274666)<br>| &nbsp;&nbsp; (5320893)<br>|
| Class I | (692889)<br>| &nbsp;&nbsp; (13211811)<br>| &nbsp;&nbsp; (1883658)<br>| &nbsp;&nbsp; (36590346)<br>|
| Class R1 | (2980)<br>| &nbsp;&nbsp; (54658)<br>| &nbsp;&nbsp; (3723)<br>| &nbsp;&nbsp; (69567)<br>|
| Class R2 | (4574)<br>| &nbsp;&nbsp; (88410)<br>| &nbsp;&nbsp; (233)<br>| &nbsp;&nbsp; (4554)<br>|
| Class R3 | (2594)<br>| &nbsp;&nbsp; (52049)<br>| &nbsp;&nbsp; (1392)<br>| &nbsp;&nbsp; (26932)<br>|
| Class R4 |  |  | &nbsp;&nbsp; (23754)<br>| &nbsp;&nbsp; (459283)<br>|
| Class R6 | (629611)<br>| &nbsp;&nbsp; (11973946)<br>| &nbsp;&nbsp; (2752979)<br>| &nbsp;&nbsp; (53325388)<br>|
|  | (2678971)<br>| &nbsp;&nbsp; $(50780195)<br>| &nbsp;&nbsp; (6880958)<br>| &nbsp;&nbsp; $(133629732)<br>|
| Net change |  |  |  |  |
| Class A | 412044 | &nbsp;&nbsp; $6339446 | &nbsp;&nbsp; 16169 | &nbsp;&nbsp; $29399 |
| Class B | (3726)<br>| &nbsp;&nbsp; (69922)<br>| &nbsp;&nbsp; (17561)<br>| &nbsp;&nbsp; (329638)<br>|
| Class C | (59069)<br>| &nbsp;&nbsp; (1190345)<br>| &nbsp;&nbsp; (118218)<br>| &nbsp;&nbsp; (2326651)<br>|
| Class I | 38708 | &nbsp;&nbsp; 123591 | &nbsp;&nbsp; (588427)<br>| &nbsp;&nbsp; (11762793)<br>|
| Class R1 | 10156 | &nbsp;&nbsp; 184709 | &nbsp;&nbsp; 6704 | &nbsp;&nbsp; 131140 |
| Class R2 | (1582)<br>| &nbsp;&nbsp; (34542)<br>| &nbsp;&nbsp; 2571 | &nbsp;&nbsp; 49733 |
| Class R3 | 1458 | &nbsp;&nbsp; 21024 | &nbsp;&nbsp; 4279 | &nbsp;&nbsp; 78316 |
| Class R4 | 1015 | &nbsp;&nbsp; 18142 | &nbsp;&nbsp; (18061)<br>| &nbsp;&nbsp; (345109)<br>|
| Class R6 | 132468 | &nbsp;&nbsp; 1924800 | &nbsp;&nbsp; (1441261)<br>| &nbsp;&nbsp; (27796704)<br>|
|  | 531472 | &nbsp;&nbsp; $7316903 | &nbsp;&nbsp; (2153805)<br>| &nbsp;&nbsp; $(42272307)<br>|

---

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

------

MFS Low Volatility Equity Fund

*Notes to Financial Statements (unaudited) - continued* 

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

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate), 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended February 28, 2026, the fund's commitment fee and interest expense were $836 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the six months ended February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $1666651 | &nbsp;&nbsp; $25632670 | &nbsp;&nbsp; $25939055 | &nbsp;&nbsp; $(198)<br>| $— | &nbsp;&nbsp; $1360068 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $21716 | $— |

---

------

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

There is nothing to report for this item for MFS Low Volatility Equity Fund.

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

There is nothing to report for this item for MFS Low Volatility 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 Low Volatility 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 U.S. Government Cash Reserve Fund

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

MFS U.S. Government Cash Reserve Fund

**Portfolio of Investments - 2/28/26 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| U.S. Government Agencies and Equivalents (y) – 64.6% | U.S. Government Agencies and Equivalents (y) – 64.6% | U.S. Government Agencies and Equivalents (y) – 64.6% |
| Fannie Mae, 3.6%, due 3/18/2026 | $12500000 | &nbsp;&nbsp; $12478927 |
| Federal Farm Credit Bank, 3.83%, due 3/05/2026 | 9000000 | &nbsp;&nbsp; 8996230 |
| Federal Farm Credit Bank, 3.64%, due 4/14/2026 | 10300000 | &nbsp;&nbsp; 10254428 |
| Federal Farm Credit Bank, 3.79%, due 4/20/2026 | 10800000 | &nbsp;&nbsp; 10744050 |
| Federal Farm Credit Bank, 3.64%, due 5/04/2026 | 16250000 | &nbsp;&nbsp; 16145711 |
| Federal Farm Credit Bank, 3.625%, due 6/17/2026 | 10800000 | &nbsp;&nbsp; 10684332 |
| Federal Home Loan Bank, 3.63%, due 3/30/2026 | 9000000 | &nbsp;&nbsp; 8973972 |
| Federal Home Loan Bank, 3.58%, due 4/10/2026 | 16983000 | &nbsp;&nbsp; 16916106 |
| Federal Home Loan Bank, 3.64%, due 5/08/2026 | 26000000 | &nbsp;&nbsp; 25823053 |
| Freddie Mac, 3.61%, due 4/20/2026 | 14000000 | &nbsp;&nbsp; 13930389 |
| Freddie Mac, 3.61%, due 5/27/2026 | 14400000 | &nbsp;&nbsp; 14275416 |
| U.S. Treasury Bill, 3.8%, due 3/10/2026 | 20800000 | &nbsp;&nbsp; 20780469 |
| U.S. Treasury Bill, 3.78%, due 3/19/2026 | 14100000 | &nbsp;&nbsp; 14073827 |
| U.S. Treasury Bill, 3.58%, due 3/26/2026 | 18000000 | &nbsp;&nbsp; 17955619 |
| U.S. Treasury Bill, 3.66%, due 4/07/2026 | 14300000 | &nbsp;&nbsp; 14246847 |
| U.S. Treasury Bill, 3.6%, due 4/16/2026 | 29200000 | &nbsp;&nbsp; 29066720 |
| U.S. Treasury Bill, 3.63%, due 4/21/2026 | 11700000 | &nbsp;&nbsp; 11640090 |
| U.S. Treasury Bill, 3.63%, due 5/14/2026 | 13500000 | &nbsp;&nbsp; 13400072 |
| U.S. Treasury Bill, 3.64%, due 5/28/2026 | 14000000 | &nbsp;&nbsp; 13877484 |
| U.S. Treasury Bill, 3.63%, due 6/16/2026 | 15300000 | &nbsp;&nbsp; 15136745 |
| **Total U.S. Government Agencies and Equivalents, at Amortized Cost and Value** |  | &nbsp;&nbsp; **$299400487** |
| Repurchase Agreements – 35.4% | Repurchase Agreements – 35.4% |  |
| BofA Securities, Inc. Repurchase Agreement, 3.66%, dated 2/27/2026, due 3/02/2026, total to be received $82,216,068 (secured by <br> U.S. Treasury and/or U.S. Government Agency Securities valued at $84,003,864) | $82191000 | &nbsp;&nbsp; $82191000 |
| Fixed Income Clearing Corp. – State Street Bank & Trust Co. Repurchase Agreement, 3.64%, dated 2/27/2026, due 3/02/2026, total to <br> be received $82,215,412 (secured by U.S. Treasury and/or U.S. Government Agency Securities valued at $83,834,425) | 82190481 | &nbsp;&nbsp; 82190481 |
| **Total Repurchase Agreements, at Cost and Value** |  | &nbsp;&nbsp; **$164381481** |
| Other Assets, Less Liabilities – (0.0)% |  | &nbsp;&nbsp; (200885) |
| **Net Assets – 100.0%** |  | &nbsp;&nbsp; **$463581083** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(y) The rate shown represents an annualized yield at time of purchase.

**See Notes to Financial Statements**

LMMFS-SEM

------

MFS U.S. Government Cash Reserve Fund

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

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

---

| | |
|:---|:---|
| **At 2/28/26 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at cost and value | &nbsp;&nbsp; $299400487 |
| Investments in unaffiliated repurchase agreements, at cost and value | &nbsp;&nbsp; 164381481 |
| Cash | &nbsp;&nbsp; 1 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 242695 |
| Interest | &nbsp;&nbsp; 33333 |
| Receivable from investment adviser and distributor | &nbsp;&nbsp; 47802 |
| Other assets | &nbsp;&nbsp; 26721 |
| Total assets | &nbsp;&nbsp; $464132520 |
| **Liabilities** |  |
| Payables for |  |
| Distributions | &nbsp;&nbsp; $8254 |
| Fund shares reacquired | &nbsp;&nbsp; 456357 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 601 |
| Shareholder servicing costs | &nbsp;&nbsp; 35190 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 2040 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 48995 |
| Total liabilities | &nbsp;&nbsp; $551437 |
| Net assets | &nbsp;&nbsp; $463581083 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $463585687 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (4604)<br>|
| Net assets | &nbsp;&nbsp; $463581083 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 463810629 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Class A | &nbsp;&nbsp;&nbsp; $143932527 | &nbsp;&nbsp;&nbsp; 144003687 | &nbsp;&nbsp;&nbsp; $1.00 |
| Class B | &nbsp;&nbsp;&nbsp; 762540 | &nbsp;&nbsp;&nbsp; 762945 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class C | &nbsp;&nbsp;&nbsp; 13430280 | &nbsp;&nbsp;&nbsp; 13436958 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class I | &nbsp;&nbsp;&nbsp; 20218420 | &nbsp;&nbsp;&nbsp; 20228424 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R1 | &nbsp;&nbsp;&nbsp; 5393361 | &nbsp;&nbsp;&nbsp; 5396023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R2 | &nbsp;&nbsp;&nbsp; 13860140 | &nbsp;&nbsp;&nbsp; 13866972 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R3 | &nbsp;&nbsp;&nbsp; 8508655 | &nbsp;&nbsp;&nbsp; 8512881 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R4 | &nbsp;&nbsp;&nbsp; 65167 | &nbsp;&nbsp;&nbsp; 65202 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R6 | &nbsp;&nbsp;&nbsp; 257409993 | &nbsp;&nbsp;&nbsp; 257537537 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |

---

A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6.

**See Notes to Financial Statements**

------

MFS U.S. Government Cash Reserve Fund

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

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

---

| | |
|:---|:---|
| **Six months ended 2/28/26 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Interest | &nbsp;&nbsp; $9270480 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $941915 |
| Distribution and service fees | &nbsp;&nbsp; 320417 |
| Shareholder servicing costs | &nbsp;&nbsp; 175136 |
| Administrative services fee | &nbsp;&nbsp; 35677 |
| Independent Trustees' compensation | &nbsp;&nbsp; 5806 |
| Custodian fee | &nbsp;&nbsp; 11431 |
| Shareholder communications | &nbsp;&nbsp; 6786 |
| Audit and tax fees | &nbsp;&nbsp; 25977 |
| Legal fees | &nbsp;&nbsp; 1315 |
| Miscellaneous | &nbsp;&nbsp; 102730 |
| Total expenses | &nbsp;&nbsp; $1627190 |
| Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp; (697752)<br>|
| Net expenses | &nbsp;&nbsp; $929438 |
| Net investment income (loss) | &nbsp;&nbsp; $8341042 |
| Change in net assets from operations | &nbsp;&nbsp; $8341042 |

---

**See Notes to Financial Statements**

------

MFS U.S. Government Cash Reserve Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**2/28/26** <br>**(unaudited)**<br>| <br>**8/31/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $8341042 | &nbsp;&nbsp; $19844494 |
| Net realized gain (loss) |  | &nbsp;&nbsp; 132 |
| Change in net assets from operations | $8341042 | &nbsp;&nbsp; $19844626 |
| Total distributions to shareholders | $(8341042)<br>| &nbsp;&nbsp; $(19844494)<br>|
| Change in net assets from fund share transactions | $(11218292)<br>| &nbsp;&nbsp; $(1391940)<br>|
| Total change in net assets | $(11218292)<br>| &nbsp;&nbsp; $(1391808)<br>|
| **Net assets** |  |  |
| At beginning of period | 474799375 | &nbsp;&nbsp; 476191183 |
| At end of period | $463581083 | &nbsp;&nbsp; $474799375 |

---

**See Notes to Financial Statements**

------

MFS U.S. Government Cash Reserve Fund

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00 |
| Net realized and unrealized gain (loss) |  | 0.00<br> (w)<br>| 0.00<br> (w)<br>|  | &nbsp;&nbsp; (0.00)(w)<br>| 0.00<br> (w)<br>|
| Total from investment operations | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00<br> (w)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| From net realized gain |  |  |  |  | &nbsp;&nbsp; (0.00)(w)<br>|  |
| Total distributions declared to shareholders | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| Net asset value, end of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return (%) (r)(t) | 1.75<br> (n)<br>| 4.15 | 5.06 | 3.83 | 0.28 | 0.00 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.83<br> (a)<br>| 0.83 | 0.83 | 0.83 | 0.91 | 0.91 |
| Expenses after expense reductions | 0.42<br> (a)<br>| 0.42 | 0.42 | 0.43 | 0.21 | 0.05 |
| Net investment income (loss) | 3.52<br> (a)<br>| 4.08 | 4.95 | 3.74 | 0.33 | 0.00 |
| Net assets at end of period (000 omitted) | $143933 | &nbsp;&nbsp; $154267 | &nbsp;&nbsp; $154821 | &nbsp;&nbsp; $161677 | &nbsp;&nbsp; $173514 | &nbsp;&nbsp; $128482 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00 |
| Net realized and unrealized gain (loss) |  | 0.00<br> (w)<br>| 0.00<br> (w)<br>|  | &nbsp;&nbsp; (0.00)(w)<br>| 0.00<br> (w)<br>|
| Total from investment operations | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00<br> (w)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| From net realized gain |  |  |  |  | &nbsp;&nbsp; (0.00)(w)<br>|  |
| Total distributions declared to shareholders | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| Net asset value, end of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return (%) (r)(t) | 1.75<br> (n)<br>| 4.15 | 5.06 | 3.83 | 0.28 | 0.00 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.58<br> (a)<br>| 1.58 | 1.58 | 1.58 | 1.66 | 1.66 |
| Expenses after expense reductions | 0.42<br> (a)<br>| 0.42 | 0.42 | 0.43 | 0.18 | 0.05 |
| Net investment income (loss) | 3.53<br> (a)<br>| 4.14 | 4.95 | 3.68 | 0.25 | 0.00 |
| Net assets at end of period (000 omitted) | $763 | &nbsp;&nbsp; $1098 | &nbsp;&nbsp; $2261 | &nbsp;&nbsp; $3501 | &nbsp;&nbsp; $5194 | &nbsp;&nbsp; $6792 |

---

**See Notes to Financial Statements**

------

MFS U.S. Government Cash Reserve Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00 |
| Net realized and unrealized gain (loss) |  | 0.00<br> (w)<br>| 0.00<br> (w)<br>|  | &nbsp;&nbsp; (0.00)(w)<br>| 0.00<br> (w)<br>|
| Total from investment operations | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00<br> (w)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| From net realized gain |  |  |  |  | &nbsp;&nbsp; (0.00)(w)<br>|  |
| Total distributions declared to shareholders | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| Net asset value, end of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return (%) (r)(t) | 1.75<br> (n)<br>| 4.15 | 5.06 | 3.83 | 0.28 | 0.00 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.59<br> (a)<br>| 1.58 | 1.58 | 1.58 | 1.66 | 1.66 |
| Expenses after expense reductions | 0.42<br> (a)<br>| 0.42 | 0.42 | 0.43 | 0.25 | 0.05 |
| Net investment income (loss) | 3.50<br> (a)<br>| 4.13 | 4.95 | 3.56 | 0.40 | 0.00 |
| Net assets at end of period (000 omitted) | $13430 | &nbsp;&nbsp; $9850 | &nbsp;&nbsp; $16698 | &nbsp;&nbsp; $22344 | &nbsp;&nbsp; $43674 | &nbsp;&nbsp; $23748 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00 |
| Net realized and unrealized gain (loss) |  | 0.00<br> (w)<br>| 0.00<br> (w)<br>|  | &nbsp;&nbsp; (0.00)(w)<br>| 0.00<br> (w)<br>|
| Total from investment operations | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00<br> (w)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| From net realized gain |  |  |  |  | &nbsp;&nbsp; (0.00)(w)<br>|  |
| Total distributions declared to shareholders | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| Net asset value, end of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return (%) (r)(t) | 1.75<br> (n)<br>| 4.15 | 5.06 | 3.83 | 0.28 | 0.00 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.58<br> (a)<br>| 0.58 | 0.58 | 0.58 | 0.66 | 0.65 |
| Expenses after expense reductions | 0.42<br> (a)<br>| 0.42 | 0.42 | 0.43 | 0.20 | 0.05 |
| Net investment income (loss) | 3.52<br> (a)<br>| 4.04 | 4.94 | 3.75 | 0.29 | 0.00 |
| Net assets at end of period (000 omitted) | $20218 | &nbsp;&nbsp; $21680 | &nbsp;&nbsp; $16666 | &nbsp;&nbsp; $17492 | &nbsp;&nbsp; $17382 | &nbsp;&nbsp; $12819 |

---

**See Notes to Financial Statements**

------

MFS U.S. Government Cash Reserve Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00 |
| Net realized and unrealized gain (loss) |  | 0.00<br> (w)<br>| 0.00<br> (w)<br>|  | &nbsp;&nbsp; (0.00)(w)<br>| 0.00<br> (w)<br>|
| Total from investment operations | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00<br> (w)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| From net realized gain |  |  |  |  | &nbsp;&nbsp; (0.00)(w)<br>|  |
| Total distributions declared to shareholders | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| Net asset value, end of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return (%) (r)(t) | 1.75<br> (n)<br>| 4.15 | 5.06 | 3.82 | 0.28 | 0.00 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.58<br> (a)<br>| 1.58 | 1.58 | 1.58 | 1.66 | 1.65 |
| Expenses after expense reductions | 0.42<br> (a)<br>| 0.42 | 0.42 | 0.43 | 0.19 | 0.05 |
| Net investment income (loss) | 3.52<br> (a)<br>| 4.09 | 4.94 | 3.70 | 0.27 | 0.00 |
| Net assets at end of period (000 omitted) | $5393 | &nbsp;&nbsp; $6015 | &nbsp;&nbsp; $6911 | &nbsp;&nbsp; $6818 | &nbsp;&nbsp; $9298 | &nbsp;&nbsp; $8761 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00 |
| Net realized and unrealized gain (loss) |  | 0.00<br> (w)<br>| 0.00<br> (w)<br>|  | &nbsp;&nbsp; (0.00)(w)<br>| 0.00<br> (w)<br>|
| Total from investment operations | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00<br> (w)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| From net realized gain |  |  |  |  | &nbsp;&nbsp; (0.00)(w)<br>|  |
| Total distributions declared to shareholders | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| Net asset value, end of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return (%) (r)(t) | 1.75<br> (n)<br>| 4.15 | 5.06 | 3.82 | 0.28 | 0.00 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.08<br> (a)<br>| 1.08 | 1.08 | 1.08 | 1.16 | 1.16 |
| Expenses after expense reductions | 0.42<br> (a)<br>| 0.42 | 0.42 | 0.43 | 0.19 | 0.05 |
| Net investment income (loss) | 3.52<br> (a)<br>| 4.09 | 4.94 | 3.67 | 0.26 | 0.00 |
| Net assets at end of period (000 omitted) | $13860 | &nbsp;&nbsp; $15915 | &nbsp;&nbsp; $17302 | &nbsp;&nbsp; $17342 | &nbsp;&nbsp; $23726 | &nbsp;&nbsp; $26432 |

---

**See Notes to Financial Statements**

------

MFS U.S. Government Cash Reserve Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00 |
| Net realized and unrealized gain (loss) |  | 0.00<br> (w)<br>| 0.00<br> (w)<br>|  | &nbsp;&nbsp; (0.00)(w)<br>| 0.00<br> (w)<br>|
| Total from investment operations | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00<br> (w)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| From net realized gain |  |  |  |  | &nbsp;&nbsp; (0.00)(w)<br>|  |
| Total distributions declared to shareholders | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| Net asset value, end of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return (%) (r)(t) | 1.75<br> (n)<br>| 4.15 | 5.06 | 3.82 | 0.28 | 0.00 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.84<br> (a)<br>| 0.83 | 0.83 | 0.83 | 0.91 | 0.90 |
| Expenses after expense reductions | 0.42<br> (a)<br>| 0.42 | 0.42 | 0.43 | 0.19 | 0.05 |
| Net investment income (loss) | 3.54<br> (a)<br>| 4.09 | 4.95 | 3.74 | 0.29 | 0.00 |
| Net assets at end of period (000 omitted) | $8509 | &nbsp;&nbsp; $10788 | &nbsp;&nbsp; $13686 | &nbsp;&nbsp; $19628 | &nbsp;&nbsp; $21166 | &nbsp;&nbsp; $21266 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00 |
| Net realized and unrealized gain (loss) |  | 0.00<br> (w)<br>| 0.00<br> (w)<br>|  | &nbsp;&nbsp; (0.00)(w)<br>| 0.00<br> (w)<br>|
| Total from investment operations | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00<br> (w)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| From net realized gain |  |  |  |  | &nbsp;&nbsp; (0.00)(w)<br>|  |
| Total distributions declared to shareholders | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| Net asset value, end of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return (%) (r)(t) | 1.75<br> (n)<br>| 4.16 | 5.05 | 3.83 | 0.28 | 0.00 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.58<br> (a)<br>| 0.58 | 0.58 | 0.58 | 0.66 | 0.65 |
| Expenses after expense reductions | 0.42<br> (a)<br>| 0.42 | 0.42 | 0.43 | 0.19 | 0.05 |
| Net investment income (loss) | 3.51<br> (a)<br>| 4.08 | 4.94 | 3.77 | 0.27 | 0.00 |
| Net assets at end of period (000 omitted) | $65 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $61 | &nbsp;&nbsp; $2787 | &nbsp;&nbsp; $2684 | &nbsp;&nbsp; $2676 |

---

**See Notes to Financial Statements**

------

MFS U.S. Government Cash Reserve Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $0.00 |
| Net realized and unrealized gain (loss) |  | 0.00<br> (w)<br>| 0.00<br> (w)<br>|  | &nbsp;&nbsp; (0.01)<br>| 0.00<br> (w)<br>|
| Total from investment operations | $0.02 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00<br> (w)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| From net realized gain |  |  |  |  | &nbsp;&nbsp; (0.00)(w)<br>|  |
| Total distributions declared to shareholders | $(0.02)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.00)(w)<br>| $— |
| Net asset value, end of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return (%) (r)(t) | 1.78<br> (n)<br>| 4.21 | 5.11 | 3.89 | 0.30 | 0.00 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.53<br> (a)<br>| 0.53 | 0.53 | 0.53 | 0.56 | 0.59 |
| Expenses after expense reductions | 0.37<br> (a)<br>| 0.37 | 0.37 | 0.37 | 0.37 | 0.05 |
| Net investment income (loss) | 3.56<br> (a)<br>| 4.13 | 4.99 | 3.85 | 0.99 | 0.00 |
| Net assets at end of period (000 omitted) | $257410 | &nbsp;&nbsp; $255122 | &nbsp;&nbsp; $247786 | &nbsp;&nbsp; $227118 | &nbsp;&nbsp; $211381 | &nbsp;&nbsp; $113 |

---

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS U.S. Government Cash Reserve Fund

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

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

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

**(2) Significant Accounting Policies**

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

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

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

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

Under the fund's valuation policies and procedures, market quotations are not considered to be readily available for debt instruments. Debt instruments held by the fund are generally valued at amortized cost, which approximates market value. Amortized cost involves valuing an instrument at its cost as adjusted for amortization of premium or accretion of discount rather than its current market value. The amortized cost value of an instrument can be different from the market value of an instrument.

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 February 28, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Short-Term Securities | $— | $463781968 | $— | $463781968 |

---

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

------

MFS U.S. Government Cash Reserve Fund

*Notes to Financial Statements (unaudited) - continued* 

**Repurchase Agreements —** The fund enters into bilateral repurchase agreements under the terms of Master Repurchase Agreements with approved counterparties, some of which may be novated to the clearing agency, Fixed Income Clearing Corporation (FICC). Each repurchase agreement is recorded at cost. For both bilateral and cleared repurchase agreements, the fund requires that the securities collateral in a repurchase transaction be transferred to a custodian. On a daily basis, the fund monitors the collateral to ensure that its value, including accrued interest, is greater than amounts owed to the fund under each such repurchase agreement. In the event of default, the settlement of a cleared repurchase agreement is guaranteed by FICC. Upon an event of default on a bilateral repurchase agreement, the non-defaulting party may close out all transactions traded under a Master Repurchase Agreement and net amounts owed under each transaction to one net amount payable by one party to the other. Absent an event of default, the Master Repurchase Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. At February 28, 2026, the fund had investments in repurchase agreements with a gross value of $164,381,481 in the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at period end.

**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.

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.

During the year ended August 31, 2025, there were no significant adjustments due to differences between book and tax accounting.

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**8/31/25**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $19844494 |

---

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

---

| | |
|:---|:---|
| **As of 2/28/26** |  |
| Cost of investments | &nbsp;&nbsp; $463781968 |
| **As of 8/31/25** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 5681 |
| Other temporary differences | &nbsp;&nbsp; (10285)<br>|

---

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

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and service fees. The fund's income 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

------

MFS U.S. Government Cash Reserve Fund

*Notes to Financial Statements (unaudited) - continued* 

differences in separate class expenses. Class B and Class C shares will convert to Class A shares approximately eight years after purchase. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**2/28/26**<br>| **Year** <br>**ended** <br>**8/31/25**<br>|
| Class A | $2626302 | &nbsp;&nbsp; $6399722 |
| Class B | 17148 | &nbsp;&nbsp; 66862 |
| Class C | 175529 | &nbsp;&nbsp; 490617 |
| Class I | 386825 | &nbsp;&nbsp; 887458 |
| Class R1 | 101818 | &nbsp;&nbsp; 271922 |
| Class R2 | 265722 | &nbsp;&nbsp; 665449 |
| Class R3 | 170807 | &nbsp;&nbsp; 491839 |
| Class R4 | 1124 | &nbsp;&nbsp; 2556 |
| Class R6 | 4595767 | &nbsp;&nbsp; 10568069 |
| Total | $8341042 | &nbsp;&nbsp; $19844494 |

---

**(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 | 0.40% |
| In excess of $1 billion | 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 December 31, 2026. For the six months ended February 28, 2026, this management fee reduction amounted to $32,124, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended February 28, 2026 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, 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 | B | C | I | R1 | R2 | R3 | R4 | R6 |
| 0.45% | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% | 0.37% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until December 31, 2026. For the six months ended February 28, 2026, this reduction amounted to $345,211, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor** — 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 MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, 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 U.S. Government Cash Reserve Fund

*Notes to Financial Statements (unaudited) - continued* 

**Distribution Plan Fee Table:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Class A |  | 0.25% | 0.25% | 0.00% | $186756 |
| Class B | 0.75% | 0.25% | 1.00% | 0.00% | 4855 |
| Class C | 0.75% | 0.25% | 1.00% | 0.00% | 50104 |
| Class R1 | 0.75% | 0.25% | 1.00% | 0.00% | 28917 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.00% | 37731 |
| Class R3 |  | 0.25% | 0.25% | 0.00% | 12054 |
| Total Distribution and Service Fees  |  |  |  |  | $320417 |

---

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

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

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

(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended February 28, 2026 based on each class's average daily net assets. MFD has agreed in writing to waive any distribution and/or service fees for Class A, Class B, Class C, Class R1, Class R2, and Class R3 shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue until at least December 31, 2026. For the six months ended February 28, 2026, this reduction amounted to $186,756, $4,855, $50,104, $28,917, $37,731, and $12,054 for Class A, Class B, Class C, Class R1, 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 acquired through an exchange may be subject to a contingent deferred sales charge (CDSC) upon redemption depending on when the shares exchanged were originally purchased. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended February 28, 2026, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $5375 |
| Class B |  |
| Class C | 504 |

---

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the six months ended February 28, 2026, the fee was $89,841, which equated to 0.0382% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended February 28, 2026, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $85,295.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended February 28, 2026 was equivalent to an annual effective rate of 0.0152% 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 —** At February 28, 2026, MFS held 100% of the outstanding shares of Class R4.

------

MFS U.S. Government Cash Reserve Fund

*Notes to Financial Statements (unaudited) - continued* 

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

**(4) 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. The number of shares sold, reinvested and reacquired corresponds to the net proceeds from the sale of shares, reinvestment of distributions and cost of shares reacquired, respectively, since shares are sold and reacquired at $1.00 per share. Transactions in fund shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br>**2/28/26**<br>| **Year ended** <br>**8/31/25**<br>|
| Shares sold |  |  |
| Class A | 21459236 | &nbsp;&nbsp; 81349652 |
| Class B | 102087 | &nbsp;&nbsp; 263009 |
| Class C | 6597643 | &nbsp;&nbsp; 5513420 |
| Class I | 5489168 | &nbsp;&nbsp; 20431502 |
| Class R1 | 458256 | &nbsp;&nbsp; 1067151 |
| Class R2 | 2753588 | &nbsp;&nbsp; 6814937 |
| Class R3 | 1285536 | &nbsp;&nbsp; 7584233 |
| Class R6 | 35333488 | &nbsp;&nbsp; 73535478 |
|  | 73479002 | &nbsp;&nbsp; 196559382 |
| Shares issued to shareholders in <br>reinvestment of distributions<br>|  |  |
| Class A | 2574930 | &nbsp;&nbsp; 6271321 |
| Class B | 16898 | &nbsp;&nbsp; 66015 |
| Class C | 172949 | &nbsp;&nbsp; 467888 |
| Class I | 374479 | &nbsp;&nbsp; 863618 |
| Class R1 | 101757 | &nbsp;&nbsp; 271916 |
| Class R2 | 264812 | &nbsp;&nbsp; 665449 |
| Class R3 | 170807 | &nbsp;&nbsp; 491839 |
| Class R4 | 1123 | &nbsp;&nbsp; 2556 |
| Class R6 | 4595768 | &nbsp;&nbsp; 10568069 |
|  | 8273523 | &nbsp;&nbsp; 19668671 |
| Shares reacquired |  |  |
| Class A | (34371680)<br>| &nbsp;&nbsp; (88175443)<br>|
| Class B | (454698)<br>| &nbsp;&nbsp; (1492192)<br>|
| Class C | (3187930)<br>| &nbsp;&nbsp; (12832775)<br>|
| Class I | (7325677)<br>| &nbsp;&nbsp; (16278536)<br>|
| Class R1 | (1182324)<br>| &nbsp;&nbsp; (2234849)<br>|
| Class R2 | (5073568)<br>| &nbsp;&nbsp; (8868574)<br>|
| Class R3 | (3738175)<br>| &nbsp;&nbsp; (10973549)<br>|
| Class R6 | (37636765)<br>| &nbsp;&nbsp; (76764075)<br>|
|  | (92970817)<br>| &nbsp;&nbsp; (217619993)<br>|
| Net change |  |  |
| Class A | (10337514)<br>| &nbsp;&nbsp; (554470)<br>|
| Class B | (335713)<br>| &nbsp;&nbsp; (1163168)<br>|
| Class C | 3582662 | &nbsp;&nbsp; (6851467)<br>|
| Class I | (1462030)<br>| &nbsp;&nbsp; 5016584 |
| Class R1 | (622311)<br>| &nbsp;&nbsp; (895782)<br>|
| Class R2 | (2055168)<br>| &nbsp;&nbsp; (1388188)<br>|
| Class R3 | (2281832)<br>| &nbsp;&nbsp; (2897477)<br>|
| Class R4 | 1123 | &nbsp;&nbsp; 2556 |
| Class R6 | 2292491 | &nbsp;&nbsp; 7339472 |
|  | (11218292)<br>| &nbsp;&nbsp; (1391940)<br>|

---

------

MFS U.S. Government Cash Reserve Fund

*Notes to Financial Statements (unaudited) - 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 at the close of business on May 29, 2020, the fund was closed to all purchases 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.

**(5) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate), 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended February 28, 2026, the fund's commitment fee and interest expense were $1,183 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

------

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

There is nothing to report for this item for MFS U.S. Government Cash Reserve Fund.

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

There is nothing to report for this item for MFS U.S. Government Cash Reserve 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 U.S. Government Cash Reserve 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 New Discovery Fund

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

MFS New Discovery Fund

**Portfolio of Investments - 2/28/26 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 95.0% | Common Stocks – 95.0% | Common Stocks – 95.0% |
| Aerospace & Defense – 6.1% | Aerospace & Defense – 6.1% |  |
| Amprius Technologies, Inc. (a) | 1622119 | &nbsp;&nbsp; $17405337 |
| BETA Technologies, Inc., "A" (a) | 164924 | &nbsp;&nbsp; 3100571 |
| CACI International, Inc., "A" (a) | 46719 | &nbsp;&nbsp; 28506532 |
| Karman Holdings, Inc. (a) | 133200 | &nbsp;&nbsp; 11736252 |
| Leonardo DRS, Inc. | 650719 | &nbsp;&nbsp; 28234698 |
| Mirion Technologies, Inc. (a) | 577405 | &nbsp;&nbsp; 12477722 |
| Standard Aero, Inc. (a) | 643999 | &nbsp;&nbsp; 19835169 |
| York Space Systems, Inc. (a) | 254216 | &nbsp;&nbsp; 6507930 |
|  |  | &nbsp;&nbsp; $127804211 |
| Apparel Manufacturers – 1.5% | Apparel Manufacturers – 1.5% |  |
| Birkenstock Holding PLC (a) | 427501 | &nbsp;&nbsp; $17805416 |
| Columbia Sportswear Co. | 224920 | &nbsp;&nbsp; 13931545 |
|  |  | &nbsp;&nbsp; $31736961 |
| Automotive – 2.5% | Automotive – 2.5% |  |
| Modine Manufacturing Co. (a) | 177424 | &nbsp;&nbsp; $40319604 |
| Visteon Corp. | 132237 | &nbsp;&nbsp; 12651114 |
|  |  | &nbsp;&nbsp; $52970718 |
| Biotechnology – 2.0% | Biotechnology – 2.0% |  |
| ABSCI Corp. (a)(l) | 1263891 | &nbsp;&nbsp; $3463061 |
| Adaptive Biotechnologies Corp. (a) | 650470 | &nbsp;&nbsp; 10420529 |
| CG Oncology, Inc. (a) | 100229 | &nbsp;&nbsp; 5893465 |
| Cogent Biosciences, Inc. (a) | 310908 | &nbsp;&nbsp; 12078776 |
| Immunocore Holdings PLC, ADR (a) | 304295 | &nbsp;&nbsp; 9828729 |
|  |  | &nbsp;&nbsp; $41684560 |
| Brokerage & Asset Managers – 4.6% | Brokerage & Asset Managers – 4.6% |  |
| GCM Grosvenor, Inc., "A" | 1080452 | &nbsp;&nbsp; $12511634 |
| Hamilton Lane, Inc., "A" | 256114 | &nbsp;&nbsp; 26876603 |
| Miami International Holdings, Inc. (a) | 201637 | &nbsp;&nbsp; 8589736 |
| PJT Partners, Inc. | 152073 | &nbsp;&nbsp; 22458141 |
| StepStone Group, Inc. | 183841 | &nbsp;&nbsp; 7930901 |
| WisdomTree Investments, Inc. | 1103339 | &nbsp;&nbsp; 18878130 |
|  |  | &nbsp;&nbsp; $97245145 |
| Chemicals – 1.9% | Chemicals – 1.9% |  |
| BioLife Solutions, Inc. (a) | 703004 | &nbsp;&nbsp; $17012697 |
| Element Solutions, Inc. | 657797 | &nbsp;&nbsp; 23082097 |
|  |  | &nbsp;&nbsp; $40094794 |
| Computer Software – 4.4% | Computer Software – 4.4% |  |
| Alkami Technology, Inc. (a) | 1098764 | &nbsp;&nbsp; $18179050 |
| CCC Intelligent Holdings, Inc. (a) | 3046362 | &nbsp;&nbsp; 17760291 |
| JFrog Ltd. (a) | 770563 | &nbsp;&nbsp; 30938104 |
| Netskope, Inc., "A" (a) | 1314788 | &nbsp;&nbsp; 14199710 |

---

NDFFS-SEM

------

MFS New Discovery Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software – continued | Computer Software – continued |  |
| Pegasystems, Inc. | 232383 | &nbsp;&nbsp; $10162109 |
|  |  | &nbsp;&nbsp; $91239264 |
| Computer Software - Systems – 1.9% | Computer Software - Systems – 1.9% |  |
| Box, Inc., "A" (a) | 674738 | &nbsp;&nbsp; $15890080 |
| Q2 Holdings, Inc. (a) | 299101 | &nbsp;&nbsp; 14392740 |
| Wix.com Ltd. (a) | 128798 | &nbsp;&nbsp; 9075107 |
|  |  | &nbsp;&nbsp; $39357927 |
| Construction – 6.3% | Construction – 6.3% |  |
| Independence Realty Trust, Inc., REIT | 639578 | &nbsp;&nbsp; $10597807 |
| James Hardie Industries PLC (a) | 1021281 | &nbsp;&nbsp; 24868192 |
| Knife River Corp. (a) | 318820 | &nbsp;&nbsp; 28368604 |
| QXO, Inc. (a) | 1949869 | &nbsp;&nbsp; 46699363 |
| Simpson Manufacturing Co., Inc. | 114246 | &nbsp;&nbsp; 22114598 |
|  |  | &nbsp;&nbsp; $132648564 |
| Consumer Services – 0.6% | Consumer Services – 0.6% |  |
| Adtalem Global Education, Inc. (a) | 122109 | &nbsp;&nbsp; $11966682 |
| Electrical Equipment – 4.2% | Electrical Equipment – 4.2% |  |
| Advanced Drainage Systems, Inc. | 83668 | &nbsp;&nbsp; $14335675 |
| Littlefuse, Inc. | 96522 | &nbsp;&nbsp; 34020144 |
| nVent Electric PLC | 331297 | &nbsp;&nbsp; 39212313 |
|  |  | &nbsp;&nbsp; $87568132 |
| Electronics – 9.0% | Electronics – 9.0% |  |
| Advanced Energy Industries, Inc. | 181264 | &nbsp;&nbsp; $60826760 |
| Formfactor, Inc. (a) | 287238 | &nbsp;&nbsp; 28402093 |
| MACOM Technology Solutions Holdings, Inc. (a) | 156382 | &nbsp;&nbsp; 38801502 |
| nLIGHT, Inc. (a) | 568016 | &nbsp;&nbsp; 31916819 |
| TTM Technologies, Inc. (a) | 264840 | &nbsp;&nbsp; 27606922 |
|  |  | &nbsp;&nbsp; $187554096 |
| Energy - Independent – 3.0% | Energy - Independent – 3.0% |  |
| Antero Resources Corp. (a) | 446841 | &nbsp;&nbsp; $16448217 |
| Matador Resources Co. | 320544 | &nbsp;&nbsp; 16475961 |
| Permian Resources Corp. | 735469 | &nbsp;&nbsp; 13451728 |
| Viper Energy, Inc., "A" | 352929 | &nbsp;&nbsp; 16425316 |
|  |  | &nbsp;&nbsp; $62801222 |
| Energy - Renewables – 1.2% | Energy - Renewables – 1.2% |  |
| Bloom Energy Corp. (a) | 162058 | &nbsp;&nbsp; $25227569 |
| Engineering - Construction – 4.4% | Engineering - Construction – 4.4% |  |
| Legence Corp., "A" (a) | 534017 | &nbsp;&nbsp; $30999687 |
| Primoris Services Corp. | 204248 | &nbsp;&nbsp; 30784259 |
| TopBuild Corp. (a) | 67955 | &nbsp;&nbsp; 30464226 |
|  |  | &nbsp;&nbsp; $92248172 |
| Food & Beverages – 0.5% | Food & Beverages – 0.5% |  |
| Once Upon a Farm PBC (a) | 484593 | &nbsp;&nbsp; $11247404 |

---

------

MFS New Discovery Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Gaming & Lodging – 1.6% | Gaming & Lodging – 1.6% |  |
| Genius Sports Ltd. (a) | 2900461 | &nbsp;&nbsp; $18011863 |
| Sportradar Group AG (a) | 808772 | &nbsp;&nbsp; 14768177 |
|  |  | &nbsp;&nbsp; $32780040 |
| General Merchandise – 1.1% | General Merchandise – 1.1% |  |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 212183 | &nbsp;&nbsp; $22724799 |
| Leisure & Toys – 2.6% | Leisure & Toys – 2.6% |  |
| Brunswick Corp. | 275821 | &nbsp;&nbsp; $21960868 |
| Corsair Gaming, Inc. (a) | 1683987 | &nbsp;&nbsp; 9245088 |
| Patrick Industries, Inc. | 194539 | &nbsp;&nbsp; 24081983 |
|  |  | &nbsp;&nbsp; $55287939 |
| Machinery & Tools – 3.0% | Machinery & Tools – 3.0% |  |
| Crane Co. | 154058 | &nbsp;&nbsp; $30893251 |
| Flowserve Corp. | 364538 | &nbsp;&nbsp; 32268904 |
|  |  | &nbsp;&nbsp; $63162155 |
| Medical & Health Technology & Services – 6.2% | Medical & Health Technology & Services – 6.2% |  |
| Azenta, Inc. (a) | 632605 | &nbsp;&nbsp; $17067683 |
| Charles River Laboratories International, Inc. (a) | 151776 | &nbsp;&nbsp; 27090498 |
| GeneDX Holdings Corp. (a) | 214387 | &nbsp;&nbsp; 17088788 |
| Guardant Health, Inc. (a) | 172243 | &nbsp;&nbsp; 16173618 |
| Schrodinger, Inc. (a) | 1939973 | &nbsp;&nbsp; 23396074 |
| Tempus AI, Inc. (a) | 86778 | &nbsp;&nbsp; 4620928 |
| Waystar Holding Corp. (a) | 929763 | &nbsp;&nbsp; 23848421 |
|  |  | &nbsp;&nbsp; $129286010 |
| Medical Equipment – 7.9% | Medical Equipment – 7.9% |  |
| Align Technology, Inc. (a) | 77293 | &nbsp;&nbsp; $14693399 |
| AtriCure, Inc. (a) | 474774 | &nbsp;&nbsp; 14841435 |
| Billiontoone, Inc., "A" (a)(l) | 53322 | &nbsp;&nbsp; 4070068 |
| Bio-Techne Corp. | 644777 | &nbsp;&nbsp; 38041843 |
| Caris Life Sciences, Inc. (a) | 177080 | &nbsp;&nbsp; 3566391 |
| Ceribell, Inc. (a) | 376698 | &nbsp;&nbsp; 7032952 |
| Globus Medical, Inc. (a) | 191893 | &nbsp;&nbsp; 18318106 |
| Integer Holdings Corp. (a) | 332845 | &nbsp;&nbsp; 28851005 |
| iRhythm Technologies, Inc. (a) | 110994 | &nbsp;&nbsp; 14845447 |
| PROCEPT BioRobotics Corp. (a) | 194059 | &nbsp;&nbsp; 4403199 |
| UFP Technologies, Inc. (a) | 80938 | &nbsp;&nbsp; 17043924 |
|  |  | &nbsp;&nbsp; $165707769 |
| Metals & Mining – 0.7% | Metals & Mining – 0.7% |  |
| Uranium Energy Corp. (a) | 928001 | &nbsp;&nbsp; $14226255 |
| Oil Services – 1.1% | Oil Services – 1.1% |  |
| TechnipFMC PLC | 343557 | &nbsp;&nbsp; $22781265 |
| Other Banks & Diversified Financials – 0.2% | Other Banks & Diversified Financials – 0.2% |  |
| Bitgo Holdings, Inc. (a)(l) | 487596 | &nbsp;&nbsp; $4797945 |

---

------

MFS New Discovery Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Pharmaceuticals – 8.8% | Pharmaceuticals – 8.8% |  |
| Annexon, Inc. (a) | 668226 | &nbsp;&nbsp; $3742066 |
| Ascendis Pharma, ADR (a) | 81267 | &nbsp;&nbsp; 18975845 |
| Collegium Pharmaceutical, Inc. (a) | 538945 | &nbsp;&nbsp; 22457838 |
| Cytokinetics, Inc. (a) | 202120 | &nbsp;&nbsp; 12575906 |
| Harmony Biosciences Holdings (a) | 180966 | &nbsp;&nbsp; 5164770 |
| Ionis Pharmaceuticals, Inc. (a) | 306440 | &nbsp;&nbsp; 24867606 |
| Kiniksa Pharmaceuticals International PLC (a) | 298137 | &nbsp;&nbsp; 13264115 |
| Kymera Therapeutics, Inc. (a) | 161340 | &nbsp;&nbsp; 14738409 |
| Legend Biotech Corp., ADR (a) | 421581 | &nbsp;&nbsp; 8010039 |
| Ligand Pharmaceuticals, Inc. (a) | 240630 | &nbsp;&nbsp; 47719335 |
| Neurocrine Biosciences, Inc. (a) | 68514 | &nbsp;&nbsp; 9060977 |
| Ultragenyx Pharmaceutical, Inc. (a) | 175165 | &nbsp;&nbsp; 4097109 |
|  |  | &nbsp;&nbsp; $184674015 |
| Pollution Control – 0.6% | Pollution Control – 0.6% |  |
| GFL Environmental, Inc. | 292137 | &nbsp;&nbsp; $12909534 |
| Real Estate - Storage – 1.4% | Real Estate - Storage – 1.4% |  |
| Terreno Realty Corp., REIT | 431089 | &nbsp;&nbsp; $28477739 |
| Restaurants – 3.5% | Restaurants – 3.5% |  |
| Black Rock Coffee Bar, Inc., "A" (a)(l) | 810663 | &nbsp;&nbsp; $10814245 |
| Chefs' Warehouse, Inc. (a) | 439908 | &nbsp;&nbsp; 31405032 |
| Dutch Bros, Inc., "A" (a) | 320169 | &nbsp;&nbsp; 17164260 |
| U.S. Foods Holding Corp. (a) | 139808 | &nbsp;&nbsp; 13506851 |
|  |  | &nbsp;&nbsp; $72890388 |
| Trucking – 2.2% | Trucking – 2.2% |  |
| Knight-Swift Transportation Holdings, Inc. | 227695 | &nbsp;&nbsp; $14326570 |
| XPO, Inc. (a) | 146513 | &nbsp;&nbsp; 30836591 |
|  |  | &nbsp;&nbsp; $45163161 |
| **Total Common Stocks (Identified Cost, $1,511,859,180)** |  | &nbsp;&nbsp; **$1988264435** |
| Contingent Value Rights – 0.0% | Contingent Value Rights – 0.0% | Contingent Value Rights – 0.0% |
| Biotechnology – 0.0% | Biotechnology – 0.0% | Biotechnology – 0.0% |
| Sanofi S.A., (a)(u) (Identified Cost, $18,760) | 40783 | &nbsp;&nbsp; $0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strike** <br>**Price**<br>| &nbsp;&nbsp; **First** <br>**Exercise**<br>|  |  |
| Warrants – 0.0% |  |  |  |  |
| Medical Equipment – 0.0% | Medical Equipment – 0.0% | Medical Equipment – 0.0% | Medical Equipment – 0.0% | Medical Equipment – 0.0% |
| OptiNose, Inc. (Expiration 11/23/27) (a) (Identified Cost, $0) | $2.565 | 11/23/22 | 4 | &nbsp;&nbsp; $1 |

---

------

MFS New Discovery Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 4.9% | Mutual Funds (h) – 4.9% | Mutual Funds (h) – 4.9% |
| Money Market Funds – 4.9% | Money Market Funds – 4.9% |  |
| MFS Institutional Money Market Portfolio, 3.7% (v) (Identified Cost, $103,407,020) | 103401490 | &nbsp;&nbsp; $103411830 |
| Collateral for Securities Loaned – 1.0% | Collateral for Securities Loaned – 1.0% | Collateral for Securities Loaned – 1.0% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 3.61% (j) (Identified Cost, $21,395,403) | 21395403 | &nbsp;&nbsp; $21395403 |
| Other Assets, Less Liabilities – (0.9)% |  | &nbsp;&nbsp; (19515457) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$2093556212** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $103,411,830 and $2,009,659,839, respectively.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

The following abbreviations are used in this report and are defined: <br> ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

**See Notes to Financial Statements**

------

MFS New Discovery Fund

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

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

---

| | |
|:---|:---|
| **At 2/28/26 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value, including $20,586,067 of securities on loan (identified cost, $1,533,273,343) | &nbsp;&nbsp; $2009659839 |
| Investments in affiliated issuers, at value (identified cost, $103,407,020) | &nbsp;&nbsp; 103411830 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 3058001 |
| Interest and dividends | &nbsp;&nbsp; 872606 |
| Other assets | &nbsp;&nbsp; 28284 |
| Total assets | &nbsp;&nbsp; $2117030560 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $1412047 |
| Collateral for securities loaned, at value | &nbsp;&nbsp; 21395403 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 64896 |
| Administrative services fee | &nbsp;&nbsp; 2426 |
| Shareholder servicing costs | &nbsp;&nbsp; 384255 |
| Distribution and service fees | &nbsp;&nbsp; 19465 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 7815 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 188041 |
| Total liabilities | &nbsp;&nbsp; $23474348 |
| Net assets | &nbsp;&nbsp; $2093556212 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $1886821211 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 206735001 |
| Net assets | &nbsp;&nbsp; $2093556212 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 63942924 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share (a)**<br>|
| Class A | &nbsp;&nbsp;&nbsp; $763370186 | &nbsp;&nbsp;&nbsp; 26150938 | &nbsp;&nbsp;&nbsp; $29.19 |
| Class B | &nbsp;&nbsp;&nbsp; 1064689 | &nbsp;&nbsp;&nbsp; 61718 | &nbsp;&nbsp;&nbsp;&nbsp;17.25 |
| Class C | &nbsp;&nbsp;&nbsp; 15698212 | &nbsp;&nbsp;&nbsp; 905462 | &nbsp;&nbsp;&nbsp;&nbsp;17.34 |
| Class I | &nbsp;&nbsp;&nbsp; 201149530 | &nbsp;&nbsp;&nbsp; 5623537 | &nbsp;&nbsp;&nbsp;&nbsp;35.77 |
| Class R1 | &nbsp;&nbsp;&nbsp; 1353618 | &nbsp;&nbsp;&nbsp; 79916 | &nbsp;&nbsp;&nbsp;&nbsp;16.94 |
| Class R2 | &nbsp;&nbsp;&nbsp; 12827647 | &nbsp;&nbsp;&nbsp; 506687 | &nbsp;&nbsp;&nbsp;&nbsp;25.32 |
| Class R3 | &nbsp;&nbsp;&nbsp; 79172726 | &nbsp;&nbsp;&nbsp; 2718965 | &nbsp;&nbsp;&nbsp;&nbsp;29.12 |
| Class R4 | &nbsp;&nbsp;&nbsp; 28187181 | &nbsp;&nbsp;&nbsp; 859916 | &nbsp;&nbsp;&nbsp;&nbsp;32.78 |
| Class R6 | &nbsp;&nbsp;&nbsp; 990732423 | &nbsp;&nbsp;&nbsp; 27035785 | &nbsp;&nbsp;&nbsp;&nbsp;36.65 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Maximum offering price per share was equal to the net asset value per share for all
 share classes, except for Class A, for which the maximum offering price per share was $30.97 [100 / 94.25 x $29.19]. On sales of $50,000 or
 more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class
 A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and
 R6.

**See Notes to Financial Statements**

------

MFS New Discovery Fund

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

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

---

| | |
|:---|:---|
| **Six months ended 2/28/26 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $4029757 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 1417758 |
| Income on securities loaned | &nbsp;&nbsp; 155037 |
| Other | &nbsp;&nbsp; 116055 |
| Foreign taxes withheld | &nbsp;&nbsp; (4969)<br>|
| Total investment income | &nbsp;&nbsp; $5713638 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $8790601 |
| Distribution and service fees | &nbsp;&nbsp; 1156079 |
| Shareholder servicing costs | &nbsp;&nbsp; 879337 |
| Administrative services fee | &nbsp;&nbsp; 138413 |
| Independent Trustees' compensation | &nbsp;&nbsp; 21908 |
| Custodian fee | &nbsp;&nbsp; 49528 |
| Shareholder communications | &nbsp;&nbsp; 107398 |
| Audit and tax fees | &nbsp;&nbsp; 36274 |
| Legal fees | &nbsp;&nbsp; 5661 |
| Miscellaneous | &nbsp;&nbsp; 91270 |
| Total expenses | &nbsp;&nbsp; $11276469 |
| Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp; (774993)<br>|
| Net expenses | &nbsp;&nbsp; $10501476 |
| Net investment income (loss) | &nbsp;&nbsp; $(4787838)<br>|
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $99776946 |
| Affiliated issuers | &nbsp;&nbsp; 3501 |
| Foreign currency | &nbsp;&nbsp; 1640 |
| Net realized gain (loss) | &nbsp;&nbsp; $99782087 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $97405165 |
| Affiliated issuers | &nbsp;&nbsp; (6053)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 3337 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $97402449 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $197184536 |
| Change in net assets from operations | &nbsp;&nbsp; $192396698 |

---

**See Notes to Financial Statements**

------

MFS New Discovery Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**2/28/26** <br>**(unaudited)**<br>| <br>**8/31/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $(4787838)<br>| &nbsp;&nbsp; $(7799577)<br>|
| Net realized gain (loss) | 99782087 | &nbsp;&nbsp; 80143743 |
| Net unrealized gain (loss) | 97402449 | &nbsp;&nbsp; 66277454 |
| Change in net assets from operations | $192396698 | &nbsp;&nbsp; $138621620 |
| Change in net assets from fund share transactions | $(179219462)<br>| &nbsp;&nbsp; $(401811421)<br>|
| Total change in net assets | $13177236 | &nbsp;&nbsp; $(263189801)<br>|
| **Net assets** |  |  |
| At beginning of period | 2080378976 | &nbsp;&nbsp; 2343568777 |
| At end of period | $2093556212 | &nbsp;&nbsp; $2080378976 |

---

**See Notes to Financial Statements**

------

MFS New Discovery Fund

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $26.65 | &nbsp;&nbsp; $25.09 | &nbsp;&nbsp; $22.67 | &nbsp;&nbsp; $21.40 | &nbsp;&nbsp; $40.53 | &nbsp;&nbsp; $32.45 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.09)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.23)<br>|
| Net realized and unrealized gain (loss) | 2.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp; (11.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.20 |
| Total from investment operations | $2.54 | &nbsp;&nbsp; $1.56 | &nbsp;&nbsp; $2.42 | &nbsp;&nbsp; $1.29 | &nbsp;&nbsp; $(11.73)<br>| &nbsp;&nbsp; $11.97 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $— | $— | $— | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(7.40)<br>| &nbsp;&nbsp; $(3.89)<br>|
| Net asset value, end of period (x) | $29.19 | &nbsp;&nbsp; $26.65 | &nbsp;&nbsp; $25.09 | &nbsp;&nbsp; $22.67 | &nbsp;&nbsp; $21.40 | &nbsp;&nbsp; $40.53 |
| Total return (%) (r)(s)(t)(x) | 9.53<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp; (34.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;39.23 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.28<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Expenses after expense reductions | 1.21<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Net investment income (loss) | (0.66)(a)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.63)<br>|
| Portfolio turnover rate | 39<br> (n)<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 71 |
| Net assets at end of period (000 omitted) | $763370 | &nbsp;&nbsp; $732635 | &nbsp;&nbsp; $770738 | &nbsp;&nbsp; $745452 | &nbsp;&nbsp; $746682 | &nbsp;&nbsp; $1171166 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $15.81 | &nbsp;&nbsp; $14.99 | &nbsp;&nbsp; $13.65 | &nbsp;&nbsp; $12.99 | &nbsp;&nbsp; $27.92 | &nbsp;&nbsp; $23.55 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.12)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.36)<br>|
| Net realized and unrealized gain (loss) | 1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp; (7.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.62 |
| Total from investment operations | $1.44 | &nbsp;&nbsp; $0.82 | &nbsp;&nbsp; $1.34 | &nbsp;&nbsp; $0.68 | &nbsp;&nbsp; $(7.53)<br>| &nbsp;&nbsp; $8.26 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $— | $— | $— | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(7.40)<br>| &nbsp;&nbsp; $(3.89)<br>|
| Net asset value, end of period (x) | $17.25 | &nbsp;&nbsp; $15.81 | &nbsp;&nbsp; $14.99 | &nbsp;&nbsp; $13.65 | &nbsp;&nbsp; $12.99 | &nbsp;&nbsp; $27.92 |
| Total return (%) (r)(s)(t)(x) | 9.11<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;&nbsp;9.82 | &nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp; (34.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;38.19 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 2.03<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| Expenses after expense reductions | 1.96<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| Net investment income (loss) | (1.41)(a)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (1.40)<br>|
| Portfolio turnover rate | 39<br> (n)<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 71 |
| Net assets at end of period (000 omitted) | $1065 | &nbsp;&nbsp; $1373 | &nbsp;&nbsp; $2822 | &nbsp;&nbsp; $4479 | &nbsp;&nbsp; $6854 | &nbsp;&nbsp; $16701 |

---

**See Notes to Financial Statements**

------

MFS New Discovery Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $15.89 | &nbsp;&nbsp; $15.07 | &nbsp;&nbsp; $13.72 | &nbsp;&nbsp; $13.05 | &nbsp;&nbsp; $28.02 | &nbsp;&nbsp; $23.62 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.12)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.36)<br>|
| Net realized and unrealized gain (loss) | 1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp; (7.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.65 |
| Total from investment operations | $1.45 | &nbsp;&nbsp; $0.82 | &nbsp;&nbsp; $1.35 | &nbsp;&nbsp; $0.69 | &nbsp;&nbsp; $(7.57)<br>| &nbsp;&nbsp; $8.29 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $— | $— | $— | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(7.40)<br>| &nbsp;&nbsp; $(3.89)<br>|
| Net asset value, end of period (x) | $17.34 | &nbsp;&nbsp; $15.89 | &nbsp;&nbsp; $15.07 | &nbsp;&nbsp; $13.72 | &nbsp;&nbsp; $13.05 | &nbsp;&nbsp; $28.02 |
| Total return (%) (r)(s)(t)(x) | 9.13<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.44 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp; (34.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;38.21 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 2.03<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| Expenses after expense reductions | 1.96<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| Net investment income (loss) | (1.41)(a)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (1.40)<br>|
| Portfolio turnover rate | 39<br> (n)<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 71 |
| Net assets at end of period (000 omitted) | $15698 | &nbsp;&nbsp; $15925 | &nbsp;&nbsp; $20288 | &nbsp;&nbsp; $24732 | &nbsp;&nbsp; $29033 | &nbsp;&nbsp; $56833 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $32.62 | &nbsp;&nbsp; $30.63 | &nbsp;&nbsp; $27.61 | &nbsp;&nbsp; $25.98 | &nbsp;&nbsp; $47.41 | &nbsp;&nbsp; $37.30 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.07)<br>| &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.16)<br>|
| Net realized and unrealized gain (loss) | 3.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp; (13.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.16 |
| Total from investment operations | $3.15 | &nbsp;&nbsp; $1.99 | &nbsp;&nbsp; $3.02 | &nbsp;&nbsp; $1.65 | &nbsp;&nbsp; $(14.03)<br>| &nbsp;&nbsp; $14.00 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $— | $— | $— | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(7.40)<br>| &nbsp;&nbsp; $(3.89)<br>|
| Net asset value, end of period (x) | $35.77 | &nbsp;&nbsp; $32.62 | &nbsp;&nbsp; $30.63 | &nbsp;&nbsp; $27.61 | &nbsp;&nbsp; $25.98 | &nbsp;&nbsp; $47.41 |
| Total return (%) (r)(s)(t)(x) | 9.66<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp;&nbsp;10.94 | &nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp; (34.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;39.60 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.04<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Expenses after expense reductions | 0.96<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Net investment income (loss) | (0.41)(a)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.37)<br>|
| Portfolio turnover rate | 39<br> (n)<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 71 |
| Net assets at end of period (000 omitted) | $201150 | &nbsp;&nbsp; $241672 | &nbsp;&nbsp; $262354 | &nbsp;&nbsp; $298827 | &nbsp;&nbsp; $328438 | &nbsp;&nbsp; $621379 |

---

**See Notes to Financial Statements**

------

MFS New Discovery Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $15.52 | &nbsp;&nbsp; $14.72 | &nbsp;&nbsp; $13.40 | &nbsp;&nbsp; $12.75 | &nbsp;&nbsp; $27.56 | &nbsp;&nbsp; $23.29 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.11)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.35)<br>|
| Net realized and unrealized gain (loss) | 1.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp; (7.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.51 |
| Total from investment operations | $1.42 | &nbsp;&nbsp; $0.80 | &nbsp;&nbsp; $1.32 | &nbsp;&nbsp; $0.67 | &nbsp;&nbsp; $(7.41)<br>| &nbsp;&nbsp; $8.16 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $— | $— | $— | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(7.40)<br>| &nbsp;&nbsp; $(3.89)<br>|
| Net asset value, end of period (x) | $16.94 | &nbsp;&nbsp; $15.52 | &nbsp;&nbsp; $14.72 | &nbsp;&nbsp; $13.40 | &nbsp;&nbsp; $12.75 | &nbsp;&nbsp; $27.56 |
| Total return (%) (r)(s)(t)(x) | 9.15<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.43 | &nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp; (34.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;38.20 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 2.04<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| Expenses after expense reductions | 1.96<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 |
| Net investment income (loss) | (1.40)(a)<br>| &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (1.39)<br>|
| Portfolio turnover rate | 39<br> (n)<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 71 |
| Net assets at end of period (000 omitted) | $1354 | &nbsp;&nbsp; $1677 | &nbsp;&nbsp; $1928 | &nbsp;&nbsp; $2305 | &nbsp;&nbsp; $3296 | &nbsp;&nbsp; $5923 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $23.14 | &nbsp;&nbsp; $21.84 | &nbsp;&nbsp; $19.78 | &nbsp;&nbsp; $18.72 | &nbsp;&nbsp; $36.54 | &nbsp;&nbsp; $29.65 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.11)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.30)<br>|
| Net realized and unrealized gain (loss) | 2.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp; (10.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.08 |
| Total from investment operations | $2.18 | &nbsp;&nbsp; $1.30 | &nbsp;&nbsp; $2.06 | &nbsp;&nbsp; $1.08 | &nbsp;&nbsp; $(10.42)<br>| &nbsp;&nbsp; $10.78 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $— | $— | $— | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(7.40)<br>| &nbsp;&nbsp; $(3.89)<br>|
| Net asset value, end of period (x) | $25.32 | &nbsp;&nbsp; $23.14 | &nbsp;&nbsp; $21.84 | &nbsp;&nbsp; $19.78 | &nbsp;&nbsp; $18.72 | &nbsp;&nbsp; $36.54 |
| Total return (%) (r)(s)(t)(x) | 9.42<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp;&nbsp;&nbsp;10.41 | &nbsp;&nbsp;&nbsp;&nbsp;5.79 | &nbsp;&nbsp; (34.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;38.89 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.53<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Expenses after expense reductions | 1.46<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Net investment income (loss) | (0.91)(a)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.89)<br>|
| Portfolio turnover rate | 39<br> (n)<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 71 |
| Net assets at end of period (000 omitted) | $12828 | &nbsp;&nbsp; $13194 | &nbsp;&nbsp; $15295 | &nbsp;&nbsp; $17722 | &nbsp;&nbsp; $18975 | &nbsp;&nbsp; $34688 |

---

**See Notes to Financial Statements**

------

MFS New Discovery Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $26.59 | &nbsp;&nbsp; $25.03 | &nbsp;&nbsp; $22.61 | &nbsp;&nbsp; $21.34 | &nbsp;&nbsp; $40.45 | &nbsp;&nbsp; $32.39 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.09)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.22)<br>|
| Net realized and unrealized gain (loss) | 2.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp; (11.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.17 |
| Total from investment operations | $2.53 | &nbsp;&nbsp; $1.56 | &nbsp;&nbsp; $2.42 | &nbsp;&nbsp; $1.29 | &nbsp;&nbsp; $(11.71)<br>| &nbsp;&nbsp; $11.95 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $— | $— | $— | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(7.40)<br>| &nbsp;&nbsp; $(3.89)<br>|
| Net asset value, end of period (x) | $29.12 | &nbsp;&nbsp; $26.59 | &nbsp;&nbsp; $25.03 | &nbsp;&nbsp; $22.61 | &nbsp;&nbsp; $21.34 | &nbsp;&nbsp; $40.45 |
| Total return (%) (r)(s)(t)(x) | 9.51<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;&nbsp;10.70 | &nbsp;&nbsp;&nbsp;&nbsp;6.07 | &nbsp;&nbsp; (34.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;39.24 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.29<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Expenses after expense reductions | 1.21<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Net investment income (loss) | (0.66)(a)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.61)<br>|
| Portfolio turnover rate | 39<br> (n)<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 71 |
| Net assets at end of period (000 omitted) | $79173 | &nbsp;&nbsp; $89864 | &nbsp;&nbsp; $101597 | &nbsp;&nbsp; $106615 | &nbsp;&nbsp; $109206 | &nbsp;&nbsp; $178005 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $29.89 | &nbsp;&nbsp; $28.07 | &nbsp;&nbsp; $25.30 | &nbsp;&nbsp; $23.81 | &nbsp;&nbsp; $44.11 | &nbsp;&nbsp; $34.94 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.06)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.15)<br>|
| Net realized and unrealized gain (loss) | 2.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp; (12.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.21 |
| Total from investment operations | $2.89 | &nbsp;&nbsp; $1.82 | &nbsp;&nbsp; $2.77 | &nbsp;&nbsp; $1.51 | &nbsp;&nbsp; $(12.90)<br>| &nbsp;&nbsp; $13.06 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $— | $— | $— | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(7.40)<br>| &nbsp;&nbsp; $(3.89)<br>|
| Net asset value, end of period (x) | $32.78 | &nbsp;&nbsp; $29.89 | &nbsp;&nbsp; $28.07 | &nbsp;&nbsp; $25.30 | &nbsp;&nbsp; $23.81 | &nbsp;&nbsp; $44.11 |
| Total return (%) (r)(s)(t)(x) | 9.67<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp;&nbsp;&nbsp;10.95 | &nbsp;&nbsp;&nbsp;&nbsp;6.36 | &nbsp;&nbsp; (34.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;39.58 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.03<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Expenses after expense reductions | 0.96<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Net investment income (loss) | (0.41)(a)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.37)<br>|
| Portfolio turnover rate | 39<br> (n)<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 71 |
| Net assets at end of period (000 omitted) | $28187 | &nbsp;&nbsp; $26326 | &nbsp;&nbsp; $38702 | &nbsp;&nbsp; $40709 | &nbsp;&nbsp; $17820 | &nbsp;&nbsp; $27863 |

---

**See Notes to Financial Statements**

------

MFS New Discovery Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $33.40 | &nbsp;&nbsp; $31.32 | &nbsp;&nbsp; $28.19 | &nbsp;&nbsp; $26.50 | &nbsp;&nbsp; $48.14 | &nbsp;&nbsp; $37.79 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.05)<br>| &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.12)<br>|
| Net realized and unrealized gain (loss) | 3.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp; (14.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.36 |
| Total from investment operations | $3.25 | &nbsp;&nbsp; $2.08 | &nbsp;&nbsp; $3.13 | &nbsp;&nbsp; $1.71 | &nbsp;&nbsp; $(14.24)<br>| &nbsp;&nbsp; $14.24 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $— | $— | $— | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(7.40)<br>| &nbsp;&nbsp; $(3.89)<br>|
| Net asset value, end of period (x) | $36.65 | &nbsp;&nbsp; $33.40 | &nbsp;&nbsp; $31.32 | &nbsp;&nbsp; $28.19 | &nbsp;&nbsp; $26.50 | &nbsp;&nbsp; $48.14 |
| Total return (%) (r)(s)(t)(x) | 9.73<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;&nbsp;11.10 | &nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp; (33.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;39.73 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.91<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Expenses after expense reductions | 0.83<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net investment income (loss) | (0.28)(a)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.28)<br>|
| Portfolio turnover rate | 39<br> (n)<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 71 |
| Net assets at end of period (000 omitted) | $990732 | &nbsp;&nbsp; $957714 | &nbsp;&nbsp; $1129844 | &nbsp;&nbsp; $1137870 | &nbsp;&nbsp; $1087826 | &nbsp;&nbsp; $1248511 |

---

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

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS New Discovery Fund

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

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

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

**(2) Significant Accounting Policies**

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

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

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

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

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and

------

MFS New Discovery Fund

*Notes to Financial Statements (unaudited) - continued* 

market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. 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 February 28, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United States | $1854011533 | $1 | $— | $1854011534 |
| United Kingdom | 27840592 |  |  | 27840592 |
| Australia | 24868192 |  |  | 24868192 |
| Denmark | 18975845 |  |  | 18975845 |
| Germany | 17805416 |  |  | 17805416 |
| Switzerland | 14768177 |  |  | 14768177 |
| Canada | 12909534 |  |  | 12909534 |
| Israel | 9075107 |  |  | 9075107 |
| China | 8010039 |  |  | 8010039 |
| Other Countries |  |  | 0 |  |
| Investment Companies | 124807233 |  |  | 124807233 |
| Total | $2113071668 | $1 | $0 | $2113071669 |

---

For further information regarding security characteristics, see the Portfolio of Investments. At February 28, 2026, the fund held one level 3 security valued at $0, which was also held and valued at $0 at August 31, 2025.

**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 New Discovery Fund

*Notes to Financial Statements (unaudited) - 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 $20,586,067. The fair value of the fund's investment securities on loan and a related liability of $21,395,403 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** — 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 net operating losses and wash sale loss deferrals.

The fund declared no distributions for the current period or for the year ended August 31, 2025.

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

------

MFS New Discovery Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 2/28/26** |  |
| Cost of investments | &nbsp;&nbsp; $1671023606 |
| Gross appreciation | &nbsp;&nbsp; 596384057 |
| Gross depreciation | &nbsp;&nbsp; (154335994)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $442048063 |
| **As of 8/31/25** |  |
| Capital loss carryforwards | &nbsp;&nbsp; (325514919)<br>|
| Late year ordinary loss deferral | &nbsp;&nbsp; (4812741)<br>|
| Other temporary differences | &nbsp;&nbsp; 17011 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 344648952 |

---

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

As of August 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 | $(44867674)<br>|
| Long-Term | (280647245)<br>|
| Total | $(325514919)<br>|

---

**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.

**(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 $2.5 billion | 0.80% |
| In excess of $2.5 billion and up to $5 billion | 0.75% |
| In excess of $5 billion | 0.70% |

---

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 December 31, 2026. For the six months ended February 28, 2026, this management fee reduction amounted to $141,416, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended February 28, 2026 was equivalent to an annual effective rate of 0.83% 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), other interest expense, 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** |  |  |  |  |
| **A** | **B** | **C** | **I** | **R1** | **R2** | **R3** | **R4** | **R6** |
| 1.21% | 1.96% | 1.96% | 0.96% | 1.96% | 1.46% | 1.21% | 0.96% | 0.85% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until December 31, 2026. For the six months ended February 28, 2026, this reduction amounted to $633,315, which is included in the reduction of total expenses in the Statement of Operations.

------

MFS New Discovery Fund

*Notes to Financial Statements (unaudited) - continued* 

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $39,582 for the six months ended February 28, 2026, as its portion of the initial sales charge on sales of Class A shares of the fund.

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

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

**Distribution Plan Fee Table:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Class A |  | 0.25% | 0.25% | 0.25% | $933096 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | 6173 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 78771 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 7407 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 32296 |
| Class R3 |  | 0.25% | 0.25% | 0.25% | 98336 |
| Total Distribution and Service Fees  |  |  |  |  | $1156079 |

---

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

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

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

(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended February 28, 2026 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended February 28, 2026, this rebate amounted to $256, $2, and $4 for Class A, Class B, and Class C shares, respectively, and is included in the reduction of total expenses in the Statement of Operations.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended February 28, 2026, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $8395 |
| Class B |  |
| Class C | 400 |

---

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the six months ended February 28, 2026, the fee was $135,291, which equated to 0.0130% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended February 28, 2026, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $744,046.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended February 28, 2026 was equivalent to an annual effective rate of 0.0133% 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.

------

MFS New Discovery Fund

*Notes to Financial Statements (unaudited) - continued* 

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

During the six months ended February 28, 2026, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the "Act") and relevant guidance, the fund engaged in sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") which amounted to $2,886,350. The sales transactions resulted in net realized gains (losses) of $120,908.

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the six months ended February 28, 2026, this reimbursement amounted to $116,055, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the six months ended February 28, 2026, purchases and sales of investments, other than short-term obligations, aggregated $774,906,541 and $1,003,719,367, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**2/28/26** | **Six months ended** <br>**2/28/26** | **Year ended** <br>**8/31/25** | **Year ended** <br>**8/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Class A | 951995 | &nbsp;&nbsp; $26876620 | &nbsp;&nbsp; 2680781 | &nbsp;&nbsp; $66688063 |
| Class B | 115 | &nbsp;&nbsp; 1892 | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 5209 |
| Class C | 47527 | &nbsp;&nbsp; 793363 | &nbsp;&nbsp; 70891 | &nbsp;&nbsp; 1062887 |
| Class I | 342063 | &nbsp;&nbsp; 11743643 | &nbsp;&nbsp; 1497878 | &nbsp;&nbsp; 45797102 |
| Class R1 | 3439 | &nbsp;&nbsp; 56188 | &nbsp;&nbsp; 11606 | &nbsp;&nbsp; 171207 |
| Class R2 | 25491 | &nbsp;&nbsp; 623829 | &nbsp;&nbsp; 74372 | &nbsp;&nbsp; 1618716 |
| Class R3 | 177979 | &nbsp;&nbsp; 4986764 | &nbsp;&nbsp; 381130 | &nbsp;&nbsp; 9475451 |
| Class R4 | 116861 | &nbsp;&nbsp; 3692507 | &nbsp;&nbsp; 244693 | &nbsp;&nbsp; 6817709 |
| Class R6 | 2241185 | &nbsp;&nbsp; 78207636 | &nbsp;&nbsp; 4938404 | &nbsp;&nbsp; 145492138 |
|  | 3906655 | &nbsp;&nbsp; $126982442 | &nbsp;&nbsp; 9900113 | &nbsp;&nbsp; $277128482 |
| Shares reacquired |  |  |  |  |
| Class A | (2288266)<br>| &nbsp;&nbsp; $(64352960)<br>| &nbsp;&nbsp; (5914851)<br>| &nbsp;&nbsp; $(147882960)<br>|
| Class B | (25230)<br>| &nbsp;&nbsp; (422497)<br>| &nbsp;&nbsp; (101719)<br>| &nbsp;&nbsp; (1505513)<br>|
| Class C | (144320)<br>| &nbsp;&nbsp; (2408327)<br>| &nbsp;&nbsp; (414899)<br>| &nbsp;&nbsp; (6228412)<br>|
| Class I | (2127231)<br>| &nbsp;&nbsp; (71921213)<br>| &nbsp;&nbsp; (2655141)<br>| &nbsp;&nbsp; (80783134)<br>|
| Class R1 | (31520)<br>| &nbsp;&nbsp; (508362)<br>| &nbsp;&nbsp; (34574)<br>| &nbsp;&nbsp; (507181)<br>|
| Class R2 | (88859)<br>| &nbsp;&nbsp; (2154188)<br>| &nbsp;&nbsp; (204658)<br>| &nbsp;&nbsp; (4377717)<br>|
| Class R3 | (839012)<br>| &nbsp;&nbsp; (22917932)<br>| &nbsp;&nbsp; (1060878)<br>| &nbsp;&nbsp; (26378674)<br>|
| Class R4 | (137614)<br>| &nbsp;&nbsp; (4324780)<br>| &nbsp;&nbsp; (742990)<br>| &nbsp;&nbsp; (20983637)<br>|
| Class R6 | (3881634)<br>| &nbsp;&nbsp; (137191645)<br>| &nbsp;&nbsp; (12338428)<br>| &nbsp;&nbsp; (390292675)<br>|
|  | (9563686)<br>| &nbsp;&nbsp; $(306201904)<br>| &nbsp;&nbsp; (23468138)<br>| &nbsp;&nbsp; $(678939903)<br>|

---

------

MFS New Discovery Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **2/28/26** | **Six months ended**<br> **2/28/26** | **Year ended**<br> **8/31/25** | **Year ended**<br> **8/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Net change |  |  |  |  |
| Class A | (1336271)<br>| &nbsp;&nbsp; $(37476340)<br>| &nbsp;&nbsp; (3234070)<br>| &nbsp;&nbsp; $(81194897)<br>|
| Class B | (25115)<br>| &nbsp;&nbsp; (420605)<br>| &nbsp;&nbsp; (101361)<br>| &nbsp;&nbsp; (1500304)<br>|
| Class C | (96793)<br>| &nbsp;&nbsp; (1614964)<br>| &nbsp;&nbsp; (344008)<br>| &nbsp;&nbsp; (5165525)<br>|
| Class I | (1785168)<br>| &nbsp;&nbsp; (60177570)<br>| &nbsp;&nbsp; (1157263)<br>| &nbsp;&nbsp; (34986032)<br>|
| Class R1 | (28081)<br>| &nbsp;&nbsp; (452174)<br>| &nbsp;&nbsp; (22968)<br>| &nbsp;&nbsp; (335974)<br>|
| Class R2 | (63368)<br>| &nbsp;&nbsp; (1530359)<br>| &nbsp;&nbsp; (130286)<br>| &nbsp;&nbsp; (2759001)<br>|
| Class R3 | (661033)<br>| &nbsp;&nbsp; (17931168)<br>| &nbsp;&nbsp; (679748)<br>| &nbsp;&nbsp; (16903223)<br>|
| Class R4 | (20753)<br>| &nbsp;&nbsp; (632273)<br>| &nbsp;&nbsp; (498297)<br>| &nbsp;&nbsp; (14165928)<br>|
| Class R6 | (1640449)<br>| &nbsp;&nbsp; (58984009)<br>| &nbsp;&nbsp; (7400024)<br>| &nbsp;&nbsp; (244800537)<br>|
|  | (5657031)<br>| &nbsp;&nbsp; $(179219462)<br>| &nbsp;&nbsp; (13568025)<br>| &nbsp;&nbsp; $(401811421)<br>|

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Growth Allocation Fund, the MFS Moderate Allocation Fund, the MFS Aggressive Growth Allocation Fund, and the MFS Conservative Allocation Fund were the owners of record of approximately 6%, 5%, 4%, and 2%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Lifetime Income 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, 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), 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended February 28, 2026, the fund's commitment fee and interest expense were $4,683 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the six months ended February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $70827143 | &nbsp;&nbsp; $411602888 | &nbsp;&nbsp; $379015649 | &nbsp;&nbsp; $3501 | &nbsp;&nbsp; $(6053)<br>| &nbsp;&nbsp; $103411830 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $1417758 | $— |

---

------

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

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

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

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

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

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

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

Not Applicable.

------

MFS Core Equity Fund

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

MFS Core Equity Fund

**Portfolio of Investments - 2/28/26 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 99.5% | Common Stocks – 99.5% | Common Stocks – 99.5% |
| Aerospace & Defense – 3.3% | Aerospace & Defense – 3.3% |  |
| BWX Technologies, Inc. | 74250 | &nbsp;&nbsp; $15294015 |
| Curtiss-Wright Corp. | 36306 | &nbsp;&nbsp; 25426181 |
| General Dynamics Corp. | 60262 | &nbsp;&nbsp; 21516547 |
| General Electric Co. | 117221 | &nbsp;&nbsp; 40120059 |
| Howmet Aerospace, Inc. | 101675 | &nbsp;&nbsp; 26692738 |
| Leidos Holdings, Inc. | 149943 | &nbsp;&nbsp; 26255019 |
| RTX Corp. | 220814 | &nbsp;&nbsp; 44741333 |
| Standard Aero, Inc. (a) | 228825 | &nbsp;&nbsp; 7047810 |
|  |  | &nbsp;&nbsp; $207093702 |
| Apparel Manufacturers – 0.5% | Apparel Manufacturers – 0.5% |  |
| Amer Sports, Inc. (a) | 224222 | &nbsp;&nbsp; $8515951 |
| Birkenstock Holding PLC (a) | 340814 | &nbsp;&nbsp; 14194903 |
| Columbia Sportswear Co. | 69067 | &nbsp;&nbsp; 4278010 |
| Wolverine World Wide, Inc. | 204392 | &nbsp;&nbsp; 3611607 |
|  |  | &nbsp;&nbsp; $30600471 |
| Automotive – 1.1% | Automotive – 1.1% |  |
| Aptiv PLC (a) | 302694 | &nbsp;&nbsp; $22260117 |
| Carvana Co. (a) | 104318 | &nbsp;&nbsp; 34858903 |
| LKQ Corp. | 413485 | &nbsp;&nbsp; 13690488 |
|  |  | &nbsp;&nbsp; $70809508 |
| Biotechnology – 2.2% | Biotechnology – 2.2% |  |
| Gilead Sciences, Inc. | 838949 | &nbsp;&nbsp; $124961454 |
| Illumina, Inc. (a) | 104899 | &nbsp;&nbsp; 14104719 |
|  |  | &nbsp;&nbsp; $139066173 |
| Broadcasting – 1.3% | Broadcasting – 1.3% |  |
| Omnicom Group, Inc. | 91439 | &nbsp;&nbsp; $7798832 |
| Roku, Inc. (a) | 146036 | &nbsp;&nbsp; 14371403 |
| Spotify Technology S.A. (a) | 83933 | &nbsp;&nbsp; 43220459 |
| Walt Disney Co. | 152622 | &nbsp;&nbsp; 16184037 |
|  |  | &nbsp;&nbsp; $81574731 |
| Brokerage & Asset Managers – 1.9% | Brokerage & Asset Managers – 1.9% |  |
| Bullish (a)(l) | 43181 | &nbsp;&nbsp; $1355452 |
| Charles Schwab Corp. | 391121 | &nbsp;&nbsp; 37234719 |
| CME Group, Inc. | 95269 | &nbsp;&nbsp; 30438445 |
| KKR & Co., Inc. | 288301 | &nbsp;&nbsp; 25278232 |
| Raymond James Financial, Inc. | 85911 | &nbsp;&nbsp; 13151256 |
| TPG, Inc. | 233891 | &nbsp;&nbsp; 10155547 |
|  |  | &nbsp;&nbsp; $117613651 |
| Business Services – 1.2% | Business Services – 1.2% |  |
| Accenture PLC, "A" | 131422 | &nbsp;&nbsp; $27430400 |
| Fidelity National Information Services, Inc. | 223829 | &nbsp;&nbsp; 11406326 |
| TransUnion | 257456 | &nbsp;&nbsp; 20223169 |

---

RGIFS-SEM

------

MFS Core Equity Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Business Services – continued | Business Services – continued |  |
| Verisk Analytics, Inc., "A" | 71110 | &nbsp;&nbsp; $14760302 |
|  |  | &nbsp;&nbsp; $73820197 |
| Computer Software – 8.6% | Computer Software – 8.6% |  |
| Autodesk, Inc. (a) | 168330 | &nbsp;&nbsp; $41387297 |
| Cadence Design Systems, Inc. (a) | 189615 | &nbsp;&nbsp; 57149961 |
| Guidewire Software, Inc. (a) | 216825 | &nbsp;&nbsp; 31509009 |
| HubSpot, Inc. (a) | 57333 | &nbsp;&nbsp; 15165152 |
| Intuit, Inc. | 86837 | &nbsp;&nbsp; 35518938 |
| JFrog Ltd. (a) | 190200 | &nbsp;&nbsp; 7636530 |
| Microsoft Corp. | 794198 | &nbsp;&nbsp; 311913322 |
| MongoDB, Inc. (a) | 44795 | &nbsp;&nbsp; 14713814 |
| Okta, Inc. (a) | 203256 | &nbsp;&nbsp; 14736060 |
| Tyler Technologies, Inc. (a) | 46838 | &nbsp;&nbsp; 16612970 |
|  |  | &nbsp;&nbsp; $546343053 |
| Computer Software - Systems – 7.4% | Computer Software - Systems – 7.4% |  |
| Apple, Inc. (s) | 1419970 | &nbsp;&nbsp; $375127675 |
| Arista Networks, Inc. (a) | 362812 | &nbsp;&nbsp; 48435402 |
| Block, Inc., "A" (a) | 201996 | &nbsp;&nbsp; 12867145 |
| Seagate Technology Holdings PLC | 63723 | &nbsp;&nbsp; 25988788 |
| Zebra Technologies Corp., "A" (a) | 40372 | &nbsp;&nbsp; 9041713 |
|  |  | &nbsp;&nbsp; $471460723 |
| Construction – 1.7% | Construction – 1.7% |  |
| Allegion PLC | 72305 | &nbsp;&nbsp; $11651951 |
| CRH PLC | 355711 | &nbsp;&nbsp; 42678206 |
| Ferguson Enterprises, Inc. | 56923 | &nbsp;&nbsp; 14843242 |
| Pulte Homes, Inc. | 130892 | &nbsp;&nbsp; 17958382 |
| Sherwin-Williams Co. | 52533 | &nbsp;&nbsp; 19047940 |
|  |  | &nbsp;&nbsp; $106179721 |
| Consumer Products – 1.1% | Consumer Products – 1.1% |  |
| Colgate-Palmolive Co. | 215961 | &nbsp;&nbsp; $21410373 |
| e.l.f. Beauty, Inc. (a) | 33782 | &nbsp;&nbsp; 3109633 |
| International Flavors & Fragrances, Inc. | 71107 | &nbsp;&nbsp; 5847129 |
| Kenvue, Inc. | 993157 | &nbsp;&nbsp; 18989162 |
| Procter & Gamble Co. | 118779 | &nbsp;&nbsp; 19859849 |
|  |  | &nbsp;&nbsp; $69216146 |
| Consumer Services – 0.9% | Consumer Services – 0.9% |  |
| Bright Horizons Family Solutions, Inc. (a) | 119827 | &nbsp;&nbsp; $8929508 |
| Grand Canyon Education, Inc. (a) | 36359 | &nbsp;&nbsp; 5783626 |
| Phoenix Education Partners, Inc. | 106390 | &nbsp;&nbsp; 3149144 |
| Uber Technologies, Inc. (a) | 563204 | &nbsp;&nbsp; 42476846 |
|  |  | &nbsp;&nbsp; $60339124 |
| Containers – 0.4% | Containers – 0.4% |  |
| Avery Dennison Corp. | 63992 | &nbsp;&nbsp; $12564829 |
| Smurfit Westrock PLC | 237982 | &nbsp;&nbsp; 11187534 |
|  |  | &nbsp;&nbsp; $23752363 |

---

------

MFS Core Equity Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electrical Equipment – 2.7% | Electrical Equipment – 2.7% |  |
| AMETEK, Inc. | 146921 | &nbsp;&nbsp; $35146442 |
| Amphenol Corp., "A" | 282271 | &nbsp;&nbsp; 41228502 |
| Eaton Corp. PLC | 72831 | &nbsp;&nbsp; 27378630 |
| Emerson Electric Co. | 293580 | &nbsp;&nbsp; 44257185 |
| W.W. Grainger, Inc. | 20929 | &nbsp;&nbsp; 23958054 |
|  |  | &nbsp;&nbsp; $171968813 |
| Electronics – 13.2% | Electronics – 13.2% |  |
| Advanced Energy Industries, Inc. | 59567 | &nbsp;&nbsp; $19988898 |
| Broadcom, Inc. | 544263 | &nbsp;&nbsp; 173919242 |
| Coherent Corp. (a) | 42563 | &nbsp;&nbsp; 11020838 |
| KLA Corp. | 40394 | &nbsp;&nbsp; 61582673 |
| Lam Research Corp. | 439325 | &nbsp;&nbsp; 102753724 |
| MACOM Technology Solutions Holdings, Inc. (a) | 59871 | &nbsp;&nbsp; 14855192 |
| NVIDIA Corp. | 2554018 | &nbsp;&nbsp; 452546449 |
|  |  | &nbsp;&nbsp; $836667016 |
| Energy - Independent – 1.3% | Energy - Independent – 1.3% |  |
| ConocoPhillips | 363554 | &nbsp;&nbsp; $41248837 |
| EQT Corp. | 197379 | &nbsp;&nbsp; 12123018 |
| Permian Resources Corp. | 610918 | &nbsp;&nbsp; 11173690 |
| Phillips 66 | 58861 | &nbsp;&nbsp; 9084018 |
| Valero Energy Corp. | 52250 | &nbsp;&nbsp; 10692440 |
|  |  | &nbsp;&nbsp; $84322003 |
| Energy - Integrated – 1.5% | Energy - Integrated – 1.5% |  |
| Exxon Mobil Corp. | 612373 | &nbsp;&nbsp; $93386883 |
| Energy - Renewables – 0.7% | Energy - Renewables – 0.7% |  |
| First Solar, Inc. (a) | 33817 | &nbsp;&nbsp; $6668712 |
| GE Vernova, Inc. | 45393 | &nbsp;&nbsp; 39655325 |
|  |  | &nbsp;&nbsp; $46324037 |
| Engineering - Construction – 1.3% | Engineering - Construction – 1.3% |  |
| Jacobs Solutions, Inc. | 155812 | &nbsp;&nbsp; $21480242 |
| Legence Corp., "A" (a) | 547320 | &nbsp;&nbsp; 31771926 |
| MYR Group, Inc. (a) | 109413 | &nbsp;&nbsp; 29537134 |
|  |  | &nbsp;&nbsp; $82789302 |
| Entertainment – 0.1% | Entertainment – 0.1% |  |
| Live Nation Entertainment, Inc. (a) | 56522 | &nbsp;&nbsp; $9164477 |
| Food & Beverages – 1.6% | Food & Beverages – 1.6% |  |
| Celsius Holdings, Inc. (a) | 129588 | &nbsp;&nbsp; $6947213 |
| Coca-Cola Europacific Partners PLC | 133098 | &nbsp;&nbsp; 14698012 |
| Mondelez International, Inc. | 402269 | &nbsp;&nbsp; 24771725 |
| PepsiCo, Inc. | 273653 | &nbsp;&nbsp; 46449860 |
| Tyson Foods, Inc., "A" | 147958 | &nbsp;&nbsp; 9615791 |
|  |  | &nbsp;&nbsp; $102482601 |

---

------

MFS Core Equity Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Gaming & Lodging – 0.8% | Gaming & Lodging – 0.8% |  |
| DraftKings, Inc. (a) | 192877 | &nbsp;&nbsp; $4598188 |
| Hilton Worldwide Holdings, Inc. | 91475 | &nbsp;&nbsp; 28520076 |
| Viking Holdings Ltd. (a) | 191824 | &nbsp;&nbsp; 14966108 |
|  |  | &nbsp;&nbsp; $48084372 |
| Health Maintenance Organizations – 0.9% | Health Maintenance Organizations – 0.9% |  |
| Cigna Group | 154044 | &nbsp;&nbsp; $44645032 |
| Humana, Inc. | 65555 | &nbsp;&nbsp; 12490850 |
|  |  | &nbsp;&nbsp; $57135882 |
| Insurance – 3.4% | Insurance – 3.4% |  |
| Aon PLC | 115417 | &nbsp;&nbsp; $38718941 |
| Arthur J. Gallagher & Co. | 107154 | &nbsp;&nbsp; 24452543 |
| Assurant, Inc. | 47722 | &nbsp;&nbsp; 10956494 |
| Chubb Ltd. | 136664 | &nbsp;&nbsp; 46583291 |
| Everest Group Ltd. | 29613 | &nbsp;&nbsp; 9934865 |
| Lincoln National Corp. | 235839 | &nbsp;&nbsp; 8089278 |
| Principal Financial Group, Inc. | 168514 | &nbsp;&nbsp; 16079606 |
| Progressive Corp. | 131902 | &nbsp;&nbsp; 28182181 |
| Selective Insurance Group, Inc. | 117310 | &nbsp;&nbsp; 9858732 |
| Willis Towers Watson PLC | 71551 | &nbsp;&nbsp; 21835219 |
|  |  | &nbsp;&nbsp; $214691150 |
| Interactive Media Services – 7.2% | Interactive Media Services – 7.2% |  |
| Alphabet, Inc., "A" (s) | 941220 | &nbsp;&nbsp; $293434747 |
| Meta Platforms, Inc., "A" | 257868 | &nbsp;&nbsp; 167144880 |
|  |  | &nbsp;&nbsp; $460579627 |
| Leisure & Toys – 0.2% | Leisure & Toys – 0.2% |  |
| Brunswick Corp. | 35558 | &nbsp;&nbsp; $2831128 |
| Take-Two Interactive Software, Inc. (a) | 60923 | &nbsp;&nbsp; 12883996 |
|  |  | &nbsp;&nbsp; $15715124 |
| Machinery & Tools – 2.6% | Machinery & Tools – 2.6% |  |
| Caterpillar, Inc. | 82801 | &nbsp;&nbsp; $61507067 |
| Crane Co. | 65172 | &nbsp;&nbsp; 13068941 |
| Nordson Corp. | 96133 | &nbsp;&nbsp; 28209268 |
| Pentair PLC | 240428 | &nbsp;&nbsp; 23848053 |
| Trane Technologies PLC | 82170 | &nbsp;&nbsp; 37988834 |
|  |  | &nbsp;&nbsp; $164622163 |
| Major Banks – 4.2% | Major Banks – 4.2% |  |
| JPMorgan Chase & Co. | 428995 | &nbsp;&nbsp; $128827199 |
| Morgan Stanley | 271504 | &nbsp;&nbsp; 45208131 |
| PNC Financial Services Group, Inc. | 268515 | &nbsp;&nbsp; 57019160 |
| Wells Fargo & Co. | 477038 | &nbsp;&nbsp; 38854745 |
|  |  | &nbsp;&nbsp; $269909235 |

---

------

MFS Core Equity Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Medical & Health Technology & Services – 0.7% | Medical & Health Technology & Services – 0.7% |  |
| ICON PLC (a) | 120521 | &nbsp;&nbsp; $13033141 |
| McKesson Corp. | 27718 | &nbsp;&nbsp; 27367922 |
| Waystar Holding Corp. (a) | 132459 | &nbsp;&nbsp; 3397573 |
|  |  | &nbsp;&nbsp; $43798636 |
| Medical Equipment – 3.3% | Medical Equipment – 3.3% |  |
| Becton, Dickinson and Co. | 236843 | &nbsp;&nbsp; $41798053 |
| Boston Scientific Corp. (a) | 307458 | &nbsp;&nbsp; 23628147 |
| Lumexa Imaging Holdings, Inc. (a) | 660509 | &nbsp;&nbsp; 9339597 |
| Medtronic PLC | 564880 | &nbsp;&nbsp; 55166181 |
| Repligen Corp. (a) | 121697 | &nbsp;&nbsp; 15666055 |
| STERIS PLC | 101846 | &nbsp;&nbsp; 25700838 |
| Waters Corp. (a) | 117397 | &nbsp;&nbsp; 37494254 |
|  |  | &nbsp;&nbsp; $208793125 |
| Natural Gas - Pipeline – 0.4% | Natural Gas - Pipeline – 0.4% |  |
| Cheniere Energy, Inc. | 118849 | &nbsp;&nbsp; $28016275 |
| Oil Services – 0.4% | Oil Services – 0.4% |  |
| SLB Ltd. | 315220 | &nbsp;&nbsp; $16183395 |
| TechnipFMC PLC | 166956 | &nbsp;&nbsp; 11070852 |
|  |  | &nbsp;&nbsp; $27254247 |
| Other Banks & Diversified Financials – 2.9% | Other Banks & Diversified Financials – 2.9% |  |
| Columbia Banking System, Inc. | 344576 | &nbsp;&nbsp; $9803187 |
| Mastercard, Inc., "A" | 185299 | &nbsp;&nbsp; 95838496 |
| Moody's Corp. | 60827 | &nbsp;&nbsp; 29050367 |
| Northern Trust Corp. | 63418 | &nbsp;&nbsp; 9074482 |
| Prosperity Bancshares, Inc. | 164981 | &nbsp;&nbsp; 11609713 |
| Visa, Inc., "A" | 95333 | &nbsp;&nbsp; 30519906 |
|  |  | &nbsp;&nbsp; $185896151 |
| Pharmaceuticals – 4.2% | Pharmaceuticals – 4.2% |  |
| AbbVie, Inc. | 54962 | &nbsp;&nbsp; $12755581 |
| Johnson & Johnson | 576182 | &nbsp;&nbsp; 143140894 |
| Pfizer, Inc. | 4044489 | &nbsp;&nbsp; 111830121 |
|  |  | &nbsp;&nbsp; $267726596 |
| Pollution Control – 0.6% | Pollution Control – 0.6% |  |
| GFL Environmental, Inc. | 867663 | &nbsp;&nbsp; $38342028 |
| Real Estate – 0.6% | Real Estate – 0.6% |  |
| Federal Realty Investment Trust, REIT | 204260 | &nbsp;&nbsp; $22217360 |
| NNN REIT, Inc. | 408143 | &nbsp;&nbsp; 18497041 |
|  |  | &nbsp;&nbsp; $40714401 |
| Real Estate - Office – 0.1% | Real Estate - Office – 0.1% |  |
| Highwoods Properties, Inc., REIT | 377112 | &nbsp;&nbsp; $8481249 |

---

------

MFS Core Equity Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Real Estate - Storage – 0.2% | Real Estate - Storage – 0.2% |  |
| Rexford Industrial Realty, Inc., REIT | 197327 | &nbsp;&nbsp; $7393843 |
| SmartStop Self Storage REIT | 212876 | &nbsp;&nbsp; 7099414 |
|  |  | &nbsp;&nbsp; $14493257 |
| Restaurants – 1.1% | Restaurants – 1.1% |  |
| Aramark | 500587 | &nbsp;&nbsp; $20949566 |
| Dutch Bros, Inc., "A" (a) | 214275 | &nbsp;&nbsp; 11487283 |
| Performance Food Group Co. (a) | 136219 | &nbsp;&nbsp; 13221416 |
| Starbucks Corp. | 217100 | &nbsp;&nbsp; 21280142 |
|  |  | &nbsp;&nbsp; $66938407 |
| Specialty Chemicals – 0.6% | Specialty Chemicals – 0.6% |  |
| Albemarle Corp. | 84016 | &nbsp;&nbsp; $15011139 |
| Linde PLC | 51290 | &nbsp;&nbsp; 26059423 |
|  |  | &nbsp;&nbsp; $41070562 |
| Specialty Stores – 6.5% | Specialty Stores – 6.5% |  |
| Amazon.com, Inc. (a)(s) | 1234102 | &nbsp;&nbsp; $259161420 |
| BJ's Wholesale Club Holdings, Inc. (a) | 501175 | &nbsp;&nbsp; 49511078 |
| Floor & Decor Holdings, Inc., "A" (a) | 509237 | &nbsp;&nbsp; 35183184 |
| TJX Cos., Inc. | 258993 | &nbsp;&nbsp; 41868809 |
| Tractor Supply Co. | 591982 | &nbsp;&nbsp; 30688347 |
|  |  | &nbsp;&nbsp; $416412838 |
| Telecom - Infrastructure – 0.4% | Telecom - Infrastructure – 0.4% |  |
| Digital Realty Trust, Inc., REIT | 150229 | &nbsp;&nbsp; $26620579 |
| Telecom Services – 1.0% | Telecom Services – 1.0% |  |
| EchoStar Corp., "A" (a) | 147223 | &nbsp;&nbsp; $17008673 |
| T-Mobile USA, Inc. | 222560 | &nbsp;&nbsp; 48315551 |
|  |  | &nbsp;&nbsp; $65324224 |
| Tobacco – 0.7% | Tobacco – 0.7% |  |
| Philip Morris International, Inc. | 222169 | &nbsp;&nbsp; $41507834 |
| Utilities - Electric Power – 2.5% | Utilities - Electric Power – 2.5% |  |
| Duke Energy Corp. | 180167 | &nbsp;&nbsp; $23574852 |
| Evergy, Inc. | 149201 | &nbsp;&nbsp; 12482156 |
| NextEra Energy, Inc. | 235003 | &nbsp;&nbsp; 22036231 |
| PG&E Corp. | 1811096 | &nbsp;&nbsp; 34410824 |
| Sempra | 272300 | &nbsp;&nbsp; 26214321 |
| Vistra Corp. | 127244 | &nbsp;&nbsp; 22126459 |
| Xcel Energy, Inc. | 182022 | &nbsp;&nbsp; 15173354 |
|  |  | &nbsp;&nbsp; $156018197 |
| **Total Common Stocks (Identified Cost, $3,924,162,784)** |  | &nbsp;&nbsp; **$6333120854** |
| 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, 3.7% (v) (Identified Cost, $36,021,917) | 36018565 | &nbsp;&nbsp; $36022167 |

---

------

MFS Core Equity Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| 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, 3.61% (j) (Identified Cost, $1,299,800) | 1299800 | &nbsp;&nbsp; $1299800 |
| Other Assets, Less Liabilities – (0.1)% |  | &nbsp;&nbsp; (7636200) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$6362806621** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $36,022,167 and $6,334,420,654, respectively.

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

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

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

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

The following abbreviations are used in this report and are defined: <br> REIT Real Estate Investment Trust

At February 28, 2026, the fund had cash collateral of $5,105 and other liquid securities collateral with an aggregate value of $571,711. Restricted cash and/or deposits with brokers in the Statement of Assets and Liabilities are comprised of cash collateral.

**See Notes to Financial Statements**

------

MFS Core Equity Fund

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

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

---

| | |
|:---|:---|
| **At 2/28/26 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value, including $1,217,932 of securities on loan (identified cost, $3,925,462,584) | &nbsp;&nbsp; $6334420654 |
| Investments in affiliated issuers, at value (identified cost, $36,021,917) | &nbsp;&nbsp; 36022167 |
| Cash | &nbsp;&nbsp; 166 |
| Deposits with brokers | &nbsp;&nbsp; 5105 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 4397760 |
| Interest and dividends | &nbsp;&nbsp; 7101713 |
| Other assets | &nbsp;&nbsp; 84226 |
| Total assets | &nbsp;&nbsp; $6382031791 |
| **Liabilities** |  |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; $9011704 |
| Fund shares reacquired | &nbsp;&nbsp; 7410052 |
| Collateral for securities loaned, at value | &nbsp;&nbsp; 1299800 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 266722 |
| Administrative services fee | &nbsp;&nbsp; 4794 |
| Shareholder servicing costs | &nbsp;&nbsp; 888450 |
| Distribution and service fees | &nbsp;&nbsp; 68358 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 21924 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 253366 |
| Total liabilities | &nbsp;&nbsp; $19225170 |
| Net assets | &nbsp;&nbsp; $6362806621 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $3603458021 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 2759348600 |
| Net assets | &nbsp;&nbsp; $6362806621 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 121178033 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share (a)**<br>|
| Class A | &nbsp;&nbsp;&nbsp; $2859694043 | &nbsp;&nbsp;&nbsp; 56818484 | &nbsp;&nbsp;&nbsp; $50.33 |
| Class B | &nbsp;&nbsp;&nbsp; 4648027 | &nbsp;&nbsp;&nbsp; 116368 | &nbsp;&nbsp;&nbsp;&nbsp;39.94 |
| Class C | &nbsp;&nbsp;&nbsp; 88012305 | &nbsp;&nbsp;&nbsp; 2260224 | &nbsp;&nbsp;&nbsp;&nbsp;38.94 |
| Class I | &nbsp;&nbsp;&nbsp; 1111882138 | &nbsp;&nbsp;&nbsp; 20196466 | &nbsp;&nbsp;&nbsp;&nbsp;55.05 |
| Class R1 | &nbsp;&nbsp;&nbsp; 7949847 | &nbsp;&nbsp;&nbsp; 204100 | &nbsp;&nbsp;&nbsp;&nbsp;38.95 |
| Class R2 | &nbsp;&nbsp;&nbsp; 14410497 | &nbsp;&nbsp;&nbsp; 297592 | &nbsp;&nbsp;&nbsp;&nbsp;48.42 |
| Class R3 | &nbsp;&nbsp;&nbsp; 37772517 | &nbsp;&nbsp;&nbsp; 752247 | &nbsp;&nbsp;&nbsp;&nbsp;50.21 |
| Class R4 | &nbsp;&nbsp;&nbsp; 27241488 | &nbsp;&nbsp;&nbsp; 532359 | &nbsp;&nbsp;&nbsp;&nbsp;51.17 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2211195759 | &nbsp;&nbsp;&nbsp; 40000193 | &nbsp;&nbsp;&nbsp;&nbsp;55.28 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Maximum offering price per share was equal to the net asset value per share for all
 share classes, except for Class A, for which the maximum offering price per share was $53.40 [100 / 94.25 x $50.33]. On sales of $50,000 or
 more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class
 A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and
 R6.

**See Notes to Financial Statements**

------

MFS Core Equity Fund

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

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

---

| | |
|:---|:---|
| **Six months ended 2/28/26 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $40284088 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 850392 |
| Other | &nbsp;&nbsp; 138708 |
| Income on securities loaned | &nbsp;&nbsp; 32619 |
| Foreign taxes withheld | &nbsp;&nbsp; (51609)<br>|
| Total investment income | &nbsp;&nbsp; $41254198 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $16984406 |
| Distribution and service fees | &nbsp;&nbsp; 4280453 |
| Shareholder servicing costs | &nbsp;&nbsp; 2135347 |
| Administrative services fee | &nbsp;&nbsp; 275634 |
| Independent Trustees' compensation | &nbsp;&nbsp; 67089 |
| Custodian fee | &nbsp;&nbsp; 68016 |
| Shareholder communications | &nbsp;&nbsp; 145913 |
| Audit and tax fees | &nbsp;&nbsp; 37799 |
| Legal fees | &nbsp;&nbsp; 17720 |
| Miscellaneous | &nbsp;&nbsp; 145185 |
| Total expenses | &nbsp;&nbsp; $24157562 |
| Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp; (447631)<br>|
| Net expenses | &nbsp;&nbsp; $23709931 |
| Net investment income (loss) | &nbsp;&nbsp; $17544267 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $371604303 |
| Affiliated issuers | &nbsp;&nbsp; (2599)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; $371601704 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(117438125)<br>|
| Affiliated issuers | &nbsp;&nbsp; (1570)<br>|
| Net unrealized gain (loss) | &nbsp;&nbsp; $(117439695)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $254162009 |
| Change in net assets from operations | &nbsp;&nbsp; $271706276 |

---

**See Notes to Financial Statements**

------

MFS Core Equity Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**2/28/26** <br>**(unaudited)**<br>| <br>**8/31/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $17544267 | &nbsp;&nbsp; $33879091 |
| Net realized gain (loss) | 371601704 | &nbsp;&nbsp; 847569059 |
| Net unrealized gain (loss) | (117439695)<br>| &nbsp;&nbsp; (87589513)<br>|
| Change in net assets from operations | $271706276 | &nbsp;&nbsp; $793858637 |
| Total distributions to shareholders | $(770004780)<br>| &nbsp;&nbsp; $(503905097)<br>|
| Change in net assets from fund share transactions | $169469138 | &nbsp;&nbsp; $(571064807)<br>|
| Total change in net assets | $(328829366)<br>| &nbsp;&nbsp; $(281111267)<br>|
| **Net assets** |  |  |
| At beginning of period | 6691635987 | &nbsp;&nbsp; 6972747254 |
| At end of period | $6362806621 | &nbsp;&nbsp; $6691635987 |

---

**See Notes to Financial Statements**

------

MFS Core Equity Fund

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $54.98 | &nbsp;&nbsp; $52.69 | &nbsp;&nbsp; $43.63 | &nbsp;&nbsp; $40.07 | &nbsp;&nbsp; $49.38 | &nbsp;&nbsp; $38.41 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.10 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.09 |
| Net realized and unrealized gain (loss) | 2.05 | &nbsp;&nbsp;&nbsp;&nbsp;6.25 | &nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp; (6.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.50 |
| Total from investment operations | $2.15 | &nbsp;&nbsp; $6.44 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $5.01 | &nbsp;&nbsp; $(5.85)<br>| &nbsp;&nbsp; $11.59 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.24)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.15)<br>|
| From net realized gain | (6.56)<br>| &nbsp;&nbsp; (3.88)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(6.80)<br>| &nbsp;&nbsp; $(4.15)<br>| &nbsp;&nbsp; $(1.15)<br>| &nbsp;&nbsp; $(1.45)<br>| &nbsp;&nbsp; $(3.46)<br>| &nbsp;&nbsp; $(0.62)<br>|
| Net asset value, end of period (x) | $50.33 | &nbsp;&nbsp; $54.98 | &nbsp;&nbsp; $52.69 | &nbsp;&nbsp; $43.63 | &nbsp;&nbsp; $40.07 | &nbsp;&nbsp; $49.38 |
| Total return (%) (r)(s)(t)(x) | 4.09<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.67 | &nbsp;&nbsp;&nbsp;&nbsp;23.92 | &nbsp;&nbsp;&nbsp;&nbsp;12.97 | &nbsp;&nbsp; (12.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.57 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.89<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Expenses after expense reductions | 0.87<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Net investment income (loss) | 0.39<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Portfolio turnover rate | 25<br> (n)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $2859694 | &nbsp;&nbsp; $2925639 | &nbsp;&nbsp; $2800060 | &nbsp;&nbsp; $2356842 | &nbsp;&nbsp; $2156741 | &nbsp;&nbsp; $2462032 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense <br> reductions and excluding interest expense and fees<br>| N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |

---

**See Notes to Financial Statements**

------

MFS Core Equity Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $44.92 | &nbsp;&nbsp; $43.82 | &nbsp;&nbsp; $36.52 | &nbsp;&nbsp; $33.87 | &nbsp;&nbsp; $42.49 | &nbsp;&nbsp; $33.24 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.08)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.19)<br>|
| Net realized and unrealized gain (loss) | 1.66 | &nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp;8.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp; (5.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.91 |
| Total from investment operations | $1.58 | &nbsp;&nbsp; $4.98 | &nbsp;&nbsp; $8.23 | &nbsp;&nbsp; $3.95 | &nbsp;&nbsp; $(5.23)<br>| &nbsp;&nbsp; $9.72 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | $— | &nbsp;&nbsp; $(0.07)<br>| $— | $— | $— |
| From net realized gain | (6.56)<br>| &nbsp;&nbsp; (3.88)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(6.56)<br>| &nbsp;&nbsp; $(3.88)<br>| &nbsp;&nbsp; $(0.93)<br>| &nbsp;&nbsp; $(1.30)<br>| &nbsp;&nbsp; $(3.39)<br>| &nbsp;&nbsp; $(0.47)<br>|
| Net asset value, end of period (x) | $39.94 | &nbsp;&nbsp; $44.92 | &nbsp;&nbsp; $43.82 | &nbsp;&nbsp; $36.52 | &nbsp;&nbsp; $33.87 | &nbsp;&nbsp; $42.49 |
| Total return (%) (r)(s)(t)(x) | 3.71<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.82 | &nbsp;&nbsp;&nbsp;&nbsp;23.00 | &nbsp;&nbsp;&nbsp;&nbsp;12.14 | &nbsp;&nbsp; (13.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.58 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.64<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Expenses after expense reductions | 1.62<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Net investment income (loss) | (0.36)(a)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.53)<br>|
| Portfolio turnover rate | 25<br> (n)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $4648 | &nbsp;&nbsp; $6505 | &nbsp;&nbsp; $9486 | &nbsp;&nbsp; $11587 | &nbsp;&nbsp; $15456 | &nbsp;&nbsp; $24861 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees<br>| N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |

---

**See Notes to Financial Statements**

------

MFS Core Equity Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $43.96 | &nbsp;&nbsp; $42.95 | &nbsp;&nbsp; $35.88 | &nbsp;&nbsp; $33.30 | &nbsp;&nbsp; $41.83 | &nbsp;&nbsp; $32.72 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.08)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.19)<br>|
| Net realized and unrealized gain (loss) | 1.62 | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;8.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp; (4.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.77 |
| Total from investment operations | $1.54 | &nbsp;&nbsp; $4.89 | &nbsp;&nbsp; $8.06 | &nbsp;&nbsp; $3.88 | &nbsp;&nbsp; $(5.14)<br>| &nbsp;&nbsp; $9.58 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | $— | &nbsp;&nbsp; $(0.13)<br>| $— | $— | $— |
| From net realized gain | (6.56)<br>| &nbsp;&nbsp; (3.88)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(6.56)<br>| &nbsp;&nbsp; $(3.88)<br>| &nbsp;&nbsp; $(0.99)<br>| &nbsp;&nbsp; $(1.30)<br>| &nbsp;&nbsp; $(3.39)<br>| &nbsp;&nbsp; $(0.47)<br>|
| Net asset value, end of period (x) | $38.94 | &nbsp;&nbsp; $43.96 | &nbsp;&nbsp; $42.95 | &nbsp;&nbsp; $35.88 | &nbsp;&nbsp; $33.30 | &nbsp;&nbsp; $41.83 |
| Total return (%) (r)(s)(t)(x) | 3.70<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.85 | &nbsp;&nbsp;&nbsp;&nbsp;22.96 | &nbsp;&nbsp;&nbsp;&nbsp;12.14 | &nbsp;&nbsp; (13.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.62 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.64<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Expenses after expense reductions | 1.62<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Net investment income (loss) | (0.36)(a)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.53)<br>|
| Portfolio turnover rate | 25<br> (n)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $88012 | &nbsp;&nbsp; $102648 | &nbsp;&nbsp; $105783 | &nbsp;&nbsp; $99365 | &nbsp;&nbsp; $105731 | &nbsp;&nbsp; $140242 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees<br>| N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |

---

**See Notes to Financial Statements**

------

MFS Core Equity Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $59.57 | &nbsp;&nbsp; $56.73 | &nbsp;&nbsp; $46.84 | &nbsp;&nbsp; $42.90 | &nbsp;&nbsp; $52.62 | &nbsp;&nbsp; $40.87 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.18 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.37 | &nbsp;&nbsp; $0.38 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.22 |
| Net realized and unrealized gain (loss) | 2.22 | &nbsp;&nbsp;&nbsp;&nbsp;6.76 | &nbsp;&nbsp;&nbsp;&nbsp;10.74 | &nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp; (6.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.24 |
| Total from investment operations | $2.40 | &nbsp;&nbsp; $7.10 | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $5.49 | &nbsp;&nbsp; $(6.15)<br>| &nbsp;&nbsp; $12.46 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.36)<br>| &nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.24)<br>|
| From net realized gain | (6.56)<br>| &nbsp;&nbsp; (3.88)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(6.92)<br>| &nbsp;&nbsp; $(4.26)<br>| &nbsp;&nbsp; $(1.22)<br>| &nbsp;&nbsp; $(1.55)<br>| &nbsp;&nbsp; $(3.57)<br>| &nbsp;&nbsp; $(0.71)<br>|
| Net asset value, end of period (x) | $55.05 | &nbsp;&nbsp; $59.57 | &nbsp;&nbsp; $56.73 | &nbsp;&nbsp; $46.84 | &nbsp;&nbsp; $42.90 | &nbsp;&nbsp; $52.62 |
| Total return (%) (r)(s)(t)(x) | 4.22<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.95 | &nbsp;&nbsp;&nbsp;&nbsp;24.23 | &nbsp;&nbsp;&nbsp;&nbsp;13.27 | &nbsp;&nbsp; (12.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.91 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.64<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Expenses after expense reductions | 0.62<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net investment income (loss) | 0.64<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Portfolio turnover rate | 25<br> (n)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $1111882 | &nbsp;&nbsp; $1287115 | &nbsp;&nbsp; $1745478 | &nbsp;&nbsp; $1599892 | &nbsp;&nbsp; $1405183 | &nbsp;&nbsp; $1416134 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense <br> reductions and excluding interest expense and fees<br>| N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |

---

**See Notes to Financial Statements**

------

MFS Core Equity Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $43.97 | &nbsp;&nbsp; $42.97 | &nbsp;&nbsp; $35.90 | &nbsp;&nbsp; $33.35 | &nbsp;&nbsp; $41.89 | &nbsp;&nbsp; $32.77 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.08)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.19)<br>|
| Net realized and unrealized gain (loss) | 1.62 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp; (5.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.78 |
| Total from investment operations | $1.54 | &nbsp;&nbsp; $4.88 | &nbsp;&nbsp; $8.07 | &nbsp;&nbsp; $3.89 | &nbsp;&nbsp; $(5.15)<br>| &nbsp;&nbsp; $9.59 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.00)(w)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.04)<br>| $— | $— |
| From net realized gain | (6.56)<br>| &nbsp;&nbsp; (3.88)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(6.56)<br>| &nbsp;&nbsp; $(3.88)<br>| &nbsp;&nbsp; $(1.00)<br>| &nbsp;&nbsp; $(1.34)<br>| &nbsp;&nbsp; $(3.39)<br>| &nbsp;&nbsp; $(0.47)<br>|
| Net asset value, end of period (x) | $38.95 | &nbsp;&nbsp; $43.97 | &nbsp;&nbsp; $42.97 | &nbsp;&nbsp; $35.90 | &nbsp;&nbsp; $33.35 | &nbsp;&nbsp; $41.89 |
| Total return (%) (r)(s)(t)(x) | 3.70<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.82 | &nbsp;&nbsp;&nbsp;&nbsp;22.99 | &nbsp;&nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp; (13.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.60 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.64<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Expenses after expense reductions | 1.62<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Net investment income (loss) | (0.36)(a)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.53)<br>|
| Portfolio turnover rate | 25<br> (n)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $7950 | &nbsp;&nbsp; $7949 | &nbsp;&nbsp; $7533 | &nbsp;&nbsp; $6437 | &nbsp;&nbsp; $2974 | &nbsp;&nbsp; $3791 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees<br>| N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |

---

**See Notes to Financial Statements**

------

MFS Core Equity Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $53.07 | &nbsp;&nbsp; $50.97 | &nbsp;&nbsp; $42.28 | &nbsp;&nbsp; $38.87 | &nbsp;&nbsp; $48.04 | &nbsp;&nbsp; $37.40 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.04 | &nbsp;&nbsp; $0.06 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $(0.01)<br>|
| Net realized and unrealized gain (loss) | 1.96 | &nbsp;&nbsp;&nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;9.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp; (5.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.20 |
| Total from investment operations | $2.00 | &nbsp;&nbsp; $6.10 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $4.77 | &nbsp;&nbsp; $(5.78)<br>| &nbsp;&nbsp; $11.19 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.09)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.06)<br>| $— | &nbsp;&nbsp; $(0.08)<br>|
| From net realized gain | (6.56)<br>| &nbsp;&nbsp; (3.88)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(6.65)<br>| &nbsp;&nbsp; $(4.00)<br>| &nbsp;&nbsp; $(1.08)<br>| &nbsp;&nbsp; $(1.36)<br>| &nbsp;&nbsp; $(3.39)<br>| &nbsp;&nbsp; $(0.55)<br>|
| Net asset value, end of period (x) | $48.42 | &nbsp;&nbsp; $53.07 | &nbsp;&nbsp; $50.97 | &nbsp;&nbsp; $42.28 | &nbsp;&nbsp; $38.87 | &nbsp;&nbsp; $48.04 |
| Total return (%) (r)(s)(t)(x) | 3.95<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.40 | &nbsp;&nbsp;&nbsp;&nbsp;23.60 | &nbsp;&nbsp;&nbsp;&nbsp;12.73 | &nbsp;&nbsp; (13.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.27 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.14<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Expenses after expense reductions | 1.12<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Net investment income (loss) | 0.14<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp; (0.02)<br>|
| Portfolio turnover rate | 25<br> (n)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $14410 | &nbsp;&nbsp; $15329 | &nbsp;&nbsp; $19682 | &nbsp;&nbsp; $19553 | &nbsp;&nbsp; $18825 | &nbsp;&nbsp; $21214 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees<br>| N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |

---

**See Notes to Financial Statements**

------

MFS Core Equity Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $54.81 | &nbsp;&nbsp; $52.52 | &nbsp;&nbsp; $43.50 | &nbsp;&nbsp; $39.94 | &nbsp;&nbsp; $49.22 | &nbsp;&nbsp; $38.29 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.10 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.09 |
| Net realized and unrealized gain (loss) | 2.04 | &nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;9.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp; (5.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.47 |
| Total from investment operations | $2.14 | &nbsp;&nbsp; $6.43 | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $5.00 | &nbsp;&nbsp; $(5.83)<br>| &nbsp;&nbsp; $11.56 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.18)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.16)<br>|
| From net realized gain | (6.56)<br>| &nbsp;&nbsp; (3.88)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(6.74)<br>| &nbsp;&nbsp; $(4.14)<br>| &nbsp;&nbsp; $(1.15)<br>| &nbsp;&nbsp; $(1.44)<br>| &nbsp;&nbsp; $(3.45)<br>| &nbsp;&nbsp; $(0.63)<br>|
| Net asset value, end of period (x) | $50.21 | &nbsp;&nbsp; $54.81 | &nbsp;&nbsp; $52.52 | &nbsp;&nbsp; $43.50 | &nbsp;&nbsp; $39.94 | &nbsp;&nbsp; $49.22 |
| Total return (%) (r)(s)(t)(x) | 4.09<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.68 | &nbsp;&nbsp;&nbsp;&nbsp;23.89 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp; (12.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.59 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.89<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Expenses after expense reductions | 0.87<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Net investment income (loss) | 0.38<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Portfolio turnover rate | 25<br> (n)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $37773 | &nbsp;&nbsp; $52424 | &nbsp;&nbsp; $66337 | &nbsp;&nbsp; $63678 | &nbsp;&nbsp; $60662 | &nbsp;&nbsp; $77453 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees<br>| N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |

---

**See Notes to Financial Statements**

------

MFS Core Equity Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $55.85 | &nbsp;&nbsp; $53.43 | &nbsp;&nbsp; $44.19 | &nbsp;&nbsp; $40.56 | &nbsp;&nbsp; $49.93 | &nbsp;&nbsp; $38.81 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.17 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.20 |
| Net realized and unrealized gain (loss) | 2.08 | &nbsp;&nbsp;&nbsp;&nbsp;6.35 | &nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp; (6.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.63 |
| Total from investment operations | $2.25 | &nbsp;&nbsp; $6.67 | &nbsp;&nbsp; $10.46 | &nbsp;&nbsp; $5.18 | &nbsp;&nbsp; $(5.81)<br>| &nbsp;&nbsp; $11.83 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.37)<br>| &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.24)<br>|
| From net realized gain | (6.56)<br>| &nbsp;&nbsp; (3.88)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(6.93)<br>| &nbsp;&nbsp; $(4.25)<br>| &nbsp;&nbsp; $(1.22)<br>| &nbsp;&nbsp; $(1.55)<br>| &nbsp;&nbsp; $(3.56)<br>| &nbsp;&nbsp; $(0.71)<br>|
| Net asset value, end of period (x) | $51.17 | &nbsp;&nbsp; $55.85 | &nbsp;&nbsp; $53.43 | &nbsp;&nbsp; $44.19 | &nbsp;&nbsp; $40.56 | &nbsp;&nbsp; $49.93 |
| Total return (%) (r)(s)(t)(x) | 4.22<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.95 | &nbsp;&nbsp;&nbsp;&nbsp;24.22 | &nbsp;&nbsp;&nbsp;&nbsp;13.28 | &nbsp;&nbsp; (12.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.92 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.64<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Expenses after expense reductions | 0.62<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net investment income (loss) | 0.64<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Portfolio turnover rate | 25<br> (n)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $27241 | &nbsp;&nbsp; $32088 | &nbsp;&nbsp; $43571 | &nbsp;&nbsp; $39499 | &nbsp;&nbsp; $36425 | &nbsp;&nbsp; $42883 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees<br>| N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |

---

**See Notes to Financial Statements**

------

MFS Core Equity Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $59.81 | &nbsp;&nbsp; $56.96 | &nbsp;&nbsp; $47.01 | &nbsp;&nbsp; $43.06 | &nbsp;&nbsp; $52.78 | &nbsp;&nbsp; $40.98 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.21 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $0.41 | &nbsp;&nbsp; $0.42 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $0.25 |
| Net realized and unrealized gain (loss) | 2.24 | &nbsp;&nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp; (6.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.29 |
| Total from investment operations | $2.45 | &nbsp;&nbsp; $7.16 | &nbsp;&nbsp; $11.20 | &nbsp;&nbsp; $5.54 | &nbsp;&nbsp; $(6.12)<br>| &nbsp;&nbsp; $12.54 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.42)<br>| &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.27)<br>|
| From net realized gain | (6.56)<br>| &nbsp;&nbsp; (3.88)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions declared to shareholders | $(6.98)<br>| &nbsp;&nbsp; $(4.31)<br>| &nbsp;&nbsp; $(1.25)<br>| &nbsp;&nbsp; $(1.59)<br>| &nbsp;&nbsp; $(3.60)<br>| &nbsp;&nbsp; $(0.74)<br>|
| Net asset value, end of period (x) | $55.28 | &nbsp;&nbsp; $59.81 | &nbsp;&nbsp; $56.96 | &nbsp;&nbsp; $47.01 | &nbsp;&nbsp; $43.06 | &nbsp;&nbsp; $52.78 |
| Total return (%) (r)(s)(t)(x) | 4.28<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.03 | &nbsp;&nbsp;&nbsp;&nbsp;24.34 | &nbsp;&nbsp;&nbsp;&nbsp;13.36 | &nbsp;&nbsp; (12.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.03 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Expenses after expense reductions | 0.54<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net investment income (loss) | 0.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Portfolio turnover rate | 25<br> (n)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 38 |
| Net assets at end of period (000 omitted) | $2211196 | &nbsp;&nbsp; $2261940 | &nbsp;&nbsp; $2174819 | &nbsp;&nbsp; $1947215 | &nbsp;&nbsp; $1783116 | &nbsp;&nbsp; $1905417 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense <br> reductions and excluding interest expense and fees<br>| N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |

---

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

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

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Core Equity Fund

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

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

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

**(2) Significant Accounting Policies**

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

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

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

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

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities 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. 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 Core Equity Fund

*Notes to Financial Statements (unaudited) - 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 February 28, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $6333120854 | $— | $— | $6333120854 |
| Investment Companies | 37321967 |  |  | 37321967 |
| Total | $6370442821 | $— | $— | $6370442821 |

---

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 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 $1,217,932. The fair value of the fund's investment securities on loan and a related liability of $1,299,800 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

------

MFS Core Equity Fund

*Notes to Financial Statements (unaudited) - continued* 

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** — 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 made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**8/31/25**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $103899812 |
| Long-term capital gains | &nbsp;&nbsp; 400005285 |
| Total distributions | &nbsp;&nbsp; $503905097 |

---

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

------

MFS Core Equity Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 2/28/26** |  |
| Cost of investments | &nbsp;&nbsp; $3987629109 |
| Gross appreciation | &nbsp;&nbsp; 2489543836 |
| Gross depreciation | &nbsp;&nbsp; (106730124)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $2382813712 |
| **As of 8/31/25** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 68697071 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 688696626 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 2500253407 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**2/28/26**<br>| **Year** <br>**ended** <br>**8/31/25**<br>|
| Class A | $351824283 | &nbsp;&nbsp; $216449465 |
| Class B | 832121 | &nbsp;&nbsp; 749730 |
| Class C | 14396084 | &nbsp;&nbsp; 9484778 |
| Class I | 136323121 | &nbsp;&nbsp; 106695284 |
| Class R1 | 1154409 | &nbsp;&nbsp; 672945 |
| Class R2 | 1859322 | &nbsp;&nbsp; 1422432 |
| Class R3 | 5149514 | &nbsp;&nbsp; 4951612 |
| Class R4 | 3714026 | &nbsp;&nbsp; 2356476 |
| Class R6 | 254751900 | &nbsp;&nbsp; 161122375 |
| Total | $770004780 | &nbsp;&nbsp; $503905097 |

---

**(3) Transactions with Affiliates**

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

---

| | |
|:---|:---|
| Up to $500 million | 0.65% |
| In excess of $500 million and up to $2.5 billion | 0.55% |
| In excess of $2.5 billion and up to $5 billion | 0.50% |
| In excess of $5 billion and up to $10 billion | 0.47% |
| In excess of $10 billion | 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 December 31, 2026. For the six months ended February 28, 2026, this management fee reduction amounted to $446,262, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended February 28, 2026 was equivalent to an annual effective rate of 0.51% of the fund's average daily net assets.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $104,988 for the six months ended February 28, 2026, as its portion of the initial sales charge on sales of Class A shares of the fund.

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

------

MFS Core Equity Fund

*Notes to Financial Statements (unaudited) - continued* 

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

**Distribution Plan Fee Table:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Class A |  | 0.25% | 0.25% | 0.25% | $3628756 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | 28801 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 490655 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 39467 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 37446 |
| Class R3 |  | 0.25% | 0.25% | 0.25% | 55328 |
| Total Distribution and Service Fees  |  |  |  |  | $4280453 |

---

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

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

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

(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended February 28, 2026 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended February 28, 2026, this rebate amounted to $1,341, $7, and $21 for Class A, Class B, and Class C shares, respectively, and is included in the reduction of total expenses in the Statement of Operations.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended February 28, 2026, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $12862 |
| Class B |  |
| Class C | 4860 |

---

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the six months ended February 28, 2026, the fee was $276,970, which equated to 0.0085% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended February 28, 2026, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $1,858,377.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended February 28, 2026 was equivalent to an annual effective rate of 0.0084% 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 Core Equity Fund

*Notes to Financial Statements (unaudited) - continued* 

During the six months ended February 28, 2026, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the "Act") and relevant guidance, the fund engaged in purchase transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") which amounted to $8,494,437.

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the six months ended February 28, 2026, this reimbursement amounted to $138,603, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the six months ended February 28, 2026, purchases and sales of investments, other than short-term obligations, aggregated $1,641,694,670 and $2,228,728,191, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**2/28/26** | **Six months ended** <br>**2/28/26** | **Year ended** <br>**8/31/25** | **Year ended** <br>**8/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Class A | 1693881 | &nbsp;&nbsp; $90141878 | &nbsp;&nbsp; 4221422 | &nbsp;&nbsp; $218051067 |
| Class B | 182 | &nbsp;&nbsp; 8074 | &nbsp;&nbsp; 2172 | &nbsp;&nbsp; 95123 |
| Class C | 109257 | &nbsp;&nbsp; 4496134 | &nbsp;&nbsp; 339331 | &nbsp;&nbsp; 14365645 |
| Class I | 1301076 | &nbsp;&nbsp; 75497804 | &nbsp;&nbsp; 4729825 | &nbsp;&nbsp; 265285927 |
| Class R1 | 6301 | &nbsp;&nbsp; 267547 | &nbsp;&nbsp; 16206 | &nbsp;&nbsp; 682578 |
| Class R2 | 11272 | &nbsp;&nbsp; 581132 | &nbsp;&nbsp; 56615 | &nbsp;&nbsp; 2889618 |
| Class R3 | 27062 | &nbsp;&nbsp; 1451414 | &nbsp;&nbsp; 94478 | &nbsp;&nbsp; 4914690 |
| Class R4 | 19060 | &nbsp;&nbsp; 1031867 | &nbsp;&nbsp; 73942 | &nbsp;&nbsp; 3849154 |
| Class R6 | 2238695 | &nbsp;&nbsp; 131015107 | &nbsp;&nbsp; 5193420 | &nbsp;&nbsp; 291064208 |
|  | 5406786 | &nbsp;&nbsp; $304490957 | &nbsp;&nbsp; 14727411 | &nbsp;&nbsp; $801198010 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Class A | 6877130 | &nbsp;&nbsp; $340761779 | &nbsp;&nbsp; 4031419 | &nbsp;&nbsp; $209674121 |
| Class B | 21124 | &nbsp;&nbsp; 832069 | &nbsp;&nbsp; 17543 | &nbsp;&nbsp; 749451 |
| Class C | 349356 | &nbsp;&nbsp; 13415285 | &nbsp;&nbsp; 210237 | &nbsp;&nbsp; 8787912 |
| Class I | 2399175 | &nbsp;&nbsp; 129987283 | &nbsp;&nbsp; 1680668 | &nbsp;&nbsp; 94537556 |
| Class R1 | 30055 | &nbsp;&nbsp; 1154409 | &nbsp;&nbsp; 16095 | &nbsp;&nbsp; 672942 |
| Class R2 | 38979 | &nbsp;&nbsp; 1859322 | &nbsp;&nbsp; 28285 | &nbsp;&nbsp; 1422432 |
| Class R3 | 104157 | &nbsp;&nbsp; 5149514 | &nbsp;&nbsp; 95499 | &nbsp;&nbsp; 4951612 |
| Class R4 | 72928 | &nbsp;&nbsp; 3672666 | &nbsp;&nbsp; 44130 | &nbsp;&nbsp; 2327418 |
| Class R6 | 4592785 | &nbsp;&nbsp; 249801605 | &nbsp;&nbsp; 2793354 | &nbsp;&nbsp; 157684807 |
|  | 14485689 | &nbsp;&nbsp; $746633932 | &nbsp;&nbsp; 8917230 | &nbsp;&nbsp; $480808251 |

---

------

MFS Core Equity Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **2/28/26** | **Six months ended**<br> **2/28/26** | **Year ended**<br> **8/31/25** | **Year ended**<br> **8/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares reacquired |  |  |  |  |
| Class A | (4967833)<br>| &nbsp;&nbsp; $(262822358)<br>| &nbsp;&nbsp; (8181370)<br>| &nbsp;&nbsp; $(422167839)<br>|
| Class B | (49739)<br>| &nbsp;&nbsp; (2086061)<br>| &nbsp;&nbsp; (91397)<br>| &nbsp;&nbsp; (3902722)<br>|
| Class C | (533549)<br>| &nbsp;&nbsp; (21884074)<br>| &nbsp;&nbsp; (677081)<br>| &nbsp;&nbsp; (28230631)<br>|
| Class I | (5110997)<br>| &nbsp;&nbsp; (295637920)<br>| &nbsp;&nbsp; (15571762)<br>| &nbsp;&nbsp; (873034731)<br>|
| Class R1 | (13053)<br>| &nbsp;&nbsp; (556077)<br>| &nbsp;&nbsp; (26818)<br>| &nbsp;&nbsp; (1104473)<br>|
| Class R2 | (41520)<br>| &nbsp;&nbsp; (2097367)<br>| &nbsp;&nbsp; (182176)<br>| &nbsp;&nbsp; (9224727)<br>|
| Class R3 | (335435)<br>| &nbsp;&nbsp; (17986349)<br>| &nbsp;&nbsp; (496485)<br>| &nbsp;&nbsp; (25824723)<br>|
| Class R4 | (134164)<br>| &nbsp;&nbsp; (7114300)<br>| &nbsp;&nbsp; (358965)<br>| &nbsp;&nbsp; (19626774)<br>|
| Class R6 | (4647077)<br>| &nbsp;&nbsp; (271471245)<br>| &nbsp;&nbsp; (8355705)<br>| &nbsp;&nbsp; (469954448)<br>|
|  | (15833367)<br>| &nbsp;&nbsp; $(881655751)<br>| &nbsp;&nbsp; (33941759)<br>| &nbsp;&nbsp; $(1853071068)<br>|
| Net change |  |  |  |  |
| Class A | 3603178 | &nbsp;&nbsp; $168081299 | &nbsp;&nbsp; 71471 | &nbsp;&nbsp; $5557349 |
| Class B | (28433)<br>| &nbsp;&nbsp; (1245918)<br>| &nbsp;&nbsp; (71682)<br>| &nbsp;&nbsp; (3058148)<br>|
| Class C | (74936)<br>| &nbsp;&nbsp; (3972655)<br>| &nbsp;&nbsp; (127513)<br>| &nbsp;&nbsp; (5077074)<br>|
| Class I | (1410746)<br>| &nbsp;&nbsp; (90152833)<br>| &nbsp;&nbsp; (9161269)<br>| &nbsp;&nbsp; (513211248)<br>|
| Class R1 | 23303 | &nbsp;&nbsp; 865879 | &nbsp;&nbsp; 5483 | &nbsp;&nbsp; 251047 |
| Class R2 | 8731 | &nbsp;&nbsp; 343087 | &nbsp;&nbsp; (97276)<br>| &nbsp;&nbsp; (4912677)<br>|
| Class R3 | (204216)<br>| &nbsp;&nbsp; (11385421)<br>| &nbsp;&nbsp; (306508)<br>| &nbsp;&nbsp; (15958421)<br>|
| Class R4 | (42176)<br>| &nbsp;&nbsp; (2409767)<br>| &nbsp;&nbsp; (240893)<br>| &nbsp;&nbsp; (13450202)<br>|
| Class R6 | 2184403 | &nbsp;&nbsp; 109345467 | &nbsp;&nbsp; (368931)<br>| &nbsp;&nbsp; (21205433)<br>|
|  | 4059108 | &nbsp;&nbsp; $169469138 | &nbsp;&nbsp; (10297118)<br>| &nbsp;&nbsp; $(571064807)<br>|

---

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

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate), 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended February 28, 2026, the fund's commitment fee and interest expense were $14,963 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the six months ended February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $20271018 | &nbsp;&nbsp; $581250548 | &nbsp;&nbsp; $565495230 | &nbsp;&nbsp; $(2599)<br>| &nbsp;&nbsp; $(1570)<br>| &nbsp;&nbsp; $36022167 |

---

------

MFS Core Equity Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $850392 | $— |

---

------

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

There is nothing to report for this item for MFS Core Equity Fund.

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

There is nothing to report for this item for MFS Core 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 Core 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 Research International Fund

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

MFS Research International Fund

**Portfolio of Investments - 2/28/26 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 98.7% | Common Stocks – 98.7% | Common Stocks – 98.7% |
| Aerospace & Defense – 2.6% | Aerospace & Defense – 2.6% |  |
| Babcock International Group PLC | 5011516 | &nbsp;&nbsp; $91311017 |
| MTU Aero Engines Holding AG | 504390 | &nbsp;&nbsp; 217773754 |
| Thales S.A. | 610477 | &nbsp;&nbsp; 183869489 |
|  |  | &nbsp;&nbsp; $492954260 |
| Airlines – 0.6% | Airlines – 0.6% |  |
| Japan Airlines Corp. | 1122400 | &nbsp;&nbsp; $23200507 |
| Qantas Airways Ltd. | 11871696 | &nbsp;&nbsp; 84062508 |
|  |  | &nbsp;&nbsp; $107263015 |
| Alcoholic Beverages – 1.4% | Alcoholic Beverages – 1.4% |  |
| Davide Campari-Milano N.V. | 15418392 | &nbsp;&nbsp; $116196789 |
| Pernod Ricard S.A. | 1695332 | &nbsp;&nbsp; 156770784 |
|  |  | &nbsp;&nbsp; $272967573 |
| Apparel Manufacturers – 2.2% | Apparel Manufacturers – 2.2% |  |
| Burberry Group PLC (a) | 2381977 | &nbsp;&nbsp; $37333151 |
| Compagnie Financiere Richemont S.A. | 853012 | &nbsp;&nbsp; 174463337 |
| LVMH Moet Hennessy Louis Vuitton SE | 319246 | &nbsp;&nbsp; 205246008 |
|  |  | &nbsp;&nbsp; $417042496 |
| Automotive – 1.9% | Automotive – 1.9% |  |
| Compagnie Generale des Etablissements Michelin | 2454054 | &nbsp;&nbsp; $99750042 |
| Shimano, Inc. | 729700 | &nbsp;&nbsp; 78313143 |
| Suzuki Motor Corp. | 11671000 | &nbsp;&nbsp; 177159450 |
|  |  | &nbsp;&nbsp; $355222635 |
| Biotechnology – 0.6% | Biotechnology – 0.6% |  |
| CSL Ltd. | 1095385 | &nbsp;&nbsp; $114403942 |
| Broadcasting – 0.6% | Broadcasting – 0.6% |  |
| Spotify Technology S.A. (a) | 230783 | &nbsp;&nbsp; $118839398 |
| Brokerage & Asset Managers – 4.4% | Brokerage & Asset Managers – 4.4% |  |
| B3 S.A. - Brasil Bolsa Balcao | 42881500 | &nbsp;&nbsp; $149727660 |
| Barclays PLC | 45328485 | &nbsp;&nbsp; 276632334 |
| Euronext N.V. | 1444505 | &nbsp;&nbsp; 238955820 |
| London Stock Exchange Group PLC | 1409572 | &nbsp;&nbsp; 168305517 |
|  |  | &nbsp;&nbsp; $833621331 |
| Business Services – 0.8% | Business Services – 0.8% |  |
| Fujitsu Ltd. | 6219800 | &nbsp;&nbsp; $142904251 |
| Chemicals – 0.4% | Chemicals – 0.4% |  |
| FUJIFILM Holdings Corp. | 3333200 | &nbsp;&nbsp; $69240232 |

---

RIFFS-SEM

------

MFS Research International Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software – 0.9% | Computer Software – 0.9% |  |
| Cadence Design Systems, Inc. (a) | 246458 | &nbsp;&nbsp; $74282441 |
| Constellation Software, Inc. | 48341 | &nbsp;&nbsp; 89330468 |
|  |  | &nbsp;&nbsp; $163612909 |
| Computer Software - Systems – 4.0% | Computer Software - Systems – 4.0% |  |
| Hitachi Ltd. | 13898600 | &nbsp;&nbsp; $465111156 |
| NEC Corp. | 1874000 | &nbsp;&nbsp; 52008555 |
| Samsung Electronics Co. Ltd. | 1559618 | &nbsp;&nbsp; 234728743 |
|  |  | &nbsp;&nbsp; $751848454 |
| Construction – 1.9% | Construction – 1.9% |  |
| James Hardie Industries PLC, GDR (a) | 4475124 | &nbsp;&nbsp; $108981197 |
| Sika AG | 419338 | &nbsp;&nbsp; 86992796 |
| Techtronic Industries Co. Ltd. | 9731500 | &nbsp;&nbsp; 158721195 |
|  |  | &nbsp;&nbsp; $354695188 |
| Consumer Products – 2.9% | Consumer Products – 2.9% |  |
| Beiersdorf AG | 1393265 | &nbsp;&nbsp; $177222268 |
| Haleon PLC | 46925990 | &nbsp;&nbsp; 256564058 |
| Uni-Charm Corp. | 17358700 | &nbsp;&nbsp; 118881501 |
|  |  | &nbsp;&nbsp; $552667827 |
| Electrical Equipment – 5.4% | Electrical Equipment – 5.4% |  |
| Legrand S.A. | 1434732 | &nbsp;&nbsp; $260818752 |
| Mitsubishi Electric Corp. | 5582100 | &nbsp;&nbsp; 214147607 |
| Schneider Electric SE | 1650260 | &nbsp;&nbsp; 539550451 |
|  |  | &nbsp;&nbsp; $1014516810 |
| Electronics – 6.3% | Electronics – 6.3% |  |
| ASML Holding N.V. | 252641 | &nbsp;&nbsp; $368195353 |
| DISCO Corp. | 356200 | &nbsp;&nbsp; 172209522 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5409326 | &nbsp;&nbsp; 339900129 |
| Tokyo Electron Ltd. | 1061800 | &nbsp;&nbsp; 299233618 |
|  |  | &nbsp;&nbsp; $1179538622 |
| Energy - Independent – 0.4% | Energy - Independent – 0.4% |  |
| Reliance Industries Ltd. | 5271717 | &nbsp;&nbsp; $80771040 |
| Energy - Integrated – 3.7% | Energy - Integrated – 3.7% |  |
| Eni S.p.A. | 8962810 | &nbsp;&nbsp; $208166031 |
| Galp Energia SGPS S.A., "B" | 8260875 | &nbsp;&nbsp; 177846348 |
| TotalEnergies SE | 3912930 | &nbsp;&nbsp; 311070329 |
|  |  | &nbsp;&nbsp; $697082708 |
| Engineering - Construction – 1.0% | Engineering - Construction – 1.0% |  |
| Taisei Corp. | 1421700 | &nbsp;&nbsp; $185171953 |
| Food & Beverages – 1.0% | Food & Beverages – 1.0% |  |
| Ajinomoto Co., Inc. | 3249100 | &nbsp;&nbsp; $103362013 |
| Novozymes A.S. | 1322082 | &nbsp;&nbsp; 78506198 |
|  |  | &nbsp;&nbsp; $181868211 |

---

------

MFS Research International Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Food & Drug Stores – 0.8% | Food & Drug Stores – 0.8% |  |
| Alimentation Couche-Tard, Inc. | 605896 | &nbsp;&nbsp; $36769965 |
| Jeronimo Martins SGPS S.A. | 4109977 | &nbsp;&nbsp; 108102336 |
|  |  | &nbsp;&nbsp; $144872301 |
| Gaming & Lodging – 1.0% | Gaming & Lodging – 1.0% |  |
| Accor S.A. | 1549851 | &nbsp;&nbsp; $90210041 |
| Aristocrat Leisure Ltd. | 1887659 | &nbsp;&nbsp; 64588396 |
| Sands China Ltd. | 15476000 | &nbsp;&nbsp; 35033356 |
|  |  | &nbsp;&nbsp; $189831793 |
| Insurance – 5.7% | Insurance – 5.7% |  |
| AIA Group Ltd. | 21325400 | &nbsp;&nbsp; $236603615 |
| Aon PLC | 489062 | &nbsp;&nbsp; 164065629 |
| Beazley PLC | 8770257 | &nbsp;&nbsp; 149749817 |
| Hiscox Ltd. | 7684320 | &nbsp;&nbsp; 160307471 |
| Samsung Fire & Marine Insurance Co. Ltd. | 196963 | &nbsp;&nbsp; 72568919 |
| Sompo Holdings, Inc. | 4546700 | &nbsp;&nbsp; 181821417 |
| Willis Towers Watson PLC | 369870 | &nbsp;&nbsp; 112873228 |
|  |  | &nbsp;&nbsp; $1077990096 |
| Leisure & Toys – 1.1% | Leisure & Toys – 1.1% |  |
| Capcom Co. Ltd. | 1646600 | &nbsp;&nbsp; $37884506 |
| Sony Group Corp. | 7502600 | &nbsp;&nbsp; 175019830 |
|  |  | &nbsp;&nbsp; $212904336 |
| Machinery & Tools – 5.3% | Machinery & Tools – 5.3% |  |
| Atlas Copco AB | 9170841 | &nbsp;&nbsp; $198144860 |
| Daikin Industries Ltd. | 1011600 | &nbsp;&nbsp; 129004668 |
| GEA Group AG | 1722060 | &nbsp;&nbsp; 134092418 |
| Keyence Corp. | 353100 | &nbsp;&nbsp; 149366286 |
| RB Global, Inc. | 1129717 | &nbsp;&nbsp; 113804049 |
| Spirax Group PLC | 1100698 | &nbsp;&nbsp; 117259332 |
| Weir Group PLC | 3082706 | &nbsp;&nbsp; 146318360 |
|  |  | &nbsp;&nbsp; $987989973 |
| Major Banks – 13.9% | Major Banks – 13.9% |  |
| Banco Bilbao Vizcaya Argentaria S.A. | 9288972 | &nbsp;&nbsp; $216773046 |
| Banco Bradesco S.A., ADR | 37534469 | &nbsp;&nbsp; 153515978 |
| Bank of Ireland Group PLC | 11225739 | &nbsp;&nbsp; 219325772 |
| BNP Paribas S.A. | 2380041 | &nbsp;&nbsp; 268570518 |
| BPER Banca S.p.A. | 17157508 | &nbsp;&nbsp; 243482496 |
| ING Groep N.V. | 9336534 | &nbsp;&nbsp; 271719385 |
| Mizuho Financial Group, Inc. | 12722600 | &nbsp;&nbsp; 582584527 |
| NatWest Group PLC | 22569160 | &nbsp;&nbsp; 188270992 |
| Toronto-Dominion Bank | 2502047 | &nbsp;&nbsp; 243738870 |
| UBS Group AG | 5299453 | &nbsp;&nbsp; 220635352 |
|  |  | &nbsp;&nbsp; $2608616936 |
| Medical Equipment – 2.4% | Medical Equipment – 2.4% |  |
| Alcon, Inc. | 1269888 | &nbsp;&nbsp; $110430788 |
| ConvaTec Group PLC | 34220203 | &nbsp;&nbsp; 118243688 |
| QIAGEN N.V. | 2731978 | &nbsp;&nbsp; 135451309 |

---

------

MFS Research International Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Medical Equipment – continued | Medical Equipment – continued |  |
| Terumo Corp. | 6527700 | &nbsp;&nbsp; $88198041 |
|  |  | &nbsp;&nbsp; $452323826 |
| Metals & Mining – 2.9% | Metals & Mining – 2.9% |  |
| Glencore PLC | 29230737 | &nbsp;&nbsp; $210357687 |
| Mitsui & Co. Ltd. | 4181200 | &nbsp;&nbsp; 157218368 |
| Rio Tinto PLC | 1820139 | &nbsp;&nbsp; 179921076 |
|  |  | &nbsp;&nbsp; $547497131 |
| Natural Gas - Distribution – 0.2% | Natural Gas - Distribution – 0.2% |  |
| China Resources Gas Group Ltd. | 14792200 | &nbsp;&nbsp; $39668220 |
| Natural Gas - Pipeline – 0.3% | Natural Gas - Pipeline – 0.3% |  |
| APA Group | 8160386 | &nbsp;&nbsp; $53427521 |
| Other Banks & Diversified Financials – 1.7% | Other Banks & Diversified Financials – 1.7% |  |
| HDFC Bank Ltd. | 15200623 | &nbsp;&nbsp; $148328306 |
| Mastercard, Inc., "A" | 345602 | &nbsp;&nbsp; 178748811 |
|  |  | &nbsp;&nbsp; $327077117 |
| Pharmaceuticals – 7.2% | Pharmaceuticals – 7.2% |  |
| Daiichi Sankyo Co. Ltd. | 7942800 | &nbsp;&nbsp; $155839908 |
| Merck KGaA | 1025335 | &nbsp;&nbsp; 155440064 |
| Novartis AG | 2583529 | &nbsp;&nbsp; 438512759 |
| Roche Holding AG | 1251649 | &nbsp;&nbsp; 597457479 |
|  |  | &nbsp;&nbsp; $1347250210 |
| Precious Metals & Minerals – 0.4% | Precious Metals & Minerals – 0.4% |  |
| Northern Star Resources Ltd. Co. | 3078047 | &nbsp;&nbsp; $66328108 |
| Printing & Publishing – 0.4% | Printing & Publishing – 0.4% |  |
| Wolters Kluwer N.V. | 1051900 | &nbsp;&nbsp; $84643204 |
| Specialty Chemicals – 4.1% | Specialty Chemicals – 4.1% |  |
| Akzo Nobel N.V. | 1185806 | &nbsp;&nbsp; $83536475 |
| Croda International PLC | 2222965 | &nbsp;&nbsp; 92689449 |
| Linde PLC | 652079 | &nbsp;&nbsp; 331308298 |
| Shin-Etsu Chemical Co. Ltd. | 4362700 | &nbsp;&nbsp; 172312193 |
| Symrise AG | 1056240 | &nbsp;&nbsp; 96823976 |
|  |  | &nbsp;&nbsp; $776670391 |
| Specialty Stores – 1.4% | Specialty Stores – 1.4% |  |
| Next PLC | 577215 | &nbsp;&nbsp; $105169950 |
| Nitori Co. Ltd. | 2454300 | &nbsp;&nbsp; 49159865 |
| Pan Pacific International Holdings Corp. | 16871400 | &nbsp;&nbsp; 112357161 |
|  |  | &nbsp;&nbsp; $266686976 |
| Telecom - Infrastructure – 0.7% | Telecom - Infrastructure – 0.7% |  |
| Cellnex Telecom S.A. | 3319345 | &nbsp;&nbsp; $126057530 |

---

------

MFS Research International Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Telecom Services – 2.4% | Telecom Services – 2.4% |  |
| Advanced Info Service Public Co. Ltd. | 8659100 | &nbsp;&nbsp; $105853563 |
| KDDI Corp. | 9872400 | &nbsp;&nbsp; 168854611 |
| Koninklijke KPN N.V. | 25330019 | &nbsp;&nbsp; 143693707 |
| SoftBank Group Corp. | 1148300 | &nbsp;&nbsp; 30066908 |
|  |  | &nbsp;&nbsp; $448468789 |
| Tobacco – 1.4% | Tobacco – 1.4% |  |
| British American Tobacco PLC | 4290837 | &nbsp;&nbsp; $268310311 |
| Utilities - Electric Power – 2.4% | Utilities - Electric Power – 2.4% |  |
| CLP Holdings Ltd. | 5925000 | &nbsp;&nbsp; $56194877 |
| E.ON SE | 5868729 | &nbsp;&nbsp; 136470781 |
| National Grid PLC | 13568879 | &nbsp;&nbsp; 254359794 |
|  |  | &nbsp;&nbsp; $447025452 |
| **Total Common Stocks (Identified Cost, $12,109,786,353)** |  | &nbsp;&nbsp; **$18559873076** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strike** <br>**Price**<br>| &nbsp;&nbsp; **First** <br>**Exercise**<br>|  |  |
| Warrants – 0.0% |  |  |  |  |
| Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% |
| Constellation Software, Inc. (CAD 100 principal amount of Series 2 Debentures for 1 warrant, Expiration <br> 3/31/40) (a) (Identified Cost, $0)<br>| CAD 11.5 | N/A | 105955 | &nbsp;&nbsp; $0 |

---

---

| | | |
|:---|:---|:---|
| Mutual Funds (h) – 1.2% | Mutual Funds (h) – 1.2% | Mutual Funds (h) – 1.2% |
| Money Market Funds – 1.2% | Money Market Funds – 1.2% |  |
| MFS Institutional Money Market Portfolio, 3.7% (v) (Identified Cost, $219,434,360) | 219416002 | &nbsp;&nbsp; $219437943 |
| Other Assets, Less Liabilities – 0.1% |  | &nbsp;&nbsp; 21533929 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$18800844948** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $219,437,943 and $18,559,873,076, respectively.

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

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of <br> abbreviations is shown below: | Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of <br> abbreviations is shown below: |
| CAD | Canadian Dollar |

---

**See Notes to Financial Statements**

------

MFS Research International Fund

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

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

---

| | |
|:---|:---|
| **At 2/28/26 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $12,109,786,353) | &nbsp;&nbsp; $18559873076 |
| Investments in affiliated issuers, at value (identified cost, $219,434,360) | &nbsp;&nbsp; 219437943 |
| Foreign currency, at value (identified cost, $44) | &nbsp;&nbsp; 44 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 35041457 |
| Fund shares sold | &nbsp;&nbsp; 5814340 |
| Interest and dividends | &nbsp;&nbsp; 77716552 |
| Other assets | &nbsp;&nbsp; 109425 |
| Total assets | &nbsp;&nbsp; $18897992837 |
| **Liabilities** |  |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; $23163019 |
| Fund shares reacquired | &nbsp;&nbsp; 47722083 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 931890 |
| Administrative services fee | &nbsp;&nbsp; 4794 |
| Shareholder servicing costs | &nbsp;&nbsp; 561559 |
| Distribution and service fees | &nbsp;&nbsp; 20215 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 29206 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 23551536 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 1163587 |
| Total liabilities | &nbsp;&nbsp; $97147889 |
| Net assets | &nbsp;&nbsp; $18800844948 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $11270171607 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 7530673341 |
| Net assets | &nbsp;&nbsp; $18800844948 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 653893409 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share (a)**<br>|
| Class A | &nbsp;&nbsp;&nbsp; $779376496 | &nbsp;&nbsp;&nbsp; 27001618 | &nbsp;&nbsp;&nbsp; $28.86 |
| Class B | &nbsp;&nbsp;&nbsp; 150349 | &nbsp;&nbsp;&nbsp; 5314 | &nbsp;&nbsp;&nbsp;&nbsp;28.29 |
| Class C | &nbsp;&nbsp;&nbsp; 9549902 | &nbsp;&nbsp;&nbsp; 353517 | &nbsp;&nbsp;&nbsp;&nbsp;27.01 |
| Class I | &nbsp;&nbsp;&nbsp; 1426398955 | &nbsp;&nbsp;&nbsp; 47444634 | &nbsp;&nbsp;&nbsp;&nbsp;30.06 |
| Class R1 | &nbsp;&nbsp;&nbsp; 1077070 | &nbsp;&nbsp;&nbsp; 40855 | &nbsp;&nbsp;&nbsp;&nbsp;26.36 |
| Class R2 | &nbsp;&nbsp;&nbsp; 61911391 | &nbsp;&nbsp;&nbsp; 2229052 | &nbsp;&nbsp;&nbsp;&nbsp;27.77 |
| Class R3 | &nbsp;&nbsp;&nbsp; 48033234 | &nbsp;&nbsp;&nbsp; 1683456 | &nbsp;&nbsp;&nbsp;&nbsp;28.53 |
| Class R4 | &nbsp;&nbsp;&nbsp; 33897918 | &nbsp;&nbsp;&nbsp; 1171793 | &nbsp;&nbsp;&nbsp;&nbsp;28.93 |
| Class R6 | &nbsp;&nbsp;&nbsp; 16440449633 | &nbsp;&nbsp;&nbsp; 573963170 | &nbsp;&nbsp;&nbsp;&nbsp;28.64 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Maximum offering price per share was equal to the net asset value per share for all
 share classes, except for Class A, for which the maximum offering price per share was $30.62 [100 / 94.25 x $28.86]. On sales of $50,000 or
 more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class
 A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and
 R6.

**See Notes to Financial Statements**

------

MFS Research International Fund

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

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

---

| | |
|:---|:---|
| **Six months ended 2/28/26 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $154248172 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 4734556 |
| Income on securities loaned | &nbsp;&nbsp; 147228 |
| Other | &nbsp;&nbsp; 33018 |
| Interest | &nbsp;&nbsp; 3438 |
| Foreign taxes withheld | &nbsp;&nbsp; (8344141)<br>|
| Total investment income | &nbsp;&nbsp; $150822271 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $55131638 |
| Distribution and service fees | &nbsp;&nbsp; 1158953 |
| Shareholder servicing costs | &nbsp;&nbsp; 1190945 |
| Administrative services fee | &nbsp;&nbsp; 275634 |
| Independent Trustees' compensation | &nbsp;&nbsp; 79986 |
| Custodian fee | &nbsp;&nbsp; 848574 |
| Shareholder communications | &nbsp;&nbsp; 94853 |
| Audit and tax fees | &nbsp;&nbsp; 43017 |
| Legal fees | &nbsp;&nbsp; 45589 |
| Miscellaneous | &nbsp;&nbsp; 486346 |
| Total expenses | &nbsp;&nbsp; $59355535 |
| Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp; (1206326)<br>|
| Net expenses | &nbsp;&nbsp; $58149209 |
| Net investment income (loss) | &nbsp;&nbsp; $92673062 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers (includes $1,602,817 foreign capital gains tax) | &nbsp;&nbsp; $1580717636 |
| Affiliated issuers | &nbsp;&nbsp; 37371 |
| Foreign currency | &nbsp;&nbsp; (2031541)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; $1578723466 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers (includes $6,215,065 decrease in deferred foreign capital gains tax) | &nbsp;&nbsp; $1287079658 |
| Affiliated issuers | &nbsp;&nbsp; (23631)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 1764568 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $1288820595 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $2867544061 |
| Change in net assets from operations | &nbsp;&nbsp; $2960217123 |

---

**See Notes to Financial Statements**

------

MFS Research International Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**2/28/26** <br>**(unaudited)**<br>| <br>**8/31/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $92673062 | &nbsp;&nbsp; $305987420 |
| Net realized gain (loss) | 1578723466 | &nbsp;&nbsp; 768152159 |
| Net unrealized gain (loss) | 1288820595 | &nbsp;&nbsp; (52425179)<br>|
| Change in net assets from operations | $2960217123 | &nbsp;&nbsp; $1021714400 |
| Total distributions to shareholders | $(950841141)<br>| &nbsp;&nbsp; $(330003411)<br>|
| Change in net assets from fund share transactions | $(532329361)<br>| &nbsp;&nbsp; $(372168831)<br>|
| Total change in net assets | $1477046621 | &nbsp;&nbsp; $319542158 |
| **Net assets** |  |  |
| At beginning of period | 17323798327 | &nbsp;&nbsp; 17004256169 |
| At end of period | $18800844948 | &nbsp;&nbsp; $17323798327 |

---

**See Notes to Financial Statements**

------

MFS Research International Fund

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $25.85 | &nbsp;&nbsp; $24.80 | &nbsp;&nbsp; $21.64 | &nbsp;&nbsp; $19.29 | &nbsp;&nbsp; $24.78 | &nbsp;&nbsp; $20.09 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.10 | &nbsp;&nbsp; $0.37 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.37 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.21 |
| Net realized and unrealized gain (loss) | 4.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp; (5.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.64 |
| Total from investment operations | $4.37 | &nbsp;&nbsp; $1.46 | &nbsp;&nbsp; $3.49 | &nbsp;&nbsp; $2.62 | &nbsp;&nbsp; $(5.24)<br>| &nbsp;&nbsp; $4.85 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.46)<br>| &nbsp;&nbsp; $(0.41)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.16)<br>|
| From net realized gain | (0.90)<br>|  |  |  |  |  |
| Total distributions declared to shareholders | $(1.36)<br>| &nbsp;&nbsp; $(0.41)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.16)<br>|
| Net asset value, end of period (x) | $28.86 | &nbsp;&nbsp; $25.85 | &nbsp;&nbsp; $24.80 | &nbsp;&nbsp; $21.64 | &nbsp;&nbsp; $19.29 | &nbsp;&nbsp; $24.78 |
| Total return (%) (r)(s)(t)(x) | 17.63<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp;&nbsp;16.34 | &nbsp;&nbsp;&nbsp;&nbsp;13.71 | &nbsp;&nbsp; (21.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.28 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.99<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Expenses after expense reductions | 0.98<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Net investment income (loss) | 0.73<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Portfolio turnover rate | 23<br> (n)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 19 |
| Net assets at end of period (000 omitted) | $779376 | &nbsp;&nbsp; $712029 | &nbsp;&nbsp; $742775 | &nbsp;&nbsp; $694592 | &nbsp;&nbsp; $651907 | &nbsp;&nbsp; $963468 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding tax reclaim recovery expenses<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

**See Notes to Financial Statements**

------

MFS Research International Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $25.15 | &nbsp;&nbsp; $24.04 | &nbsp;&nbsp; $20.92 | &nbsp;&nbsp; $18.60 | &nbsp;&nbsp; $23.88 | &nbsp;&nbsp; $19.36 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.01 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.04 |
| Net realized and unrealized gain (loss) | 4.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp; (5.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.48 |
| Total from investment operations | $4.19 | &nbsp;&nbsp; $1.25 | &nbsp;&nbsp; $3.22 | &nbsp;&nbsp; $2.39 | &nbsp;&nbsp; $(5.23)<br>| &nbsp;&nbsp; $4.52 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.15)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.05)<br>| $— |
| From net realized gain | (0.90)<br>|  |  |  |  |  |
| Total distributions declared to shareholders | $(1.05)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.05)<br>| $— |
| Net asset value, end of period (x) | $28.29 | &nbsp;&nbsp; $25.15 | &nbsp;&nbsp; $24.04 | &nbsp;&nbsp; $20.92 | &nbsp;&nbsp; $18.60 | &nbsp;&nbsp; $23.88 |
| Total return (%) (r)(s)(t)(x) | 17.23<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp;&nbsp;&nbsp;15.46 | &nbsp;&nbsp;&nbsp;&nbsp;12.86 | &nbsp;&nbsp; (21.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.35 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.74<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| Expenses after expense reductions | 1.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| Net investment income (loss) | 0.06<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Portfolio turnover rate | 23<br> (n)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 19 |
| Net assets at end of period (000 omitted) | $150 | &nbsp;&nbsp; $215 | &nbsp;&nbsp; $453 | &nbsp;&nbsp; $748 | &nbsp;&nbsp; $1101 | &nbsp;&nbsp; $2211 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding tax reclaim recovery expenses<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

**See Notes to Financial Statements**

------

MFS Research International Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $24.16 | &nbsp;&nbsp; $23.19 | &nbsp;&nbsp; $20.25 | &nbsp;&nbsp; $18.08 | &nbsp;&nbsp; $23.25 | &nbsp;&nbsp; $18.85 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.00)(w)<br>| &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.03 |
| Net realized and unrealized gain (loss) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.37 |
| Total from investment operations | $4.00 | &nbsp;&nbsp; $1.20 | &nbsp;&nbsp; $3.11 | &nbsp;&nbsp; $2.31 | &nbsp;&nbsp; $(5.08)<br>| &nbsp;&nbsp; $4.40 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.25)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.09)<br>| $— |
| From net realized gain | (0.90)<br>|  |  |  |  |  |
| Total distributions declared to shareholders | $(1.15)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.09)<br>| $— |
| Net asset value, end of period (x) | $27.01 | &nbsp;&nbsp; $24.16 | &nbsp;&nbsp; $23.19 | &nbsp;&nbsp; $20.25 | &nbsp;&nbsp; $18.08 | &nbsp;&nbsp; $23.25 |
| Total return (%) (r)(s)(t)(x) | 17.21<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;15.48 | &nbsp;&nbsp;&nbsp;&nbsp;12.84 | &nbsp;&nbsp; (21.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.34 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.74<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| Expenses after expense reductions | 1.73<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| Net investment income (loss) | (0.02)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Portfolio turnover rate | 23<br> (n)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 19 |
| Net assets at end of period (000 omitted) | $9550 | &nbsp;&nbsp; $8883 | &nbsp;&nbsp; $12726 | &nbsp;&nbsp; $12732 | &nbsp;&nbsp; $11050 | &nbsp;&nbsp; $15664 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding tax reclaim recovery expenses<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

**See Notes to Financial Statements**

------

MFS Research International Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $26.90 | &nbsp;&nbsp; $25.79 | &nbsp;&nbsp; $22.48 | &nbsp;&nbsp; $20.03 | &nbsp;&nbsp; $25.74 | &nbsp;&nbsp; $20.85 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.13 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $0.28 |
| Net realized and unrealized gain (loss) | 4.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp; (5.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| Total from investment operations | $4.59 | &nbsp;&nbsp; $1.57 | &nbsp;&nbsp; $3.70 | &nbsp;&nbsp; $2.77 | &nbsp;&nbsp; $(5.38)<br>| &nbsp;&nbsp; $5.10 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.53)<br>| &nbsp;&nbsp; $(0.46)<br>| &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.21)<br>|
| From net realized gain | (0.90)<br>|  |  |  |  |  |
| Total distributions declared to shareholders | $(1.43)<br>| &nbsp;&nbsp; $(0.46)<br>| &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.21)<br>|
| Net asset value, end of period (x) | $30.06 | &nbsp;&nbsp; $26.90 | &nbsp;&nbsp; $25.79 | &nbsp;&nbsp; $22.48 | &nbsp;&nbsp; $20.03 | &nbsp;&nbsp; $25.74 |
| Total return (%) (r)(s)(t)(x) | 17.77<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.31 | &nbsp;&nbsp;&nbsp;&nbsp;16.67 | &nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp; (21.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.62 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.74<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Expenses after expense reductions | 0.73<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net investment income (loss) | 0.98<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Portfolio turnover rate | 23<br> (n)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 19 |
| Net assets at end of period (000 omitted) | $1426399 | &nbsp;&nbsp; $1329134 | &nbsp;&nbsp; $1478841 | &nbsp;&nbsp; $1619635 | &nbsp;&nbsp; $1533541 | &nbsp;&nbsp; $1530130 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense <br> reductions and excluding tax reclaim recovery expenses<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

**See Notes to Financial Statements**

------

MFS Research International Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $23.64 | &nbsp;&nbsp; $22.67 | &nbsp;&nbsp; $19.64 | &nbsp;&nbsp; $17.65 | &nbsp;&nbsp; $22.75 | &nbsp;&nbsp; $18.45 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.00)(w)<br>| &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.05 |
| Net realized and unrealized gain (loss) | 3.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp; (5.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.26 |
| Total from investment operations | $3.91 | &nbsp;&nbsp; $1.17 | &nbsp;&nbsp; $3.03 | &nbsp;&nbsp; $2.25 | &nbsp;&nbsp; $(4.98)<br>| &nbsp;&nbsp; $4.31 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.29)<br>| &nbsp;&nbsp; $(0.20)<br>| $— | &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.01)<br>|
| From net realized gain | (0.90)<br>|  |  |  |  |  |
| Total distributions declared to shareholders | $(1.19)<br>| &nbsp;&nbsp; $(0.20)<br>| $— | &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.01)<br>|
| Net asset value, end of period (x) | $26.36 | &nbsp;&nbsp; $23.64 | &nbsp;&nbsp; $22.67 | &nbsp;&nbsp; $19.64 | &nbsp;&nbsp; $17.65 | &nbsp;&nbsp; $22.75 |
| Total return (%) (r)(s)(t)(x) | 17.20<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;15.43 | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp; (21.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.39 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.74<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| Expenses after expense reductions | 1.73<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| Net investment income (loss) | (0.02)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Portfolio turnover rate | 23<br> (n)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 19 |
| Net assets at end of period (000 omitted) | $1077 | &nbsp;&nbsp; $970 | &nbsp;&nbsp; $1028 | &nbsp;&nbsp; $10961 | &nbsp;&nbsp; $3600 | &nbsp;&nbsp; $3042 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding tax reclaim recovery expenses<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

**See Notes to Financial Statements**

------

MFS Research International Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $24.89 | &nbsp;&nbsp; $23.88 | &nbsp;&nbsp; $20.84 | &nbsp;&nbsp; $18.58 | &nbsp;&nbsp; $23.90 | &nbsp;&nbsp; $19.37 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.06 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.15 |
| Net realized and unrealized gain (loss) | 4.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp; (5.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.49 |
| Total from investment operations | $4.18 | &nbsp;&nbsp; $1.35 | &nbsp;&nbsp; $3.30 | &nbsp;&nbsp; $2.48 | &nbsp;&nbsp; $(5.12)<br>| &nbsp;&nbsp; $4.64 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.40)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.11)<br>|
| From net realized gain | (0.90)<br>|  |  |  |  |  |
| Total distributions declared to shareholders | $(1.30)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.11)<br>|
| Net asset value, end of period (x) | $27.77 | &nbsp;&nbsp; $24.89 | &nbsp;&nbsp; $23.88 | &nbsp;&nbsp; $20.84 | &nbsp;&nbsp; $18.58 | &nbsp;&nbsp; $23.90 |
| Total return (%) (r)(s)(t)(x) | 17.49<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp;16.01 | &nbsp;&nbsp;&nbsp;&nbsp;13.46 | &nbsp;&nbsp; (21.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.02 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.24<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| Expenses after expense reductions | 1.23<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Net investment income (loss) | 0.49<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Portfolio turnover rate | 23<br> (n)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 19 |
| Net assets at end of period (000 omitted) | $61911 | &nbsp;&nbsp; $57088 | &nbsp;&nbsp; $67846 | &nbsp;&nbsp; $77132 | &nbsp;&nbsp; $75398 | &nbsp;&nbsp; $104975 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding tax reclaim recovery expenses<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

**See Notes to Financial Statements**

------

MFS Research International Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $25.55 | &nbsp;&nbsp; $24.52 | &nbsp;&nbsp; $21.40 | &nbsp;&nbsp; $19.08 | &nbsp;&nbsp; $24.53 | &nbsp;&nbsp; $19.88 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.10 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.37 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.21 |
| Net realized and unrealized gain (loss) | 4.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp; (5.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.60 |
| Total from investment operations | $4.33 | &nbsp;&nbsp; $1.43 | &nbsp;&nbsp; $3.45 | &nbsp;&nbsp; $2.59 | &nbsp;&nbsp; $(5.19)<br>| &nbsp;&nbsp; $4.81 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.45)<br>| &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.16)<br>|
| From net realized gain | (0.90)<br>|  |  |  |  |  |
| Total distributions declared to shareholders | $(1.35)<br>| &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.16)<br>|
| Net asset value, end of period (x) | $28.53 | &nbsp;&nbsp; $25.55 | &nbsp;&nbsp; $24.52 | &nbsp;&nbsp; $21.40 | &nbsp;&nbsp; $19.08 | &nbsp;&nbsp; $24.53 |
| Total return (%) (r)(s)(t)(x) | 17.64<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.03 | &nbsp;&nbsp;&nbsp;&nbsp;16.34 | &nbsp;&nbsp;&nbsp;&nbsp;13.72 | &nbsp;&nbsp; (21.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.30 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.99<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Expenses after expense reductions | 0.98<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Net investment income (loss) | 0.78<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Portfolio turnover rate | 23<br> (n)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 19 |
| Net assets at end of period (000 omitted) | $48033 | &nbsp;&nbsp; $54410 | &nbsp;&nbsp; $74124 | &nbsp;&nbsp; $68315 | &nbsp;&nbsp; $58785 | &nbsp;&nbsp; $76512 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding tax reclaim recovery expenses<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

**See Notes to Financial Statements**

------

MFS Research International Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $25.93 | &nbsp;&nbsp; $24.87 | &nbsp;&nbsp; $21.70 | &nbsp;&nbsp; $19.34 | &nbsp;&nbsp; $24.86 | &nbsp;&nbsp; $20.15 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.13 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $0.42 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $0.29 |
| Net realized and unrealized gain (loss) | 4.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp; (5.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.63 |
| Total from investment operations | $4.42 | &nbsp;&nbsp; $1.52 | &nbsp;&nbsp; $3.56 | &nbsp;&nbsp; $2.68 | &nbsp;&nbsp; $(5.20)<br>| &nbsp;&nbsp; $4.92 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.52)<br>| &nbsp;&nbsp; $(0.46)<br>| &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.21)<br>|
| From net realized gain | (0.90)<br>|  |  |  |  |  |
| Total distributions declared to shareholders | $(1.42)<br>| &nbsp;&nbsp; $(0.46)<br>| &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.21)<br>|
| Net asset value, end of period (x) | $28.93 | &nbsp;&nbsp; $25.93 | &nbsp;&nbsp; $24.87 | &nbsp;&nbsp; $21.70 | &nbsp;&nbsp; $19.34 | &nbsp;&nbsp; $24.86 |
| Total return (%) (r)(s)(t)(x) | 17.81<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp;16.64 | &nbsp;&nbsp;&nbsp;&nbsp;14.02 | &nbsp;&nbsp; (21.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.58 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.74<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Expenses after expense reductions | 0.73<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net investment income (loss) | 0.99<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Portfolio turnover rate | 23<br> (n)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 19 |
| Net assets at end of period (000 omitted) | $33898 | &nbsp;&nbsp; $32346 | &nbsp;&nbsp; $46882 | &nbsp;&nbsp; $74093 | &nbsp;&nbsp; $68971 | &nbsp;&nbsp; $96499 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding tax reclaim recovery expenses<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

**See Notes to Financial Statements**

------

MFS Research International Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $25.71 | &nbsp;&nbsp; $24.67 | &nbsp;&nbsp; $21.53 | &nbsp;&nbsp; $19.19 | &nbsp;&nbsp; $24.67 | &nbsp;&nbsp; $19.99 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.14 | &nbsp;&nbsp; $0.45 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp; $0.29 |
| Net realized and unrealized gain (loss) | 4.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp; (5.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.62 |
| Total from investment operations | $4.38 | &nbsp;&nbsp; $1.53 | &nbsp;&nbsp; $3.55 | &nbsp;&nbsp; $2.69 | &nbsp;&nbsp; $(5.13)<br>| &nbsp;&nbsp; $4.91 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.55)<br>| &nbsp;&nbsp; $(0.49)<br>| &nbsp;&nbsp; $(0.41)<br>| &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $(0.23)<br>|
| From net realized gain | (0.90)<br>|  |  |  |  |  |
| Total distributions declared to shareholders | $(1.45)<br>| &nbsp;&nbsp; $(0.49)<br>| &nbsp;&nbsp; $(0.41)<br>| &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $(0.23)<br>|
| Net asset value, end of period (x) | $28.64 | &nbsp;&nbsp; $25.71 | &nbsp;&nbsp; $24.67 | &nbsp;&nbsp; $21.53 | &nbsp;&nbsp; $19.19 | &nbsp;&nbsp; $24.67 |
| Total return (%) (r)(s)(t)(x) | 17.82<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp;&nbsp;16.74 | &nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp; (21.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.74 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.65<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Expenses after expense reductions | 0.63<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net investment income (loss) | 1.07<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Portfolio turnover rate | 23<br> (n)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 19 |
| Net assets at end of period (000 omitted) | $16440450 | &nbsp;&nbsp; $15128724 | &nbsp;&nbsp; $14579581 | &nbsp;&nbsp; $13495945 | &nbsp;&nbsp; $11638059 | &nbsp;&nbsp; $14433482 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense <br> reductions and excluding tax reclaim recovery expenses<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

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

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

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Research International Fund

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Research International Fund (the fund) is a diversified series of MFS Series Trust I (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.

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

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

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

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data.

------

MFS Research International Fund

*Notes to Financial Statements (unaudited) - continued* 

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 February 28, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| Japan | $4290631797 | $— | $— | $4290631797 |
| United Kingdom | 2821104004 |  |  | 2821104004 |
| France | 2354812234 |  |  | 2354812234 |
| Switzerland | 1628492511 |  |  | 1628492511 |
| Germany | 1053274570 |  |  | 1053274570 |
| Netherlands | 951788124 |  |  | 951788124 |
| United States | 861278407 |  |  | 861278407 |
| Italy | 567845316 |  |  | 567845316 |
| Australia | 491791672 |  |  | 491791672 |
| Other Countries | 3198954312 | 339900129 |  | 3538854441 |
| Investment Companies | 219437943 |  |  | 219437943 |
| Total | $18439410890 | $339900129 | $— | $18779311019 |

---

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 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

------

MFS Research International Fund

*Notes to Financial Statements (unaudited) - continued* 

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. 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. At February 28, 2026, there were no securities on loan or collateral outstanding.

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

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. 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, and treating a portion of the proceeds from redemptions as a distribution for tax purposes.

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**8/31/25**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $330003411 |

---

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

------

MFS Research International Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 2/28/26** |  |
| Cost of investments | &nbsp;&nbsp; $12418290049 |
| Gross appreciation | &nbsp;&nbsp; 6736332859 |
| Gross depreciation | &nbsp;&nbsp; (375311889)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $6361020970 |
| **As of 8/31/25** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 273825743 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 192597890 |
| Other temporary differences | &nbsp;&nbsp; (25306282)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 5080180008 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**2/28/26**<br>| **Year** <br>**ended** <br>**8/31/25**<br>|
| Class A | $36572620 | &nbsp;&nbsp; $11947743 |
| Class B | 7199 | &nbsp;&nbsp; 2239 |
| Class C | 401023 | &nbsp;&nbsp; 116153 |
| Class I | 68184895 | &nbsp;&nbsp; 26422170 |
| Class R1 | 46997 | &nbsp;&nbsp; 8420 |
| Class R2 | 2869029 | &nbsp;&nbsp; 870937 |
| Class R3 | 2470286 | &nbsp;&nbsp; 1152673 |
| Class R4 | 1673768 | &nbsp;&nbsp; 777407 |
| Class R6 | 838615324 | &nbsp;&nbsp; 288705669 |
| Total | $950841141 | &nbsp;&nbsp; $330003411 |

---

**(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 | 0.60% |
| In excess of $10 billion and up to $20 billion | 0.55% |
| In excess of $20 billion | 0.50% |

---

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 December 31, 2026. For the six months ended February 28, 2026, this management fee reduction amounted to $1,206,210, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended February 28, 2026 was equivalent to an annual effective rate of 0.61% of the fund's average daily net assets.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $11,995 for the six months ended February 28, 2026, as its portion of the initial sales charge on sales of Class A shares of the fund.

------

MFS Research International Fund

*Notes to Financial Statements (unaudited) - 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)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Class A |  | 0.25% | 0.25% | 0.25% | $903103 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | 936 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 44388 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 4944 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 143985 |
| Class R3 |  | 0.25% | 0.25% | 0.25% | 61597 |
| Total Distribution and Service Fees  |  |  |  |  | $1158953 |

---

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

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

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

(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended February 28, 2026 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended February 28, 2026, this rebate amounted to $111, $2, and $3 for Class A, Class B, and Class C shares, respectively, and is included in the reduction of total expenses in the Statement of Operations.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended February 28, 2026, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $1844 |
| Class B |  |
| Class C | 133 |

---

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the six months ended February 28, 2026, the fee was $67,144, which equated to 0.0008% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended February 28, 2026, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $1,123,801.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended February 28, 2026 was equivalent to an annual effective rate of 0.0031% 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.

------

MFS Research International Fund

*Notes to Financial Statements (unaudited) - continued* 

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

**(4) Portfolio Securities**

For the six months ended February 28, 2026, purchases and sales of investments, other than short-term obligations, aggregated $3,973,612,595 and $5,259,537,669, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**2/28/26** | **Six months ended** <br>**2/28/26** | **Year ended** <br>**8/31/25** | **Year ended** <br>**8/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Class A | 734411 | &nbsp;&nbsp; $19567097 | &nbsp;&nbsp; 2108431 | &nbsp;&nbsp; $51013400 |
| Class C | 7211 | &nbsp;&nbsp; 180078 | &nbsp;&nbsp; 24624 | &nbsp;&nbsp; 572631 |
| Class I | 3910910 | &nbsp;&nbsp; 109343945 | &nbsp;&nbsp; 10858376 | &nbsp;&nbsp; 270440746 |
| Class R1 | 3605 | &nbsp;&nbsp; 87666 | &nbsp;&nbsp; 4974 | &nbsp;&nbsp; 109691 |
| Class R2 | 189521 | &nbsp;&nbsp; 4885182 | &nbsp;&nbsp; 383102 | &nbsp;&nbsp; 8866772 |
| Class R3 | 234925 | &nbsp;&nbsp; 6199506 | &nbsp;&nbsp; 686676 | &nbsp;&nbsp; 16352614 |
| Class R4 | 90405 | &nbsp;&nbsp; 2417082 | &nbsp;&nbsp; 248976 | &nbsp;&nbsp; 6033090 |
| Class R6 | 6385923 | &nbsp;&nbsp; 168756755 | &nbsp;&nbsp; 27706078 | &nbsp;&nbsp; 663936953 |
|  | 11556911 | &nbsp;&nbsp; $311437311 | &nbsp;&nbsp; 42021237 | &nbsp;&nbsp; $1017325897 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Class A | 1362898 | &nbsp;&nbsp; $34576724 | &nbsp;&nbsp; 474689 | &nbsp;&nbsp; $11050764 |
| Class B | 289 | &nbsp;&nbsp; 7199 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 2239 |
| Class C | 14482 | &nbsp;&nbsp; 344524 | &nbsp;&nbsp; 4629 | &nbsp;&nbsp; 101290 |
| Class I | 2364640 | &nbsp;&nbsp; 62450137 | &nbsp;&nbsp; 1005808 | &nbsp;&nbsp; 24320429 |
| Class R1 | 2025 | &nbsp;&nbsp; 46997 | &nbsp;&nbsp; 393 | &nbsp;&nbsp; 8420 |
| Class R2 | 115984 | &nbsp;&nbsp; 2833482 | &nbsp;&nbsp; 38346 | &nbsp;&nbsp; 861255 |
| Class R3 | 98496 | &nbsp;&nbsp; 2470284 | &nbsp;&nbsp; 50094 | &nbsp;&nbsp; 1152673 |
| Class R4 | 62901 | &nbsp;&nbsp; 1598937 | &nbsp;&nbsp; 32183 | &nbsp;&nbsp; 750511 |
| Class R6 | 31400684 | &nbsp;&nbsp; 790041202 | &nbsp;&nbsp; 11762492 | &nbsp;&nbsp; 271713565 |
|  | 35422399 | &nbsp;&nbsp; $894369486 | &nbsp;&nbsp; 13368732 | &nbsp;&nbsp; $309961146 |
| Shares reacquired |  |  |  |  |
| Class A | (2640154)<br>| &nbsp;&nbsp; $(69786563)<br>| &nbsp;&nbsp; (4992021)<br>| &nbsp;&nbsp; $(120884697)<br>|
| Class B | (3523)<br>| &nbsp;&nbsp; (92002)<br>| &nbsp;&nbsp; (10399)<br>| &nbsp;&nbsp; (242620)<br>|
| Class C | (35784)<br>| &nbsp;&nbsp; (891684)<br>| &nbsp;&nbsp; (210364)<br>| &nbsp;&nbsp; (4777766)<br>|
| Class I | (8241231)<br>| &nbsp;&nbsp; (230436440)<br>| &nbsp;&nbsp; (19806560)<br>| &nbsp;&nbsp; (491500344)<br>|
| Class R1 | (5815)<br>| &nbsp;&nbsp; (143923)<br>| &nbsp;&nbsp; (9661)<br>| &nbsp;&nbsp; (217231)<br>|
| Class R2 | (369719)<br>| &nbsp;&nbsp; (9511946)<br>| &nbsp;&nbsp; (968758)<br>| &nbsp;&nbsp; (22351093)<br>|
| Class R3 | (779334)<br>| &nbsp;&nbsp; (20593635)<br>| &nbsp;&nbsp; (1630986)<br>| &nbsp;&nbsp; (38775909)<br>|
| Class R4 | (228819)<br>| &nbsp;&nbsp; (6128422)<br>| &nbsp;&nbsp; (919306)<br>| &nbsp;&nbsp; (22708365)<br>|
| Class R6 | (52311219)<br>| &nbsp;&nbsp; (1400551543)<br>| &nbsp;&nbsp; (42041035)<br>| &nbsp;&nbsp; (997997849)<br>|
|  | (64615598)<br>| &nbsp;&nbsp; $(1738136158)<br>| &nbsp;&nbsp; (70589090)<br>| &nbsp;&nbsp; $(1699455874)<br>|

---

------

MFS Research International Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **2/28/26** | **Six months ended**<br> **2/28/26** | **Year ended**<br> **8/31/25** | **Year ended**<br> **8/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Net change |  |  |  |  |
| Class A | (542845)<br>| &nbsp;&nbsp; $(15642742)<br>| &nbsp;&nbsp; (2408901)<br>| &nbsp;&nbsp; $(58820533)<br>|
| Class B | (3234)<br>| &nbsp;&nbsp; (84803)<br>| &nbsp;&nbsp; (10301)<br>| &nbsp;&nbsp; (240381)<br>|
| Class C | (14091)<br>| &nbsp;&nbsp; (367082)<br>| &nbsp;&nbsp; (181111)<br>| &nbsp;&nbsp; (4103845)<br>|
| Class I | (1965681)<br>| &nbsp;&nbsp; (58642358)<br>| &nbsp;&nbsp; (7942376)<br>| &nbsp;&nbsp; (196739169)<br>|
| Class R1 | (185)<br>| &nbsp;&nbsp; (9260)<br>| &nbsp;&nbsp; (4294)<br>| &nbsp;&nbsp; (99120)<br>|
| Class R2 | (64214)<br>| &nbsp;&nbsp; (1793282)<br>| &nbsp;&nbsp; (547310)<br>| &nbsp;&nbsp; (12623066)<br>|
| Class R3 | (445913)<br>| &nbsp;&nbsp; (11923845)<br>| &nbsp;&nbsp; (894216)<br>| &nbsp;&nbsp; (21270622)<br>|
| Class R4 | (75513)<br>| &nbsp;&nbsp; (2112403)<br>| &nbsp;&nbsp; (638147)<br>| &nbsp;&nbsp; (15924764)<br>|
| Class R6 | (14524612)<br>| &nbsp;&nbsp; (441753586)<br>| &nbsp;&nbsp; (2572465)<br>| &nbsp;&nbsp; (62347331)<br>|
|  | (17636288)<br>| &nbsp;&nbsp; $(532329361)<br>| &nbsp;&nbsp; (15199121)<br>| &nbsp;&nbsp; $(372168831)<br>|

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS International Diversification Fund, the MFS Growth Allocation Fund, the MFS Moderate Allocation Fund, and the MFS Aggressive Growth Allocation Fund were the owners of record of approximately 68%, 3%, 2%, and 1%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Conservative 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), 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended February 28, 2026, the fund's commitment fee and interest expense were $39,899 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the six months ended February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio | $290703125 | $1721408348 | $1792687270 | $37371 | $(23631)<br>| $219437943 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $4734556 | $— |

---

------

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

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

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

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

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

This information is disclosed as part of the financial statements included in Item 7 above for MFS Research International 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 Technology Fund

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

MFS Technology Fund

**Portfolio of Investments - 2/28/26 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 99.3% | Common Stocks – 99.3% | Common Stocks – 99.3% |
| Business Services – 2.3% | Business Services – 2.3% |  |
| Accenture PLC, "A" | 157850 | &nbsp;&nbsp; $32946452 |
| Verisk Analytics, Inc., "A" | 67761 | &nbsp;&nbsp; 14065151 |
|  |  | &nbsp;&nbsp; $47011603 |
| Computer Software – 19.6% | Computer Software – 19.6% |  |
| Autodesk, Inc. (a) | 51005 | &nbsp;&nbsp; $12540599 |
| Cadence Design Systems, Inc. (a) | 85800 | &nbsp;&nbsp; 25860120 |
| Constellation Software, Inc. | 11361 | &nbsp;&nbsp; 20994258 |
| CrowdStrike Holdings, Inc. (a) | 58235 | &nbsp;&nbsp; 21662255 |
| Datadog, Inc., "A" (a) | 79287 | &nbsp;&nbsp; 8876973 |
| Figma, Inc. (a) | 3664 | &nbsp;&nbsp; 107685 |
| HubSpot, Inc. (a) | 34637 | &nbsp;&nbsp; 9161833 |
| Intuit, Inc. | 57874 | &nbsp;&nbsp; 23672202 |
| JFrog Ltd. (a) | 324616 | &nbsp;&nbsp; 13033332 |
| Microsoft Corp. (s) | 369717 | &nbsp;&nbsp; 145202655 |
| MongoDB, Inc. (a) | 56867 | &nbsp;&nbsp; 18679103 |
| Oracle Corp. | 257929 | &nbsp;&nbsp; 37502877 |
| Pegasystems, Inc. | 489191 | &nbsp;&nbsp; 21392322 |
| ServiceTitan, Inc., "A" (a) | 127930 | &nbsp;&nbsp; 9260853 |
| Snowflake, Inc., "A" (a) | 62694 | &nbsp;&nbsp; 10558297 |
| Tyler Technologies, Inc. (a) | 41585 | &nbsp;&nbsp; 14749784 |
|  |  | &nbsp;&nbsp; $393255148 |
| Computer Software - Systems – 23.7% | Computer Software - Systems – 23.7% |  |
| Apple, Inc. (s) | 709421 | &nbsp;&nbsp; $187414840 |
| Arista Networks, Inc. (a) | 269744 | &nbsp;&nbsp; 36010824 |
| Cisco Systems, Inc. | 638355 | &nbsp;&nbsp; 50723688 |
| EPAM Systems, Inc. (a) | 123877 | &nbsp;&nbsp; 17466657 |
| Hitachi Ltd. | 1348000 | &nbsp;&nbsp; 45110287 |
| International Business Machines Corp. | 152997 | &nbsp;&nbsp; 36751409 |
| Seagate Technology Holdings PLC | 52629 | &nbsp;&nbsp; 21464211 |
| Shopify, Inc. (a) | 669291 | &nbsp;&nbsp; 80803503 |
|  |  | &nbsp;&nbsp; $475745419 |
| Electrical Equipment – 1.9% | Electrical Equipment – 1.9% |  |
| Amphenol Corp., "A" | 116939 | &nbsp;&nbsp; $17080110 |
| Corning, Inc. | 146263 | &nbsp;&nbsp; 21995030 |
|  |  | &nbsp;&nbsp; $39075140 |
| Electronics – 36.5% | Electronics – 36.5% |  |
| Advanced Micro Devices (a) | 323689 | &nbsp;&nbsp; $64805775 |
| Analog Devices, Inc. | 28607 | &nbsp;&nbsp; 10178084 |
| Applied Materials, Inc. | 148809 | &nbsp;&nbsp; 55401591 |
| Broadcom, Inc. | 483804 | &nbsp;&nbsp; 154599568 |
| Coherent Corp. (a) | 102534 | &nbsp;&nbsp; 26549129 |
| Globalwafers Co. Ltd. | 1175000 | &nbsp;&nbsp; 17129377 |
| Intel Corp. (a) | 163680 | &nbsp;&nbsp; 7465445 |
| KLA Corp. | 25127 | &nbsp;&nbsp; 38307368 |

---

SCTFS-SEM

------

MFS Technology Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electronics – continued | Electronics – continued |  |
| Lam Research Corp. | 274500 | &nbsp;&nbsp; $64202805 |
| NVIDIA Corp. | 1140907 | &nbsp;&nbsp; 202157311 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 634000 | &nbsp;&nbsp; 39837991 |
| Teradyne, Inc. | 88367 | &nbsp;&nbsp; 28280091 |
| Texas Instruments, Inc. | 123052 | &nbsp;&nbsp; 26100560 |
|  |  | &nbsp;&nbsp; $735015095 |
| Insurance – 0.5% | Insurance – 0.5% |  |
| Aon PLC | 29646 | &nbsp;&nbsp; $9945344 |
| Interactive Media Services – 14.8% | Interactive Media Services – 14.8% |  |
| Alphabet, Inc., "A" (s) | 632812 | &nbsp;&nbsp; $197285469 |
| Meta Platforms, Inc., "A" (s) | 153251 | &nbsp;&nbsp; 99334233 |
|  |  | &nbsp;&nbsp; $296619702 |
| **Total Common Stocks (Identified Cost, $1,175,636,230)** |  | &nbsp;&nbsp; **$1996667451** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strike** <br>**Price**<br>| &nbsp;&nbsp; **First** <br>**Exercise**<br>|  |  |
| Warrants – 0.0% |  |  |  |  |
| Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% |
| Constellation Software, Inc. (CAD 100 principal amount of Series 2 Debentures for 1 warrant, Expiration 3/31/40) (a) <br> (Identified Cost, $0)<br>| CAD 11.5 | N/A | 9895 | &nbsp;&nbsp; $0 |

---

---

| | | |
|:---|:---|:---|
| Mutual Funds (h) – 0.3% | Mutual Funds (h) – 0.3% | Mutual Funds (h) – 0.3% |
| Money Market Funds – 0.3% | Money Market Funds – 0.3% |  |
| MFS Institutional Money Market Portfolio, 3.7% (v) (Identified Cost, $6,615,361) | 6614699 | &nbsp;&nbsp; $6615361 |
| Other Assets, Less Liabilities – 0.4% |  | &nbsp;&nbsp; 7731343 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$2011014155** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $6,615,361 and $1,996,667,451, respectively.

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

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

---

| | |
|:---|:---|
| Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of <br> abbreviations is shown below: | Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of <br> abbreviations is shown below: |
| CAD | Canadian Dollar |

---

At February 28, 2026, the fund had cash collateral of $5,379 and other liquid securities collateral with an aggregate value of $555,197. Restricted cash and/or deposits with brokers in the Statement of Assets and Liabilities are comprised of cash collateral.

**See Notes to Financial Statements**

------

MFS Technology Fund

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

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

---

| | |
|:---|:---|
| **At 2/28/26 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $1,175,636,230) | &nbsp;&nbsp; $1996667451 |
| Investments in affiliated issuers, at value (identified cost, $6,615,361) | &nbsp;&nbsp; 6615361 |
| Foreign currency, at value (identified cost, $76,667) | &nbsp;&nbsp; 77216 |
| Deposits with brokers for |  |
| Securities sold short | &nbsp;&nbsp; 5379 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 8805994 |
| Fund shares sold | &nbsp;&nbsp; 1411378 |
| Dividends | &nbsp;&nbsp; 808601 |
| Other assets | &nbsp;&nbsp; 57254 |
| Total assets | &nbsp;&nbsp; $2014448634 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $2767460 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 119505 |
| Administrative services fee | &nbsp;&nbsp; 2353 |
| Shareholder servicing costs | &nbsp;&nbsp; 388172 |
| Distribution and service fees | &nbsp;&nbsp; 30384 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 6878 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 119727 |
| Total liabilities | &nbsp;&nbsp; $3434479 |
| Net assets | &nbsp;&nbsp; $2011014155 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $1084604923 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 926409232 |
| Net assets | &nbsp;&nbsp; $2011014155 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 33110770 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share (a)**<br>|
| Class A | &nbsp;&nbsp;&nbsp; $988349041 | &nbsp;&nbsp;&nbsp; 16912049 | &nbsp;&nbsp;&nbsp; $58.44 |
| Class B | &nbsp;&nbsp;&nbsp; 6538164 | &nbsp;&nbsp;&nbsp; 173496 | &nbsp;&nbsp;&nbsp;&nbsp;37.68 |
| Class C | &nbsp;&nbsp;&nbsp; 74980652 | &nbsp;&nbsp;&nbsp; 2000681 | &nbsp;&nbsp;&nbsp;&nbsp;37.48 |
| Class I | &nbsp;&nbsp;&nbsp; 529372844 | &nbsp;&nbsp;&nbsp; 7707607 | &nbsp;&nbsp;&nbsp;&nbsp;68.68 |
| Class R1 | &nbsp;&nbsp;&nbsp; 13345119 | &nbsp;&nbsp;&nbsp; 358008 | &nbsp;&nbsp;&nbsp;&nbsp;37.28 |
| Class R2 | &nbsp;&nbsp;&nbsp; 27463203 | &nbsp;&nbsp;&nbsp; 537688 | &nbsp;&nbsp;&nbsp;&nbsp;51.08 |
| Class R3 | &nbsp;&nbsp;&nbsp; 42653083 | &nbsp;&nbsp;&nbsp; 730837 | &nbsp;&nbsp;&nbsp;&nbsp;58.36 |
| Class R4 | &nbsp;&nbsp;&nbsp; 16202460 | &nbsp;&nbsp;&nbsp; 248426 | &nbsp;&nbsp;&nbsp;&nbsp;65.22 |
| Class R6 | &nbsp;&nbsp;&nbsp; 312109589 | &nbsp;&nbsp;&nbsp; 4441978 | &nbsp;&nbsp;&nbsp;&nbsp;70.26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Maximum offering price per share was equal to the net asset value per share for all
 share classes, except for Class A, for which the maximum offering price per share was $62.01 [100 / 94.25 x $58.44]. On sales of $50,000 or
 more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class
 A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and
 R6.

**See Notes to Financial Statements**

------

MFS Technology Fund

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

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

---

| | |
|:---|:---|
| **Six months ended 2/28/26 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $5418337 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 333992 |
| Other | &nbsp;&nbsp; 51155 |
| Income on securities loaned | &nbsp;&nbsp; 2696 |
| Foreign taxes withheld | &nbsp;&nbsp; (76959)<br>|
| Total investment income | &nbsp;&nbsp; $5729221 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $7906698 |
| Distribution and service fees | &nbsp;&nbsp; 2017674 |
| Shareholder servicing costs | &nbsp;&nbsp; 1044178 |
| Administrative services fee | &nbsp;&nbsp; 145600 |
| Independent Trustees' compensation | &nbsp;&nbsp; 22593 |
| Custodian fee | &nbsp;&nbsp; 56993 |
| Shareholder communications | &nbsp;&nbsp; 33409 |
| Audit and tax fees | &nbsp;&nbsp; 39026 |
| Legal fees | &nbsp;&nbsp; 5507 |
| Miscellaneous | &nbsp;&nbsp; 118681 |
| Total expenses | &nbsp;&nbsp; $11390359 |
| Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp; (150065)<br>|
| Net expenses | &nbsp;&nbsp; $11240294 |
| Net investment income (loss) | &nbsp;&nbsp; $(5511073)<br>|
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $272224671 |
| Affiliated issuers | &nbsp;&nbsp; (2745)<br>|
| Foreign currency | &nbsp;&nbsp; (72166)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; $272149760 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(203821277)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 549 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $(203820728)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $68329032 |
| Change in net assets from operations | &nbsp;&nbsp; $62817959 |

---

**See Notes to Financial Statements**

------

MFS Technology Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**2/28/26** <br>**(unaudited)**<br>| <br>**8/31/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $(5511073)<br>| &nbsp;&nbsp; $(7779398)<br>|
| Net realized gain (loss) | 272149760 | &nbsp;&nbsp; 192786937 |
| Net unrealized gain (loss) | (203820728)<br>| &nbsp;&nbsp; 137957372 |
| Change in net assets from operations | $62817959 | &nbsp;&nbsp; $322964911 |
| Total distributions to shareholders | $(300000972)<br>| &nbsp;&nbsp; $(275885565)<br>|
| Change in net assets from fund share transactions | $131403847 | &nbsp;&nbsp; $121116993 |
| Total change in net assets | $(105779166)<br>| &nbsp;&nbsp; $168196339 |
| **Net assets** |  |  |
| At beginning of period | 2116793321 | &nbsp;&nbsp; 1948596982 |
| At end of period | $2011014155 | &nbsp;&nbsp; $2116793321 |

---

**See Notes to Financial Statements**

------

MFS Technology Fund

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $66.22 | &nbsp;&nbsp; $64.79 | &nbsp;&nbsp; $52.10 | &nbsp;&nbsp; $46.91 | &nbsp;&nbsp; $75.65 | &nbsp;&nbsp; $64.90 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.19)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(0.57)<br>|
| Net realized and unrealized gain (loss) | 2.39 | &nbsp;&nbsp;&nbsp;&nbsp;11.25 | &nbsp;&nbsp;&nbsp;&nbsp;18.67 | &nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp; (19.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.83 |
| Total from investment operations | $2.20 | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $18.37 | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $(20.39)<br>| &nbsp;&nbsp; $14.26 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $(9.98)<br>| &nbsp;&nbsp; $(9.53)<br>| &nbsp;&nbsp; $(5.68)<br>| &nbsp;&nbsp; $(4.34)<br>| &nbsp;&nbsp; $(8.35)<br>| &nbsp;&nbsp; $(3.51)<br>|
| Net asset value, end of period (x) | $58.44 | &nbsp;&nbsp; $66.22 | &nbsp;&nbsp; $64.79 | &nbsp;&nbsp; $52.10 | &nbsp;&nbsp; $46.91 | &nbsp;&nbsp; $75.65 |
| Total return (%) (r)(s)(t)(x) | 2.60<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.36 | &nbsp;&nbsp;&nbsp;&nbsp;38.29 | &nbsp;&nbsp;&nbsp;&nbsp;23.49 | &nbsp;&nbsp; (30.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.97 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.12<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Expenses after expense reductions | 1.11<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Net investment income (loss) | (0.58)(a)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.85)<br>|
| Portfolio turnover rate | 34<br> (n)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $988349 | &nbsp;&nbsp; $1026082 | &nbsp;&nbsp; $927605 | &nbsp;&nbsp; $669260 | &nbsp;&nbsp; $572702 | &nbsp;&nbsp; $888416 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions <br> excluding short sale expenses and interest expense and fees<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |

---

**See Notes to Financial Statements**

------

MFS Technology Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $46.15 | &nbsp;&nbsp; $48.00 | &nbsp;&nbsp; $40.24 | &nbsp;&nbsp; $37.55 | &nbsp;&nbsp; $62.67 | &nbsp;&nbsp; $54.73 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.30)<br>| &nbsp;&nbsp; $(0.54)<br>| &nbsp;&nbsp; $(0.54)<br>| &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $(0.73)<br>| &nbsp;&nbsp; $(0.89)<br>|
| Net realized and unrealized gain (loss) | 1.81 | &nbsp;&nbsp;&nbsp;&nbsp;8.22 | &nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp; (16.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.34 |
| Total from investment operations | $1.51 | &nbsp;&nbsp; $7.68 | &nbsp;&nbsp; $13.44 | &nbsp;&nbsp; $7.03 | &nbsp;&nbsp; $(16.77)<br>| &nbsp;&nbsp; $11.45 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $(9.98)<br>| &nbsp;&nbsp; $(9.53)<br>| &nbsp;&nbsp; $(5.68)<br>| &nbsp;&nbsp; $(4.34)<br>| &nbsp;&nbsp; $(8.35)<br>| &nbsp;&nbsp; $(3.51)<br>|
| Net asset value, end of period (x) | $37.68 | &nbsp;&nbsp; $46.15 | &nbsp;&nbsp; $48.00 | &nbsp;&nbsp; $40.24 | &nbsp;&nbsp; $37.55 | &nbsp;&nbsp; $62.67 |
| Total return (%) (r)(s)(t)(x) | 2.20<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.49 | &nbsp;&nbsp;&nbsp;&nbsp;37.23 | &nbsp;&nbsp;&nbsp;&nbsp;22.60 | &nbsp;&nbsp; (30.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.06 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.87<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| Expenses after expense reductions | 1.86<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Net investment income (loss) | (1.33)(a)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (1.59)<br>|
| Portfolio turnover rate | 34<br> (n)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $6538 | &nbsp;&nbsp; $9250 | &nbsp;&nbsp; $15271 | &nbsp;&nbsp; $18987 | &nbsp;&nbsp; $23115 | &nbsp;&nbsp; $44390 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions excluding <br> short sale expenses and interest expense and fees<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |

---

**See Notes to Financial Statements**

------

MFS Technology Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $45.95 | &nbsp;&nbsp; $47.82 | &nbsp;&nbsp; $40.11 | &nbsp;&nbsp; $37.45 | &nbsp;&nbsp; $62.52 | &nbsp;&nbsp; $54.61 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.30)<br>| &nbsp;&nbsp; $(0.54)<br>| &nbsp;&nbsp; $(0.54)<br>| &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $(0.73)<br>| &nbsp;&nbsp; $(0.88)<br>|
| Net realized and unrealized gain (loss) | 1.81 | &nbsp;&nbsp;&nbsp;&nbsp;8.20 | &nbsp;&nbsp;&nbsp;&nbsp;13.93 | &nbsp;&nbsp;&nbsp;&nbsp;7.43 | &nbsp;&nbsp; (15.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.30 |
| Total from investment operations | $1.51 | &nbsp;&nbsp; $7.66 | &nbsp;&nbsp; $13.39 | &nbsp;&nbsp; $7.00 | &nbsp;&nbsp; $(16.72)<br>| &nbsp;&nbsp; $11.42 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $(9.98)<br>| &nbsp;&nbsp; $(9.53)<br>| &nbsp;&nbsp; $(5.68)<br>| &nbsp;&nbsp; $(4.34)<br>| &nbsp;&nbsp; $(8.35)<br>| &nbsp;&nbsp; $(3.51)<br>|
| Net asset value, end of period (x) | $37.48 | &nbsp;&nbsp; $45.95 | &nbsp;&nbsp; $47.82 | &nbsp;&nbsp; $40.11 | &nbsp;&nbsp; $37.45 | &nbsp;&nbsp; $62.52 |
| Total return (%) (r)(s)(t)(x) | 2.21<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.52 | &nbsp;&nbsp;&nbsp;&nbsp;37.22 | &nbsp;&nbsp;&nbsp;&nbsp;22.58 | &nbsp;&nbsp; (30.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.06 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.87<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| Expenses after expense reductions | 1.86<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Net investment income (loss) | (1.33)(a)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (1.59)<br>|
| Portfolio turnover rate | 34<br> (n)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $74981 | &nbsp;&nbsp; $87261 | &nbsp;&nbsp; $104016 | &nbsp;&nbsp; $105653 | &nbsp;&nbsp; $112241 | &nbsp;&nbsp; $194857 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions <br> excluding short sale expenses and interest expense and fees<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |

---

**See Notes to Financial Statements**

------

MFS Technology Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $76.12 | &nbsp;&nbsp; $73.05 | &nbsp;&nbsp; $57.94 | &nbsp;&nbsp; $51.52 | &nbsp;&nbsp; $82.06 | &nbsp;&nbsp; $69.94 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.13)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.43)<br>|
| Net realized and unrealized gain (loss) | 2.67 | &nbsp;&nbsp;&nbsp;&nbsp;12.75 | &nbsp;&nbsp;&nbsp;&nbsp;20.96 | &nbsp;&nbsp;&nbsp;&nbsp;10.88 | &nbsp;&nbsp; (21.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.06 |
| Total from investment operations | $2.54 | &nbsp;&nbsp; $12.60 | &nbsp;&nbsp; $20.79 | &nbsp;&nbsp; $10.76 | &nbsp;&nbsp; $(22.19)<br>| &nbsp;&nbsp; $15.63 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $(9.98)<br>| &nbsp;&nbsp; $(9.53)<br>| &nbsp;&nbsp; $(5.68)<br>| &nbsp;&nbsp; $(4.34)<br>| &nbsp;&nbsp; $(8.35)<br>| &nbsp;&nbsp; $(3.51)<br>|
| Net asset value, end of period (x) | $68.68 | &nbsp;&nbsp; $76.12 | &nbsp;&nbsp; $73.05 | &nbsp;&nbsp; $57.94 | &nbsp;&nbsp; $51.52 | &nbsp;&nbsp; $82.06 |
| Total return (%) (r)(s)(t)(x) | 2.71<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.67 | &nbsp;&nbsp;&nbsp;&nbsp;38.63 | &nbsp;&nbsp;&nbsp;&nbsp;23.79 | &nbsp;&nbsp; (30.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.28 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.87<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Expenses after expense reductions | 0.86<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Net investment income (loss) | (0.33)(a)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.59)<br>|
| Portfolio turnover rate | 34<br> (n)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $529373 | &nbsp;&nbsp; $550260 | &nbsp;&nbsp; $468539 | &nbsp;&nbsp; $356050 | &nbsp;&nbsp; $356867 | &nbsp;&nbsp; $608833 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions <br> excluding short sale expenses and interest expense and fees<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |

---

**See Notes to Financial Statements**

------

MFS Technology Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $45.75 | &nbsp;&nbsp; $47.65 | &nbsp;&nbsp; $39.98 | &nbsp;&nbsp; $37.35 | &nbsp;&nbsp; $62.37 | &nbsp;&nbsp; $54.49 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.29)<br>| &nbsp;&nbsp; $(0.54)<br>| &nbsp;&nbsp; $(0.54)<br>| &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $(0.72)<br>| &nbsp;&nbsp; $(0.89)<br>|
| Net realized and unrealized gain (loss) | 1.80 | &nbsp;&nbsp;&nbsp;&nbsp;8.17 | &nbsp;&nbsp;&nbsp;&nbsp;13.89 | &nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp; (15.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.28 |
| Total from investment operations | $1.51 | &nbsp;&nbsp; $7.63 | &nbsp;&nbsp; $13.35 | &nbsp;&nbsp; $6.97 | &nbsp;&nbsp; $(16.67)<br>| &nbsp;&nbsp; $11.39 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $(9.98)<br>| &nbsp;&nbsp; $(9.53)<br>| &nbsp;&nbsp; $(5.68)<br>| &nbsp;&nbsp; $(4.34)<br>| &nbsp;&nbsp; $(8.35)<br>| &nbsp;&nbsp; $(3.51)<br>|
| Net asset value, end of period (x) | $37.28 | &nbsp;&nbsp; $45.75 | &nbsp;&nbsp; $47.65 | &nbsp;&nbsp; $39.98 | &nbsp;&nbsp; $37.35 | &nbsp;&nbsp; $62.37 |
| Total return (%) (r)(s)(t)(x) | 2.22<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp;&nbsp;&nbsp;37.24 | &nbsp;&nbsp;&nbsp;&nbsp;22.56 | &nbsp;&nbsp; (30.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.05 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.87<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| Expenses after expense reductions | 1.86<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Net investment income (loss) | (1.34)(a)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp; (1.59)<br>|
| Portfolio turnover rate | 34<br> (n)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $13345 | &nbsp;&nbsp; $14180 | &nbsp;&nbsp; $13792 | &nbsp;&nbsp; $10366 | &nbsp;&nbsp; $7558 | &nbsp;&nbsp; $10498 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions excluding <br> short sale expenses and interest expense and fees<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |

---

**See Notes to Financial Statements**

------

MFS Technology Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $59.11 | &nbsp;&nbsp; $58.86 | &nbsp;&nbsp; $47.93 | &nbsp;&nbsp; $43.63 | &nbsp;&nbsp; $71.12 | &nbsp;&nbsp; $61.36 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.24)<br>| &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp; $(0.68)<br>|
| Net realized and unrealized gain (loss) | 2.19 | &nbsp;&nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;17.01 | &nbsp;&nbsp;&nbsp;&nbsp;8.94 | &nbsp;&nbsp; (18.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.95 |
| Total from investment operations | $1.95 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $16.61 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $(19.14)<br>| &nbsp;&nbsp; $13.27 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $(9.98)<br>| &nbsp;&nbsp; $(9.53)<br>| &nbsp;&nbsp; $(5.68)<br>| &nbsp;&nbsp; $(4.34)<br>| &nbsp;&nbsp; $(8.35)<br>| &nbsp;&nbsp; $(3.51)<br>|
| Net asset value, end of period (x) | $51.08 | &nbsp;&nbsp; $59.11 | &nbsp;&nbsp; $58.86 | &nbsp;&nbsp; $47.93 | &nbsp;&nbsp; $43.63 | &nbsp;&nbsp; $71.12 |
| Total return (%) (r)(s)(t)(x) | 2.48<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.08 | &nbsp;&nbsp;&nbsp;&nbsp;37.92 | &nbsp;&nbsp;&nbsp;&nbsp;23.19 | &nbsp;&nbsp; (30.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.67 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.37<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| Expenses after expense reductions | 1.36<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Net investment income (loss) | (0.83)(a)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (1.09)<br>|
| Portfolio turnover rate | 34<br> (n)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $27463 | &nbsp;&nbsp; $30658 | &nbsp;&nbsp; $30733 | &nbsp;&nbsp; $22942 | &nbsp;&nbsp; $22287 | &nbsp;&nbsp; $37797 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions excluding <br> short sale expenses and interest expense and fees<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |

---

**See Notes to Financial Statements**

------

MFS Technology Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $66.15 | &nbsp;&nbsp; $64.72 | &nbsp;&nbsp; $52.06 | &nbsp;&nbsp; $46.87 | &nbsp;&nbsp; $75.60 | &nbsp;&nbsp; $64.85 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.19)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.46)<br>| &nbsp;&nbsp; $(0.56)<br>|
| Net realized and unrealized gain (loss) | 2.38 | &nbsp;&nbsp;&nbsp;&nbsp;11.25 | &nbsp;&nbsp;&nbsp;&nbsp;18.63 | &nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp; (19.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| Total from investment operations | $2.19 | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $18.34 | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $(20.38)<br>| &nbsp;&nbsp; $14.26 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $(9.98)<br>| &nbsp;&nbsp; $(9.53)<br>| &nbsp;&nbsp; $(5.68)<br>| &nbsp;&nbsp; $(4.34)<br>| &nbsp;&nbsp; $(8.35)<br>| &nbsp;&nbsp; $(3.51)<br>|
| Net asset value, end of period (x) | $58.36 | &nbsp;&nbsp; $66.15 | &nbsp;&nbsp; $64.72 | &nbsp;&nbsp; $52.06 | &nbsp;&nbsp; $46.87 | &nbsp;&nbsp; $75.60 |
| Total return (%) (r)(s)(t)(x) | 2.58<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.38 | &nbsp;&nbsp;&nbsp;&nbsp;38.26 | &nbsp;&nbsp;&nbsp;&nbsp;23.51 | &nbsp;&nbsp; (30.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.99 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.12<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Expenses after expense reductions | 1.11<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Net investment income (loss) | (0.58)(a)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.84)<br>|
| Portfolio turnover rate | 34<br> (n)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $42653 | &nbsp;&nbsp; $43282 | &nbsp;&nbsp; $45404 | &nbsp;&nbsp; $55707 | &nbsp;&nbsp; $49755 | &nbsp;&nbsp; $96784 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions excluding <br> short sale expenses and interest expense and fees<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |

---

**See Notes to Financial Statements**

------

MFS Technology Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $72.75 | &nbsp;&nbsp; $70.18 | &nbsp;&nbsp; $55.88 | &nbsp;&nbsp; $49.85 | &nbsp;&nbsp; $79.68 | &nbsp;&nbsp; $68.01 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.12)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.42)<br>|
| Net realized and unrealized gain (loss) | 2.57 | &nbsp;&nbsp;&nbsp;&nbsp;12.24 | &nbsp;&nbsp;&nbsp;&nbsp;20.15 | &nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp; (21.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.60 |
| Total from investment operations | $2.45 | &nbsp;&nbsp; $12.10 | &nbsp;&nbsp; $19.98 | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp; $(21.48)<br>| &nbsp;&nbsp; $15.18 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $(9.98)<br>| &nbsp;&nbsp; $(9.53)<br>| &nbsp;&nbsp; $(5.68)<br>| &nbsp;&nbsp; $(4.34)<br>| &nbsp;&nbsp; $(8.35)<br>| &nbsp;&nbsp; $(3.51)<br>|
| Net asset value, end of period (x) | $65.22 | &nbsp;&nbsp; $72.75 | &nbsp;&nbsp; $70.18 | &nbsp;&nbsp; $55.88 | &nbsp;&nbsp; $49.85 | &nbsp;&nbsp; $79.68 |
| Total return (%) (r)(s)(t)(x) | 2.71<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.68 | &nbsp;&nbsp;&nbsp;&nbsp;38.60 | &nbsp;&nbsp;&nbsp;&nbsp;23.81 | &nbsp;&nbsp; (30.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.28 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.87<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Expenses after expense reductions | 0.86<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Net investment income (loss) | (0.33)(a)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.59)<br>|
| Portfolio turnover rate | 34<br> (n)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $16202 | &nbsp;&nbsp; $17951 | &nbsp;&nbsp; $17676 | &nbsp;&nbsp; $17097 | &nbsp;&nbsp; $25674 | &nbsp;&nbsp; $47324 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions excluding <br> short sale expenses and interest expense and fees<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |

---

**See Notes to Financial Statements**

------

MFS Technology Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** <br>**(unaudited)**<br>| **8/31/25** | **8/31/24** | **8/31/23** | **8/31/22** | **8/31/21** |
| Net asset value, beginning of period | $77.62 | &nbsp;&nbsp; $74.27 | &nbsp;&nbsp; $58.77 | &nbsp;&nbsp; $52.14 | &nbsp;&nbsp; $82.87 | &nbsp;&nbsp; $70.54 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.10)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.37)<br>|
| Net realized and unrealized gain (loss) | 2.72 | &nbsp;&nbsp;&nbsp;&nbsp;12.97 | &nbsp;&nbsp;&nbsp;&nbsp;21.30 | &nbsp;&nbsp;&nbsp;&nbsp;11.04 | &nbsp;&nbsp; (22.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.21 |
| Total from investment operations | $2.62 | &nbsp;&nbsp; $12.88 | &nbsp;&nbsp; $21.18 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $(22.38)<br>| &nbsp;&nbsp; $15.84 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $(9.98)<br>| &nbsp;&nbsp; $(9.53)<br>| &nbsp;&nbsp; $(5.68)<br>| &nbsp;&nbsp; $(4.34)<br>| &nbsp;&nbsp; $(8.35)<br>| &nbsp;&nbsp; $(3.51)<br>|
| Net asset value, end of period (x) | $70.26 | &nbsp;&nbsp; $77.62 | &nbsp;&nbsp; $74.27 | &nbsp;&nbsp; $58.77 | &nbsp;&nbsp; $52.14 | &nbsp;&nbsp; $82.87 |
| Total return (%) (r)(s)(t)(x) | 2.76<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.76 | &nbsp;&nbsp;&nbsp;&nbsp;38.76 | &nbsp;&nbsp;&nbsp;&nbsp;23.92 | &nbsp;&nbsp; (29.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.39 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.78<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Expenses after expense reductions | 0.77<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Net investment income (loss) | (0.24)(a)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.50)<br>|
| Portfolio turnover rate | 34<br> (n)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 36 |
| Net assets at end of period (000 omitted) | $312110 | &nbsp;&nbsp; $337870 | &nbsp;&nbsp; $325561 | &nbsp;&nbsp; $247239 | &nbsp;&nbsp; $235529 | &nbsp;&nbsp; $403893 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions <br> excluding short sale expenses and interest expense and fees<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |

---

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

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Technology Fund

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Technology Fund (the fund) is a non-diversified series of MFS Series Trust I (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 primarily in securities of issuers in the technology industry. Issuers in a single industry can react similarly to market, currency, political, economic, regulatory, geopolitical, environmental, public health, and other conditions. The value of stocks in the technology sector can be very volatile due to the rapid pace of product change, technological developments, the negative impact of regulation, and other factors.

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

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

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

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities 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. 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 Technology Fund

*Notes to Financial Statements (unaudited) - 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 February 28, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United States | $1792792035 | $— | $— | $1792792035 |
| Canada | 101797761 | 0 |  | 101797761 |
| Taiwan | 17129377 | 39837991 |  | 56967368 |
| Japan | 45110287 |  |  | 45110287 |
| Investment Companies | 6615361 |  |  | 6615361 |
| Total | $1963444821 | $39837991 | $— | $2003282812 |

---

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.

**Short Sales** — The fund may enter into short sales whereby it sells a security it does not own in anticipation of a decline in the value of that security. The fund will realize a gain if the security price decreases and a loss if the security price increases between the date of the short sale and the date on which the fund replaces the borrowed security. Losses from short sales can exceed the proceeds of the security sold; and they can also exceed the potential loss from an ordinary buy and sell transaction. The amount of any premium, dividends, or interest the fund may be required to pay in connection with a short sale will be recognized as a fund expense. For the six months ended February 28, 2026, the fund did not enter into short sale transactions.

**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

------

MFS Technology Fund

*Notes to Financial Statements (unaudited) - continued* 

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. 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. At February 28, 2026, there were no securities on loan or collateral outstanding.

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

**Investment Transactions and Income** — 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 net operating losses, wash sale loss deferrals, straddle loss deferrals, and treating a portion of the proceeds from redemptions as a distribution for tax purposes.

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**8/31/25**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $40877644 |
| Long-term capital gains | &nbsp;&nbsp; 235007921 |
| Total distributions | &nbsp;&nbsp; $275885565 |

---

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

------

MFS Technology Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 2/28/26** |  |
| Cost of investments | &nbsp;&nbsp; $1189603882 |
| Gross appreciation | &nbsp;&nbsp; 889893344 |
| Gross depreciation | &nbsp;&nbsp; (76214414)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $813678930 |
| **As of 8/31/25** |  |
| Undistributed long-term capital gain | &nbsp;&nbsp; 151719948 |
| Late year ordinary loss deferral | &nbsp;&nbsp; (5627910)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 1017500207 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br>**2/28/26**<br>| **Year ended** <br>**8/31/25**<br>|
| Class A | $152108259 | &nbsp;&nbsp; $135441295 |
| Class B | 1726666 | &nbsp;&nbsp; 2679859 |
| Class C | 17733226 | &nbsp;&nbsp; 19423534 |
| Class I | 70632606 | &nbsp;&nbsp; 60351694 |
| Class R1 | 2980703 | &nbsp;&nbsp; 2575947 |
| Class R2 | 4839992 | &nbsp;&nbsp; 4651526 |
| Class R3 | 6422513 | &nbsp;&nbsp; 6418561 |
| Class R4 | 2387588 | &nbsp;&nbsp; 2344331 |
| Class R6 | 41169419 | &nbsp;&nbsp; 41998818 |
| Total | $300000972 | &nbsp;&nbsp; $275885565 |

---

**(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 | 0.75% |
| In excess of $1 billion and up to $2.5 billion | 0.70% |
| In excess of $2.5 billion | 0.65% |

---

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 December 31, 2026. For the six months ended February 28, 2026, this management fee reduction amounted to $149,215, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended February 28, 2026 was equivalent to an annual effective rate of 0.71% of the fund's average daily net assets.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $71,545 for the six months ended February 28, 2026, as its portion of the initial sales charge on sales of Class A shares of the fund.

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

------

MFS Technology Fund

*Notes to Financial Statements (unaudited) - continued* 

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

**Distribution Plan Fee Table:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Class A |  | 0.25% | 0.25% | 0.25% | $1335115 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | 42805 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 433752 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 73187 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 76306 |
| Class R3 |  | 0.25% | 0.25% | 0.25% | 56509 |
| Total Distribution and Service Fees  |  |  |  |  | $2017674 |

---

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

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

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

(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended February 28, 2026 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended February 28, 2026, this rebate amounted to $786, $10, and $54 for Class A, Class B, and Class C shares, respectively, and is included in the reduction of total expenses in the Statement of Operations.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended February 28, 2026, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $1235 |
| Class B |  |
| Class C | 3464 |

---

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the six months ended February 28, 2026, the fee was $147,960, which equated to 0.0135% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended February 28, 2026, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $896,218.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended February 28, 2026 was equivalent to an annual effective rate of 0.0133% 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 Technology Fund

*Notes to Financial Statements (unaudited) - continued* 

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the six months ended February 28, 2026, this reimbursement amounted to $51,057, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the six months ended February 28, 2026, purchases and sales of investments, other than short-term obligations, aggregated $732,607,650 and $893,912,257, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**2/28/26** | **Six months ended** <br>**2/28/26** | **Year ended** <br>**8/31/25** | **Year ended** <br>**8/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Class A | 837123 | &nbsp;&nbsp; $55650106 | &nbsp;&nbsp; 1995280 | &nbsp;&nbsp; $125823747 |
| Class B | 42 | &nbsp;&nbsp; 1832 | &nbsp;&nbsp; 2715 | &nbsp;&nbsp; 136539 |
| Class C | 93864 | &nbsp;&nbsp; 4219876 | &nbsp;&nbsp; 241175 | &nbsp;&nbsp; 10780444 |
| Class I | 524890 | &nbsp;&nbsp; 40238618 | &nbsp;&nbsp; 1536370 | &nbsp;&nbsp; 110484956 |
| Class R1 | 19934 | &nbsp;&nbsp; 855248 | &nbsp;&nbsp; 56483 | &nbsp;&nbsp; 2510836 |
| Class R2 | 30595 | &nbsp;&nbsp; 1792962 | &nbsp;&nbsp; 138552 | &nbsp;&nbsp; 7984413 |
| Class R3 | 58314 | &nbsp;&nbsp; 4045439 | &nbsp;&nbsp; 153125 | &nbsp;&nbsp; 9711506 |
| Class R4 | 31338 | &nbsp;&nbsp; 2255755 | &nbsp;&nbsp; 63768 | &nbsp;&nbsp; 4344646 |
| Class R6 | 452394 | &nbsp;&nbsp; 35593059 | &nbsp;&nbsp; 1112865 | &nbsp;&nbsp; 81069360 |
|  | 2048494 | &nbsp;&nbsp; $144652895 | &nbsp;&nbsp; 5300333 | &nbsp;&nbsp; $352846447 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Class A | 2393178 | &nbsp;&nbsp; $146893282 | &nbsp;&nbsp; 2057144 | &nbsp;&nbsp; $132253794 |
| Class B | 43413 | &nbsp;&nbsp; 1720887 | &nbsp;&nbsp; 59161 | &nbsp;&nbsp; 2664610 |
| Class C | 440740 | &nbsp;&nbsp; 17373978 | &nbsp;&nbsp; 421891 | &nbsp;&nbsp; 18917596 |
| Class I | 925271 | &nbsp;&nbsp; 66712051 | &nbsp;&nbsp; 767781 | &nbsp;&nbsp; 56631553 |
| Class R1 | 75878 | &nbsp;&nbsp; 2975191 | &nbsp;&nbsp; 57574 | &nbsp;&nbsp; 2570681 |
| Class R2 | 89991 | &nbsp;&nbsp; 4829815 | &nbsp;&nbsp; 80807 | &nbsp;&nbsp; 4645607 |
| Class R3 | 104772 | &nbsp;&nbsp; 6422513 | &nbsp;&nbsp; 99962 | &nbsp;&nbsp; 6418561 |
| Class R4 | 27774 | &nbsp;&nbsp; 1901657 | &nbsp;&nbsp; 28716 | &nbsp;&nbsp; 2024168 |
| Class R6 | 494258 | &nbsp;&nbsp; 36451545 | &nbsp;&nbsp; 498755 | &nbsp;&nbsp; 37491425 |
|  | 4595275 | &nbsp;&nbsp; $285280919 | &nbsp;&nbsp; 4071791 | &nbsp;&nbsp; $263617995 |
| Shares reacquired |  |  |  |  |
| Class A | (1812686)<br>| &nbsp;&nbsp; $(117676574)<br>| &nbsp;&nbsp; (2875920)<br>| &nbsp;&nbsp; $(180476031)<br>|
| Class B | (70399)<br>| &nbsp;&nbsp; (3044631)<br>| &nbsp;&nbsp; (179585)<br>| &nbsp;&nbsp; (7902631)<br>|
| Class C | (433103)<br>| &nbsp;&nbsp; (18692910)<br>| &nbsp;&nbsp; (938832)<br>| &nbsp;&nbsp; (40921527)<br>|
| Class I | (971860)<br>| &nbsp;&nbsp; (73681484)<br>| &nbsp;&nbsp; (1489036)<br>| &nbsp;&nbsp; (105654696)<br>|
| Class R1 | (47766)<br>| &nbsp;&nbsp; (2067174)<br>| &nbsp;&nbsp; (93509)<br>| &nbsp;&nbsp; (4196789)<br>|
| Class R2 | (101519)<br>| &nbsp;&nbsp; (5923395)<br>| &nbsp;&nbsp; (222850)<br>| &nbsp;&nbsp; (12841204)<br>|
| Class R3 | (86588)<br>| &nbsp;&nbsp; (5822420)<br>| &nbsp;&nbsp; (300268)<br>| &nbsp;&nbsp; (18782536)<br>|
| Class R4 | (57450)<br>| &nbsp;&nbsp; (4143846)<br>| &nbsp;&nbsp; (97577)<br>| &nbsp;&nbsp; (6552733)<br>|
| Class R6 | (857475)<br>| &nbsp;&nbsp; (67477533)<br>| &nbsp;&nbsp; (1642501)<br>| &nbsp;&nbsp; (118019302)<br>|
|  | (4438846)<br>| &nbsp;&nbsp; $(298529967)<br>| &nbsp;&nbsp; (7840078)<br>| &nbsp;&nbsp; $(495347449)<br>|

---

------

MFS Technology Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **2/28/26** | **Six months ended**<br> **2/28/26** | **Year ended**<br> **8/31/25** | **Year ended**<br> **8/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Net change |  |  |  |  |
| Class A | 1417615 | &nbsp;&nbsp; $84866814 | &nbsp;&nbsp; 1176504 | &nbsp;&nbsp; $77601510 |
| Class B | (26944)<br>| &nbsp;&nbsp; (1321912)<br>| &nbsp;&nbsp; (117709)<br>| &nbsp;&nbsp; (5101482)<br>|
| Class C | 101501 | &nbsp;&nbsp; 2900944 | &nbsp;&nbsp; (275766)<br>| &nbsp;&nbsp; (11223487)<br>|
| Class I | 478301 | &nbsp;&nbsp; 33269185 | &nbsp;&nbsp; 815115 | &nbsp;&nbsp; 61461813 |
| Class R1 | 48046 | &nbsp;&nbsp; 1763265 | &nbsp;&nbsp; 20548 | &nbsp;&nbsp; 884728 |
| Class R2 | 19067 | &nbsp;&nbsp; 699382 | &nbsp;&nbsp; (3491)<br>| &nbsp;&nbsp; (211184)<br>|
| Class R3 | 76498 | &nbsp;&nbsp; 4645532 | &nbsp;&nbsp; (47181)<br>| &nbsp;&nbsp; (2652469)<br>|
| Class R4 | 1662 | &nbsp;&nbsp; 13566 | &nbsp;&nbsp; (5093)<br>| &nbsp;&nbsp; (183919)<br>|
| Class R6 | 89177 | &nbsp;&nbsp; 4567071 | &nbsp;&nbsp; (30881)<br>| &nbsp;&nbsp; 541483 |
|  | 2204923 | &nbsp;&nbsp; $131403847 | &nbsp;&nbsp; 1532046 | &nbsp;&nbsp; $121116993 |

---

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

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate), 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 11, 2027 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended February 28, 2026, the fund's commitment fee and interest expense were $4,789 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the six months ended February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $27131026 | &nbsp;&nbsp; $332075146 | &nbsp;&nbsp; $352588066 | &nbsp;&nbsp; $(2745)<br>| $— | &nbsp;&nbsp; $6615361 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $333992 | $— |

---

------

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

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

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

There is nothing to report for this item for MFS Technology 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 Technology Fund. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

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

Not Applicable.

------

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

------

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

------

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

------

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

------

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

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

------

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

------

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

------

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

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

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

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

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

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

------

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

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

(Registrant) MFS SERIES TRUST I

By (Signature and Title)\*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President

Date: April 15, 2026

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

By (Signature and Title)\*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President (Principal Executive Officer)

Date: April 15, 2026

By (Signature and Title)\*

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

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

Date: April 15, 2026

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

------

## Ex-99

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

**MFS SERIES TRUST I**

**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 I;

&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: April 15, 2026

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

David L. DiLorenzo

President (Principal Executive Officer)

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

**MFS SERIES TRUST I**

**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 I;

&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: April 15, 2026

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

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

------

## Exhibit 99.906

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

**MFS SERIES TRUST I**

**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 I (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: April 15, 2026

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

David L. DiLorenzo

President (Principal Executive Officer)

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

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

**MFS SERIES TRUST I**

**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 I (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: April 15, 2026

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

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

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

------